MIRA
INFORM REPORT
|
Report Date : |
10.09.2007 |
IDENTIFICATION DETAILS
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Name : |
NUCON SWITCHGEARS PRIVATE ILMITED |
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Registered Office : |
D 47, Phase Focal Point, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
05.09.1986 |
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Com. Reg. No.: |
6999 |
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CIN No.: [Company
Identification No.] |
U31102PB1986PTC006999 |
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PAN No.: [Permanent
Account No.] |
AAACN6127E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Distribution Transformers. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 286560 |
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Status : |
Good |
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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 concern having
satisfactory track. 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 : |
D 47, Phase-V, Focal Point, |
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Tel. No.: |
91-161-2672356 |
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Fax No.: |
91-161-5026585 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Harminder paul |
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Designation : |
Director |
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Address : |
20-I, Sarabha Nagar, |
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Date of Birth/Age : |
16.09.1952 |
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Date of Appointment : |
01.06.2006 |
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Directorship in other companies: |
CIN of Company: U31200PB1988PTC008491 Name of the company: Nucon Power Controls Private Limited |
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Name : |
Mrs. Veena Rani |
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Designation : |
Director |
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Address : |
20-I, Sarabha Nagar, |
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Date of Birth/Age : |
23.10.1953 |
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Date of Appointment : |
07.08.2003 |
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Name : |
Mr. Tarun Kumar |
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Designation : |
Director |
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Address : |
20-I, Sarabha Nagar, |
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Date of Birth/Age : |
22.01.1978 |
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Date of Appointment : |
07.08.2003 |
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Name : |
Mr. Davinder Kumar Jain |
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Designation : |
Director |
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Address : |
B-II-799, Mohalla, Narayan, |
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Date of Appointment : |
01.12.2004 |
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Date of Ceasing: |
17.01.2005 |
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Name : |
Mr. Narinder Bassi |
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Designation : |
Director |
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Address : |
Sarabha Nagar, |
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Date of Birth/Age : |
25.03.1966 |
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Date of Appointment: |
30.06.2003 |
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Date of Ceasing: |
01.11.2004 |
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Name : |
Mr. Munish Kumar |
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Designation : |
Director |
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Address : |
20-I, Sarabha Nagar, |
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Date of Birth/Age : |
18.02.1981 |
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Date of Appointment: |
15.02.2006 |
KEY EXECUTIVES
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Name : |
Mr. Tarun Kumar |
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Designation : |
Chief Executive Officers |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Harminder Paul |
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256056 |
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Mr. Sunder lal |
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13800 |
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Mrs. Veena Rani |
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330000 |
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Mr. Munish Kumar |
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60 |
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Mr. Tarun Kumar |
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60 |
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Mr. Chandeep Kumar |
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6 |
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Mr. Darshan lal |
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1 |
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Mr. Vishnu Kumar |
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1 |
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Mr. Om Kumar |
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5 |
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Mrs. Sneh Lata |
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25000 |
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Mr. Ram Saran Saluja |
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25000 |
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Mr. Neeraj Saluja |
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25000 |
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Mr. Harminder Paul Karta |
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1 |
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Mrs. Amita Kamboj |
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1 |
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Mr. Sandeep K Singal |
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1 |
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Mr. Nagesh Kumar |
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1 |
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Mr. Subhash Dugal |
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50000 |
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Mr. Jagdish Dugal |
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50000 |
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Mr. Shiv Kumar Bansal |
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1 |
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Mr. Amarjeet Kamboj Karta |
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1 |
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Mrs. Sapna Arora |
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1 |
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Mr. Pradeep Kumar |
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1 |
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Mr. T L Gupta Karta |
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1 |
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Mr. Sewak Singhania |
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1 |
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Mr. Krishnan Kumar Singal |
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1 |
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Total |
775000 |
Equity Share Break – up ( Percentage of Total Equity )
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Sr.
