MIRA
INFORM REPORT
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Report Date : |
12.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
NSI [INDIA] LIMITED |
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Registered Office : |
Beltala, Chamrail, Howrah 711323, West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
31.03.1981 |
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Com. Reg. No.: |
033502 |
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CIN No.: [Company
Identification No.] |
U27109WB1981PLC033502 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALN01652A |
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PAN No.: [Permanent
Account No.] |
AAACN9225B |
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Legal Form : |
Closely held Public Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Ornamental casting product |
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 357000 |
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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 meeting its normal commitments timeously. Trade relations are fair. Business is active. The company can be considered good for normal business dealings |
INFORMATION PARTED
BY
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Name : |
Mr. Saurav |
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Designation : |
Office Assistant |
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Date : |
09.06.2008 |
LOCATIONS
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Registered Office/Factory : |
Beltala, Chamrail, Howrah 711323, West Bengal, India |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Administrative Office : |
46, M. A. K. Azad Road, Howrah 711101, West Bengal, India |
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Tel. No.: |
91-33-26662581 |
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Fax No.: |
91-33-26662582 |
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E-Mail : |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Narayan Prasad Madhogaria |
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Designation : |
Director |
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Address : |
8 B/1, Queens Park, Kolkata 700019, West Bengal, India |
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Date of Birth/Age : |
10.08.1938 |
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Date of Appointment : |
03.12.1994 |
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Name : |
Mr. Ajoy Kumar Madhogaria |
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Designation : |
Director |
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Address : |
8 B/1, Queens Park, Kolkata 700019, West Bengal, India |
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Date of Birth/Age : |
15.11.1956 |
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Date of Appointment : |
24.08.2006 |
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Name : |
Mrs. Sharda Madhogaria |
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Designation : |
Director |
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Address : |
8 B/1, Queens Park, Kolkata 700019, West Bengal, India |
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Date of Birth/Age : |
26.04.1966 |
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Date of Appointment : |
31.03.1981 |
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Name : |
Mr. Harsh Madhogaria |
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Designation : |
Director |
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Address : |
8 B/1, Queens Park, Kolkata 700019, West Bengal, India |
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Date of Birth/Age : |
31.03.1985 |
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Date of Appointment : |
03.11.2006 |
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Directorship held in other companies: |
NIF Ispat Limited CIN No.: U27101WB1955PTC022765 Travol Tie Up Private Limited CIN No.:U51109WB1995PTC069796 Samridhi Vinimay Private Limited CIN No.: U51909WB2005PTC101765 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Name of Allottee |
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No. of Shares |
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Samridhi Vinimay Private Limited |
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127000 |
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Travel Tie-up Private Limited |
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95000 |
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Equity Share
Break-up [As on 31.03.2007] |
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Percentage of
Holding |
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Bodies Corporate |
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69.00 |
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Directors or relatives of the Directors |
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31.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Ornamental casting product |
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Products : |
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Exports : |
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Countries : |
All over the world |
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Imports : |
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Products : |
Scrape |
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Terms : |
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Purchasing : |
L/C, Cash and Credit |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
30 |
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Bankers : |
Calcutta Branch,
4, N. C. Dutta Sarani, Kolkata 700001, West Bengal, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S. Satnalika and Associates Chartered Accountants |
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Address : |
1, British Indian Street, Room No. 608, Kolkata 700069, West Bengal,
India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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872000 |
Equity Shares |
Rs. 10/- each |
Rs. 8.720
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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8.720 |
6.500 |
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2] Share Application Money |
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5.000 |
0.000 |
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3] Reserves & Surplus |
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57.740 |
37.549 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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71.460 |
44.049 |
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LOAN FUNDS |
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1] Secured Loans |
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54.775 |
47.933 |
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2] Unsecured Loans |
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1.872 |
0.000 |
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TOTAL BORROWING |
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56.647 |
47.933 |
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DEFERRED TAX LIABILITIES |
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3.534 |
1.097 |
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TOTAL |
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131.641 |
93.079 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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50.483 |
12.242 |
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Capital work-in-progress |
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15.045 |
35.583 |
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INVESTMENT |
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3.530 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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48.347 |
31.611 |
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Sundry Debtors |
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15.061 |
10.963 |
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Cash & Bank Balances |
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7.198 |
10.104 |
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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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30.885 |
11.178 |
