MIRA
INFORM REPORT
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Report Date : |
16.07.2011 |
IDENTIFICATION DETAILS
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Name : |
DEIFY INFRASTRUCTURES LIMITED (w.e.f.25.06.2010) |
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Formerly Known
As : |
DEIFY INFRASTRUCTURES PRIVATE LIMITED(w.e.f.01.07.2009) NECO INVESTMENTS PRIVATE LIMITED |
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Registered
Office : |
F-8, MIDC Industrial Area, Hingna Road, Nagpur-440016, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
15.07.1991 |
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Com. Reg. No.: |
11-062494 |
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Capital
Investment / Paid-up Capital : |
Rs. 2.600 millions |
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CIN No.: [Company Identification
No.] |
U45203MH1991PLC062494 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
NGPN00544F |
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PAN No.: [Permanent Account No.] |
AAACN4276C |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business
: |
The Company being engaged in infrastructural activities, is focused to
mark strong footprints in the field of infrastructure development. |
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 54000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a company having moderate track. As per available details,
the principal activity of the company has been changed from Investment to
Infrastructure and project development area. Trade relations are reported as
fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution. |
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 |
LOCATIONS
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Registered Office : |
F-8, MIDC Industrial Area, Hingna Road, Nagpur-440016, Maharashtra,
India |
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Tel. No.: |
91-7104-237276 |
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Fax No.: |
91-7104-237583 |
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E-Mail : |
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Corporate Office : |
Siltara Growth Centre, Siltara, Raipur-439111, India |
DIRECTORS
AS ON 30.09.2010
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Name : |
Mr. Arbind Jayaswal |
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Designation : |
Director |
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Address : |
Usha Sadan, 246, PT. R.S.S. Marg, Civil Lines, Nagpur-440001,
Maharashtra, India |
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Date of Birth/Age : |
26.11.1953 |
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Date of Appointment : |
02.03.2007 |
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DIN No : |
00249864 |
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Name : |
Mr. Ramesh Jayaswal |
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Designation : |
Director |
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Address : |
Usha Sadan, 246, PT. R.S.S. Marg, Civil Lines, Nagpur-440001,
Maharashtra, India |
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Date of Birth/Age : |
02.02.1960 |
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Date of Appointment : |
10.10.2009 |
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DIN No : |
00249947 |
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Name : |
Mr. Anand Jayaswal |
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Designation : |
Director |
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Address : |
Usha Sadan, 246, PT. R.S.S. Marg, Civil Lines, Nagpur-440001,
Maharashtra, India |
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Date of Birth/Age : |
10.11.1976 |
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Date of Appointment : |
10.10.2009 |
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DIN No : |
00192612 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
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Names of Shareholders |
No. of Shares |
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Arbind Jayaswal |
2300 |
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Nisha Jayaswal |
1600 |
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Basant Lall Shaw |
2300 |
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Basant Lall Shaw HUF |
2300 |
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Neco Holding Private Limited |
2300 |
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Ramesh Jayaswal |
2300 |
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Arbind Jayaswal HUF |
1500 |
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Ramesh Jayaswal HUF |
2300 |
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Rita Jayaswal |
2300 |
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Anand Jayaswal |
1600 |
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Karishma Jayaswal |
1580 |
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Avneesh Jayaswal |
1680 |
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Neco Leasing and Finance Private Limited, India |
1940 |
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Total |
26000 |
AS ON 30.09.2010
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Category |
Percentage |
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Bodies corporate |
16.31 |
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Directors or relatives of Directors |
83.69 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
The Company being engaged in infrastructural activities, is focused to
mark strong footprints in the field of infrastructure development. |
GENERAL INFORMATION
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Bankers : |
·
Punjab National Bank, Mahajan Market, Sitabuldi,
Nagpur-440010, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Agrawal Chhallani and Company Chartered Accountant |
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Address : |
51, New Colony, Nagpur-440001, Maharashtra, India |
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Tel. No.: |
91-7104-2595653 |
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Fax No.: |
