MIRA
INFORM REPORT
|
Report Date : |
25.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
NECO CERAMICS LIMITED |
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Registered
Office : |
Old |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
22.02.1930 |
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Com. Reg. No.: |
11-010268 |
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Capital
Investment / Paid-up Capital : |
Rs.4.800
Millions |
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|
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CIN No.: [Company Identification
No.] |
U99999MH1930PLC010268 |
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|
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TAN No.: [Tax Deduction &
Collection Account No.] |
NGPN01452D |
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Legal Form : |
A closely held Public Limited Liability Company. |
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Line of Business
: |
Manufacturer of Acid Resistant and Refractory Bricks / Fire Bricks for
Arc Furnace, Blast Furnace and Ramming Masses for Induction and Arc furnace
use |
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|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 160000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an old and well 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.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office / Factory : |
Old |
|
Tel. No.: |
91-712-2767423 / 2778345 |
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Fax No.: |
91-712-2763494 / 2767423 |
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E-Mail : |
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Website : |
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Corporate Office: |
F-8, MIDC Industrial Area, Hingna Road, Nagpur-440016, |
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Tel. No.: |
91-7104-237276/237471 |
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Fax No.: |
91-7104-236255/237583 |
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Email: |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Anand Arvindkumar Jayaswal |
|
Designation : |
Director |
|
Address : |
246, Usha Sadan, PT. R.S.S. Marg, Civil Lines, Nagpur-440001, |
|
Date of Birth/Age : |
10.11.1976 |
|
Date of Appointment : |
04.09.2008 |
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|
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Name : |
Mr. Basant Lall Shaw |
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Designation : |
Director |
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Address : |
246, Usha Sadan, PT. R.S.S. Marg, Civil Lines, Nagpur-440001, |
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Date of Birth/Age : |
03.08.1933 |
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Date of Appointment : |
01.04.2005 |
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Election Commission Identity Card No. : |
MT/23/137/678368 |
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|
|
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Name : |
Mr. Sanjay Kumar Jayswal |
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Designation : |
Director |
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Address : |
4, |
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Date of Birth/Age : |
10.01.1960 |
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Date of Appointment : |
01.03.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Rajnikant Vandravan Maniar |
|
1827 |
|
Ashok Desari |
|
532 |
|
Indumati Narayan Limaye |
|
200 |
|
Narayan Gopal Ogale |
|
500 |
|
Balkrishna Vishnu Tambe |
|
265 |
|
Dinker Ramchandra Paranjpe |
|
265 |
|
Keshev Laxman Chatra |
|
268 |
|
Vishnu Janardan Gore |
|
532 |
|
Shantabai Modak |
|
200 |
|
Shardchandra D. Rege |
|
200 |
|
Dhirajben Appabhai Desai |
|
532 |
|
K. J. Damle |
|
207 |
|
R. B. Patel |
|
532 |
|
C. V. Apte |
|
265 |
|
N. V. Modak Joint Shantabai Modak |
|
600 |
|
Basant Lall Shaw |
|
26340 |
|
Arbind kumar Jayaswal |
|
63837 |
|
Ramesh Kumar Jayswal |
|
63698 |
|
Anand Jayswal |
|
101307 |
|
Basant Lall Shaw (HUF) |
|
100000 |
|
Avneesh Kumar Jayswal |
|
50000 |
|
Archit Jayswal |
|
50000 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
95.00 |
|
Other
top fifty shareholders |
|
3.00 |
|
Others
|
|
2.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Acid Resistant and Refractory Bricks / Fire Bricks for
Arc Furnace, Blast Furnace and Ramming Masses for Induction and Arc furnace
use. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Installed
Capacity (Figures
in MT) |
Actual
Production (Figures
in MT) |
|
Fire Bricks |
15000 |
1295.315 |
|
Binding Materials |
6600 |
2.500 |
|
Others |
-- |
3560.456 |
GENERAL INFORMATION
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
P.N. Bahri and Company Chartered Accountant |
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Address : |
4, 3rd Floor, NMC Complex, |
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Tel. No.: |
91-712-3042547 |
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E-Mail : |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
480000 |
Equity Shares |
Rs.10/- each |
Rs.4.800
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
4.800 |
4.800 |
4.800 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
37.213 |
35.415 |
35.383 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
42.013 |
40.215 |
40.183 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
37.134 |
40.107 |
66.379 |
|
|
2] Unsecured Loans |
34.114 |
11.833 |
4.869 |
|
|
TOTAL BORROWING |
71.248 |
51.940 |
71.248 |
|
|
DEFERRED TAX LIABILITIES |
4.418 |
3.520 |
3.149 |
|
|
|
|
|
|
|
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TOTAL |
117.679 |
95.675 |
114.580 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
