MIRA
INFORM REPORT
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Report Date : |
01.07.2011 |
IDENTIFICATION DETAILS
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Name : |
NIRAJ ENGINEERING WORKS PRIVATE LIMITED |
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Registered
Office : |
D/24, MIDC, Satpur, Nashik-422007, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
16.04.1996 |
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Com. Reg. No.: |
11-098868 |
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Capital
Investment / Paid-up Capital : |
Rs. 0.466 million |
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CIN No.: [Company Identification
No.] |
U74210MH1996PTC098868 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
NSKN01636F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing of different types of Aluminium Capacitor Cans, Tubes,
Pesticides Bottles, Perfume Bottles, Automotive Components. Power Press
related Metal Forming Products/Components by Extrusion Process |
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No. of Employees
: |
Not divulged by the management. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (49) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 210000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having fine track. Trade relations
are reported as fair. Business is active. Payments are reported to be 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 DECLINED BY
|
Name : |
Mr. Sanghavi |
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Designation : |
Director |
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Date : |
30.06.2011 |
LOCATIONS
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Registered Office : |
D/24, MIDC, Satpur, Nashik-422007, Maharashtra, India |
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Tel. No.: |
91-253-2307630 |
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Fax No.: |
91-253-2351381 |
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E-Mail : |
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Website : |
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Factory 1 : |
H-9, MIDC, Satpur, Nashik -422 007, Maharashtra, India |
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Area : |
8000 sq. feet |
DIRECTORS
AS ON 25.09.2010
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Name : |
Mr. Pradeep Manilal Parekh |
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Designation : |
Director |
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Address : |
11 B, Dhan Mansion Avntika Gokhale Road, Opera House, Mumbai-400004,
Maharashtra, India |
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Date of Birth/Age : |
09.05.1948 |
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Date of Appointment : |
16.04.1996 |
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Name : |
Ms. Nilam Pradeep Parekh |
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Designation : |
Director |
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Address : |
11 B, Dhan Mansion Avntika Gokhale Road, Opera House, Mumbai-400004,
Maharashtra, India |
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Date of Birth/Age : |
19.02.1953 |
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Date of Appointment : |
16.04.1996 |
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Name : |
Mr. Harish Laxmichand Sanghavi |
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Designation : |
Director |
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Address : |
D/24, MIDC, Satpur, Nashik-422007, Maharashtra, India |
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Date of Appointment : |
01.09.2002 |
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DIN No : |
00397689 |
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Name : |
Ms. Varsha Harish Sanghavi |
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Designation : |
Director |
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Address : |
D/24, MIDC, Satpur, Nashik-422007, Maharashtra, India |
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Date of Appointment : |
01.09.2002 |
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DIN No : |
00397745 |
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Name : |
Mr. Rahul Harish Sanghai |
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Designation : |
Director |
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Address : |
D/24, MIDC, Satpur, Nashik-422007, Maharashtra, India |
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Date of Appointment : |
01.09.2002 |
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DIN No : |
00397797 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 25.09.2010
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Names of Shareholders |
No. of Shares |
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Pradeep Manilal Parekh |
30 |
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Harish Laxmichand Sanghavi |
46460 |
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Varsha Harish Sanghavi |
10 |
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Rahul Harish Sanghai |
10 |
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Neelam Nemichand Shah |
10 |
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Ketaki Harish Sanghavi |
10 |
|
Sanghavi Enterprises Private Limited, India |
10 |
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Fixophoto |
10 |
|
Sheetal Rahul Sanghavi |
10 |
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Total |
46560 |
AS ON 25.09.2010
|
Category |
Percentage |
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Bodies corporate |
0.40 |
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Directors or relatives of Directors |
99.60 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of different types of Aluminium Capacitor Cans, Tubes,
Pesticides Bottles, Perfume Bottles, Automotive Components. Power Press
related Metal Forming Products/Components by Extrusion Process |
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Products : |
Aluminium Cans. |
GENERAL INFORMATION
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No. of Employees : |
Not Divulged by the management |
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Bankers : |
·
Citi Bank N. A., Plot No 52 and 53, Rushiraj
Residency, D’souza Colony, College Road, Nashik-422005, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Shashank Manerikar and Company Chartered Accountant |
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Address : |
F-10, Silver Plaza , Canada Corner, Sharanpur Road, Nashik-422002,
Maharashtra, India |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.10/- each |
Rs. 0.500 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
46560 |
Equity Shares |
Rs.10/- each |