91-7104-2595750 |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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30000 |
Equity Shares |
Rs.100/- each |
Rs. 3.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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26000 |
Equity Shares |
Rs.100/-
each |
Rs. 2.600
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
2.600 |
2.600 |
2.600 |
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2] Share Application Money |
11.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.058 |
0.050 |
0.045 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
13.658 |
2.650 |
2.645 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
75.000 |
5.000 |
5.000 |
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TOTAL BORROWING |
75.000 |
5.000 |
5.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
88.658 |
7.650 |
7.645 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.000 |
0.000 |
0.000 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
11.110 |
0.000 |
3.780 |
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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 |
0.000
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0.000 |
2.106 |
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Sundry Debtors |
14.805
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15.313 |
0.000 |
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Cash & Bank Balances |
0.012
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0.005 |
0.017 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
70.083
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0.012 |
5.012 |
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Total
Current Assets |
84.900
|
15.330 |
7.135 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
5.276
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5.663 |
3.223 |
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Other Current Liabilities |
2.070
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2.011 |
0.043 |
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Provisions |
0.006
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0.006 |
0.004 |
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Total
Current Liabilities |
7.352
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7.680 |
3.270 |
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Net Current Assets |
77.548
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7.650 |
3.865 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
88.658 |
7.650 |
7.645 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Consultancy Services |
0.780 |
0.000 |
0.000 |
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Sale of Shares |
0.000 |
6.532 |
0.000 |
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Interest Received |
0.000 |
0.000 |
0.126 |
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Other Income |
0.010 |
0.020 |
2.106 |
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TOTAL (A) |
0.790 |
6.552 |
2.232 |
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Less |
EXPENSES |
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Opening Stock of Shares |
0.000 |
2.106 |
2.106 |
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Purchase of Shares |
0.000 |
4.426 |
0.102 |
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Audit Fees |
0.006 |
0.005 |
0.006 |
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Printing and Stationery |
0.009 |
0.000 |
0.000 |
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Filing Fees |
0.006 |
0.000 |
0.000 |
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Salary and Consultancy Expenses |
0.745 |
0.000 |
0.000 |
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Profession Tax |
0.003 |
0.003 |
0.002 |
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Legal Expenses |
0.009 |
0.006 |
0.007 |
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TOTAL (B) |
0.778 |
6.546 |
2.223 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
0.012 |
0.006 |
0.009 |
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Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.000 |
0.001 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
0.012 |
0.006 |
0.008 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.000 |
0.000 |
0.000 |
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PROFIT BEFORE
TAX (E-F) (G) |
0.012 |
0.006 |
0.008 |
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Less |
TAX (I) |
0.004 |
0.002 |
0.003 |
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PROFIT AFTER TAX
(G-I) (J) |
0.008 |
0.004 |
0.005 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.049 |
0.045 |
0.040 |
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BALANCE CARRIED
TO THE B/S |
0.057 |
0.049 |
0.045 |
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Earnings Per
Share (Rs.) |
0.33 |
-- |
-- |
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KEY RATIOS
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
1.01
|
0.06 |
0.22 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
|
0.09 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.01
|
0.04 |
0.11 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.00
|
0.00 |
0.00 |
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Debt Equity Ratio (Total Liability/Networth) |
|
6.03
|
4.78 |
3.13 |
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Current Ratio (Current Asset/Current Liability) |
|
11.55
|
2.00 |
2.18 |
LOCAL AGENCY FURTHER INFORMATION
CONVERSION OF
COMPANY FROM PRIVATE LIMITED TO PUBLIC LIMITED:
The company was originally registered with the Registrar of Companies,
Maharashtra in the year 1991 as Private Limited Company. Considering the business
prospects and various requirements for managing the day to day affairs of the
Company, the Management of the Company had proposed for converting the Company
from Private Limited to Public Limited. The Members of the company duly
approved the proposal for such conversion at their Extra Ordinary General
Meeting held on 20.03.2010 by passing the requisite resolutions and complying
with the provisions of the Companies Act, 1956 and has adopted New Set of
Articles of Association which was also approved by the members.
