MIRA
INFORM REPORT
|
Report Date : |
28.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
NIPPONDO CORPORATION |
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|
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|
Registered
Office : |
20, Sadadekar House, 3rd Floor, D. L. Vaidya Road, Shivaji
Park, Dadar (West), Mumbai-400028, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Year of Establishment
: |
1991 |
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Capital
Investment/ Paid-up Capital: |
Rs.1.000 million |
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|
IEC No.: |
0396068324 |
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|
PAN No.: [Permanent Account No.] |
AAOPS7599Q |
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|
Legal Form : |
Sole Proprietory Concern |
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Line of Business
: |
Subject acts as an Indenting agent. |
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|
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|
No. of
Employees: |
7 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 4000 |
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|
Status : |
Small concern |
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|
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a small proprietory concern in its field. Its scale of
activities are limited. Trade relations are reported as fair. Business is
active. Payments are reported to be slow but correct. The concern can be considered for business dealings with some
cautions. |
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
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. Atul Sadadekar (Son of Proprietor) |
|
Designation : |
President (Authorised Person) |
|
Contact : |
91-9820078420 |
|
Date : |
24.11.2011 |
LOCATIONS
|
Registered Office : |
20, Sadadekar House, 3rd Floor, D. L. Vaidya Road, Shivaji
Park, Dadar (West), Mumbai-400028, Maharashtra, India |
|
Tel. No.: |
91-22-24334460 / 4457 / 4458 |
|
Mobile No. : |
91-9820071012 (Mr. Chandrakant) |
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Fax No.: |
91-22-24994459 |
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E-Mail : |
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Website : |
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Area : |
700 Sq.ft |
|
Location : |
Owned |
SOLE PROPRIETOR
|
Name : |
Mr. Chandrakant Sadadekar |
|
Designation : |
Proprietor |
|
Address : |
20, Sadadekar House, 2nd Floor, D. L. Vaidya Road, Shivaji
Park, Mumbai-400028, Maharashtra, India |
|
Date of Birth/Age : |
61 years |
|
Qualification : |
Bsc (Hons), DTM, DEM, DSS, MBA |
|
Experience : |
42 years |
KEY EXECUTIVES
|
Name : |
Mr. Atul Sadadekar (Son of Proprietor) |
|
Designation : |
President (Authorised Person) |
|
Address : |
C-74, 7th Floor, C-wing, Paschim apartments, Prabhadevi,
Mumbai-400028, Maharashtra, India |
|
Date of Birth/Age : |
32 years |
|
Qualification : |
BCom (Hons), DMMT, MBA |
|
Experience : |
9 years |
BUSINESS DETAILS
|
Line of Business : |
Subject acts as an Indenting agent. |
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|
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|
Products : |
·
Polyester filament yarns (POY / FDY / DTY) ·
Nylon filament yarn ·
100% Cotton yarns |
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|
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|
Agencies Held : |
·
Reliance Industries Limited. India ·
Bhilosa Industries Limited, India ·
Wellknown Industries Limited, India ·
Zhejiang Guxiandao Industrial Fiber, PR China |
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|
|
|
Terms : |
|
|
Selling : |
L/C |
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|
|
|
Purchasing : |
L/C |
GENERAL INFORMATION
|
Customers : |
Reliance Industries |
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|
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|
Type of Customers : |
·
Wholesalers ·
Retailers ·
End Users |
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|
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No. of Employees : |
7 (approximately) |
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|
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Bankers : |
·
State Bank of India, Mumbai ·
ICICI Bank ·
HDFC Bank |
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|
|
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Facilities : |
-- |
|
Banking
Relations : |
-- |
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|
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Auditors : |
Not Available |
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|
Associates/Subsidiaries : |
·
Sadadekar Export and Import, Mumbai Address : 20/7, Sadadekar House, D. L. Vaidya
Road, shivaji Park, Mumbai-400028, Maharashtra, India Line of business : Indenting agent for
Import-Export of textile raw material ·
Laxmi Narayan Corporation, Mumbai |
CAPITAL STRUCTURE
(AS ON 31.03.2011)
|
Capital Investment : |
|
|
Owned : |
