MIRA
INFORM REPORT
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Report Date : |
14.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
NEPTUNUS POWER PLANT SERVICES PRIVATE LIMITED |
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Formerly Known As : |
NEPTUNUS MARINE SERVICES AND ENGINEERING PRIVATE LIMITED |
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Registered Office : |
A 554, TTC Industrial Area, MIDC Mahape, Navi Mumbai – 400701,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
24.06.1996 |
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Com. Reg. No.: |
100435 |
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CIN No.: [Company
Identification No.] |
U74210MH1996PTC100435 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMN09924F |
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PAN No.: [Permanent
Account No.] |
AAACN9274A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Plant and Machinery and to Provide Mechanical, Marine
services including surveying, Chartering, Ship Chandling, Technical
Management and Manning of sea going vessels. |
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 30360 |
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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. Trade relations are fair. Business is active. Payments are reported as
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 : |
A 554, TTC Industrial Area, MIDC Mahape, Navi Mumbai – 400701,
Maharashtra, India |
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Tel. No.: |
91-22-27780903/ 2031/ 1504/ 2513/ 65110340 |
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Fax No.: |
91-22-27782513/ 65136081 |
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E-Mail : |
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Website : |
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Factory : |
511, Arenja Corner, Sector – 17, Vashi, Navi Mumbai – 400705,
Maharashtra, India |
DIRECTORS
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Name : |
Mr. Uday Shivram Purohit |
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Designation : |
Managing Director |
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Address : |
F-13, RH-06, Sector – 06, Vashi, Navi Mumbai – 400705, Maharashtra,
India |
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Date of Birth/Age : |
27.02.1959 |
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Date of Appointment : |
24.06.1996 |
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Name : |
Mrs. Kanchan Uday Purohit |
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Designation : |
Director |
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Address : |
F-13, RH-06, Sector – 06, Vashi, Navi Mumbai – 400705, Maharashtra,
India |
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Date of Birth/Age : |
15.08.1961 |
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Date of Appointment : |
02.03.2001 |
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Name : |
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Designation : |
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Address : |
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Date of Birth/Age : |
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Date of Appointment : |
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Name : |
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Designation : |
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Address : |
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Date of Birth/Age : |
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Qualification : |
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Experience : |
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Date of Appointment : |
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MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Uday Shivram Purohit |
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9847 |
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Mrs. Sumedha Milind Joshi |
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1 |
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Mrs. Vaijayanti Mukund Joshi |
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1 |
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Mrs. Bhavana B. Hariyani |
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1 |
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Mrs. Kanchan Uday Purohit |
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150 |
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Total |
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10000 |
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Plant and Machinery and to Provide Mechanical, Marine
services including surveying, Chartering, Ship Chandling, Technical
Management and Manning of sea going vessels. |
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Products : |
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GENERAL
INFORMATION
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Bankers : |
Madhushree, Plot
no.85, Sector – 17, Vashi, Navi Mumbai – 400703, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Joshi and Joshi Company Chartered Accountant |
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Address : |
Shree Mahavir Chember, 3rd Floor, 1/5 Banaji Street Fort,
Mumbai – 400001, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Share |
Rs.10/- each |
Rs.1.000 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Share |
Rs.10/- each |
Rs.0.100 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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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.100 |
0.100 |
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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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7.490 |
5.753 |
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4] (Accumulated Losses) |
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0.000 |
0.00 |
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NETWORTH |
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7.590 |
5.853 |
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LOAN FUNDS |
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1] Secured Loans |
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3.688 |
2.189 |
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2] Unsecured Loans |
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7.800 |
2.565 |
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TOTAL BORROWING |
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11.488 |
4.754 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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19.078 |
10.607 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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6.430 |
6.333 |
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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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0.053 |
0.028 |
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DEFERREX TAX ASSETS |
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0.00 |
0.00 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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4.678 |
1.610 |
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Sundry Debtors |
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1.162 |
4.039 |
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Cash & Bank Balances |
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7.872 |
1.715 |
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Other Current Assets |
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1.009 |
1.359 |
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Loans & Advances |
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9.068 |
3.395 |
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Total
Current Assets |
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23.789 |
12.118 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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9.956 |
5.325 |
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Provisions |
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1.238 |
2.547 |
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Total
Current Liabilities |
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11.194 |
7.872 |
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Net Current Assets |
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12.595 |
4.246 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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19.078 |
10.607 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.99 |
2.16 |
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Current Ratio (Current Asset/Current Liability) |
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2.12 |
1.54 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
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Corporate
identity number (CIN) Foreign company registration number |
U99999MH1996PTC100435 |
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Name of the
Company |
NEPTUNUS POWER PLANT SERVICES PRIVATE LIMITED |
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Address |
511, Arenja Corner, Sector – 17, Vashi, Navi Mumbai – 400705,
Maharashtra, India |
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This form is for |
Creation of
Charge |
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Type of Charge |
Book Debts Movable Property
(not being pledge) Plant and
Machinery |
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Particulars of
the charge holder |
The Saraswat
Co-operative Bank Limited Madhushree, Plot
no.85, Sector – 17, Vashi, Navi Mumbai – 400703, Maharashtra, India |
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Nature or
description of the instrument(s) creating or modifying the charge |
Agreement of
Hypothecation of Movable Property. |
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Date of the
instrument creating or modifying the charge |
30.03.2007 |
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Amount secured by
the charge |
Rs.1.600 Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of Interest: 12.50% p.a.
