MIRA
INFORM REPORT
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Report Date : |
31.10.2008 |
IDENTIFICATION DETAILS
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Name : |
NAYAK ENGINEERING PRIVATE LIMITED |
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Registered Office : |
1205/215, |
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Country : |
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Financials (as on) : |
31.03.2004 |
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Date of Incorporation : |
07.01.1988 |
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Com. Reg. No.: |
11-45805 |
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CIN No.: [Company
Identification No.] |
U28920MH1988PTC045805 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEN03738A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Distributor and Mega Dealer for M/S Honda Steel Power Products Limited
like Generators, Pumps, Engine, Brush Cutter, Lawn Mowers, Sprayers, etc. |
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 20000 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a 2decades old company having moderate track. The company
has not filed any financial after 2004 with the Government departments and the
management declined to part the same. No further details could be made
available. The company can be considered for any business dealings on fully safe
and secured terms only. |
INFORMATION PARTED BY
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Name : |
Mr. Kiran Gharat |
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Designation : |
Sales Department |
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Date : |
24.10.2008 |
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Name : |
Mr. Ravi Nayak |
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Designation : |
Director |
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Date : |
25.10.2008 |
LOCATIONS
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Registered Office : |
1205/215, Shirole Road, Shivaji Nagar, Pune – 411 004, Maharashtra, India
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Corporate Office : |
3 Palviola, 96, Prof. Almedia Road, Bandra (W), Mumbai – 400 050,
Maharashtra, India |
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Tel. No.: |
91-22-26421208/ 32596741 |
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Fax No.: |
91-2355-254248 |
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E-Mail : |
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Websites : |
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Location : |
Owned |
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Branch : |
Located at: Ratnagiri Chiplun |
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DIRECTORS
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Name : |
Mr. Ravindra N Nayak |
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Designation : |
Director |
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Address : |
Flat No. 3, Palviola 96, Prof Almedia Road, Bandra, Mumbai Suburban –
400 050, Maharashtra, India |
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Date of Birth/Age : |
03.10.1949 |
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Date of Appointment : |
07.01.1988 |
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Name : |
Mr. Narain V. Nayak |
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Designation : |
Director |
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Address : |
Flat No. 3, Palviola 96, Prof Almedia Road, Bandra, Mumbai Suburban –
400 050, Maharashtra, India |
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Date of Birth/Age : |
26.01.1991 |
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Date of Appointment : |
07.01.1988 |
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Name : |
Mrs. Bharathi R. Nayak |
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Designation : |
Director |
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Address : |
Flat No. 3, Palviola 96, Prof Almedia Road, Bandra, Mumbai Suburban –
400 050, Maharashtra, India |
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Date of Birth/Age : |
11.03.1955 |
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Date of Appointment : |
27.01.1991 |
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Name : |
Mr. Narian Kiran Nayak |
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Designation : |
Director |
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Address : |
B- 39/94, Anand Nagar, C S Road, Dahisar (East), Mumbai Suburban – 400 068, Maharashtra, India |
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Date of Birth/Age : |
30.10.1952 |
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Date of Appointment : |
01.04.1991 |
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Name : |
Mr. R. Ratnakar Nayak |
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Designation : |
Director |
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Address : |
Flat No. 3, Palviola 96, Prof Almedia Road, Bandra, Mumbai Suburban –
400 050, Maharashtra, India |
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Date of Birth/Age : |
03.12.1972 |
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Date of Appointment : |
01.04.1991 |
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Name : |
Mr. Jayendra Arun Dighe |
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Designation : |
Director |
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Address : |
Amey Harshad Society, Kothrud, Pune – 411 029, Maharashtra, India |
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Date of Appointment : |
25.04.1993 |
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Name : |
Mr. H. Niranjan Sashittal |
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Designation : |
Director |
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Address : |
F/4, Sarswat Colony, Santacruz, Mumbai Suburban – 400 054,
Maharashtra, India |
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Date of Appointment : |
26.12.2003 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(As On 30.09.2003)
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Names of Shareholders |
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No. of Shares |
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Mr. Ravindra N Nayak |
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45410 |
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Mr. Marain V. Nayak |
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Mrs. Bharathi R. Nayak |
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12500 |
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Mr. R. Ratnakar Nayak |
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14710 |
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Mr. R. Prabhakar Nayak |
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14000 |
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Mr. Narain Kiran Nayak |
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1600 |
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Mr. Narain Uday Nayak |
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4400 |
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Mr. G Jayanthi Kamat |
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500 |
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Mr. Ramniklal Jobanputra |
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2000 |
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Mrs. Swati Sudhir Prabhu |
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1500 |
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Mr. H. Niranjan Sashittal |
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500 |
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Mr. N. Ravindra Nayak |
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600 |
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Mr. Nariyan Uday Nayak |
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500 |
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Mr. Ramniklal Jobanputra |
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300 |
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Mrs. Swati Sudhir Prabhu |
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100 |
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Total |
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53210 |
BUSINESS DETAILS
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Line of Business : |
Distributor and Mega Dealer for M/S Honda Steel Power Products Limited
like Generators, Pumps, Engine, Brush Cutter, Lawn Mowers, Sprayers, etc. |
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Products : |
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Terms : |
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Selling : |
Cash |
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Purchasing : |
Cash |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
18 |
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Bankers : |
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Facilities : |
O/D
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M. P. Tilwankar and Company Chartered Accountant |
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Address : |
Pune |
CAPITAL STRUCTURE
(As On 31.03.2004)
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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200000 |