Rs.1.000 million |
|
Borrowed : |
-- |
|
Total : |
Rs.1.000 million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
0.637 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
0.637 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.843 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
0.843 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1.480 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
0.457 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.457 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
0.000 |
|
|
Sundry Debtors |
|
|
0.000 |
|
|
Cash & Bank Balances |
|
|
0.221 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
0.820 |
|
|
Commission Receivable |
|
|
0.050 |
|
|
Deposits |
|
|
0.038 |
|
Total
Current Assets |
|
|
1.129 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
|
|
0.563 |
|
|
Other Current Liabilities |
|
|
|
|
|
Provisions |
|
|
|
|
Total
Current Liabilities |
|
|
0.563 |
|
|
Net Current Assets |
|
|
0.566 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1.480 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Commission Received |
|
|
0.717 |
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|
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Other Income |
|
|
0.000 |
|
|
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TOTAL |
|
|
0.717 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Conveyance and Travelling |
|
|
0.009 |
|
|
|
Telephone Charges |
|
|
0.044 |
|
|
|
Printing and Stationery |
|
|
0.005 |
|
|
|
Sundry Expenses |
|
|
0.007 |
|
|
|
Interest on car loan |
|
|
0.022 |
|
|
|
Other Expenses |
|
|
0.291 |
|
|
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TOTAL |
|
|
0.378 |
|
|
|
|
|
|
|
|
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
|
0.339 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
|
0.078 |
|
|
|
|
|
|
|
|
|
|
NET PROFIT |
|
|
0.261 |
|
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover (approximately) |
|
|
0.700 |
The above information has been parted by Mr. Atul Sadadekar.
Note : Sole Proprietory and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry.
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2010 |
|
PAT / Total Income |
(%) |
|
|
36.40 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
|
36.40 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
16.46 |
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Return on Investment (ROI) (PBT/Networth) |
|
|
|
0.41 |
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|
|
|
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Debt Equity Ratio (Total Liability/Networth) |
|
|
|
2.21 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
2.01 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by
Info Agents |
Available in
reports |
|
1) Year of
Establishment |
Yes |
|
2) Locality of
the Firm |
Yes |
|
3) Constitution
of the Firm |
Yes |
|
4) Premises
Details |
Yes |
|
5) Type of Business |
Yes |
|
6) Line of
Business |
Yes |
|
7) Promoter’s
Background |
--------- |
|
8) No. of
Employees |
Yes |
|
9) Name of
person contacted |
Yes |
|
10) Designation
of contact person |
Yes |
|
11) Turnover of
firm of last two years |
Yes |
|
12) Profitability
for last three years |
--------- |
|
13) Reasons for
variations <> 20% |
--------- |
|
14) Estimation
for coming financial year |
Yes |
|
15) Capital in
the business |
Yes |
|
16) Details of
Sister concern |
Yes |
|
17) Major
Suppliers |
No |
|
18) Major
Customers |
Yes |
|
19) Payments
terms |
Yes |
|
20) Export /
Import details (if applicable) |
No |
|
21) Market
Information |
--------- |
|
22) Litigation
that the firm / promoter involved |
--------- |
|
23) Banking
Details |
Yes |
|
24) Banking facility
Details |
No |
|
25) Conduct of
the banking account |
--------- |
|
26) Buyer visit
details |
--------- |
|
27) Financials,
if provided |
No |
|
28)
Incorporation details, if applicable |
---------- |
|
29) Last account
field at ROC |
---------- |
|
30) Major
Shareholders, if available |
---------- |
TRADE REFERENCE:
·
Reliance Industries
·
Mr. Rajeev Gupta
General Manger
(Marketing), Reliance Industries Limited
Tel No. :
91-22-40614882
Mobile No. :
91-9967113881
·
Mr. Arun Jobanputra
General Manager (Exports),
Wellknown Industries
Tel No. : 91-22-66207000
Mobile No. : 91-9821376147
·
Mr. James Noronha
Manger, Toyota Tsusho
Corporation
Tel No. : 91-22-23877650
Mobile No. : 91-98208016561
WEEBSITE DETAILS:
Group Profile:
It is with great pleasure that
they introduce the Sadadekar Group. Based at Mumbai, the Sadadekar Group is
into Export-Import Indenting, Trading and Services. The group has been
operating since 1992, with diversified business interests in Synthetic Textiles
and Raw materials, Minerals and Ores, Food Items and Construction Services, and
comprises of the following companies: -
· Sadadekar Export
Import
· Nippondo
Corporation
· Sadadekar Estate
and Construction Services
· Laxmi Narayan
Corporation
· Sadadekar
International
Group History:
The foundation of the Sadadekar Group was laid in 1991, when Mr.
