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MIRA
INFORM REPORT
|
Report Date : |
07.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
NELCO (INDIA) PRIVATE LIMITED |
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Registered Office : |
B -15, 16, Sports Goods Complex, Meerut – 250 002, Uttar Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
03.02.1962 |
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Com. Reg. No.: |
20-2876 |
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CIN No.: [Company
Identification No.] |
U65921UP1962PTC002876 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MRTN00070A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporters of Track and Field Equipment Physical
Exercisers and Weight Training Equipment. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
|
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 92000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established company having satisfactory track.
Trade relations are fair. Payments are usually correct and as per commitments.
Nothing adverse reported. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
B -15, 16, Sports Goods Complex, Meerut – 250 002, Uttar Pradesh |
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Tel. No.: |
91-121-2511149 / 2514117 / 2515425 |
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Fax No.: |
91-121-2512339 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Mr. Ashok Kumar Anand |
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Designation : |
Managing director |
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Address: |
D-10, Damodar Colony, Garh Roasd, Meerut – 250 001, Uttar Pradesh |
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Date of Birth/Age : |
21.11.1945 |
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Date of Appointment : |
06.11.1969 |
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Name : |
Mr. Kamal Kumar Anand |
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Designation : |
Joint managing director |
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Address : |
A -145, Defence colony, Mawana Road, Meerut – 250 001, Uttar Pradesh |
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Date of Birth/Age : |
02.05.1949 |
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Date of Appointment : |
06.11.1969 |
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Name : |
Mrs. Amber Anand |
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Designation : |
Whole time director |
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Address: |
D-10, Damodar Colony, Garh Roasd, Meerut – 250 001, Uttar Pradesh |
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Date of Birth/Age : |
30.05.1975 |
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Date of Appointment : |
01.12.1997 |
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Name : |
Mr. Varun Anand |
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Designation : |
Whole time director |
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Address : |
30/A, Saket, Meerut – 250 001, Uttar Pradesh |
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Date of Birth/Age : |
31.12.1979 |
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Date of Appointment : |
31.03.2004 |
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Name : |
Mrs. Seeta Anand |
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Designation : |
Director |
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Address: |
D-10, Damodar Colony, Garh Roasd, Meerut – 250 001, Uttar Pradesh |
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Date of Appointment : |
31.10.1974 |
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Name : |
Mrs. Anita Anand |
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Designation : |
Director |
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Date of Appointment : |
30.08.1978 |
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Name : |
Mr. Adarsh Kumar Anand |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
M/s. D K Gupta and Company |
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Designation : |
Company Secretary |
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Address : |
1st Floor, Hotel Ashok Complex, Gurudwara Road, Meerut –
250 002 |
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Tel No. : |
91-121-3298746 / 4004812 |
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Mobile No. : |
91-9837282884 |
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Email : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Ashok Kumar Anand |
|
51640 |
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Mr. Kamal Kumar Anand |
|
53230 |
|
Mrs. Pushpawati Anand |
|
21120 |
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Mrs. Seeta Anand |
|
1920 |
|
Mrs. Anita Anand |
|
480 |
|
Amber Anand |
|
200 |
|
Mrs. Varun Anand |
|
50 |
|
TOTAL |
|
128640 |
Equity Shares Breakup (Percentage of Total Equity):
|
Sr No. |
Category |
Percentage |
|
1 |
Directors or relative of directors |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporters of Track and Field Equipment Physical
Exercisers and Weight Training Equipment. |
GENERAL
INFORMATION
|
Bankers : |
Address: Sports Goods Complex
Branch, Delhi Road, Opposite Hotel Mukut Mahal, Meerut, Uttar Pradesh, India
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
· Prabhakar Agarwal Chartered Accountants Address: S -104, Amarshree Complex, 323/1,
Delhi Road, Meerut – 250 002, Uttar Pradesh · Ravindra Kumar Agrawal Chartered Accountants Address: 1, Naval Vihar, Baghpat Road,
