MIRA INFORM REPORT

 

 

Report Date :

02.12.2011

 

IDENTIFICATION DETAILS

 

Name :

NDTS INDIA PRIVATE LIMITED (w.e.f 05.09.2007)

 

 

Formerly Known As :

NDT SOLUTIONS INDIA PRIVATE LIMITED

 

 

Registered Office :

619/620, The Great Eastern Galleria, Plot No. 20, Sector – 4, Nerul, Navi Mumbai – 400706, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

10.07.2007

 

 

Com. Reg. No.:

11-172216

 

 

Capital Investment / Paid-up Capital :

Rs. 2.500 Millions

 

 

CIN No.:

[Company Identification No.]

U29219MH2007PTC172216

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMN15466D

 

 

PAN No.:

[Permanent Account No.]

AACCN6035B

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Trader of NDT Products and Service Provider of NDT

 

 

No. of Employees :

50 (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

 

Maximum Credit Limit :

USD 32000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having satisfactory track. 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.

 

INFORMATION PARTED BY

 

Name :

Mr. Raghavendra Mogaveera

Designation :

Account Manager

Contact No.:

91-22-61380600

Date :

01.12.2011

 

LOCATIONS

 

Registered Office :

619/620, The Great Eastern Galleria, Plot No. 20, Sector – 4, Nerul, Navi Mumbai – 400706, Maharasahtra, India

Tel. No.:

91-22-61380600/27703913/27703923/27729077

Fax No.:

91-22-27703903

E-Mail :

accounts@ndts.co.in

shagargca@mtnl.net.in

info@ndts.co.in

Location :

Owned

 

 

DIRECTORS

 

As on 30.09.2011

 

Name :

Mr. Mukesh Krishnachand Arora

Designation :

Managing Director

Address :

E-401, Jaya Balaji Chambers, Plot No.26, Sector – 6, Palm Beach Road, Nerul, Navi Mumbai – 4000706, Maharashtra, India

Date of Birth/Age :

20.05.1972

Date of Appointment :

01.11.2008

DIN No.:

00515946

Other Directorship:

 

S.No.

CIN

Name of the Company

Current designation of the director

Date of appointment at current designation

Original date of appointment

Date of cessation

Company Status

Defaulting status

1

U29219MH2007PTC172217

Innerspec Technologies Private Limited

Director

10-07-07

10-07-07

-

Active

NO

2

U29219MH2007PTC172216

NDTS India Private Limited

Managing director

01-11-08

10-07-07

-

Active

NO

 

 

Name :

Mrs. Shilpa Mukesh Arora

Designation :

Director

Address :

E-401, Jaya Balaji Chambers, Plot No.26, Sector – 6, Palm Beach Road, Nerul, Navi Mumbai – 4000706, Maharashtra, India

Date of Birth/Age :

13.01.1979

Date of Appointment :

10.07.2007

DIN No.:

00727460

Other Directorship:

 

S.No.

CIN

Name of the Company

Current designation of the director

Date of appointment at current designation

Original date of appointment

Date of cessation

Company Status

Defaulting status

1

U29219MH2007PTC172216

NDTS India Private Limited

Director

10-07-07

10-07-07

-

Active

NO

2

U29219MH2007PTC172217

Innerspec Technologies Private Limited

Director

10-07-07

10-07-07

-

Active

NO

 

 

 

KEY EXECUTIVES

 

Name :

Mr. Raghavendra Mogaveera

Designation :

Account Manager

 

 

Name :

Payal Singh

Designation :

Assistant Manager – Corporate Affairs

 

 

Name :

Mr. Avinash Rahukar

Designation :

Sr. Manager – Sales

 

 

Name :

Mr. Sushil Yadav

Designation :

Operation Manager

 

 

Name :

Mr. Praveen Singh

Designation :

Technical Manager

 

 

Name :

Mr. Kiran  Badekar

Designation :

Manager – Customer Support

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2011

 

Names of Shareholders

 

No. of Shares

Mukesh K Arora

 

249000

Shilpa M Arora

 

1000

TOTAL

 

250000

 

Equity Share Break up (Percentage of Total Equity)

 

As on 30.09.2011

 

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

 

BUSINESS DETAILS

 

Line of Business :

Trader of NDT Products and Service Provider of NDT

 

 

Products/ Services  :

Consulting and Trading of Non Destructive Instruments

 

 

Terms :

 

Selling :

Cash and Credit

 

 

Purchasing :

Cash and Credit

 

GENERAL INFORMATION

 

Suppliers :

  • Procis Asia
  • PTE Limited

 

 

Customers :

End Users

  • L and T

 

 

No. of Employees :

50 (Approximately)

 

 

Bankers :
  • IDBI Bank Limited, IDBI Tower, WTC Complex, Cuffee Parade, Mumbai – 400005, Maharashtra, India
  • State Bank of India

 

 

Facilities :

Cash Credit Rs. 4.000 Millions (From IDBI Bank Limited)

 

Secured Loan

As on

31.03.2011

(Rs. in

Millions)

As on

31.03.2010

(Rs. in

Millions)

IDBI Bank Term Loan A/C. 0028

(Secured against office premises, personal of one of the directors mother)

3.447

4.387

IDBI Working Capital A/C. 0082

(Secured against stock, receivables, and fixed deposits, residential flat of one of the director , LIC policies of the director, personal guarantee of the directors.)

