MIRA
INFORM REPORT
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Report Date : |
12.07.2011 |
IDENTIFICATION DETAILS
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Name : |
NEO TECH ENERGY SYSTEMS PRIVATE LIMITED |
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Registered
Office : |
209, East West Industrial Estate, Safed Pool, Andheri, Mumbai –
400072, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of
Incorporation : |
05.09.1996 |
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Com. Reg. No.: |
11-102368 |
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Capital
Investment / Paid-up Capital : |
Rs.1.100 Million |
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CIN No.: [Company Identification
No.] |
U29190MH1996PTC102368 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMN11436F |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturer, Exporter and Suppliers of Boilers, Thermic Fluid
Heaters, Burners, Hot Air Generators, Tank Heating Systems, Water softeners,
Radiators etc. |
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No. of Employees
: |
33 (Approximately) (Office – 8 and Factory – 25) |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Maximum Credit Limit : |
USD 14000 |
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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 an established company having moderate track. The management
of the company has not filed its latest financial with the government
department. However, trade relations are reported as fair. Business is
active. Payments are unknown. The company can be considered for business dealings with some caution.
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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 – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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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. Nishit Shah |
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Designation : |
Director |
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Contact No.: |
91-9821028660 |
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Date : |
07.07.2011 |
LOCATIONS
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Registered Office : |
209, East West Industrial Estate, Safed Pool, Andheri, Mumbai –
400072, Maharashtra, India |
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Tel. No.: |
91-22-28590678/ 28599235 |
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Mobile No.: |
91-9821028660 (Mr. Nishit Shah) |
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Fax No.: |
91-22-28504144 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory : |
Rukma Industrial Estate, Shed No.15/16/17, Near Mumbai – Nashik
Highway, Village Asangaon, Shahpur, Thane, Maharashtra, India |
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Location : |
Owned |
DIRECTORS
(AS ON 30.09.2009)
|
Name : |
Mr. Nishith Vinod Shah |
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Designation : |
Director |
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Address : |
C-53, Padma Nagar, Co-Operative Housing Society, Mohan Studio
Compound, Chakala, Andheri (East), Mumbai, Maharashtra, India |
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Date of Birth/Age : |
20.07.1964 |
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Date of Appointment : |
05.09.1996 |
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Name : |
Mr. Vinod Ujamshi Shah |
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Designation : |
Director |
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Address : |
C-53, Padma Nagar, Co-Operative Housing Society, Mohan Studio
Compound, Chakala, Andheri (East), Mumbai, Maharashtra, India |
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Date of Birth/Age : |
28.11.1935 |
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Date of Appointment : |
05.09.1996 |
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Name : |
Mrs. Nita Nishith Shah |
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Designation : |
Director |
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Address : |
C-53, Padma Nagar, Co-Operative Housing Society, Mohan Studio
Compound, Chakala, Andheri (East), Mumbai, Maharashtra, India |
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Date of Birth/Age : |
01.08.1963 |
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Date of Appointment : |
05.09.1996 |
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Name : |
Mrs. Urmila Vinod Shah |
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Designation : |
Director |
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Address : |
C-53, Padma Nagar, Co-Operative Housing Society, Mohan Studio Compound,
Chakala, Andheri (East), Mumbai, Maharashtra, India |
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Date of Birth/Age : |
20.04.1940 |
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Date of Appointment : |
01.04.1998 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2009)
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Names of Shareholders |
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No. of Shares |
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Nishith Vinod Shah |
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43000 |
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Vinod Ujamshi Shah |
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26000 |
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Nita Nishith Shah |
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27500 |
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Urmila Vinod Shah |
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13500 |
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Total |
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110000 |
(AS ON 30.09.2009)
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
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Total
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|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Suppliers of Boilers, Thermic Fluid Heaters,
Burners, Hot Air Generators, Tank Heating Systems, Water Softeners, Radiators
etc. |
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Exports : |
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Products : |
Heating and Drying System |
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Countries : |
· Middle East · African Countries · Sri Lanka · Bangladesh |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Customers : |
Retailers, End Users and OEM’s |
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No. of Employees : |
33 (Approximately) (Office – 8 and Factory – 25) |
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Bankers : |
· Union Bank of India Andheri (East) Branch, Mayani Manor, Sir. M. V. Road, Andheri (East),
Mumbai – 400069, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Ashok V. Lodhani and Company Chartered Accountant |
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Address : |
78/2, Nahar and Seth Industrial Estate, (Pannalal Mill Compound), L.