58.824 |
67.534 |
75.563 |
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|
Capital work-in-progress |
16.912 |
7.701 |
7.424 |
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|
|
|
|
|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
59.457
|
54.085
|
33.282 |
|
|
Sundry Debtors |
25.593
|
28.603
|
15.860 |
|
|
Cash & Bank Balances |
2.038
|
0.287
|
1.265 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
4.584
|
5.438
|
6.833 |
|
Total
Current Assets |
91.672
|
88.413
|
57.240 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
29.372
|
17.447 |
|
|
|
Other Current Liabilities |
19.807
|
50.468
|
25.077 |
|
|
Provisions |
0.550
|
0.058
|
0.570 |
|
Total
Current Liabilities |
49.729
|
67.973
|
25.647 |
|
|
Net Current Assets |
41.943
|
20.440
|
31.593 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
117.679 |
95.675 |
114.580 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
99.013 |
46.841 |
82.712 |
|
|
|
Other Income |
1.400 |
0.227 |
0.200 |
|
|
|
TOTAL (A) |
100.413 |
47.068 |
82.912 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
79.992 |
27.316 |
63.987 |
|
|
|
Advertising Expenses |
|
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|
|
|
|
TOTAL (B) |
79.992 |
27.316 |
63.987 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
20.421 |
19.752 |
18.925 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
8.353 |
9.244 |
7.502 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
12.068 |
10.508 |
11.423 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
8.784 |
10.063 |
7.053 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
3.284 |
0.445 |
4.370 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1.486 |
0.413 |
1.846 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1.798 |
0.032 |
2.524 |
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
35.415 |
35.383 |
32.858 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
37.213 |
35.415 |
35.382 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
0.37 |
0.01 |
5.26 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.79
|
0.07 |
3.05 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.32
|
0.95 |
5.28 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.18
|
0.29 |
3.29 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.01 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.88
|
2.98 |
2.41 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.84
|
1.30 |
2.23 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS:
As the members may observe,
the performance of the Company during the year has improved as compared to the
previous year. The Production and Sales during the year was 4858.271 MT and
5089.036.401 MT respectively as compared to 3748.826 MT and 3505.461 MT in the
previous year. This has helped in higher revenues and thus the profitability.
Stricter financial discipline and controls on the overheads during the year
also added to bottom lines for the year.
The global economy
has also shown the signs of recovery from the financial crisis which had
affected the working of the Company in the year 2007-08. The modernisation in
respect of the facilities at
The Directors hereby
report that the expansion project proposed to he setup near
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10033922 |
|
Corporate identity
number of the company |
L99999MH1930PLC010268 |
|
Name of the
company |
NECO CERAMICS
LIMITED |
|
Address of the
registered office or of the principal place of business in |
Bagadganj, Nagpur-440016, |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Allahabad bank, Kolkata industrial finance branch, Kishore Bhavan, 4th
Floor, |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental
letter of mortgage confirming deposit of title deeds. |
|
Date of
instrument Creating the charge |
14.01.2009 |
|
Amount secured by
the charge |
Rs.2224.300
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest At agreed rate of
interest as sanctioned by the consortium banks. Terms of
Repayment On demand. Margin As applicable. Extent and
Operation of the charge The company as
guarantor has created equitable mortgage by deposit of title deeds by way of first
charge ranking pari passu with united bank of Others The mortgaged
assets shall be insured against loss or damage under bank clause. |
|
Short particulars
of the property charged |
All That Piece
and Parcel Of Land Admeasuring 457267
Sq. Ft (42497 Sq.Mts) Under Lease From Nagpur Improvement Trust In The Crs
Scheme of Nagpur Improvement Trust, Small Factory Area, Ward No. 23, C.S. No.
103, Sheet No. 148, Mauza - Nagpur, Tahsil And Dist. Nagpur ,Maharashtra
Together With All Buildings, Structures, Sheds Etc. |
|
Date of latest modification
prior to the present modification |
16.05.2008 |
|
Particulars of
the present modification |
By This
Modification The Company As Guarantor
Has Extended The Mortgage In Respect of Their Aforesaid Immovable Properties Situated
At Small Factory Area, Ward No. 23, C.S. No. 103, Sheet No. 148, Mauza -
Nagpur, Tahsil And Dist. Nagpur To Secure The Enhanced Overall Limit of Rs.
2224.300 Millions Sanctioned To
Inertia Iron And Steel Industries
Private Limited(Allahabad Bank
: Rs. 1554.300 Millions and United Bank of India : Rs. 670.000 Millions
) All Other Terms and Conditions Remain Unaltered. |
Fixed Assets
- Land
- Building
- Plant and Machinery
- Vehicles
- Truck
- Office Equipments
- Fax Machine
- Computer
- Dies and Module
- Laboratory
- Electrical Generator
- Chamber Kline
- Muller
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.44.94 |
|
|
1 |
Rs.71.89 |
|
Euro |
1 |
Rs.64.09 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
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 |
6 |
|
--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 |
|
48 |
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.