MIRA
INFORM REPORT
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Report Date : |
13.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
NKB EXIM - DIVISION OF NEMINATH SOFTECH LIMITED |
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Registered Office : |
62, Thakore Baug, 6th Floor, Mithakhali Six Road, Navrangpura,
Ahmedabad – 380 009, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
04.07.1986 |
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Com. Reg. No.: |
04-8773 |
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CIN No.: [Company
Identification No.] |
L51909GJ1986PLC008773 |
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Legal Form : |
A Closely held Public Limited Liability Company. |
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Line of Business : |
Trader and Exporter of Cotton and Fire Fatting Equipments. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 22000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old company having moderate track. Scale of activity is limited.
The management parted some general information, but declined to part with
further details. Payments are reported as slow and delayed. The company can be considered for any business dealings on safe and
secured terms, only. |
LOCATIONS
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Registered Office : |
62, Thakore Baug, 6th Floor, Mithakhali Six Road,
Navrangpura, Ahmedabad – 380 009, Gujarat, India |
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Tel. No.: |
91-79-26427618 |
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Mobile No.: |
91-9825032755 |
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Fax No.: |
91-79-26427618 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Branches : |
Mehta Market, Surendranagar – 363 001 , Gujarat, India |
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Tel. No.: |
91-2752-230331/32 |
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Fax No.: |
91-2752-230333 |
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Location : |
Owned (4 Stored Building) |
DIRECTORS
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Name : |
Mr. Jignesh Shah |
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Designation : |
Director |
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Address : |
19, Bharat Society, Surendranagar, Gujarat, India |
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Name : |
Mr. Ashmi Shah |
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Designation : |
Director |
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Address : |
23 Bharat Society, Jintan Road, Surendranagar -363 001, Gujarat, India
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Date of Birth/Age : |
29.12.1984 |
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Date of Appointment : |
20.11.2006 |
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Name : |
Mr. Jimit Shah |
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Designation : |
Director |
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Address : |
23 Bharat Society, Jintan Road, Surendranagar -363 001, Gujarat, India
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Date of Birth/Age : |
09.10.1981 |
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Date of Appointment : |
20.11.2006 |
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Directorship in other Companies: |
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CIN of the Company: |
U25209MH1989PTC054677 |
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Name of the Company: |
Armtex Rubber Private Limited |
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Designation: |
Director |
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Name : |
Mr. Ashokbhai Mahipatlal Shah |
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Designation : |
Director |
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Address : |
20 Jaihind Society, Surendranagar, Gujarat, India |
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Name : |
Mr. Hemanthbhai Mahipatlal Shah |
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Designation : |
Director |
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Address : |
23 Bharat Society, Jintan Road, Surendranagar -363 001, Gujarat, India
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Name : |
Mr. Maheshbhai Mahipatlal Shah |
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Designation : |
Director |
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Address : |
Opposite Kondh Wadi, Surendranagar, Gujarat, India |
SHAREHOLDING
PATTERN
Equity Shares Breakup (Percentage of Total Equity):
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Sr No. |
Category |
Percentage |
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1 |
Directors or relative of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader and Exporter of Cotton and Fire Fatting Equipments |
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Exports : |
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Products : |
Cotton |
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Countries : |
Pakistan , Bangladesh, Vietnam, China, Taiwan, Indonesia |
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Terms : |
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Selling : |
L/C, Cash, Credit (20 Days) |
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Purchasing : |
Cash, Credit (20 Days) |
GENERAL
INFORMATION
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No. of Employees : |
Around 20 |
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Bankers : |
State Bank of India Surendranagar
Branch, District Surendranagar, Ahmedabad – 380 009, Gujarat, India |
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Banking
Relations : |
---- |
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Auditors : |
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Name : |
Joshi Shah and Associates Chartered Accountants |
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Address : |
A/1, Navdeep Apartment, Near Navjivan Press, Ashram Road, Ahmedabad –
380 001, Gujarat, India |
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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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500000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 millions |
Issued Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 millions |
Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs. 7/- each |
Rs. 3.500
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
3.500 |
3.500 |
3.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2.000 |
2.000 |
2.000 |
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4] (Accumulated Losses) |
[0.068] |
[0.060] |
[0.049] |
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NETWORTH |
5.432 |
5.440 |
5.451 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
5.432 |
5.440 |
5.451 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.080 |
0.080 |
0.080 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.100 |
0.100 |
0.100 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.036
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0.036 |
0.036 |
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Sundry Debtors |
5.667
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5.668 |
3.433 |
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Cash & Bank Balances |
0.041
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0.042 |
0.043 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
0.053
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0.054 |
2.294 |
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Total
Current Assets |
5.797
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5.800 |
5.806 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
0.545
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0.540 |
0.535 |
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Provisions |
0.000
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0.000 |
0.000 |
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Total
Current Liabilities |
0.545
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0.540 |
0.535 |
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Net Current Assets |
5.252
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5.260 |
5.271 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
5.432 |
5.440 |
5.451 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
0.000 |
0.000 |
0.000 |
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Other Income |
0.000 |
0.000 |
0.019 |
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Total Income |
0.000 |
0.000 |
0.019 |
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Profit/(Loss) Before Tax |
[0.007] |
[0.011] |
0.009 |
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Provision for Taxation |
0.000 |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
[0.007] |
[0.011] |
0.009 |
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Expenditures : |
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Other Expenditure |
0.007 |
0.011 |
0.009 |
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Total Expenditure |
0.007 |
0.011 |
0.009 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
0.00
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0.00 |
47.37 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.00
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0.00 |
47.37 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
[0.12]
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[0.19] |
0.15 |
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Return on Investment (ROI) (PBT/Networth) |
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0.00
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0.00 |
0.00 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.10
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0.09 |
0.09 |
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Current Ratio (Current Asset/Current Liability) |
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10.64
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10.74 |
10.85 |
LOCAL AGENCY
FURTHER INFORMATION
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Name of the
company |
NEMINATH TRADING COMPANY LIMITED |
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Presented
By |
Mr. Ashok M Shah |
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1) Date and
description of instrument creating the change |
General agreement
for the grant of small industrial advances. Hypothecation of movable book
debts and other assets of 3.4% |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 4.000
millions |
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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 |
Stock of cotton
covering RRI MTRJ of approved transport operator as well as general
hypothecation charge on current assets of the company. |
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4) Name and
Address and description of the person entitled to the charge. |
State Bank of India Surendranagar Branch, District
Surendranagar |
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5) Date and brief description of instrument
modifying the charge |
NA |
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6) 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. |
NA |
OTHER INFORMATION:
NKB Exim and NK Fire and Safety are both sub division of Neminath
Softech Limited. Subject is a trader of cotton and fire fatting equipments under
the name NKB Exim and NK Fire and Safety.
TRADE REFERENCES:
· NKB Exim
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.40.44 |
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UK Pound |
1 |
Rs.82.06 |
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Euro |
1 |
Rs.62.90 |
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 |
3 |
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OPERATING SCALE |
1~10 |
--- |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
--- |
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--PROFITABILIRY |
1~10 |
--- |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
2 |
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--MARGINS |
-5~5 |
--- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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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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19 |
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 |
|
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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