B. S. Marg, Bhandup (West), Mumbai – 400078, Maharashtra, India |
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Tel No.: |
91-22-25960486/ 40126010 |
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Telefax No.: |
91-22-67987944 |
CAPITAL STRUCTURE
(AS ON 31.03.2009)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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150000 |
Equity Share |
Rs.10/- each |
Rs.1.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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110000 |
Equity Share |
Rs.10/- each |
Rs.1.100 Million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.100 |
1.100 |
1.100 |
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2] Share Application Money |
0.005 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2.316 |
1.927 |
1.703 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
3.421 |
3.027 |
2.803 |
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LOAN FUNDS |
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1] Secured Loans |
1.584 |
2.562 |
0.997 |
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2] Unsecured Loans |
0.000 |
0.003 |
0.077 |
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TOTAL BORROWING |
1.584 |
2.565 |
1.074 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
2.872 |
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TOTAL |
5.005 |
5.592 |
6.749 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.007 |
2.134 |
2.188 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.025 |
0.025 |
0.025 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
7.059
|
3.440 |
3.119 |
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Sundry Debtors |
2.381
|
3.145 |
1.873 |
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Cash & Bank Balances |
0.017
|
0.011 |
0.121 |
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Other Current Assets |
0.526
|
1.167 |
0.901 |
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Loans & Advances |
0.971
|
0.750 |
0.167 |
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Total
Current Assets |
10.954
|
8.513 |
6.181 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditor |
7.441
|
4.684 |
1.368 |
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Other Current Liabilities |
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Provisions |
0.540
|
0.396 |
0.277 |
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Total
Current Liabilities |
7.981
|
5.080 |
1.645 |
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Net Current Assets |
2.973
|
3.433 |
4.536 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
5.005 |
5.592 |
6.749 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SALES |
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TOTAL |
35.263 |
29.486 |
24.784 |
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Less |
EXPENSES |
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TOTAL |
34.645 |
29.109 |
24.490 |
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PROFIT BEFORE
TAX |
0.618 |
0.377 |
0.294 |
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Less |
TAX |
0.202 |
0.128 |
0.101 |
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PROFIT AFTER TAX
|
0.416 |
0.249 |
0.193 |
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Earnings Per
Share (Rs.) |
3.78 |
-- |
-- |
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Particulars |
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|
31.03.2011 |
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Sales Turnover (Approximately) |
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|
40.000 |
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Expected Sales (2011-12): Rs.50.000 Millions.
The above information has been parted by Mr. Nishit Shah.
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
1.18
|
0.84 |
0.78 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.77
|
3.54 |
3.51 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.12 |
0.10 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.80
|
2.53 |
0.97 |
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Current Ratio (Current Asset/Current Liability) |
|
1.37
|
1.68 |
3.76 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE DURING
THE FINANCIAL YEAR
The company has earned profit of Rs.0.416 Million during the current
financial year against the profit of Rs.0.249 Million earned last year.
FORM 8:
|
Corporate
identity number of the company |
U29190MH1996PTC102368 |
|
Name of the
company |
NEO TECH ENERGY
SYSTEMS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
209 East West
Industrial Estate, Safed Pool, Andheri, Mumbai – 400072, Maharashtra, India |
|
This form is for |
Modification of charge |
|
Type of charge |
10244583 |
|
Particular of
charge holder |
Union Bank of
India Andheri (East) Branch,
Mayani Manor, Sir, M. V. Road, Andheri (East), Mumbai – 400069, Maharashtra,
India |
|
Nature of
instrument creating charge |
Extension of
Equitable Mortgage |
|
Date of
instrument Creating the charge |
23.09.2010 |
|
Amount secured by
the charge |
Rs.0.500 Million |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
Interests: Together with interest,
compound interest, additional interest in case of default exchange
fluctuations, costs, charges expenses etc Term of
repayment: On Demand Margin: As per sanction
terms Extent and
Operation of the charge: To Additionally secure Packing Credit facility
of Rs.0.500 Millions granted by the Bank to the Company |
|
Particulars of
the property charged |
Extension of
Equitable Mortgage by Deposit of Title Deeds by Oral Consent in respect of
Company's Immovable Properties viz Shed No.15,16 and 17 Building No.2 Phase
No.1 Rukma Industrial Estate,Mumbai
Nasik Highway,Village Asangaon Taluka Shahpur Dist Thane within the Village
Panchayat jurisdiction of Asangaon Sub_Dist Kalyan bearing Survey No.37-A
Hissa No.3 (part) area 1H.44R
and 37-A Hissa No.2 (part) area 0.15 R which are amalgamated and sub divided
and forming an independent and single unit is bounded together with plant and
machinery constructed/ erected or installed thereon both present and future. |
|
Particulars of
the present modification |
The Original
Charge Dated: 03/09/2010 for Rs.0.500 Million is hereby modified by Extension
of Equitable Mortgage by Deposit of Title Deeds by Oral Consent in respect of
Company's Immovable Properties viz Shed No.15, 16 and 17 Building No.2 Phase
No.1 Rukma Industrial Estate, Mumbai Nasik Highway, Village Asangaon Taluka
Shahpur Dist Thane within the Village Panchayat jurisdiction of Asangaon
Sub-Dist Kalyan bearing Survey No.37-A Hissa No.3 (part) |
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.44.37 |
|
|
1 |
Rs.70.84 |
|
Euro |
1 |
Rs.62.96 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
26 |
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.