No. |
Category |
Percentage |
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1 |
Directors or relatives of directors |
90.31 |
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2. |
Other top fifty (50) shareholders |
9.69 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Distribution Transformers. |
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Products : |
·
Power Transformer ·
Special Perpase Transformer ·
Distribuiton Transformer ·
CSP Transformer ·
Singal Phase Transformer |
GENERAL INFORMATION
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Bankers : |
State Bank of E-Mail ID ; d.ojha@sbi.co.in |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Dass Khanna and Company Chartered Accountants |
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Address : |
B-XX-711, 1st Floor, Gurdev Nagar, |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity shares |
Rs. 10/- each |
10.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
775000 |
Equity shares |
Rs. 10/-
each |
Rs.7.750
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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7.750 |
7.750 |
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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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63.890 |
43.770 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
|
71.640 |
51.520 |
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LOAN FUNDS |
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1] Secured Loans |
|
26.994 |
15.517 |
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2] Unsecured Loans |
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25.799 |
33.928 |
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TOTAL BORROWING |
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52.793 |
49.445 |
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DEFERRED TAX LIABILITIES |
|
2.299 |
1.909 |
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TOTAL |
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126.732 |
102.874 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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22.743 |
19.112 |
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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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0.750 |
4.100 |
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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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69.148 |
62.123 |
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Sundry Debtors |
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131.366 |
31.926 |
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Cash & Bank Balances |
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11.831 |
14.962 |
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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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33.974 |
27.781 |
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Total
Current Assets |
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246.319 |
136.792 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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133.986 |
53.803 |
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Provisions |
|
9.094 |
3.327 |
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Total
Current Liabilities |
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143.080 |
57.130 |
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Net Current Assets |
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103.239 |
79.662 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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126.732 |
102.872 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.73 |
2.06 |
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Current Ratio (Current Asset/Current Liability) |
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1.72 |
2.39 |
LOCAL AGENCY FURTHER INFORMATION
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Name of the
company |
NUCON SWITSHGEARS PRIVATE LIMITED |
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Presented By |
Mr. Harminder
Paul, Director |
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1) Date and description
of instrument creating the change |
General Agreement
for grant of Small Industrial Advances and Hypothecation of movables, Book
debts and other assets dated 24.10.2001 |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs.93.300 millions Consisting of:- Fund Based
Non Fund based
(Interchangeability
of Rs. 5.000 millions from Foreign Letter of Credit to Bank Guarantee One
Way) |
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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 |
Hypothecation of
Raw Material, Semi finished, Finished Goods, stores and spares, Book Debts,
receivables, bills and cheques sent for collection and goods with respect to
the bills sent for collection other current assets to be used in the line of
activities. Second charge on
Plot No. D - 47, Phase V, Focal Point, Ludhiana measuring 2500 sq. yds First charge on
the fixed assets of the company |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
Limits repayable on demand, interest 2.25% above PLR minimum 13.75%
P.a. with quarterly rests, subject to change as per bank rules applicable from
time to time, margin on stocks @25%, Foreign Letter of Credit and Bank
guarantee @ 25%, and on receivables @40%, extent and operation of charge is
100%. |
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5) Name and
Address and description of the person entitled to the charge. |
State Bank of |
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6) Date and brief description of instrument
modifying the charge |
General agreement
for grant of small industrial Advances and hypothecation on movables, Book
Debts and other assets dated 31.01.2005 and General agreement
for the grant of medium Term Advances to small scale industries and
hypothecation of movables, Book Debts and other assets dated 31.01.2005 |
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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. |
Overall limits
enhanced to Rs. 156.000 millions consisting of Working Capital Limits Fund Based
Non Fund Based
(#
Interchangeability of Rs. 10.000 millions from FLC to BG one way) Interest rate
changed from 12.10 % to 12.25% p.a. With minimum monthly rests subject to change
as per banks instruction from time to time for the working capital finance. MTL shall
repayable by 20 quarterly installments of Rs. 0.50 millions each starting
from June 2005 along with Interest 11.75% p.a. with monthly rests, subject to
change as per Bank’s. Instruction from
time to time Margin on foreign
Letter of Credit and Bank Guarantee reduced from 25% to 20%. First Charge on
Plot No. D -47, Phase3 V, Focal Point, Ludhiana measuring 2500 sq. yds, by way
of Equitable mortgage covering the enhanced limits. Other terms and
conditions remain the same. |
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Corporation identity number or foreign company registrations number of
the company |
U31102PB1986PTC006999 |
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Name of the company |
NUCON SWITCHGEARS PRIVATE LIMITED |
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Address |
D 47, Phase - V Focal Point, |
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This Form is for |
Modification of charge |
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Type of Charges |
·
Hypothecation ·
Equitable
mortgage or mortgage of property by depositing the title deeds |
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Particular of the charge holder
|
State Bank Of E-Mail ID ; d.ojha@sbi.co.in |
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Nature or description of the instrument creating charge |
General Agreement for grant of Small
Industrial Advances sand Hypothecation of movables, Book Debts and Other
Assets. |
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Date of the instrument creating charge |
24.10.2001 |
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Amount Secure by the charge |
93.300 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Interest 2.25% above PLR minimum
13.75%p.a. with quarterly rests, subject to change as per bank rules from time
to time, limits repayable on demand, margin on stocks @ 25%, on book debts@
40%, on Foreign Letter of Credits and Bank Guarantee is @ 25%, Extent and
operation of the charge is 100%. |
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Description of the property charge whether it is a charge on |
·
Immovable
properties ·
Plant
and machinery ·
Furniture
and fixtures ·
Book
debts ·
Stock
in trade |
|
Particulars of property charge (including location of the property) |
·
Second
Charge on Plot No. D -47, Phase V, Focal point, ·
First
charge on fixed assets of the company. |
|
Modification charge Charge identification number of the charge to be modified |
52 DT
22.11.2001 |
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Brief Description of the instrument modifying the charge under section
135 |
·
Supplemental
General Agreement dated 01.05.2006 ·
Anciliary
Agreement No. 1,2 and 6 ·
From
B |
|
Date of instrument modifying the charge |
01.05.2006 |
WEBSITES DETAILS:
Subject started its activities in 1986 as manufacture of distribution transformers
and has grown to be one of the largest professionally managed power and
distribution transformers manufacturing companies in
The company has also tied up with reputed manufacturers such as Nippon
Steel and Kawasaki Steel of Japan for importing CRGO and with Sumitomo
Corporation of
The company has ventured into exports to African and other countries in
the mid east. Besides exports, the company has ambitious plans to deliver power
transformers upto 40 MVA, 132 kV within a few months from now.