Payable at monthly rests Interest rate
subject to change by Bank/Reserve Bank. Terms of
repayment: The loan of
Rs.1.600 Millions of the balance, together with the interests due to the
Bank, Payable on demand or by 30.03.2002 if the same is not demanded earlier. Margin: Nil Extent and
Operation of the Charge: The charge is
created to secure a loan of Rs.1.600 Millions against the security pf plant
and Machinery. All Tangible Movable Property and Book Debts. Others: The Security is a
continuing security for the balance together due to the Bank from time to
time. The Hypothecation
Goods to be insured against all risks with insurance company approved by the
Bank. |
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Short particulars
of the property charged (including location of the property) |
Plant and
Machinery, all tangible Movable Property lying at A554 TTC Industrial Area,
Mahape, Navi Mumbai. All Book Debts
Outstanding, Monies Receivables, Bills, Claims etc. |
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Particular of the
present modification |
N.A. |
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Name of the company |
NEPTUNUS POWER PLANT SERVICES PRIVATE LIMITED |
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Presented By |
NEPTUNUS POWER PLANT SERVICES PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
21st August, 2002 Agreement of Hypothecation of Movable Property, dated 21st
August, 2002 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.500 Million |
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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
all the stocks of tangible movable property, whether new or manufacture or in
process of manufacturer and every tangible property/ machinery/ plant (both
present and future) and lying at borrower’s place of business. Hypothecation of
Book debts, monies receivable, claims and bills which are now due and owing
or which may become due and owing by any person firm, company, or by
government, any local or public body or authority. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interests @16%
p.a. or at such rate as may be fixed by the Bank, payable at quarterly rests. Payable on demand Security to cover
the principal amount or the balance due to the Bank at the foot of the said
overdraft/loan account with interest, penal interest, all costs, charges, and
expenses incurred by the bank. |
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5) Name and Address and description of the person entitled to the charge. |
The Saraswat
Co-operative Bank Limited Vashi Branch,
Sector – 17, Navi Mumbai – 400703, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
31ST
March 2005 : Deed of Hypothecation for additional advance (Supplementary
Deed) |
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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. |
2nd
Modification on 31ST March 2005 : The original
charge created on 21.08.2002 for Rs.0.500 Million Registered on
18.09.2002 under serial No.28 and modified on 01.02.2003 for enhancement in
amount by Rs.0.500 Million Registered under
serial No 31 on 24.02.2003 is now further modified by the aforesaid deed of
hypothecation for additional advance for Rs.2.000 Millions thereby making an
aggregate amount of Rs.3.000 Millions The Other terms, conditions,
Covenants remain the same as stipulated in charge created on 21.08.2002 and
01.02.2003 |
Website details:
Subject is providing customized solutions to owners of
Diesel engines and Power plants- both Industrial and Marine. They combine
innovation and technology to reduce operating costs and increase reliability.
Their focus is Customer Delight.
Their Commitment to Quality is
total. Being Certified ISO 9001 by LRQA in 1999 barely 3 years after their
inception is proof of this commitment. Their certification is a milestone in
their Quest for Excellence!
Thanks to the continual support of their clients, their
annual growth rates have exceeded 50% since inception. This in turn has
facilitated sizeable investment in infrastructure.
Incorporated in 1996, they are located in Mumbai, India -
close to the Country's major sea and airports. It gives them a distinct
advantage in their response time to their clients in India and abroad.
Uday S. Purohit, First Class Marine Engineer, is the
Managing Director and Chairman of the Board of Directors.
News
- Neptunus achieves another milestone...we are now rated by Small
& Medium Enterprise Rating Agency of India Ltd (SMERA),Ministry of
SSI,Under investible Grade and we now have a Dun & Bradstreet's
D-U-N-S number.91-843-1495
- NEPTUNUS is pleased to announce setting up of an exclusive CNC
Machine Shop to cater to the bulk requirements of OEM Quality Diesel
Engine parts. Bulk Enquiries solicited.
- NEPTUNUS now exclusively ties up with MAN-ROLLO representing them to
service MAN B & W Turbochagers In India. State of the Art Balancing
machine facilities & genuine Spare Part Providers for MAN
Turbochargers.
- Bi Fuel Conversion kits for all high Speed Engines now at very
attractive Prices. We have worked out very special pricing for our popular
Bi- Fuel kits. Converting your Engines to Dual Fuel is an attractive
proposition even if the sets are operating only as standby units.
- BIFUEL CONVERSIONS KITS FOR HFO ENGINES. With our partners COMAP<
we now offer a solution for converting any HFO Engine to run on Bi- Fuel-
Natural Gas & HFO - with only 15% to 20% HFO . The State of the Art
Technology offers huge savings in operating costs.
- BHARATI SHIPYARD approves NEPTUNUS as Vendors for Engine related
Services.
- NEPTUNUS starts new 5 day Electricity Training Programme for V Ships
Officers.
- Neptunus has trained over 400 Officers through its specialised
"Hydraulics" Training module at V-Ships, Mumbai and Cyprus
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.39.68 |
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UK Pound |
1 |
Rs.77.67 |
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Euro |
1 |
Rs.57.81 |
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 |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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