MIRA
INFORM REPORT
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Report Date : |
25.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
NISSIM INDIA PRIVATE LIMITED |
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Registered Office : |
G – 285, Industrial Area Phase – 1, Bhiwadi, District Alwar, Bhiwadi,
Rajasthan - 301019 |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
03.11.1995 |
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Com. Reg. No.: |
011023 |
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CIN No.: [Company
Identification No.] |
U31109RJ1995PTC011023 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELN06871E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Radiators and Casting |
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 135755 |
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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. Financial position is satisfactory. 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. |
INFORMATION PARTED
BY
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Name : |
Mr. Gurudeep Chadda |
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Designation : |
Director |
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Contact No.: |
91-9810246844 |
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Date : |
17.07.2008 |
LOCATIONS
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Registered Office : |
G – 285, Industrial Area Phase – 1, Bhiwadi, District Alwar, Bhiwadi, Rajasthan
– 301019, India |
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Tel. No.: |
91-11-23517676/ 23524961 |
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Mobile No.: |
91-9810246844 |
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E-Mail : |
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Area : |
1350 sq yards |
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Location : |
Owned |
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Corporate Office : |
33 – Rani Jhansi Road, New Delhi – 110055, India |
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Tel. No.: |
91-11-23517676/ 23524961 |
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Mob No.: |
91-9810246844 |
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Fax No.: |
91-11-23556433 |
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E-Mail : |
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Area : |
4000 sq ft |
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Location : |
Owned |
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Factory 1 : |
Mathura Village, Melroroll Tehsil Hodal, Faridabad |
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Area : |
1250 yards |
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Location : |
Owned |
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DIRECTORS
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Name : |
Mr. Balbir Singh Chadda |
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Designation : |
Director |
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Address : |
R – 221, Greater Kailash – l, New Delhi, India |
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Date of Birth/Age : |
13.04.1943 / 63 Years |
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Qualification : |
Graduate |
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Date of Appointment : |
03.11.1995 |
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Name : |
Mr. Gurudeep Singh Chadda |
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Designation : |
Director |
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Address : |
R – 221, Greater Kailash – l, New Delhi, India |
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Date of Birth/Age : |
01.09.1974 / 33 Years |
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Qualification : |
Graduate |
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Date of Appointment : |
03.11.1995 |
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KEY EXECUTIVES
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Name : |
M/s. Rabi Satapathy and Associates |
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Designation : |
Secretary |
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Address : |
A – 134, Ground Floor, Arjun nagar, Near Gurudwara and Mata Mandir,
Safdajung Enclave, New Delhi – 110029 |
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Mob No.: |
91-9811027139 / 9911527139 / 9313785871 |
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Email : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 29.09.2004
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Names of Shareholders |
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No. of Shares |
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Mr. Balvir Singh Chadda |
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91100 |
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Mr. Gurudeep Singh Chadda |
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10000 |
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Mr. Sarpreet S. Chadda |
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20100 |
AS ON 29.09.2007
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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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 Radiators and Casting |
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Products : |
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Exports : |
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Products : |
Radiators and Casting |
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Countries : |
England, Holland, Poland, Belgium, Afghanistan, Verman |
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Terms : |
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Selling : |
L/C, Cash, 50% Advance in Export. |
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Purchasing : |
Cash |
GENERAL
INFORMATION
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No. of Employees : |
80 (Factory l – 60, ll – 15, Office – 5) |
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Bankers : |
Bank of Baroda, New Delhi |
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Facilities : |
CC (limit – 6.000 Millions) |
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name : |
Mehta and Company Chartered Accountant |
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Address : |
8 Aashina Arcade, Riici Industrial Area, Bhiwadi, Rajasthan - 301019,
India |
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Name : |
GS Mathur and Company |
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Address : |
A – 160, Defence Colony, New Delhi – 110024, India |
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CAPITAL STRUCTURE
AS ON 29.09.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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150000 |
Equity Shares |
Rs. 10/- Each |
Rs.1.500
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
128200 |
Equity Shares |
Rs. 10/- Each |
Rs.1.282 Millions |
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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1.282 |
1.282 |
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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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0.280 |
0.279 |
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4] (Accumulated Losses) |
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0.000 |
(0.179) |
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NETWORTH |
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1.562 |
1.382 |
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LOAN FUNDS |
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1] Secured Loans |
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3.161 |
3.415 |
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2] Unsecured Loans |
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1.323 |
0.851 |
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TOTAL BORROWING |
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4.484 |
4.266 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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6.046 |
5.648 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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2.605 |
1.271 |
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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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0.109 |