Meerut – 250 002, Uttar Pradesh, |
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|
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity shares |
Rs.100/- each |
Rs. 20.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
128640 |
Equity shares |
Rs.100/-
each |
Rs. 12.864
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
12.864 |
12.864 |
12.864 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
10.240 |
8.183 |
9.783 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
23.104 |
21.047 |
22.647 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
11.455 |
4.655 |
6.147 |
|
|
2] Unsecured Loans |
0.929 |
0.929 |
0.729 |
|
|
TOTAL BORROWING |
12.384 |
5.584 |
6.876 |
|
|
DEFERRED TAX LIABILITIES |
0.088 |
0.000 |
0.000 |
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|
|
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TOTAL |
35.576 |
26.631 |
29.523 |
|
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APPLICATION OF FUNDS |
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|
|
|
|
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FIXED ASSETS [Net Block] |
7.304 |
6.290 |
6.840 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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INVESTMENT |
0.001 |
0.001 |
0.001 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.721 |
0.000 |
|
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
18.412
|
16.399 |
17.242 |
|
|
Sundry Debtors |
10.779
|
8.785 |
8.915 |
|
|
Cash & Bank Balances |
6.499
|
0.204 |
0.483 |
|
|
Other Current Assets |
0.410
|
0.681 |
0.000 |
|
|
Loans & Advances |
3.494
|
2.510 |
2.285 |
|
Total
Current Assets |
39.594
|
28.579 |
28.925 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
11.208
|
8.090 |
5.596 |
|
|
Provisions |
0.376
|
1.100 |
1.100 |
|
Total
Current Liabilities |
11.584
|
9.190 |
6.696 |
|
|
Net Current Assets |
28.010
|
19.389 |
22.229 |
|
|
|
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|
MISCELLANEOUS EXPENSES |
0.261 |
0.230 |
0.453 |
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|
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TOTAL |
35.576 |
26.631 |
29.523 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
63.951 |
38.994 |
56.152 |
|
|
Other Income |
0.000 |
0.000 |
69.630 |
|
|
Total Income |
63.951 |
38.994 |
125.782 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
3.515 |
[1.599] |
2.648 |
|
|
Provision for Taxation |
1.458 |
0.000 |
1.100 |
|
|
Profit/(Loss) After Tax |
2.057 |
[1.599] |
1.548 |
|
|
|
|
|
|
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|
FOB Value of exports |
28.519 |
1.907 |
NA |
|
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|
|
|
|
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CIF Value of imports |
4.246 |
0.203 |
NA |
|
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|
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Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
0.000 |
0.000 |
18.895 |
|
|
Purchases made for re-sale |
0.000 |
0.000 |
4.541 |
|
|
Salaries, Wages, Bonus, etc. |
0.000 |
0.000 |
9.312 |
|
|
Managerial Remuneration |
0.000 |
0.000 |
4.758 |
|
|
Payment to Auditors |
0.000 |
0.000 |
0.151 |
|
|
Interest |
0.000 |
0.000 |
0.200 |
|
|
Insurance Expenses |
0.000 |
0.000 |
0.307 |
|
|
Power & Fuel |
0.000 |
0.000 |
0.927 |
|
|
Depreciation & Amortization |
0.519 |
0.651 |
0.000 |
|
|
Other Expenditure |
59.398 |
39.291 |
26.791 |
|
Total Expenditure |
59.917 |
39.942 |
65.882 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
3.21
|
[4.10] |
1.23 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.49
|
[4.10] |
4.71 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.49
|
[4.58] |
7.40 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
[0.07] |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.03
|
0.70 |
0.59 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.41
|
3.10 |
4.31 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the
company |
NELCO (INDIA) PRIVATE LIMITED |
|
Presented
By |
Shri Ashok Kumar Anand |
|
1) Date and description of instrument creating the change |
Shipping lien agreement dated 02.03.1974 executed between Nelco
(India) Private Limited and State Bank of Bikaner and Jaipur. The limit was
subsequently raised to Rs. 0.100 millions w.e.f. 3110.1974 and Rs. 0.150
millions w.e.f. 01.09.1977 vide shipping lien agreement of even date with
interest at 11.1/2 %. It was further modified to Rs. 0.200 millions w.e,f
25.07.1979 vide agreement of even
date with 11% rate of interest which
was enhanced to 12.1/2% vide State bank of Bikaner and Jaipur letter dated
05.11.1979. It was further modified to Rs. 0.450 millions bearing interest at
12% vide agreement dated 26.12.1988. It was further modified to Rs. 1.000
millions bearing interest at 12.5% vide agreement dated 14.0.91991. It was
further modified to Rs. 5.750 millions bearing interest 13% vide agreement
dated 31.01.1995. It was further modified to Rs. 0.800 millions vide
agreement dated interest @ 13.50% per annum. |
|
2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 0.060 million |
|
3) Short particular of the property charged. If the property acquired
is subject to charge, date of the acquired of the property should be given |
Indian Sports goods, stored at B – 15-16, Sports Goods Complex, Delhi
Road, Meerut |
|
4) Gist of the terms and conditions and extent and operation of the
charge. |
Cash Credit Limit as per agreement
executed between the company and the Bank at 8% rate of interest payable on
demand |
|
