MIRA
INFORM REPORT
|
Report Date : |
23.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
NSW INDIA LIMITED |
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Registered
Office : |
C-255, Mayapuri Industrial Area, Phase-II, New Delhi-110063, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
08.10.1998 |
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Com. Reg. No.: |
55-096577 |
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Capital Investment
/ Paid-up Capital : |
Rs.2.068 Millions |
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CIN No.: [Company Identification
No.] |
U29141DL1998PLC096577 |
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IEC No.: |
0502054824 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELN0657C/ DELN03488C/ DELN03484F |
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PAN No.: [Permanent Account No.] |
AAACN9687R/ AAACN9687R |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Ovens and Machinery. |
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No. of Employees
: |
125 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 23000 |
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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 an established company having satisfactory track. There appears
to be some dip in the turnover and profitability of the company. However,
trade relations are reported as fair. Business is active. Payments are
reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Rajesh Narang |
|
Designation : |
Director |
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Contact No.: |
91-9810054075 |
|
Date : |
18.08.2011 |
LOCATIONS
|
Registered Office : |
C-255, Mayapuri Industrial Area, Phase-II,
New Delhi-110063, |
|
Tel. No.: |
91-11-28112609/ 281110173 |
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Mobile No.: |
91-9810054075 / 9871195988 ( Mr. Rajesh Narang) /
91-9810030657 (Mr. K. C. Narang) |
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Fax No.: |
91-11-28112491 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory 1 : |
Plot No. 43-44, Sector 34, A.H. T.P.,
Gurgaon-122001, |
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Tel. No.: |
91-124-2371106 / 2371820 / 4030679 /
4033679 |
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Fax No.: |
91-124-2372859 |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Krishan
Chander Narang |
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Designation : |
Whole Time
Director |
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Address : |
A-1/52, Ground Floor, Safdarljlung Enclave, |
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Date of Birth/Age : |
03.11.1942 |
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Date of Appointment : |
08.10.1998 |
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DIN No.: |
00165445 |
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Name : |
Mr. Rajesh Narang |
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Designation : |
Managing Director
|
|
Address : |
A-1/52, Ground Floor, Safdarljlung Enclave, |
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Date of Birth/Age : |
13.09.1971 |
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Date of Appointment : |
08.10.1998 |
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DIN No.: |
00165492 |
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Name : |
Mrs. Prem Narang |
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Designation : |
Director |
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Address : |
A-1/52, Ground Floor, Safdarljlung Enclave, |
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Date of Birth/Age : |
14.04.1949 |
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Date of Appointment : |
16.11.1998 |
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DIN No.: |
00287680 |
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Name : |
Mrs. Pooja Narang |
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Designation : |
Director |
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Address : |
A-1/52, Ground Floor, Safdarljlung Enclave, |
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Date of Birth/Age : |
01.10.1974 |
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Date of Appointment : |
16.11.1998 |
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DIN No.: |
00208669 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.08.2010
|
Names of Shareholders |
|
No. of Shares |
|
Krishan Chander
Narang |
|
20200 |
|
Rajesh Chander Narang |
|
18200 |
|
Prem Chander Narang |
|
64200 |
|
Pooja Rajesh Narang |
|
200 |
|
Hema Vipin Anand |
|
200 |
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Rajni Sudhir Aneja |
|
200 |
|
Sudhir Jagdish Aneja |
|
200 |
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Total |
|
103400 |
Equity Share Break up (Percentage of Total Equity)
As on 30.08.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
99.42 |
|
Others |
0.58 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Ovens and Machinery. |
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Products : |
Powder Coating and Spray PaintingPlants and Equipment's
Conveyors and Automation Systems
Rear View Mirror Coating
Plant Curtain Coater Geomat and Dacro Coating
Plant |
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Exports : |
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Products : |
Ovens and Machinery |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Customers : |
Wholesalers and Retailers |
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No. of Employees : |
125 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
R Mediratta and Associates Chartered Accountant |
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Address : |
1105, |
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Tel. No.: |
91-11-25864849 /
30972247 |
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Mobile No.: |
91-11-25851794 |
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PAN.: |
AAAPM3114D |
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Associates/Subsidiaries : |
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Parent Company : |
Narang Synethitic Words |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
103400 |
Equity Shares |
Rs.10/- each |
Rs.1.034 Millions |
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After 30.09.2010
Authorized Capital : Rs.2.500 Millions
Paid-up Capital : Rs.2.068 Millions
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1.034 |
1.034 |
1.034 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
4.953 |
4.570 |
2.960 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
5.987 |
5.604 |
3.994 |
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LOAN FUNDS |
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|
|
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1] Secured Loans |
6.495 |
5.186 |
2.363 |
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2] Unsecured Loans |
0.799 |
0.764 |
0.774 |