0.117 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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3.978 |
4.800 |
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Sundry Debtors |
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2.986 |
1.074 |
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Cash & Bank Balances |
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1.195 |
0.073 |
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Other Current Assets |
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0.331 |
0.060 |
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Loans & Advances |
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0.000 |
0.000 |
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Total
Current Assets |
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8.490 |
6.007 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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4.105 |
1.746 |
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Provisions |
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1.153 |
0.000 |
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Total
Current Liabilities |
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5.258 |
1.746 |
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Net Current Assets |
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3.232 |
4.260 |
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MISCELLANEOUS EXPENSES |
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0.100 |
0.000 |
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TOTAL |
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6.046 |
5.648 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
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Sales Turnover |
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27.151 |
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Other Income |
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3.978 |
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Total Income |
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31.129 |
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Profit/(Loss) Before Tax |
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0.120 |
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Provision for Taxation |
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0.040 |
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Profit/(Loss) After Tax |
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0.080 |
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Expenditures : |
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Cost of Goods Sold |
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Manufacturing Expenses |
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Administrative Expenses |
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Raw Material Consumed |
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Purchases made for re-sale |
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Consumption of stores and spares parts |
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Increase/(Decrease) in Finished Goods |
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Salaries, Wages, Bonus, etc. |
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31.009 |
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Managerial Remuneration |
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Payment to Auditors |
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Interest |
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Insurance Expenses |
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Power & Fuel |
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Depreciation & Amortization |
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Other Expenditure |
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Total Expenditure |
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31.009 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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00.25 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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00.44 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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01.07 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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07.68 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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6.23 |
4.35 |
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Current Ratio (Current Asset/Current Liability) |
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1.61 |
3.44 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References
Action Construction Equipment Limited -
(India)
SS Motors – (India)
Traction Avant Jose Franssen SPRL – (Belgium)
Trustseal Acceptance
Chart
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Statutory Approvals |
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Legal Status of Firm |
Private Limited Liability Company |
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Income Tax Registration |
AABCN6804D |
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VAT/ TIN Registration |
08190850944 |
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Import Export Code |
130400730 |
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Name of Bank |
Bank of Baroda |
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Current Account Number |
0098040000 |
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Credibility Factors |
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IndiaMART Client Since |
6 Years |
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Years of Establishment |
1996 |
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Standards & Certifications |
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Environment Management Systems |
ISO – 9001 - 2000 |
Form No. 8
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Name of the company |
NISSIM INDIA PRIVATE LIMITED |
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Presented By |
Bank of Baroda, Pahar Ganj, New Delhi |
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1) Date and description of instrument creating the change |
Instrument of
hypothecation of goods dated 30.12.2003 and agreement of hypothecation of
book debt dated 30.12.2003 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 2.500
Millions only |
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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 a) Stock of raw
materials, stock in process, finish goods, like brass, lead copper, iron,
radiator etc.new laying of hereafter slored at company’s premises at Bhiwadi,
Rajasthan or at any other place(s), including those in transit. b) All book debt
of the company - both present and
future |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The above is to
secure all amount payable under a cash credit hypothecation of stock and book
debt limit of Rs.2.500 millions granted to the prime lending rate of the Bank
with monthly rest or at such rate(s) as the bank may specified to the browser
in accordance with the Bank’s prime lending rate and credit rating of the
bank borrower without bank from time to time and all other cost charges,
expenses etc. Margin : 25% or
as may be stiputed by the bank from time to time |
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5) Name and Address and description of the person entitled to the charge. |
N.A. |
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6) Date and brief description of instrument modifying the charge |
N.A. |
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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. |
N.A. |
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.42.23 |
|
UK Pound |
1 |
Rs.83.88 |
|
Euro |
1 |
Rs.66.41 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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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 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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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 |
YES |
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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 |
|
43 |
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 |
|