MIRA
INFORM REPORT
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Report Date : |
25.05.2007 |
IDENTIFICATION DETAILS
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Name : |
NASEER ELECTRICALS PRIVATE LIMITED |
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Registered Office : |
No. 41 – G, Mosque, Complex, 1st Floor, M M Road, Fraser
Town, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
09.12.1997 |
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Com. Reg. No.: |
08-23130 |
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CIN No.: [Company
Identification No.] |
U31909KA1997PTC023130 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRN00621F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Dealers, Traders, Stockist, Agents, importers, Exporters and
Manufacturer of Electrical Goods transformers, hardwares and other Industrial
Goods. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 4000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory track
records. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
No. 41 – G, Mosque, Complex, 1st Floor, M M Road, Fraser
Town, |
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Tel. No.: |
91-80-25483296, 25485396, 25485418, 25483983, 25484982 |
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Fax No.: |
91-80-25484236 |
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E-Mail : |
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Website : |
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Working Office / Residence : |
# 3D, 3rd Floor, Dhruvatara Apartments, Somajiguda, |
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Tel. No.: |
91-40-23318294 / 66100056 / 66756051 |
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Mobile No.: |
91-98490-13423 |
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Administrative Office : |
# 5-4-87/6, 1st Cross, Modi Complex, |
DIRECTORS
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Name : |
Mr. A Shaik Dawood |
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Designation : |
Director |
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Address : |
No – 2, |
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Date of Birth/Age : |
12.05.1948 |
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Date of Appointment : |
09.12.1997 |
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Name : |
Mr. A Abdul Latiff |
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Designation : |
Director |
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Address : |
No. 17, |
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Date of Birth/Age : |
01.06.1954 |
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Date of Appointment : |
09.12.1997 |
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Name : |
Mr. A Shaik Babu |
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Designation : |
Director |
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Address : |
No – 9, Kasaba – Hobli, Govindapur Main Road, Nagauara Village,
Bangalore, Karnataka, India |
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Date of Birth/Age : |
10.09.1965 |
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Date of Appointment : |
09.12.1997 |
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Name : |
Mr. Shaik Naseer |
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Designation : |
Director |
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Address : |
No – 2, |
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Date of Birth/Age : |
23.03.1974 |
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Date of Appointment : |
09.12.1997 |
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Name : |
Mr. Shaik Eirdose |
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Designation : |
Director |
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Address : |
No – 2, |
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Date of Birth/Age : |
13.11.1978 |
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Date of Appointment : |
09.12.1997 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. A Shaik Dawood |
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10 |
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Mr. A Abdul Latiff |
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10 |
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Total |
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20 |
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Category |
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Percentage of
Holding |
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Directors or relatives of directors |
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100.00 % |
BUSINESS DETAILS
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Line of Business : |
Dealers, Traders, Stockist, Agents, importers, Exporters and
Manufacturer of Electrical Goods transformers, hardwares and other Industrial
Goods. |
GENERAL INFORMATION
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Customers : |
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Bankers : |
ABN Amro Bank N.
V. 99 & 100,
Residency Road Canara Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
B. C. Mahesh and Company Chartered Accountants |
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Address : |
No. 1/1, Radhakrishna Complex, 2nd Floor, 80 Ft Road, VI Block,
Rajajinagar, Bangalore – 560010, Karnataka, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000 |
Equity Shares |
Rs. 1000/- each |
Rs. 5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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20 |
Equity Shares |
Rs. 1000/- each |
Rs. 0.020
Million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.020 |
0.020 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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1.084 |
1.153 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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1.104 |
1.173 |
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LOAN FUNDS |
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1] Secured Loans |
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1.021 |
0.000 |
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2] Unsecured Loans |
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0.790 |
8.090 |
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TOTAL BORROWING |
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1.811 |
8.090 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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2.915 |
9.263 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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5.032 |
0.036 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
0.000 |
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Sundry Debtors |
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24.420 |
13.414 |
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Cash & Bank Balances |
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0.532 |
0.083 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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24.717 |
1.090 |
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Total
Current Assets |
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49.669 |
14.587 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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51.496 |
5.342 |
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Provisions |
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0.290 |
0.018 |
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Total
Current Liabilities |
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51.786 |
5.360 |
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Net Current Assets |
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[2.117] |
9.227 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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2.915 |
9.263 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
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Sales Turnover |
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75.442 |
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Total Income |
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75.442 |
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Profit/(Loss) Before Tax |
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0.521 |
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Provision for Taxation |
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0.29 |
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Profit/(Loss) After Tax |
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0.231 |
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Expenditures : |
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Total Expenditure |
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74.921 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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0.30 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.69 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.95 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.47 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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48.55 |
11.47 |
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Current Ratio (Current Asset/Current Liability) |
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0.96 |
2.72 |
LOCAL AGENCY FURTHER INFORMATION
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This form is for |
Modification of
charges |
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Charge
identification number of the charge to be modified |
10023680 |
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Corporate
identity number of the company |
U31909KA1997PTC023130 |
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Name of the
company |
NASEER ELECTRICALS PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in |
No. 41 – G, Mosque, Complex, 1st Floor, M M Road, Fraser
Town, |
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Type of charge |
Book debts Movable property Floating charge |
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Particular of
charge holder |
ABN Amro Bank N.
