MIRA
INFORM REPORT
|
Report Date : |
27.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
NILONS ENTERPRISES PRIVATE LIMITED |
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Formerly Known
As : |
NILON’S FOODS PRIVATE LIMITED |
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Registered
Office : |
S. No. 131/1A/5, Sunderban Complex, 1st and 2nd
Floor, Next to Ganesh Dutta Temple, Near Balewadi Phata, Pune-411045,
Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
07.01.1977 |
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Com. Reg. No.: |
11-139541 |
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Capital
Investment/ Paid-up Capital: |
Rs. 12.000
Millions |
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CIN No.: [Company Identification
No.] |
U74999PN1977PTC139541 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
NSKN00150D |
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PAN No.: [Permanent Account No.] |
AABCN8601N |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturer and Exporter of Nilons Pickle, Achar Masala, Papads, Vermicelli,
Tooty Fruity, Chopsticks, Jams, Sauce, Tomato Ketchupketchup and Sauce. |
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No. of
Employees: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (48) |
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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 2500000 |
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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 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) |
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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 : |
S. No. 131/1A/5, Sunderban Complex, 1st and 2nd Floor,
Next to Ganesh Dutta Temple, Near Balewadi Phata, Pune-411045, Maharashtra,
India |
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E-Mail : |
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Corporate Office : |
Nilons House, P.O. Box No. 119, |
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Factory 1: |
Gat No. 85, Musali Taluka, Dharangaon, District Jalgaon, |
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Factory 2: |
Gate No. 175, B/2, Ultrank, Taluka Jalgaon-425117, |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Vijay Sureka |
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Designation : |
Nominee Director |
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Address : |
B-201, |
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Date of Birth/Age : |
23.10.1976 |
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Date of Appointment : |
29.06.2009 |
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DIN No.: |
02700656 |
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Name : |
Mr. Rajheev Shanbkarlal Agrawal |
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Designation : |
Whole Time Director |
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Address : |
Bunglow No. 9, |
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Date of Birth/Age : |
16.10.1963 |
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Date of Appointment : |
20.02.2008 |
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DIN No.: |
00284183 |
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Name : |
Deepak Sureshchand Sanghavi |
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Designation : |
Managing Director |
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Address : |
Row House No. 19, Vascom Paradase, Opposite BSNL Exchange Baner,
Pune-411045, |
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Date of Birth/Age : |
22.08.1977 |
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Date of Appointment : |
03.03.1998 |
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DIN No.: |
00274804 |
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Name : |
Mr. Kirti Kumar Pathak |
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Designation : |
Nominee Director |
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Address : |
Orchard House, |
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Date of Birth/Age : |
12.09.1952 |
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Date of Appointment : |
28.01.2009 |
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DIN No.: |
01849295 |
KEY EXECUTIVES
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Name : |
Mr. Dinesh Shivnarayan Birla |
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Designation : |
Secretary |
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Address : |
Flat No. 301, Build C Sai Heritage Pimple Saudagar, Pune-411027, |
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Date of Birth/Age : |
01.07.1975 |
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Date of Appointment : |
28.01.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Deepak Sanghavi |
|
4446 |
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Shankuntalabai Sanghavi |
|
714 |
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Rajheev Agarwal |
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144 |
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Kirti Pathak (Representing Deepak and Company) |
|
3600 |
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Trewliard Limited, |
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2760 |
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Minakshi Agarwal |
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336 |
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Total |
|
12000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2010
|
Category |
Percentage |
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Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
23.00 |
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Directors or relatives of Directors |
47.00 |
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Other top fifty shareholders |
30.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Nilons Pickle, Achar Masala, Papads,
Vermicelli, Tooty Fruity, Chopsticks, Jams, Sauce, Tomato Ketchupketchup and
Sauce. |
PRODUCTION STATUS AS ON (31.03.2010)
|
Particulars |
Unit |
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Actual
Production |
|
Electricity |
Pmt |
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|
38 |
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 : |
Ratan Chandak and Company Chartered Accountant |
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Address : |
9-10, 1st Floor, Chhatrapati Shivaji Maharaj Stadium
Complex, Jalgaon-425002, |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
15000 |
Equity Shares |
Rs. 1000/- each |
Rs. 15.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
12000 |
Equity Shares |
Rs. 1000/- each |
Rs. 12.000
Millions |
Out of the above:
- 630 Equity Shares of Rs. 1000/- each were issued as fully paid up
pursuant to a contract without payment being received in cash
- 1000 Equity Shares of Rs. 1000/- each were issued as fully paid up bonus
shares by capitalization of Rs. 1.000 Millions form General Reserve during
the year 2003-04.