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Total
Current Assets |
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101.491 |
63.856 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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38.074 |
18.000 |
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Provisions |
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0.872 |
0.653 |
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Total
Current Liabilities |
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38.946 |
18.653 |
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Net Current Assets |
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62.545 |
45.203 |
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MISCELLANEOUS EXPENSES |
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0.038 |
0.051 |
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TOTAL |
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131.641 |
93.079 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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132.311 |
42.440 |
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Other Income |
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18.407 |
16.399 |
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Total Income |
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150.718 |
58.839 |
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Profit/(Loss) Before Tax |
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3.512 |
1.296 |
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Provision for Taxation |
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0.616 |
-- |
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Profit/(Loss) After Tax |
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2.896 |
1.296 |
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Expenditures : |
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Raw Material Consumed |
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94.358 |
41.474 |
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Purchases made for re-sale |
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8.444 |
0.000 |
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Consumption of stores and spares parts |
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10.773 |
4.045 |
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Increase/(Decrease) in Finished Goods |
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[13.502] |
[5.155] |
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Salaries, Wages, Bonus, etc. |
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4.382 |
1.814 |
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Managerial Remuneration |
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0.610 |
0.600 |
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Payment to Auditors |
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0.063 |
0.052 |
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Interest |
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6.878 |
2.380 |
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Insurance Expenses |
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0.140 |
0.220 |
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Power & Fuel |
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2.006 |
1.413 |
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Depreciation & Amortization |
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7.681 |
2.526 |
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Other Expenditure |
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25.373 |
8.174 |
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Total Expenditure |
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147.206 |
57.543 |
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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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PAT / Total Income |
(%) |
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1.92 |
2.04 |
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Net Profit Margin (PBT/Sales) |
(%) |
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2.65 |
3.05 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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2.32 |
1.71 |
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Return on Investment (ROI) (PBT/Networth) |
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0.05 |
0.03 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.34 |
1.52 |
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Current Ratio (Current Asset/Current Liability) |
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2.60 |
3.42 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
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This form is for |
Modification of
charge |
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Charge
identification number of the charge to be modified |
80019213 |
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Corporate
identity number of the company |
U27109WB1981PLC033502 |
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Name of the
company |
NSI [INDIA]
LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Beltala, Chamrail, Howrah 711323, West Bengal, India |
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Type of charge |
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Particular of
charge holder |
United Bank of
India Calcutta Branch,
4, N. C. Dutta Sarani, Kolkata 700001, West Bengal, India |
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Nature of
description of the instrument creating or modifying the charge |
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Date of
instrument Creating the charge |
23.07.2007 |
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Amount secured by
the charge |
Rs. 112.560
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of
interest @ 15.25% p.a.
with monthly rests or at such other rate as may be communicated to the borrower
by the bank from time to time. [b] Terms of
repayment Term Loan has to
be liquidated within June 2011 Working capital :
Repayable on demand or as per banks guidelines [c] Margin As per banks
Guidelines [d] Extent and
operation of charge By way of
exclusive first charge in favour of United Bank of India [e] others All the
hypothecated goods and all sales realization and insurance proceeds thereon
and all the documents under this security shall be held as the banks
exclusive property specifically appropriated to this security and the company
will not create any mortgage, charge or encumbrance affecting the same. The hypothecated assets shall be insured
against loss or damage under bank clause. |
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Short particulars
of the property charged |
Hypothecation of
entire stocks of raw material, WIP,
Finished goods and other movable including all plant and machinery et. Which
now or shall hereafter from time to time stored or to be stored at the
premises/godowns situated at Beltala, Chamrail, Howrah 711323 or wherever
else and all present and future book debts, receivables, claims etc. of the
company equitable mortgage of land and building of the company situated at
Howrah |
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Particulars of
the present modification |
By this modification
the overall credit facilities of the company has been enhanced to Rs. 112.560
Millions. All other terms and
conditions and properties charged and mortgaged as security remain unaltered.
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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 exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 42.89 |
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UK Pound |
1 |
Rs. 83.80 |
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Euro |
1 |
Rs. 66.45 |
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 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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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 |
YES |
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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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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
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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