V. 99 & 100,
Residency Road |
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Nature of
description of the instrument creating or modifying the charge |
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Date of
instrument Creating the charge |
02.02.2007 |
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Amount secured by
the charge |
Rs. 250.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
OD/STPLR/FCNR
Loan – At negotiated rate LCs / Guarantees
– Standard Tariff Terms of
repayment This is a working
capital facility both fund based and non fund based and shall be a running
account, repayable upon withdrawal of the facility. Margin 25 % Extent and
operation of the charge Sole charge on
the current assets including inventory and book debts both present and future Sole charge on
the fixed assets both present and future |
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Short particulars
of the property charged |
First charge over
entire movable fixed assets at No. 41 – G, Mosque, Complex, 1st Floor,
M M Road, Fraser Town, Bangalore and current assets including inventories,
raw materials, work in progress and finished goods located at No 68, Mm Road,
Fraser Town, and S No. 48/4A, Kothnur Village, KR Puram Hobli, Bangalore East
Taluq Bangalore and Book debts and receivables, present and future. |
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Particulars of
the present modification |
By way of present
modification the charge amount enhanced from Rs. 80.000 Millions Rs. 250
Millions other terms and conditions shall remains the same. |
AS PER WEBSITE
OBJECTIVES
Promotion
and commitment to quality electrical works of topmost standards with SAFE
construction practices
They have great pleasure in introducing their selves as the leading Registered
CLASS-I ELECTRICAL CONTRACTORS having successfully carried out more than 200
Major Electrical Projects for the last 20 years in and around
Their
office is well equipped and managed by qualified and experienced Engineers.
They have the latest computers networked for quick preparation of estimates,
tendering, billing and accounting. Further, they have autocad with A0 maximum
size colour plotter for preparation of shop and as-built electrical drawings.
Their team
of skilled and experienced technocrats are highly experienced in various fields
of Electrical Engineering Techniques and their field staff are all provided
with proper conveyances, pagers & mobile phones to be readily available to
meet the client's urgent service. The logistic supports such as men and
material, management, finance, liaisoning with other agencies and authorities
are provided by the corporate office.
A
separate cell for quality assurance and servicing under guarantee period has
been created, and is directly monitored by the Managing Partner. Apart from the
above they are also having a separate team to provide, Annual Maintenance
Contract, for operation and maintenance of H.T. and D.G. Installation under the
name, "Tele Power Enterprises", headed by Mr. Antony Lawrence.
They
maintain a sound financial record with their Bankers M/s. Canara Bank, Fraser
Town Branch,
They have
established dealings with the Original Equipment Manufacturer's (OEM), their
dealers and have also developed a Network of Suppliers, Fabricators etc., on
Annual Rate Contract Basis, to ensure genuine quality and timely supply of
materials.
Their
policy is to be "Customer Friendly", and not "Claims
Oriented" and that in their works contract career of over 20 years, they
have never indulged in any case of arbitration, court case, disputes etc.
With the
above inherited qualities and capabilities, they are fully poised for
undertaking any type and magnitude of Electrical Works to the topmost
standards, specifications and as per the laid down Safety Codes and Testing
Procedures, to meet the full satisfaction of their esteemed customers.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.40.57 |
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1 |
Rs.80.64 |
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Euro |
1 |
Rs.54.57 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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