MIRA
INFORM REPORT
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Report Date : |
14.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
NN COMBINED ENGINEERING AGENCIES PRIVATE LIMITED |
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Formerly Known
As : |
COMBINED ENGINEERING AGENCIES |
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Registered
Office : |
1-7-297/20, 125, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
01.04.1999 |
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Com. Reg. No.: |
06-031454 |
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Capital
Investment / Paid-up Capital : |
Rs.1.780
millions |
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CIN No.: [Company Identification
No.] |
U74200AP1999PTC031454 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Importer
and Buyer of Testing and Measuring Equipment. |
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No. of Employees
: |
Not Available |
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 27000 |
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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 : |
1-7-297/20, 125, |
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Tel. No.: |
91-40-27844279/ 27898579 |
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Fax No.: |
91-40-27841652 |
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E-Mail : |
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Website : |
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Branch Office : |
Executive Chambers, 3rd Floor, 18/7, |
DIRECTORS
As on 24.09.2010
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Name : |
Neomi Maria Francis |
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Designation : |
Whole Time Director |
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Address : |
# 15, Meghna Manor, 9-1-87/5, |
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Date of Birth/Age : |
28.03.1964 |
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Date of Appointment : |
24.09.2010 |
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DIN No.: |
00057248 |
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Name : |
Natesh Nayak |
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Designation : |
Managing Director |
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Address : |
H. No.9-1-87/5, |
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Date of Birth/Age : |
05.11.1937 |
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Date of Appointment : |
01.04.1999 |
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DIN No.: |
00057289 |
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Name : |
Mr. Nikhil Angelo Gerald Nayak |
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Designation : |
Managing Director |
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Address : |
H. No.9-1-87/5, |
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Date of Birth/Age : |
21.04.1973 |
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Date of Appointment : |
01.04.1999 |
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DIN No.: |
00065197 |
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Name : |
Nymphea Reddy |
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Designation : |
Whole Time Director |
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Address : |
4 C2, Jaagruthi Residency, Road No:10, East Marredpally, Secunderbad -
500 026, |
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Date of Birth/Age : |
25.11.1966 |
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Date of Appointment : |
24.09.2010 |
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DIN No.: |
00320140 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 24.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Neomi Francis |
|
440 |
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Nikhil Nayak |
|
440 |
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Natesh Nayak |
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13 |
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Nymphea Reddy |
|
440 |
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Nisha Nayak DeSouza |
|
440 |
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Hygino Rozario |
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7 |
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Total |
|
1780 |
As on 24.09.2010
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Equity Share Breakup |
|
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 : |
Importer
and Buyer of Testing and Measuring Equipment. |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
v
Canara Bank, v
ABN Amro Bank. v
ICICI Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institution : |
3i Infotech Trusteeship Services Limited, 6th Floor,
Ackruti Center Point, MIDC Central Road, Next to Marol Telephone Exchange,
Andheri (East), Mumbai – 400 093, Maharashtra, India |
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Auditors : |
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Name : |
Sekhar and Company Chartered Accountants |
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Address : |
133/4, |
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Tel. No.: |
91-40-27533391/ 27536342/ 27543132 |
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Fax No.: |
91-40-27536317 |
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E-Mail : |
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Income-tax
PAN of auditor or auditor's firm : |
AAGFS4470E |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000 |
Equity Shares |
Rs.1000/- each |
Rs.5.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
1780 |
Equity Shares |
Rs.1000/- each |
Rs.1.780
millions |
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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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|
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1] Share Capital |
1.780 |
1.780 |
1.780 |
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2] Share Application Money |
0.400 |
0.400 |
0.400 |
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3] Reserves & Surplus |