5) Name and Address and description of the person entitled to the
charge. |
State Bank of Bikaner and Jaipur , Meerut |
|
6) Date and brief description
of instrument modifying the charge |
Shipping Lien Agreement dated 06.07.2002 |
|
7) Particulars of modifications specifying the terms and conditions or
the extent of operations of the charge in which modification is made and the
details of the modification. |
Cash credit Limit for Indian Sports Goods at Rs. 8.700 millions
bearing interest @ 13.00% enhanced to Rs. 10.000 millions on interest @
13.50% per annum with other terms and as per agreement dated 1974 remaining
unchanged. |
|
Name of the company |
M/S NELCO (INDIA) PRIVATE LIMITED |
|
Presented
By |
Created Subject to which property has been
acquired M/s nelco (India) Private Limited A company registered in India |
|
1) Date and description of instrument creating the change |
Agreement dated 31.03.2004 for mortgage loan of Rs. 6.000 millions
against Factory Land and Building. |
|
2) Amount secured by the charge/amount owing on the securities of
charge |
Rs.6.000 millions |
|
3) Short particular of the property charged. If the property acquired
is subject to charge, date of the acquired of the property should be given |
Factory Land and Building at ·
Khasra No.14, Hafizabad Mewla
(Devlok Colony), Meerut ·
B -15-16, Sports Goods Complex, Delhi Road, Meerut |
|
4) Gist of the terms and conditions and extent and operation of the
charge. |
Working capital Limit as per agreement
executed between the company and the bank at 12.25% rate of interest i.e,
BPLR plus 1.5% payable on demand. |
|
5) Name and Address and description of the person entitled to the
charge. |
Punjab National Bank, Address: Sports Complex, Meerut |
|
Corporation identity number or foreign
company registrations number of the company
|
U65921UP1962PTC002876 |
|
Name of the company |
NELCO (INDIA) PRIVATE LIMITED |
|
Address |
B-15-16-sports Goods Complex, delhi Road, Meerut – 250 002,
Uttar Pradesh, India |
|
This Form is for |
Creation of charge |
|
Type of Charges |
Hypothecation |
|
Particular of the charge holder |
Punjab National Bank Address: Sports Goods Complex Branch, Delhi
Road, opposite Hotel Mukut Mahal, Meerut, Uttar Pradesh, India Email ID: pnb@rediffmail.com |
|
Nature or description of the instrument
creating charge |
Hypothecation of goods and book debts to
secure cash credit facility on PNB 1031 alongwith stamp papers. |
|
Date of the instrument creating charge |
14.08.2006 |
|
Amount Secure by the charge |
Rs. 9.000 millions |
|
Brief of the principal terms and
conditions and extent and operation of the charge |
· Rate of interest: 13% repayable on Demand · Margin : 25% |
|
Particulars of the Property charged |
Various Raw material, WIP, Stores and
spares, Finished goods including bought out finished goods and book debts
existing and future. |
FIXED ASSTES:
· Goodwill
· Factory Building
· Machinery
· Computers
· Typewriter
· Furniture
· Electric Fans
· Heater
· Rickshaw
· Scooter
· Hand Cart
· Motor cars
· Wall Clock
· Intercom Telephone
· Room, Coolers
· Fax machine
· Water Coolers
WEBSITE DETAILS:
The company was established in 1942 at Lahore in undivided India and reborn in 1950 at Meerut after partition of India, subject is one of the largest selling Athletic Equipment Brand worldwide. Nelco Track and Field Equipment have been used and have won medals at all Major Athletic Events Worldwide including the Olympic Games.
The
big success came during the 1982 Asian Games in New Delhi, when Subject
was selected as the Official Equipment Supplier. Nelco
Equipment was selected for the use at the 1991 World Athletic Championship at
Tokyo for the first time. It continued its success into the 1992 Barcelona
Olympic Games. Ever since then Nelco Athletic Equipment
have been selected for use in all the Olympic Games, World Athletic
Championships, Asian Games, Common Wealth Games and all the other major
athletic events.
They
sincerely thank their Dealers and the Sporting Fraternity for their constant
support and co-operation over the years to enable them to innovate and design
new equipment and in helping them to create a quality concious market.
ACHIEVEMNTS:
Nelco Track and Field Equipment were used at the
following major events:
· 1982 Asian Games At New Delhi, India.
· 1986 Asian Games At Seoul, South Korea.
· 1991 IAAF World Athletics Championships At Tokyo, Japan.
· 1992 Olympic Games At Barcelona, Spain.
· 1996 Olympic Games At Atlanta, U.S.A.
· 1999 IAAF World Athletic Championship At Seville, Spain.
· 2000 Olympic Games At Sydney, Australia.
· 2001 IAAF World Championship At Edmonton, Canada.
· 2002 Asian Games At Busan, South Korea.
· 2003 IAAF World Athletics Championship At Paris, France.
· 2003 1st Afro Asian Games At Hyderabad, India.
· 2004 Olympic Games At Athens, Greece.
· 2005 World Athletic Championship At Helsinki, Finland.
· 2005 World Youth Championship At Marrakech, Mar
Subject has been the Official Equipment Suppliers/Sponsors at the following
recent events:-
· Xth Junior Asian Athletic Championship 2002 At Bangkok, Thailand.
· 2003 Asian Athletic Championship At Manila, Philippines.
· XIth Junior Asian Athletic Championship 2004 At IPOH, Malaysia.
List of fairs in
which NELCO exhibits regularly are
·
ISPO summer, Germany
·
Super Show, USA
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts, India Prisons Service, Interpol, etc.
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.39.27 |
|
UK Pound |
1 |
Rs.82.24 |
|
Euro |
1 |
Rs.57.48 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|