MIRA
INFORM REPORT
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Report Date : |
25.03.2011 |
IDENTIFICATION DETAILS
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Name : |
NINA CONCRETE SYSTEMS PRIVATE LIMITED |
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Registered Office : |
Mani Bhuvan, 4th
Floor, 54, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
28.06.2003 |
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Com. Reg. No.: |
11-136356 |
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IEC No.: |
0303003570 |
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CIN No.: [Company
Identification No.] |
U26940MH2002PTC136356 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMN10681G |
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PAN No.: [Permanent
Account No.] |
AABCN6179P |
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Legal Form : |
Private limited liability company |
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Line of Business : |
Providing Construction solutions. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 1040568 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
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 |
INFORMATION PARTED BY
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Name : |
Mr. T V Rale |
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Designation : |
Accounts Manager |
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Contact No.: |
91-9867524642 |
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Date : |
24.03.2011 |
LOCATIONS
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Registered/ Head Office : |
Mani Bhuvan, 4th
Floor, 54, |
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Tel. No.: |
91-22-23692462 |
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Mobile No.: |
91-9987940123 (Mr. Swapnil Narkhede) |
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Fax No.: |
91-22-2369 1894 |
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E-Mail : |
ninaind@bom5.vsnl.net.in, info_support@ninaindia.com, kaushal.parikh@ninaindia.com |
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Website : |
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Area: |
1500 Sq. ft. |
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Location : |
Rented |
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Factory : |
Shree Hariyant Compound, |
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Tel. No.: |
91-9525-22272815 |
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Area : |
2500 Sq. ft. |
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Location : |
Rented |
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Warehouse : |
Mahavir Estate, Gala No.4, |
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Tel. No.: |
91-22-28510748 |
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Area : |
1500 Sq.ft. |
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Location : |
Rented |
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Sales Office: |
Vardhman Complex, Premises Co-operative
Society Limited, Office No. 121, Plot No.10, Fitwell House Compound, LBS
Marg, Vikhroli West, Mumbai, Maharashtra, India |
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Fax No.: |
91-22-67166001 |
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Location : |
Rented |
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Branches : |
Located at : v Pune v v v
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DIRECTORS
AS ON 30.09.2010
|
Name : |
Mrs. Hetal Mehul Parikh |
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Designation : |
Director |
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Address : |
Mani Bhuvan, 3rd
Floor, 54, |
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Date of Birth : |
12.09.1974 |
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Qualification : |
MBA |
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Date of Appointment : |
28.06.2002 |
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Name : |
Mr. Kaushal Kirit Parikh |
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Designation : |
Director |
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Address : |
Mani Bhuvan, 3rd
Floor, 54, |
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Date of Birth : |
08.04.1976 |
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Qualification : |
MBA |
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Date of Appointment : |
28.06.2002 |
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Name : |
Mr. Mehul Parikh |
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Designation : |
Director |
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Address ; |
Mani Bhuvan, 3rd Floor, 54, |
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Date of Birth : |
37 years |
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Qualification : |
BBA |
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Date of Appointment : |
15 years |
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Name : |
Mr. Kirit Parikh |
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Designation : |
Director |
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Name : |
Mrs. Rekha Parikh |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Swapnil Narkhede |
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Designation : |
Manager Sales |
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Mobile No.: |
91-9987940123 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Shares |
|
Kaushal Kirit Parikh |
55000 |
|
Hetal Mehul Parikh |
55000 |
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Mekuaul Construction Technologies Private Limited, Mumbai |
166000 |
|
Vijay Project Consultants and Land Development Limited, Mumbai |
156000 |
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Total |
432000 |
AS ON 30.09.2010
|
Category |
Percentage |
|
Bodies corporate |
72.54 |
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Directors or relatives of Directors |
25.46 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Providing Construction solutions. |
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Trade Terms : |
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Selling : |
Cash, Credit |
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Purchasing : |
Cash, Credit, Advance |
GENERAL INFORMATION
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Suppliers : |
v
J J Lall Private Limited v
Khandelwal Estates Private Limited v
Sanghvi Realty Private Limited v
Godavari Paints Private Limited v
Jaybharat Automobiles Limited |
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Customers : |
v
Mahimtura Consultants Private Limited v
Metropolitan Pre. Chs. Limited v
Claride Chs Limited v
v
Kailash Nagar Chs. Limited v
End Users |
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No. of Employees : |
40 |
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Bankers : |
v Reliance Consumer Finance Private Limited. 570, Rectifier House, Naigaum Cross Road, Next to Royal Industries Estate, Wadala, Mumbai – 400031, Maharashtra, INDIA. v ICICI Bank, Churchgate, Mumbai |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
D. Kothary and Company Chartered Accountants |