Rs. 0.466
Million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.466 |
0.466 |
0.466 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
53.060 |
36.233 |
26.178 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
53.526 |
36.699 |
26.644 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
3.500 |
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2] Unsecured Loans |
27.057 |
34.115 |
30.101 |
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TOTAL BORROWING |
27.057 |
34.115 |
33.601 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
80.583 |
70.814 |
60.245 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
24.814 |
28.284 |
29.008 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.002 |
0.002 |
0.002 |
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DEFERREX TAX ASSETS |
0.053 |
0.053 |
0.053 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
21.313
|
21.437 |
18.898 |
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Sundry Debtors |
48.672
|
23.441 |
15.271 |
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Cash & Bank Balances |
0.064
|
0.668 |
2.185 |
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Other Current Assets |
1.164
|
0.782 |
1.487 |
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Loans & Advances |
2.803
|
5.564 |
4.574 |
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Total
Current Assets |
74.016
|
51.892 |
42.415 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
6.774 |
3.700 |
3.566 |
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Other Current Liabilities |
1.198
|
1.549 |
1.881 |
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Provisions |
10.330
|
4.168 |
5.786 |
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Total
Current Liabilities |
18.302
|
9.417 |
11.233 |
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Net Current Assets |
55.714
|
42.475 |
31.182 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
80.583 |
70.814 |
60.245 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
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|
31.03.2010 |
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TURNOVER |
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143.467 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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117.962 |
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Financial |
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Depreciation |
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Advertising Expenses |
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TOTAL |
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117.962 |
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PROFIT BEFORE
TAX |
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|
25.505 |
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Less |
TAX |
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|
8.678 |
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PROFIT AFTER TAX
|
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|
16.827 |
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Earnings Per
Share (Rs.) |
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|
0.36 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Net Profit Margin (PBT/Sales) |
(%) |
17.78
|
NA |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
25.79
|
NA |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.48
|
NA |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.85
|
1.19 |
1.68 |
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Current Ratio (Current Asset/Current Liability) |
|
4.04
|
5.51 |
3.78 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
(Rs.
in millions)
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
6.774 |
3.700 |
3.566 |
SUNDRY CREDIOTRS
PARTIAL DETAILS
(Rs.
in millions)
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
Indigo Metalloys Private Limited |
(0.001) |
0.000 |
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Deepak Valia |
0.105 |
0.356 |
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Western Metal Industries |
4.712 |
1.282 |
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Rajindra Industries |
0.006 |
0.000 |
|
|
Amit Enterprises |
0.000 |
(0.038) |
3.566 |
|
Hazel Infotech Limited |
0.000 |
0.002 |
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|
Vinod Automation Shopee |
0.015 |
0.017 |
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Bhooshan Dealers Private Limited |
0.000 |
0.008 |
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|
Suryaman Packaging |
0.022 |
0.000 |
|
|
Nissar Courier |
0.001 |
0.000 |
|
FINANCIAL RESULTS:
Profit after tax for the financial year 2009-2010 is Rs. 16.827
millions.
FORM 8
|
Corporate
identity number of the company |
U74210MH1996PTC098868 |
|
Name of the
company |
NILRAJ
ENGINEERING WORKS PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
D/24, MIDC, Satpur, Nashik-422007, Maharashtra, India |
|
This form is for |
Modification of charge |
|
Type of charge |
Book debts Movable property (not being pledge) Floating charge |
|
Particular of
charge holder |
Citi Bank N. A., Plot No 52 and 53, Rushiraj Residency, D’souza
Colony, College Road, Nashik-422005, Maharashtra, India |
|
Nature of
instrument creating charge |
Deed of
Modification |
|
Date of
instrument Creating the charge |
03.03.2011 |
|
Amount secured by
the charge |
Rs. 50.000 millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Interest to be charged
at such rate/s as may be determined by the Bank from time to time. Terms of
repayment On Demand Margin As may be
stipulated by the Bank from time to time. Extent and
operation of the charge The Current
Assets & Movable Fixed Assets hypothecated to the Bank by way of first exclusive charge as
security for the repayment of the loan together with all interest, liquidated
damages, premia on repayment or on redemption, costs, charges and other
expenses payable by the Company to the Bank. |
|
Short particulars
of the property charged (Including location of the property) |
Hypothecation by
way of first exclusive charge on Current Assets of the Company both present
and future. Hypothecation by
way of First exclusive charge on the Movable Fixed Assets of the Company both
present and future. |
|
Charge
identification number of the charge to be modified |
10102261 |
|
Particulars of
the present modification |
The Bank has now
increased the credit facilities from Rs.25.000 millions to Rs.50.000 millions
in favour of the Bank. |
FIXED ASSETS
·
Building
·
Furniture
·
Plant and Machinery
·
Office Equipment
·
Motor Car
·
Computer
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.44.72 |
|
|
1 |
Rs.71.96 |
|
Euro |
1 |
Rs.64.79 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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.