Equity Shares |
Rs.10/- each |
Rs.2.000 Millions |
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5000 |
Preference Shares |
Rs.100/- each |
Rs.0.500 Million |
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Total |
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Rs.2.500 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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97120 |
Equity Shares |
Rs.10/- each |
Rs.0.971 Million |
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1500 |
Preference Shares |
Rs.100/- each |
Rs.0.150
Million |
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Total |
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Rs.1.121
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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1.121 |
1.121 |
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2] Share Application Money |
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1.370 |
0.810 |
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3] Reserves & Surplus |
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2.840 |
2.840 |
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4] (Accumulated Losses) |
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(1.209) |
(1.320) |
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NETWORTH |
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4.122 |
3.451 |
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LOAN FUNDS |
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1] Secured Loans |
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1.472 |
1.848 |
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2] Unsecured Loans |
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1.735 |
0.520 |
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TOTAL BORROWING |
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3.207 |
2.368 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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7.329 |
5.819 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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3.362 |
3.667 |
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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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0.784 |
0.308 |
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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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3.749 |
3.118 |
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Sundry Debtors |
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3.340 |
2.553 |
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Cash & Bank Balances |
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0.157 |
0.520 |
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Other Current Assets |
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0.150 |
0.149 |
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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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7.396 |
6.340 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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4.287 |
4.576 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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4.287 |
4.576 |
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Net Current Assets |
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3.109 |
1.764 |
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MISCELLANEOUS EXPENSES |
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0.074 |
0.080 |
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TOTAL |
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7.329 |
5.819 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2004 |
31.03.2003 |
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Sales Turnover |
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13.344 |
22.954 |
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Other Income |
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1.153 |
0.351 |
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Total Income |
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14.497 |
23.305 |
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Profit/(Loss) Before Tax |
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0.101 |
0.017 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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0.101 |
0.017 |
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Expenditures : |
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Cost of Goods Sold |
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11.673 |
20.265 |
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Salaries, Wages, Bonus, etc. |
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0.609 |
0.858 |
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Interest |
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0.185 |
0.136 |
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Insurance Expenses |
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0.057 |
0.095 |
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Depreciation & Amortization |
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0.365 |
0.324 |
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Other Expenditure |
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1.507 |
1.610 |
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Total Expenditure |
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14.396 |
23.288 |
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KEY RATIOS
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PARTICULARS |
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31.03.2004 |
31.03.2003 |
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PAT / Total Income |
(%) |
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0.69 |
0.07 |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.75 |
0.07 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.93 |
0.16 |
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Return on Investment (ROI) (PBT/Networth) |
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0.02 |
0.00 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.81 |
2.01 |
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Current Ratio (Current Asset/Current Liability) |
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1.72 |
1.38 |
LOCAL AGENCY FURTHER INFORMATION
Form 8
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Name of the company |
Nayak Engineering Private Limited |
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Presented By |
Mr. R. N. Nayak , Director |
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1) Date and description of instrument creating the change |
03.01.1991 Term Loan Agreement
for Hypothecation of Movables |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.200 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 |
Furniture and
Fixture, Tables, Chairs, Cabin, Fans, Showroom. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Repayable from 01.03.1991
limit with 03.10.1994 of Rs.0.016 Million 12 equal quarterly installation 25% Margin Interest 17% |
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5) Name and Address and description of the person entitled to the charge. |
Dena Bank, Deccan
Gymkhan Branch, Pune – 411 004 |
Fixed Assets
- Shops At Chiplun
- Furniture and Fixture
- Vehicles
- Computer Peripheals
- Machinery and Tools
- Rallies Spl. ZTools
- Workshop Tools
- Air Conditioners
- Typewriter
- Honda Spl. ZTools
- EPBX and FAX
- Land at Kondanpur
As Per Websites
Subject is distributor and mega dealer for M/s Honda SIEL Power Products Limited, a subsidiary of the world renowned Honda Motor Company., of Japan. The company also deals in a variety of agricultural, industrial and domestic engineering products and services. Though established in 1949, the company was formally incorporated in the year 1988.
The company’s main
line of activity is the marketing, sales and services of HONDA portable power
products in the coastal districts of Maharashtra and Mumbai metropolitan region.
The product mix includes engines, pumps, generators, and other engine
applications such as brush cutters, lawn mowers etc. The company operates
through its own retail outlets and a strong team of retailers, dealers and
order booking agents located in key areas of the territory.
While the Honda range
of generators cover power output from .35 KVA to 2.1 KVA, the company also
markets “Powerol” generators manufactured by Mahindra and Mahindra Limited to
provide the customer with generators in the range of 5 KVA to 40 KVA rating.
Subject has a
sufficiently strong team of certified, qualified and trained technicians to
cater to all service requirement for all products marketed and sold by it.
The company is in the
process of developing a chain of rural marketing and servicing units under the
banner “Krishi Yantrashala”, which units will be modules of small service
centers to provide pre-sale and after-sale support to agriculturists and
horticulturists in the field of farm mechanization.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.77 |
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UK Pound |
1 |
Rs.79.78 |
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Euro |
1 |
Rs.63.36 |
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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