0.179

1.781

State Bank of India

(Secured loan against Honda city car)

0.799

0.000

Total

4.425

6.168

 

Unsecured Loan

As on

31.03.2011

(Rs. in

Millions)

As on

31.03.2010

(Rs. in

Millions)

Loan From Director

 

 

- Mukesh Arora

2.354

0.000

- NDT Services

0.000

4.151

- NDT Solutions

0.000

0.138

- Shilpa Arora

0.046

0.165

Loan From Relatives

 

 

- Kittanna P. Kunder

0.220

0.270

- Krishnachand Arora

1.581

1.300

- Niraj Arora

0.274

0.225

- Santosh Arora

0.486

0.400

Total

4.961

6.649

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Shiv Pawan and Company

Chartered Accountant

Address :

604, Platinum Techno Park, Behind Raghuleela Mall, Sector – 30A, Vashi, Navi Mumbai – 400703, Maharashtra, India

PAN.:

AAVFS5910N

 

CAPITAL STRUCTURE

 

As on 31.03.2011

 

Authorised Capital :

No. of Shares

Type

Value

Amount

250000

Equity Shares

Rs.10/- each

Rs. 2.500 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

250000

Equity Shares

Rs.10/- each

Rs. 2.500 Millions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

.

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2011

31.03.2010

31.03.2009

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

2.500

0.125

0.125

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

5.575

2.825

1.292

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

8.075

2.950

1.417

LOAN FUNDS

 

 

 

1] Secured Loans

4.425

6.168

0.000

2] Unsecured Loans

4.961

6.649

2.471

TOTAL BORROWING

9.386

12.817

2.471

DEFERRED TAX LIABILITIES

0.612

0.249

0.000

 

 

 

 

TOTAL

18.073

16.016

3.888

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

17.950

14.574

1.847

FIXED ASSETS [Net Block]

0.000

0.000

0.000

Capital work-in-progress

 

 

 

 

0.000

0.000

0.000

INVESTMENT

0.000

0.000

0.049

DEFERREX TAX ASSETS

 

 

 

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
1.417

0.564

0.253

 

Sundry Debtors
5.177

4.055

2.337

 

Cash & Bank Balances
0.727

0.658

0.937

 

Other Current Assets
1.418

0.614

0.992

 

Loans & Advances
2.061

1.366

1.044

Total Current Assets
10.800

7.257

5.563

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
6.885

3.135

1.589

 

Other Current Liabilities
1.857

1.629

1.108

 

Provisions
1.946

1.064

0.889

Total Current Liabilities
10.688

5.828

3.586

Net Current Assets
0.112

1.429

1.977

 

 

 

 

MISCELLANEOUS EXPENSES

0.011

0.013

0.015

 

 

 

 

TOTAL

18.073

16.016

3.888

 

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2011

31.03.2010

31.03.2009

 

SALES

 

 

 

 

 

Sales and Other Income

43.672

33.947

27.993

 

 

TOTAL                                     (A)

43.672

33.947

27.993

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Goods Sold

19.839

15.898

14.502

 

 

Administrative and Other Expenses

17.627

14.621

11.516

 

 

TOTAL                                     (B)

37.466

30.519

26.018

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

6.206

3.428

1.975

 

 

 

 

 

Less

INTEREST AND FINANCIAL EXPENSES            (D)

1.301

0.452

0.000

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

4.905

2.976

1.975

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

0.910

0.648

0.119

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

3.995

2.328

1.856

 

 

 

 

 

Less

TAX                                                                  (H)

1.244

0.795

0.744

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

2.751

1.533

1.112

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

2.824

1.291

0.179

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

5.575

2.824

1.291

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

8.436

NA

NA

 

 

 

 

 

 

Earnings Per Share (Rs.)

