MIRA
INFORM REPORT
|
Report Date : |
02.05.2011 |
Note:
Correct name of the company is “N.S. COAL PRIVATE
LIMITED”.
IDENTIFICATION DETAILS
|
Name : |
N.S. COAL PRIVATE LIMITED |
|
|
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Registered
Office : |
8, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
29.04.2003 |
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Com. Reg. No.: |
11-140221 |
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|
CIN No.: [Company Identification
No.] |
U10100MH2003PTC140221 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMN10176F |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Mining, Trading and Distribution of Coal. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (14) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
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|
Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
huge accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a secured trade
terms and conditions. Profit and loss account for the year 2009-10 and 2008-09 is not
available. |
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 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Joseph |
|
Designation : |
Accountant |
|
Contact No.: |
91-22-22674221 |
|
Date : |
30.04.2011 |
LOCATIONS
|
Registered Office : |
8, |
|
Tel. No.: |
91-22-22674267 |
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E-Mail : |
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|
Website : |
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|
Area : |
1000 sq ft |
|
Location : |
Owned |
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Corporate Office : |
Natwar Chambers, 94, |
|
Tel. No.: |
91-22-22674221/ 22674267 |
|
Tele Fax No.: |
91-22-22674275 |
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|
|
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Branch Office : |
Located at: v Ahmedabad v
v
Chandrapur/
Wani |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Yashesh Natwarlal Worah |
|
Designation : |
Director |
|
Address : |
8, |
|
Date of Appointment : |
29.04.2003 |
|
DIN No.: |
00895355 |
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|
|
|
Name : |
Mr. Sharadchandra Padmakar Joshi |
|
Designation : |
Director |
|
Address : |
102, |
|
Date of Birth/Age : |
01.06.1960 |
|
Date of Appointment : |
31.01.2009 |
|
DIN No.: |
02552208 |
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|
|
|
Name : |
Mr. Harshul Krishnakant Gandhi |
|
Designation : |
Director |
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Address : |
50, Krishna, 2nd Floor, |
|
Date of Birth/Age : |
31.05.1979 |
|
Date of Appointment : |
29.04.2003 |
|
Date of Ceasing : |
31.01.2009 |
|
DIN No.: |
00968650 |
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|
|
|
Name : |
Mr. Pratap Ratilal Merchant |
|
Designation : |
Director |
|
Address : |
Flat No.8, 4th Floor, Amar Mahal, Above Sangli Bank, Anand
Rao Devale Marg, Juhu, Mumbai – 400 049, Maharashtra, India |
|
Date of Birth/Age : |
02.03.1935 |
|
Date of Appointment : |
01.06.2004 |
|
Date of Ceasing : |
01.02.2008 |
KEY EXECUTIVES
|
Name : |
Mr. Joseph |
|
Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Yashesh Natwarlal Worah |
|
22999 |
|
Arun Walia Jointly with J.C. Walia
|
|
1 |
|
Smita Yashesh Worah |
|
560000 |
|
Pushpawati N. Worah |
|
10000 |
|
Sharad P. Joshi |
|
2 |
|
Total
|
|
593002 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Mining, Trading and Distribution of Coal. |
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Terms : |
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Selling : |
Cash and Credit (30/ 60/ 90 days) |
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Purchasing : |
Cash and Credit (30/ 60/ 90 days) |
GENERAL INFORMATION
|
Suppliers : |
v
Bhatia International Limited v
Black Gold Exim Private Limited v
Jain Coal Private Limited v
Western Coalfields Limited v
Success Instrument v
Pneumatic Tools Enterprises v
Rama Machineries v
Lucky Transport v
Huphen Electomech Private Limited v
Jain Coal Private Limited v
Shree Omtee Coal Private Limited |
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Customers : |
End Users, OEM’s and Manufacturer v
Borax Morarji Limited v
JKG Exports v
Unicolour Textiles Private Limited v
Schoeller Technologies v
Kamal Sponge Steel and Power Limited v
Natwarlal Shamaldas and Company v
Apcotex Industries Limited v
Kamani Oil Industries Private Limited |
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No. of Employees : |
12 (Approximately) |
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Bankers : |
v
Indian Overseas Bank, Ramdas Peth Branch, Ramdas
Peth, v
Indian Overseas Bank, Gandhibag Branch, 73, |
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Facilities : |
Cash Credit – Rs.10.000 millions
|
|
|
|
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Tralsawala Associates Chartered Accountants |
|
Address : |
207, B Wing, Hemu Arcade, |
|
Tel. No.: |
91-22-26630339/ 36716494 |
|
Fax No.: |
91-22-36716494 |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
750000 |
Equity Shares |
Rs.10/- each |
Rs.7.500 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
593002 |
Equity Shares |
Rs.10/- each |
Rs.5.930
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 |
5.930 |
5.930 |
5.930 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(17.452) |
(17.856) |
(18.819) |
|
|
NETWORTH |
(11.522) |
(11.926) |
