MIRA
INFORM REPORT
|
Report Date : |
18.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
NIRMAL INDUSTRIAL CONTROLS PRIVATE LIMITED |
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Registered
Office : |
4 Nahur Udyog
Industrial Estate, L B S Marg, Mulund
(West), Mumbai-400080, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
06.12.1999 |
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Com. Reg. No.: |
11-122942 |
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Capital
Investment / Paid-up Capital : |
Rs.19.687
Millions |
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CIN No.: [Company Identification
No.] |
U29120MH1999PTC122942 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMN07097G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Pressure Controls Valves. |
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No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (49) |
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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 950000 |
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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 a well established company having satisfactory track.
General financial position is satisfactory. Trade relations 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.
INFORMATION DECLINED BY
|
Name : |
Mr. Prashant Desai |
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Designation : |
Director |
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Date : |
17.11.2011 |
LOCATIONS
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Registered / Head Office : |
4 Nahur Udyog
Industrial Estate, L B S Marg, Mulund
(West), Mumbai-400080, Maharashtra, India |
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Tel. No.: |
91-22-67746200 / 25608668 |
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Fax No.: |
91-22-25682771 |
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E-Mail : |
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Website : |
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Corporate Office: |
1st Floor, Samriddhi, L.B. Shastri Marg, Mulund (West), Mumbai-400080, Maharashtra,
India |
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Tel. No.: |
91-22-25608668 |
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Fax No.: |
91-22-25682771 |
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Factory : |
Survey No. 136/1, (P), Asangaon (West),
District Thane-421601, Maharashtra, India |
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Tel. No.: |
95-2527-661000 |
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Fax No.: |
95-2527-661020 |
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National Representatives Office: |
Located At: ·
Mumbai ·
New Delhi ·
Indore ·
Baroda ·
Kolkata ·
Hyderabad ·
Bangalore |
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Overseas Office: |
Located At: ·
Middle East ·
Qatar ·
Oman ·
Taiwan ·
Bangladesh ·
UAE |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Dinkarrai Vasanji
Desai |
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Designation : |
Director |
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Address : |
D-3, Sundarvan Park, Samata
Nagar Road, Ramchandra Nagar, No. 3, P.O. Wagle
Estate, Thane-400604, Maharashtra, India |
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Date of Appointment : |
06.12.1999 |
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Din No.: |
00108797 |
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Other Directorship:
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Name : |
Mr. Prakash Dinkarrai
Desai |
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Designation : |
Director |
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Address : |
D-3, Sundarvan Park, Samata
Nagar Road, Ramchandra Nagar, No. 3, P.O. Wagle
Estate, Thane-400604, Maharashtra, India |
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Date of Appointment : |
06.12.1999 |
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Din No.: |
00108886 |
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Other Directorship:
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Name : |
Mr. Vikas Dinkarrai
Desai |
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Designation : |
Director |
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Address : |
D-3, Sundarvan Park, Samata
Nagar Road, Ramchandra Nagar, No. 3, P.O. Wagle
Estate, Thane-400604, Maharashtra, India |
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Date of Appointment : |
06.12.1999 |
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Din No.: |
00108934 |
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Other Directorship:
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
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Names of Shareholders |
|
No. of Shares |
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Dinkarrai Vasanji Desai |
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861240 |
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Prakash Dinkarrai Desai |
|
553740 |
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Vikas Dinkarrai Desai |
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553740 |
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Total |
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1968720 |
As on 30.09.2011
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Pressure Controls Valves. |
GENERAL INFORMATION
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No. of Employees : |
Information denied by the management. |
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Bankers : |
·
HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West),
Mumbai-400013, Maharashtra, India ·
State Bank of India ·
Kotak Mahindra Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
B M Parekh and Company Chartered Accountants |
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Address : |
3/203, 2nd Floor, Navjivan
Commercial Premises, Lamington Road, Mumbai-400008, Maharashtra,
India |
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Tel. No.: |
91-22-23073126/23053893 |
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Mobile No.: |
91-9322286981 |
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Fax No.: |
91-22-23088804 |
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E-Mail : |
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Pan No.: |
AAFPP5865K |
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Related Party: |
·
Andy Engineers Private Limited ·
Nirmal Viridis Technologies Private Limited |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2100000 |
Equity Shares |
Rs.10/- each |
Rs.21.000 Millions |
|
150000 |
Preferences Shares |
Rs.10/- each |
Rs.1.500 Millions |
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Total |
|
Rs.22.500
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1968720 |
Equity Shares |
Rs.10/- each |
Rs.19.687
Millions |
NOTE:
1. 500000 equity shares have been issued as bonus shares by capitalization of
reserves
2. 984360 equity shares have been issued as bonus shares during the
financial year 2008-09 by capitalization of free reserves.