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Address : |
149, Behram Mahal, 2nd Floor, 534, Dhobi Talao, Mumbai-400002,
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Tel. No.: |
91-22-22093344 |
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Fax No.: |
91-22-22017174 |
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Sister Concerns
: |
Address: 54,
Line of Business : Waterproofing and Painting
Address:54,
Line of Business : Building Repairing and Waterproofing
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CAPITAL STRUCTURE
AS ON 29.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
432000 |
Equity Shares |
Rs.10/- each |
Rs.4.320
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
Expected Sales (2010-2011) : Rs.950.000 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 |
4.320 |
4.280 |
3.012 |
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2] Share Application Money |
0.055 |
1.055 |
0.055 |
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3] Reserves & Surplus |
255.767 |
218.217 |
119.708 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
260.142 |
223.552 |
122.775 |
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LOAN FUNDS |
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1] Secured Loans |
143.610 |
81.962 |
53.260 |
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2] Unsecured Loans |
114.007 |
67.125 |
46.880 |
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TOTAL BORROWING |
257.617 |
149.087 |
100.14 |
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DEFERRED TAX LIABILITIES |
0.280 |
0.261 |
0.041 |
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TOTAL |
518.039 |
372.900 |
222.956 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
136.804 |
15.319 |
10.131 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
20.723 |
10.143 |
0.050 |
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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 |
166.055
|
139.373
|
69.307 |
|
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Sundry Debtors |
296.244
|
262.953
|
182.128 |
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Cash & Bank Balances |
296.366
|
12.673
|
13.555 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
8.224
|
202.153
|
151.304 |
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Total
Current Assets |
766.889
|
617.152
|
416.296 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Sundry Creditors |
259.867
|
148.666
|
116.669 |
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Other Current Liabilities |
73.518
|
70.621
|
45.268 |
|
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Provisions |
72.992
|
50.426
|
41.587 |
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Total
Current Liabilities |
406.377
|
269.713
|
203.524 |
|
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Net Current Assets |
360.512
|
347.439
|
212.772 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.003 |
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TOTAL |
518.039 |
372.900 |
222.956 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
|
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|
|
|
|
|
|
917.953 |
848.813 |
600.188 |
|
|
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Other Income |
12.773 |
7.826 |
3.072 |
|
|
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TOTAL (A) |
930.726 |
856.639 |
603.260 |
|
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Less |
EXPENSES |
|
|
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|
|
|
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Office Expenses |
NA |
NA |
|
|
|
|
Administrative Expenses |
NA |
NA |
542.964 |
|
|
|
Advertising Expenses |
NA |
NA |
|
|
|
|
TOTAL (B) |
NA |
NA |
542.964 |
|
|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
88.597 |
78.367 |
60.296 |
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Less |
FINANCIAL EXPENSES (D) |
27.226 |
18.148 |
8.761 |
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|
|
|
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|
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|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
61.370 |
60.129 |
51.535 |
|
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|
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|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.835 |
2.014 |
1.498 |
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|
|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
58.535 |
58.205 |
50.036 |
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Less |
TAX (I) |
20.418 |
20.848 |
17.658 |
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PROFIT AFTER TAX
(G-I) (J) |
38.117 |
37.357 |
32.378 |
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
113.352 |
76.975 |
44.597 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
15.146 |
NIL |
NIL |
|
|
|
Dividend |
2.160 |
0.522 |
NIL |
|
|
|
Tax on Dividend |
0.369 |
0.088 |
NIL |
|
|
|
Short / Excess Provision For Income Tax |
NIL |
0.369 |
NIL |
|
|
BALANCE CARRIED
TO THE B/S |
133.795 |
113.352 |
76.975 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
4.10 |
4.36 |
5.36 |
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|
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|
Net Profit Margin (PBT/Sales) |
(%) |
6.38 |
6.85 |
8.33 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.48 |
9.43 |
12.01 |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.22 |
0.26 |
0.40 |
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
2.55 |
1.20 |
1.65 |
|
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|
Current Ratio (Current Asset/Current Liability) |
|
1.89 |
2.28 |
2.04 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors
Details:
|
Particulars |
Rs. In Millions
31.03.2010
|
Rs.
In Millions 31.03.2009 |
Rs.
In Millions 31.03.2008 |
|
Sundry Creditors for Trade and Expenses |
259.867
|
148.666
|
116.669 |
|
|
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Form 8
|
Corporate
identity number of the company |
U26940MH2002PTC136356 |
|
Name of the
company |
|
|
Address of the
registered office or of the principal place of business in |
Mani Bhuvan, 4th Floor, 54, |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Non-banking
financial company |
|
Nature of
instrument creating charge |
Mortgage Loan Agreement
between Reliance Consumer Finance Private Limited and Nina Concrete Systems
Private Limited and others. |
|
Date of
instrument Creating the charge |
02.07.2010 |
|
Amount secured by
the charge |
44.6000 Million |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest
:11.25% p.a. (Floating) Terms of
Repayment: 180 equated
monthly installment Rs.0.513 million /- each. Margin : 3% Extent and
Operation of the charge : As per the attached loan agreement. |
|
Short particulars
of the property charged |
Office No 504 505
And 506 5th Floor Bldg ,No C |
Fixed
Asset:
- Plant and Machinery
- Furniture and Fixture
- Motor Cycle
- Computer
- Motor car
- Water pump
- Office Equipment
- Xerox Machine
- Printer
- Sand Washing Machine
- Weight Machine
- Air Conditioner
- Fax Machine
- Tempo
- Office Asset
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.44.77 |
|
|
1 |
Rs.72.66 |
|
Euro |
1 |
Rs.63.06 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.