(12.889) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
4.825 |
(0.017) |
4.163 |
|
|
2] Unsecured Loans |
21.112 |
22.373 |
18.122 |
|
|
TOTAL BORROWING |
25.937 |
22.356 |
22.285 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
14.415 |
10.430 |
9.396 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
6.485 |
5.987 |
5.982 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.411
|
0.476 |
2.520 |
|
|
Sundry Debtors |
9.463
|
7.908 |
1.915 |
|
|
Cash & Bank Balances |
1.332
|
0.022 |
0.032 |
|
|
Other Current Assets |
1.491
|
1.333 |
0.583 |
|
|
Loans & Advances |
0.510
|
0.353 |
0.047 |
|
Total
Current Assets |
13.207
|
10.092 |
5.097 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
5.046
|
5.236 |
1.073 |
|
|
Other Current Liabilities |
0.231
|
0.456 |
0.696 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
5.277
|
5.692 |
1.769 |
|
|
Net Current Assets |
7.930
|
4.400 |
3.328 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.043 |
0.086 |
|
|
|
|
|
|
|
|
TOTAL |
14.415 |
10.430 |
9.396 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
2.992 |
|
|
|
Income from Plant Erection and Commissioning |
|
|
1.000 |
|
|
|
Other Income |
|
|
0.258 |
|
|
|
TOTAL (A) |
|
|
4.250 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Increase/ Decrease in Finished and Semi Finished Goods |
|
|
(0.638) |
|
|
|
Manufacturing Expenses |
|
|
3.383 |
|
|
|
Administrative Expenses |
|
|
1.309 |
|
|
|
TOTAL (B) |
|
|
4.054 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
0.196 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
|
1.320 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
(1.124) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
0.013 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
|
(1.137) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
|
0.006 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
|
(1.143) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
(1.93) |
|
|
Particulars |
31.03.2011 (Approximately) |
31.03.2010 (Approximately) |
31.03.2009 (Approximately) |
|
Sales Turnover |
50.000 |
20.000 |
Above 10.000 |
Expected Sales (2011-2012): Rs.50.000 millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
NA
|
NA
|
(26.89) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA
|
(38.00) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
NA
|
(10.26) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
NA
|
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(2.71)
|
(2.35) |
(1.87) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.50
|
1.77 |
2.88 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
5.046
|
5.236 |
1.073 |
|
|
|
|
|
Details of Sundry Creditors: (Partial
Details)
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
|
|
|
|
Bhatia International Limited |
(0.141) |
4.400 |
|
|
Black Gold Exim Private Limited |
0.812 |
0.055 |
|
|
Jain Coal Private Limited |
2.687 |
0.357 |
|
|
Western Coalfields Limited |
(0.241) |
(0.241) |
|
|
Success Instrument |
0.025 |
0.025 |
|
|
Pneumatic Tools Enterprises |
-- |
0.075 |
NA |
|
Knowledge Infrastructure Systems Private Limited |
1.516 |
-- |
|
|
Rama Machineries |
-- |
0.013 |
|
|
Lucky Transport |
-- |
(0.036) |
|
|
Huphen Electomech Private Limited |
-- |
0.010 |
|
|
Shree Omtee Coal Private Limited |
0.155 |
-- |
|
FINANCIAL RESULTS
AND OPERATIONS:
The Sales of the company for the year has increased as compared to the
previous year.
FORM 8:
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U10100MH2003PTC140221 |
|
Name of the
company |
N.S. COAL PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
8, |
|
Type of charge |
Immovable
Property Book Debts Movable Property |
|
Particular of
charge holder |
Indian Overseas Bank, Ramdas Peth Branch, Ramdas Peth, E-Mail: nagbr@mumnsco.iobnet.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
Letter of
Hypothecation |
|
Date of
instrument Creating the charge |
23/10/2008 |
|
Amount secured by
the charge |
Rs.10.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: For Cash Credit
limits of Rs.5.000 millions against hypothecation of stock and book debts,
rate of interest is 15.75% (i.e. BPLR 14.50% + 1.25%) For LC Inland with
60 days DA terms - limits Rs.5.000 millions - commission as applicable Terms of
Repayment: CC - Subject to
review/ on demand LC - on due date/
on demand Margin: 25% on paid
stocks and 40% on book debts with respect to cash credit limits of Rs.5.000 millions 15% LC inland
with 60 days DA terms Extent and
Operation of the charge: Exclusive charge
on current assets of the company including receivables and book debts Others: Mortgage of
property in the form of Natwar Chambers, 94, |
|
Short particulars
of the property charged |
- Equitable
mortgage of "Canteen on Ground Floor, Office No 107 between Ground and
First Floor, Office No 106 on 1st and Mezzanine Floor, Office No
305 on 3rd Floor, Office No 405 on Mezzanine Floor, Natwar
Chamber, CS No 102 of Fort Division, 94, Nagindas Master Road, Near Hotel
Dwarka, Fort, Mumbai - Exclusive
charge on current assets of the company including receivables and book debts |
TRADE REFERENCES:
v
Western Coal Fields Limited
v
Borax Morarji Limited
FIXED ASSETS:
v Land, Building and Plot
v Furniture and Fixtures
v Computer
v Office Equipments
v Motor Car
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.44.38 |
|
|
1 |
Rs.73.87 |
|
Euro |
1 |
Rs.65.83 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
|
14 |
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.