3. Preferences shares were redeemed on 15.11.2010.
·
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
19.687 |
21.187 |
21.187 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
218.036 |
189.206 |
150.602 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
237.723 |
210.393 |
171.789 |
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LOAN FUNDS |
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1] Secured Loans |
35.432 |
47.339 |
36.799 |
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2] Unsecured Loans |
4.149 |
3.752 |
3.665 |
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TOTAL BORROWING |
39.581 |
51.091 |
40.464 |
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DEFERRED TAX LIABILITIES |
2.095 |
1.615 |
1.382 |
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TOTAL |
279.399 |
263.099 |
213.635 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
86.386 |
80.121 |
74.271 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
73.281 |
82.937 |
25.998 |
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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 |
103.336
|
133.832 |
52.236 |
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Sundry Debtors |
116.087
|
145.540 |
143.383 |
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Cash & Bank Balances |
14.015
|
14.055 |
4.535 |
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Other Current Assets |
5.147
|
4.452 |
0.000 |
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Loans & Advances |
40.719
|
26.117 |
67.259 |
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Total
Current Assets |
279.304
|
323.996 |
267.413 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
107.617
|
190.225 |
77.839 |
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Other Current Liabilities |
9.132
|
8.222 |
8.459 |
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Provisions |
42.823
|
25.508 |
67.761 |
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Total
Current Liabilities |
159.572
|
223.955 |
154.059 |
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Net Current Assets |
119.732
|
100.041 |
113.354 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.012 |
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TOTAL |
279.399 |
263.099 |
213.635 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
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SALES |
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Income |
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Other Income |
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TOTAL |
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950.474 |
666.934 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
|
904.403 |
611.848 |
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Advertising Expenses |
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TOTAL |
|
904.403 |
611.848 |
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PROFIT BEFORE
TAX |
|
46.071 |
55.086 |
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Less |
TAX |
|
15.742 |
16.632 |
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PROFIT AFTER TAX
|
|
30.329 |
38.454 |
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Earnings Per
Share (Rs.) |
|
15.41 |
19.53 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
3.19
|
5.77 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
12.60
|
13.63 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.26 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.84
|
1.31 |
1.13 |
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Current Ratio (Current Asset/Current Liability) |
|
1.75
|
1.45 |
1.74 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2011 (Rs.
in millions) |
31.03.2010 (Rs.
in millions) |
31.03.2009 (Rs.
in millions) |
|
Sundry Creditors
For Goods and Expenses |
107.617
|
190.225 |
77.839 |
FINANCIAL RESULTS:
During the year the company has earned net profit
of Rs.30.800 Millions. Previous year Rs.38.800 Millions during the year ended
31st March 2011.
FIXED ASSETS:
·
Factory Land
·
Goodwill
·
Office Premises
·
Factory Building
·
Factory Shed
·
Air Conditioner
·
Die Set
·
Inverter
·
Machinery
·
Pager
·
Plant and Machinery
·
Type Writer
·
Video Camera
·
Xerox Machine
·
Refrigerator
·
Office Equipment
·
LCD Projector
·
Water Purifier
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.50.72 |
|
|
1 |
Rs.79.87 |
|
Euro |
1 |
Rs.68.46 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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.