The Ministry of Corporate Affairs, Maharashtra (Mumbai) gave its
approval for such conversion and the Company has received its Fresh Certificate
of Incorporation effecting such conversion on 25.06.2010
OPERATIONS
During the Year, the financial operations of the company has resulted in
a total income of Rs. 0.790 million as compared to Rs. 6.552 millions of the
previous financial year. The operations during the year has resulted in a
profit of Rs. 0.009 million as compared to Rs. 0.004 million in the previous
year.
The Board of Directors of the Company are optimistic about the future
prospects of the Company and are striving to favorable position in the sector.
The company would continue to focus on its growth strategy for
increasing its expected demand position and explore the same. The Company is
very enthusiastic and optimistic that the investment will bring favorable
results in the long run.
CURRENT AND FUTURE
PROSPECTS
The Company being
engaged in infrastructural activities, is focused to mark strong footprints in
the field of infrastructure development. In Pursuit of its mission, the Company
has taken up the execution of the following projects :-
1.
Development of 6 MW Coke Oven WHRB based captive
power plant works consisting of design, engineering, procurement, construction,
erection, installation, commissioning, start-up, testing and other related
services in relation to the Project for Jayaswal Neco Industries Limited at
Siltara Growth Centre, Raipur, Chhattisgarh. The total project cost is Rs.
290.000 millions approximately.
2.
Development of 0.30 MTPA Spone Iron Kilns (2 x 500
TPD Kilns) and 60 MW Capacity Captive Power Plant Coke Oven WHRB based captive
power plant at the Site works consisting of equipment, engineering,
procurement, construction, erection, installation, commissioning, start-up,
testing and other related services in relation to the Project for Jayaswal Neco
Industries Limited at Chiraipani Village, P.O. Gerwani, Raigarh District,
Chhattisgarh. The total project cost is Rs. 4810.000 millions approximately.
3 The Company has
made substantial investment in Terra Infra Development Limited, a joint venture
Company which has undertaken the following road projects for execution :
(i)
The Execution of balance work from Cyberabad
Expressways Limited for the project of Hyderabad Urban Development Authority,
in the State of Andhra Pradesh for the package of AP-2 from Kollur to
Patancheru from Km. 12.00 to 237.00 of the outer ring road to Hyderabad City. The
total project cost is Rs. 2317.700 millions approximately
(ii)
The Completion of a project from Nagarjuna
Construction Company Limited of National Highways Authority of India (NHAI) for
Four Lane Access Controlled Expressway programme of Pondicherry - Tindivanam
from Km. 0.00 to 37.92 on NH-66 in the State of Tamil Nadu under NHDP Phase
IIIA. The total project cost is Rs. 1550.000 millions approximately
CHANGE OF NAME AND
OBJECT CLAUSE:
The Shareholders of the Company had decided to change the name of the Company
so as to reflect the new name and proposed main business activity of
INFRASTRUCTURE in which Company wants to enter.
Consequent to which the name of the Company was changed from NECO INVESTMENTS
PRIVATE LIMITED to DEIFY INFRASTRUCTURES PRIVATE LIMITED and main object clause
was also changed so as to incorporate the infrastructure business is Extra
Ordinary General Meeting held on 15th May, 2009.
The current name does truly reflect the activities and nature of
business of the company, as the principal activity of the company has been
switched to the Infrastructure and project development area.
WEB SITE DETAILS
GROUP PROFILE
Jayaswal Neco Industries Limited which started in 1976 as a small scale iron
foundry unit at Nagpur is the flagship company of Neco Group of Industries
which has now become an integrated steel plant of 1 Million Tonne capacity
through Blast Furnace route, Sinter Plant, Oxygen Plant, Coke Oven, Power
Generation with one of the finest infrastructural facilities at its Siltara,
Raipur Plant. It produces alloy steel bars and rods from 5 mm in coils to 60 mm
bars. Another Unit at Siltara produces narrow width HR Coils.