275.05

153.31

129.15

 

Expected Sales (2011-2012) Rs. 43.000 Millions

 

The above information has been parted by Mr. Raghavendra Mogaveera (Accounts Manager)

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2011

31.03.2010

31.03.2009

PAT / Total Income

(%)
6.30

4.52

3.97

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
13.90

10.66

25.05

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.49

0.80

0.60

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
2.49

6.32

4.27

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.01

1.25

1.55

 

LOCAL AGENCY FURTHER INFORMATION

 

DETAILS OF SUNDRY CREDITORS

                                                                                                                                              (Rs. In millions)

Particulars

31.03.2011

31.03.2010

31.03.2009

Sundry Creditors for Expenses

2.415

0.000

0.000

Sundry Creditors for Goods

4.470

3.135

1.589

TOTAL

6.885

3.135

1.589

 

Check list by Info Agents

 

Available in Reports ( Yes/No)
  1. Year of Establishment

Yes
  1. Locality of the Firm

Yes
  1. Constitutions of the Firm

Yes
  1. Premises Details

Yes
  1. Type of Business

Yes
  1. Line of Business

Yes
  1. Promoter’s Background

--
  1. No. of Employees

Yes
  1. Name of person contacted

Yes
  1. Designation of contact person

Yes
  1. Turnover of Firm fort last three years

Yes
  1. Profitability for last three years

No
  1. Reasons For Variation<>20%

No
  1. Estimation for coming financial year

Yes
  1. Capital in Business

Yes
  1. Details of Sister Concern

No
  1. Major Suppliers

Yes
  1. Major Customers

Yes
  1. Payment Terms

Yes
  1. Export / Import Details (if Applicable)

No
  1. Market Information

--
  1. Litigations that the firm / Promoter involved in

--
  1. Banking Details

Yes
  1. Banking Facility Details

Yes
  1. Conduct of the banking account

--
  1. Buyer visit details

--
  1. Financial, if provided

No
  1. Incorporation details, if applicable

--
  1. Last Account filed at ROC

--
  1. Major shareholder , if available

--

 

TRADE REFERENCES

 

  • L and T
  • Procis Asia
  • PTE Limited

 

FORM 8

 

Corporate identity number of the company

U29219MH2007PTC172216

Name of the company

NDTS INDIA PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

619/620, The Great Eastern Galleria, Plot No. 20, Sector – 4, Nerul, Navi Mumbai – 400706, Maharasahtra, India

Email: shgargca@mtnl.net.in

This form is for

Modification of charge

Charge identification (ID) number of the charge to be modified

10269006

Type of charge

Immovable Property

Particular of charge holder

IDBI Bank Limited, IDBI Tower, WTC Complex, Cuffee Parade, Mumbai – 400005, Maharashtra, India

Email: pm.awate@idbi.co.in

Nature of instrument creating charge

Memorandum of Entry

Date of instrument Creating the charge

09.11.2010

Amount secured by the charge

Rs. 10.000 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of Interest:

CC. @ Base Rate + 4.75% {present Base Rate 8% p.a) Payable Monthly.

BG : as per SOC

 

Terms of Repayment:

CC: On Demand

BG: Honoring of commitments on due date

 

Margin:

CC: 25% on stock and 40% on book debts of upto 90 days.

BG: 20% by way of Fixed Deposit.

 

Extent and operation of charge:

Charge on immovable property together with interest, compounded interest, additional interest in case of default, liquidated damages, commitment charges, premium on redemption, cost, charges, expenses and other monies payable by the company.

 

Others :

A charge of 2% p.a over and above the applicable interest rate by way of liquidated damages will be levied for defaults in principal interest and other money payable under the loan agreement arrears of liquidated damages shall also carry interest at the applicable rate for loan.

Short particulars of the property or asset(s) charged (including complete address and location of the property)

Flat No. E-401, 4th Floor , Jay Balaji CHS limited, Plot No. 26, sector 6, Nerul, Navi Mumbai-400706 owned by Shri Mukesh Arora.

 

Office no.619 and 620, 6th floor, The Great Eastern Galleria Chambers Limited, Plot no.20, Sector 4, Nerul, Navi Mumbai-400706.

Particulars of the present modification

Now by this present Modification Cash Credit limit enhanced from Rs 2.500 Millions To Rs 4.000 Millions and bank guarantee Limit enhanced from Rs. 2.500 millions to Rs.6.000 millions. Total loan limit now stands at Rs 10.000 Millions

 

FIXED ASSETS

 

  • AIR Conditioners
  • Computer
  • Printer HP
  • Furniture and Fixture
  • Osciloscop
  • Testing Equipment
  • Mobile
  • Projector
  • Office Equipment
  • Aqua Guard
  • Motor Car
  • Office Premises
  • Wireless Internet Instrument

 

 

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.51.62

UK Pound

1

Rs.81.06

Euro

1

Rs.69.51

 

 

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

NO

--AFFILIATION

YES/NO

NO

--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

-

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.