NUCON 's PATH TO
GLORY AND ACHIEVEMENTS
·
Product range include power, distribution and
special transformers upto 10 MVA, 33 KV, Voltage class the facilities are being
upgraded gradually in phases to supply power transformers up to 40MVA, 132KV.
·
ISO:9001-2000 Accredition by Bureau Veritas Quality
International
·
NUCON GROUP Achieved a
Turnover of US $ During the year 2005-2006- A MASSIVE GROWTH RATE OF 100%
·
NUCON has three transformer Manufacturing
Facilities at
·
Nucon Switchgears Private. Limited. (Unit - I)
·
Nucon Switchgears Private. Limited. (Unit - Ii)
·
Nucon Power Controls Private. Limited. (Subsidiary
Unit).
·
Approved By - Abb, Limited
·
Emco limited, Jalgaon,
·
Reliance Energy Limited.
·
Schnieder Electric Limited.
·
Larsen and Toubro Limited.
·
North Delhi Power Limited (A Joint Venture of Tata
Power and
·
Rajasthan Electricity Boards up to 5MVA, 33KV.
·
DVVNL.
·
Torrent Power Sec Limited.
·
NUCON is Ranked among first ten transformer
manufacturers in
·
NUCON Installation in
·
NUCON Overseas Installation are Available in
·
More then 175000 Installations in
·
MARKET SET UP IS DESCRIBED BELOW:
·
Marketing Head Office-Ludhiana Having Three
Technical Professionals.
·
Around 10 Dealers Covering North
·
Around12 Commercial Staff Assist Marketing
Department, Including a Chartered Accountant
·
Production and After Sales Service Teams are Headed
by Qualified Technical Personnel and has A Combined Strength of Around 500 that
Includes Around 475 Skilled Workers.
CLIENTELE OVERSEAS
·
National Electricity Company.
·
·
·
National (State
Electricity Boards And Utilities)
·
North Delhi Power Limited. (A Joint Venture Of Tata
Power And
·
·
Gujrat Electricity Board
·
Uttar Harayana Bijli Vitran Nigam Limited
·
Dakhin Harayana Bijli Vitran Nigam Limited
·
Jaipur Vidyut Vitram Nigam Limited
·
Jodhpur Vidyut Vitram Nigam Limited
·
Ajmer Vidyut Vitram Nigam Limited
·
·
U.T Electricity
·
Uttranchal Power Corporation Limited
·
Army Welfare Housing Organisation
National (Private Sector)
·
Kangaroo Group
·
Gujarat Ambuja Cement Limited
·
Nahar Group
·
Morepen Laboratories Limited
·
Vardhman Group
·
Kwality (Wall’s) Group
·
Godrej Agro Vet Limited
·
Ayur Herbal Limited
·
Anand Group
·
Emm Tex Synthetics Limited
·
R N Knit Fab (P) Limited
·
Wahid Sandhar Sugar Mills Limited
·
Panacea Biotec Limited
·
Excell Group
·
Stelco Group
·
Mukesh Udyog Limited.
·
Seico Group
·
Emson Group
·
Monga Group
·
Emkay Group
·
Deluxe Fabrics Limited
·
Shri Adi Agro Group
·
Safari Bikes Limited.
·
Kay Jay Group
·
Bharat Box Group
·
Raj Agro Group
·
Saint Group
·
·
Nicks (
·
Sawhney Exports Limited.
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.63 |
|
|
1 |
Rs.82.42 |
|
Euro |
1 |
Rs.55.96 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
67 |
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. |
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 |
|