- 2000 Equity Shares of Rs. 1000/- each were issued as fully paid up bonus shares by
capitalization of Rs. 2.000 Millions from General Reserve during the year
2004-05
- 2000 Equity Shares of Rs. 1000/- each were issued as fully paid up
bonus shares by capitalization of
Rs. 1.695 Millions form General Reserve and Rs. 0.305 Million from Profit
and Loss Appropriation Account during the year 2006-07
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 |
12.000 |
12.000 |
12.000 |
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2] Share Application Money |
0.000 |
0.000 |
49.363 |
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3] Reserves & Surplus |
616.664 |
602.951 |
597.054 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
628.664 |
614.951 |
658.417 |
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LOAN FUNDS |
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1] Secured Loans |
321.964 |
71.764 |
102.977 |
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2] Unsecured Loans |
4.990 |
4.530 |
24.080 |
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TOTAL BORROWING |
326.954 |
76.294 |
127.057 |
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DEFERRED TAX LIABILITIES |
19.909 |
21.054 |
6.164 |
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TOTAL |
975.527 |
712.299 |
791.638 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
205.168 |
163.482 |
93.872 |
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Capital work-in-progress |
139.850 |
3.835 |
1.593 |
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INVESTMENT |
97.520 |
50.200 |
320.948 |
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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 |
497.178
|
394.005 |
301.594 |
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Sundry Debtors |
32.839
|
90.318 |
93.448 |
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Cash & Bank Balances |
6.023
|
8.792 |
4.552 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
37.785
|
48.645 |
63.201 |
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Total
Current Assets |
573.825
|
541.760 |
462.795 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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Other Current Liabilities |
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Provisions |
6.504
|
3.846 |
18.410 |
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Total
Current Liabilities |
63.501
|
87.006 |
101.424 |
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Net Current Assets |
510.324
|
454.754 |
361.371 |
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MISCELLANEOUS EXPENSES |
22.665 |
40.028 |
13.854 |
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TOTAL |
975.528 |
712.299 |
791.638 |
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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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|
998.818 |
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Other Income |
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TOTAL |
998.818 |
639.293 |
558.149 |
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Less |
EXPENSES |
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Administrative Expenses |
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Advertising Expenses |
946.007 |
599.075 |
493.810 |
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Interest |
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TOTAL |
946.007 |
599.075 |
493.810 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
52.811 |
40.218 |
64.339 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
23.098 |
16.669 |
10.127 |
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PROFIT BEFORE
TAX |
29.713 |
23.549 |
54.212 |
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Less |
TAX |
3.365 |
17.651 |
18.908 |
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PROFIT AFTER TAX
|
26.348 |
5.898 |
35.304 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
8.536 |
10.954 |
NA |
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TOTAL EARNINGS |
8.536 |
10.954 |
NA |
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IMPORTS |
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Import Value |
10.378 |
5.293 |
NA |
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TOTAL IMPORTS |
10.378 |
5.293 |
NA |
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Earnings Per
Share (Rs.) |
2195.67 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.64
|
0.92 |
6.33 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.81
|
3.34 |
9.74 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.04 |
0.08 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
0.62
|
0.27 |
0.35 |
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Current Ratio (Current Asset/Current Liability) |
|
9.04
|
6.23 |
4.56 |
LOCAL AGENCY FURTHER INFORMATION
Brief Review of
Operations:
During the year the company has achieved the turnover of Rs. 980.702
Millions as against the turnover of Rs. 628.771 Millions during 2008-09 recording
a growth of over 56%. The Profit from operation before interest and
depreciation is Rs. 91.497 Millions as compared to Rs. 67.361 Millions during
2008-09 registering a growth of 36%. The Net Profit increased to Rs. 26.348
Millions as compared to Rs. 5.898 Millions in the previous year, representing a
growth of over 347%.
Despite global recession and economic during the year and higher rate of
food inflation, the company recorded a phenomenal growth of 56% in the sales.
The company has further strengthened its distribution network through
out the country and expanded its reach to retail outlets during the year.
The company has enter5ed the segment of instant mixed through launching
of “Gulab Jamum mix” which has received phenomenal response from the consumers.
In the coming years the company shall be strengthening its product profile in
the instant mixes.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U74999PN1977PTC139541 |
|
Name of the
company |
NILONS ENTERPRISES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Utran Taluka
Erandol, Jalgaon-425117, |
|
This form is for |
Creation of
Charte |
|
Type of charge |
Immovable Property Movable Property Others |
|
Particular of
charge holder |
The Jalgaon Peoples Co-Operative Bank Limited, 152 Polan Peth, Dana
Bazar, Jalgaon-425001, |
|
Nature of
instrument creating charge |
Simple Deed of
Mortgage |
|
Date of
instrument Creating the charge |
20.11.2007 |
|
Amount secured by
the charge |
Rs. 11.500
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest of 7% over
the RBI rate or any rate fixed by the bank subject to minimum of 13% with
monthly rests. Terms of
Repayment Repayment in 84
months by EMI of Rs. 0.210 Million |
|
Short particulars
of the property charged |
|
Fixed Assets:
·
Land
·
·
·
Plant and Machinery
·
Storage Racks and Bags
·
Furniture and Fixture
·
Office Equipments
·
Computers
·
Vehicles
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 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--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 |
|
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.