Now it also has its own Coal and Iron Ore mines in the State of
Chhattisgarh and Jharkhand and has undertaken setting up of Thermal Power
Stations of 3240 MW in the State of Chhattisgarh and 500 MW in Jharkhand in the
next few years. The company will soon start operating its coking coal mines in
Jharkhand to feed its existing coke ovens at the Siltara, Raipur plant.
JNIL has retained its superiority in producing Automotive Castings and
Components and Construction Castings having capacity to produce about 100,000
tonnes per annum – the largest in India.
NSSL Limited produces Industrial Steel Valves from 0.5” to 80”.
The different types of valves manufactured include Gate, Globe, Check, Ball and
Plug valves. These are used for different applications in the Petroleum,
Petro-chemical, gas, steel and power industries. It is one of the leading
industrial valve units in India and is setting up another plant at Nagpur with
an investment of Rs. 1500.000 millions. This will the be the largest single
location unit to produce valves in the country. NSSL Limited has subsidiaries
in Chennai and Milan, Italy. The Italian subsidiary, NSSL Italia Srl has
recently acquired two Italian valve manufacturing companies. NSSL Limited also
has an Automotive Machining Division which is the largest Non-OEM unit
specializing in production of Cylinder Heads in Iron as well as Aluminium.
Neco Heavy Engineering & Castings Limited (NHECL) at Nagpur
produces Heavy Overhead Cranes, technical engineering and structural
components. One of the group companies also produces Refractory items for steel
and cement plants.
Neco group has also entered into the arena of Infrastructure
constructing National Highways and very soon it will become one of the
prominent partners in the growth of National Highways.
News
NECO GROUP TO MAINTAIN CITY ROADS LANDSCAPING
TOI, Nagpur dt 21.10.2010
NAGPUR: The Nagpur
Municipal Corporation planted saplings and did landscaping along many roads. However, with no
maintenance, the landscaping is in pathetic condition and decorative saplings
have either disappeared or grown in haphazard manner. Several accidents have
happened as drivers fail to see oncoming vehicles while taking turns due to
such plants.
All this is set to change as NMC has tied up with Jayaswal`s Neco Industries,
one of the biggest industrial groups based in city, to maintain plantation and
landscapings on dividers and traffic islands for next five years.
"Initially, the Neco group will develop landscapes on 14 main roads in
west Nagpur. Based on that NMC, will hand over other roads across the city to
other organizations," NMC garden superintendent NB Shrikhande said.
The stretches to be maintained by Neco Group are RBI square to Ladies Club
square, Bole Petrol pump to High Court (East High Court road), both sides of
Bole petrol pump to GPO square, Law College square to Japanese Garden (West
High Court Road), RBI quarters square to MLA Hostel to Union Bank square,
Ramgiri to Y-Point, Hingna Road to Ring Road junction, Hingna Road to Jaitala
road, road in front of collector`s office, Law College square to Ravi Nagar
(Amravati Road), Ram Nagar square and Maharajbagh square to St Ursula school
(Tagore road).
Neco group will put up signboards of its contribution every 50 metres.
Meanwhile, many private operators have shown interest in renovating and
maintaining gardens in prime areas of Dhantoli, Shankar Nagar, Bal Bhavan, and
Trishatabdi garden Shastri Layout, Congress Nagar, Lendhra Park, Abhyankar
Nagar, Bhauji Page garden, Chitnavispura garden and Shanti Nagar Housing Board
colony garden which are in `A` and `B` category.
More than five private operators have evinced interest in development of
Ambazari and Shankar Nagar gardens. At Ambazari garden, the private parties
would be allowed to collect entry and parking fees, charge for other amusement
facilities and water sports and from hoardings or banners. While at Shankar Nagar
and other gardens private operator will provide food plaza, cafeteria and
amusement facilities and take care of all maintenance.
Opposing the move, A G Moolay, secretary of the Consumer Service and Research
Association, said, "it is corporation`s duty to develop and maintain
gardens. Before handing them over to private operator, the NMC should invite
suggestions and objections from the citizens."
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.44.52 |
|
|
1 |
Rs.71.90 |
|
Euro |
1 |
Rs.62.97 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--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 |
NO |
|
--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 |
|
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.