Chandrakant Sadadekar with the support of Mrs. Leena Sadadekar, established M/s
Laxmi Narayan Corporation, to act as indenting agents for the Overseas fiber
and yarn manufacturers, who were keen on marketing their products in the Indian
Market.
With his varied experience of 28 years, in the textile industry, Mr
Chandrakant Sadadekar helped many overseas textile companies to promote their
products in India; some of which are well known brands in the textile industry.
With the advent of time, Subject was setup to look after the export
marketing of Indian textile products. The Company tied up with leading textile
companies in India and worked as its overseas agents for various markets around
the world.
Over the years, the Sadadekar Group has diversified into different
product lines such as Minerals and Ores, Food Products and Construction
services to cater to the demands of its varied customers in India and Overseas.
Management:
Mr.
Chandrakant N. Sadadekar (Group Chairman)
Education:
1) B.Sc. Honours in Chemistry – Physics (University of Mumbai)
2) Post-Graduate Diploma In Textile Management (SASMIRA, Mumbai)
3) Post Graduate Diploma In Export-Import Management, IITC, Mumbai)
4) MBA In International Marketing (University Of Maryland)
Experience:
- Total 28
Years Experience In International Marketing (Including 4 years with
Courtaulds - U.K., 12 Years With Itochu Corporation, Japan and One Year
with Reliance Industries Limited.)
- Handled
Export-Import of almost all International Brands Of Man -Made Fibres and
Yarns besides Chips, PTA, PX, Film, Various Chemicals and Plastic Raw
Materials.
- Arranged 7 Indian
Missions from Surat, Mumbai, Bangalore, Ahmedabad to North East Asia and
South East Asia, Iran, Europe and China (Missions having 16 to 42
industrialists) for Business Studies/ Research/ Trade Exhibitions and
Business Promotions.
- Arranged more
than 50 Missions of Overseas suppliers to Indian Textile markets such as
Surat, Mumbai, Bhiwandi, Silvassa, Ahmedabad, Ludhiana, Amritsar, Meirut,
Barabanki, Tanda, Bhagalpur, Assam, Bangalore, Doddabalapur, Salem,
Madurai, Dindigul, Coimbatore and other markets in the states of
Maharashtra, Gujarat, Karnataka and Punjab.
- Travelled/Business
with: Japan (10 cities), China (7 cities), South Korea, Taiwan, Hongkong,
Thailand , Singapore, Indonesia, Dubai, Kuwait, Iran, Italy,
France, Germany, Belgium, Spain, Holland, Switzerland, Philippines,
etc
- Mr. Sadadekar is also the Regional
Director (Konkan region) at the Maharashtra Economic Development Council,
Mumbai and an Active Member and Trustee of several Public Developmental
institutions.
Mr.
Atul Sadadekar (President, Sadadekar Export Import)
Education:
1.
Bachelor of Commerce, Sydenham College (University
of Mumbai)
2.
Post Graduate Diploma in Management and Marketing
of Man-made textiles, SASMIRA, Mumbai
3.
Honors Diploma in Software Technology and System
Management, NIIT
4.
Course in “Exports- Markets, Products and Methods”
from Indo- American Society, Mumbai.
5.
MBA (International Business), Symbiosis Institute
of International Business, Pune
Experience:
·
Marketing of Textile Designing
software, ‘Texstyler’ to Domestic and International Textile Companies
·
Extensive travel across Maharashtra,
Gujarat, Rajasthan, Haryana and Punjab to carry out several critical market
research assignments for food, minerals, and textile raw material
industry.
·
Marketing of processed pulses for
Mumbai, Institutional and Wholesale market and major Export markets.
·
Formulating an entire product launch
strategy right from target market identification, pricing, packaging,
identifying promotional campaigns, dealer network, and distribution for range
of agro commodities (Pulses, Cashew Nuts, Guar Gum, Spices, Vanilla beans, etc)
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.52.16 |
|
|
1 |
Rs.80.64 |
|
Euro |
1 |
Rs.69.42 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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.