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TOTAL BORROWING |
7.294 |
5.950 |
3.137 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
13.281 |
11.554 |
7.131 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.404 |
3.962 |
2.131 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.192 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
5.273
|
4.156
|
3.565 |
|
|
Sundry Debtors |
14.626
|
18.468
|
13.323 |
|
|
Cash & Bank Balances |
0.697
|
0.214
|
1.044 |
|
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Other Current Assets |
0.000
|
2.172
|
1.607 |
|
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Loans & Advances |
4.595
|
0.230
|
0.487 |
|
Total
Current Assets |
25.191
|
25.240 |
20.026 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
9.342
|
12.240 |
8.165 |
|
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Other Current Liabilities |
4.811
|
3.233
|
5.652 |
|
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Provisions |
1.353
|
2.175
|
1.209 |
|
Total
Current Liabilities |
15.506
|
17.648 |
15.026 |
|
|
Net Current Assets |
9.685
|
7.592
|
5.000 |
|
|
|
|
|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
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|
|
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TOTAL |
13.281 |
11.554 |
7.131 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
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SALES |
|
|
|
|
|
|
|
Income |
60.490 |
95.972 |
74.868 |
|
|
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Other Income |
1.819 |
1.551 |
1.063 |
|
|
|
TOTAL (A) |
62.309 |
97.523 |
75.931 |
|
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|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of goods sold |
46.000 |
76.691 |
59.650 |
|
|
|
Salary |
3.650 |
4.037 |
2.472 |
|
|
|
Printing Stationery |
0.084 |
0.162 |
0.204 |
|
|
|
Postage and Telegram |
0.047 |
0.061 |
0.057 |
|
|
|
Conveyance |
0.081 |
0.101 |
0.075 |
|
|
|
Traveling Expenses |
0.468 |
1.795 |
1.757 |
|
|
|
Other Expenses |
9.770 |
10.436 |
8.927 |
|
|
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TOTAL (B) |
60.100 |
93.283 |
73.142 |
|
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|
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|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2.209 |
4.240 |
2.789 |
|
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|
|
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|
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|
Less |
FINANCIAL
EXPENSES (D) |
0.661 |
0.610 |
0.282 |
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1.548 |
3.630 |
2.507 |
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.854 |
0.672 |
0.595 |
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|
|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
0.694 |
2.958 |
1.912 |
|
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|
|
|
|
|
|
|
Less |
TAX (I) |
0.311 |
1.348 |
0.717 |
|
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
(G-I) (J) |
0.383 |
1.610 |
1.295 |
|
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Earnings Per
Share (Rs.) |
|
|
|
|
Expected Sales (2011-2012 ) : Rs.160.000 Millions.
The above information has been parted by Mr. Rajesh Narang.
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.61
|
1.65 |
1.70 |
|
|
|
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
1.15
|
3.08 |
2.55 |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.43
|
10.13 |
8.63 |
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|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.53 |
0.48 |
|
|
|
|
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
3.81
|
4.21 |
4.55 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.62
|
1.43 |
1.33 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS
:
The directors pleased to inform that sales and service charges for the
year under report have been recorded at Rs.61.892 Millions as against Rs.97.500
for the previous year resulted decline of 36%. The decline in sales was due to
non receipt of orders from industrial houses. The directors are hopeful the
sales will increase further during the course of next year and crossed the
projected sales of Rs.100.000 Millions.
The working for the year has resulted in Net profit of Rs.0.383 Million
as against Rs.1.610 Millions for the previous year after making provisions of
all known Liabilities, Income Tax/Fringe Benefits Tax and Deferred Tax.
PERFORMANCE :
During the year under report the target set by the directors have not
been achieved due to non receipts of order from industrial houses and the
turnover of the company was Rs.60.000 Million
as against target set for Rs.100.000 Millions.
TRADE REFERENCES :
- Lumax
Precision Screw Limited
- Mahavir
System and Controls Private Limted
FORM 8 :
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U29141DL1998PLC096577 |
|
Name of the
company |
NSW INDIA LIMITED |
|
Address of the
registered office or of the principal place of business in |
C-255, Mayapuri Industrial Area, Phase-II, New Delhi-110063, Email Id : nnrm@rediffmail.com |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
Syndicate Bank, Mayapuri Branch, |
|
Nature of
description of the instrument creating or modifying the charge |
Composite
Hypothecation Agreement dated 25.02.2010 |
|
Date of
instrument Creating the charge |
25.02.2010 |
|
Amount secured by
the charge |
Rs.2.600 Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest @ 0.25% p.a. over BPLR of the Bank at monthly rests
or at such rate(s) as may be specified by the Bank from time to time Terms of
Repayment Repayable in
equated monthly installments of Rs.0.058 Million each commencing from
25.04.2010 till the entire loan with interest and other charges is repaid in
full Margin 25% Extent and
Operation of the charge 100% Others To secure all
amounts payable under Term Loan of rs.2.600 Millions granted to the company
together with all interest, costs, charges, expenses etc. |
|
Short particulars
of the property or asset(s) charged (including complete address and location of
the property) |
Hypothecation of
all machinery and other movable fixed assets of the company acquired out of
the Term loan granted by the Bank installed/stored or to be installed/stored
at company’s premises or at any other place(s) including those in transit Collaterally
secured by all existing machinery and other movable fixed assets and current
assets of the company both present and future. |
FIXED ASSETS :
- Furniture and Fixtures
- Office Equipments
- Cycle
- Electric Equipments
- Fax Machine
- Scooter
- Water Cooler
- Computer
- Room Cooler
- Machinery
- Cylinder
- Refrigerator
- Mobile Phone
- Camera
- Air Conditioner
- Vehicle (Ford)
- Vehicle (Wagon R)
- Computer Software
- Generator
- Fire Safety Equipments
- Printer
- Vehicles (Swift Desire)
- Car (Honda City)
- Attendance Machine
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.45.95 |
|
|
1 |
Rs.75.76 |
|
Euro |
1 |
Rs.66.01 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.