4.451 |
2.709 |
2.094 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
6.631 |
4.889 |
4.274 |
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LOAN FUNDS |
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1] Secured Loans |
3.263 |
3.448 |
3.886 |
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2] Unsecured Loans |
4.580 |
4.100 |
2.210 |
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TOTAL BORROWING |
7.843 |
7.548 |
6.096 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
14.474 |
12.437 |
10.370 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.962 |
3.517 |
1.743 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.336 |
0.000 |
0.000 |
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DEFERRED TAX ASSETS |
0.248 |
0.246 |
0.097 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
6.835
|
7.516
|
7.613 |
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Sundry Debtors |
8.720
|
4.913
|
3.945 |
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Cash & Bank Balances |
1.999
|
2.605
|
0.617 |
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Other Current Assets |
1.770
|
0.509
|
1.124 |
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Loans & Advances |
0.629
|
0.898
|
0.059 |
|
Total
Current Assets |
19.953
|
16.441 |
13.358 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Sundry Creditors |
6.680
|
3.374
|
2.880 |
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Other Current Liabilities |
0.529
|
1.590 |
1.857 |
|
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Provisions |
2.816
|
2.803
|
0.091 |
|
Total
Current Liabilities |
10.025
|
7.767 |
4.828 |
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|
Net Current Assets |
9.928
|
8.674
|
8.530 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
14.474 |
12.437 |
10.370 |
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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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Sales |
37.239 |
25.127 |
19.177 |
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Agency Commission |
17.254 |
16.523 |
14.471 |
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Other Receipts |
2.907 |
1.407 |
1.390 |
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TOTAL (A) |
57.400 |
43.057 |
35.038 |
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Less |
EXPENSES |
|
|
|
|
|
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|
Cost of Goods sold |
26.219 |
17.648 |
14.113 |
|
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Staff Cost |
17.204 |
14.395 |
10.844 |
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|
Selling, Administrative and
Establishment Expenses |
9.175 |
8.291 |
7.948 |
|
|
|
Extra ordinary Income |
0.000 |
(0.923) |
0.000 |
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|
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TOTAL (B) |
52.598 |
39.411 |
32.905 |
|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4.802 |
3.646 |
2.133 |
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|
|
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Less |
FINANCIAL
EXPENSES (D) |
1.236 |
1.211 |
0.869 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3.566 |
2.435 |
1.264 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.989 |
1.177 |
0.613 |
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PROFIT BEFORE
TAX (E-F) (G) |
2.577 |
1.258 |
0.651 |
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Less |
TAX (H) |
0.835 |
0.643 |
0.454 |
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PROFIT AFTER TAX
(G-H) (I) |
1.742 |
0.615 |
0.197 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1.209 |
1.094 |
1.297 |
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|
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|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
1.000 |
0.500 |
0.400 |
|
|
BALANCE CARRIED
TO THE B/S |
1.951 |
1.209 |
1.094 |
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|
EARNINGS IN
FOREIGN CURRENCY |
16.912 |
16.418 |
14.285 |
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|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
978.65 |
345.50 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.03
|
1.43
|
0.56 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.92
|
5.01
|
3.39 |
|
|
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.78
|
6.30
|
4.31 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.39
|
0.26
|
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.69
|
3.13
|
2.56 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.99
|
2.12
|
2.77 |
LOCAL AGENCY FURTHER INFORMATION
OPERATION OF THE
COMPANY:
The year starting April 2009 was a challenge across all industries. The
prospect of declining exports and contraction in the automobile sector and its ancillaries
was a major blow to business prospects. The overall decline in the flow of
funds in the economy was reflected in the slow down of investments in the
manufacturing industries. Combined Engineering Agencies however as a company
was in a relatively comfortable position thanks to adjustments in their
business strategy made earlier in 2008-09 which ensured a steady business flow.
The company has been in good stead thanks to an effective business plan
and shoring up of costs on the operations front. Effective hedging strategies
included EFCA accounts in US Dollar and Euro currencies which insulated the
company from foreign exchange fluctuations. Overall costs were reined in
without sacrificing performance in Service and Support. Operations still lagged
in a few areas notably in the gun drill re-sharpening facility in
The company was well positioned to benefit from the gains in the market
which came about due to the stimulus from the Central Government to industries
connected to the Agriculture, Defense and Infrastructure sectors. Their product
portfolio was adjusted to deliver Value Added Services in addition to their
core products. Sales of Machine Tool Accessories and tie ups with Original
Equipment Manufacturers (OEM) produced a synergy which delivered market gains
in the downturn and are well positioned to deliver high volumes at increasing
market levels. Their Cutting Tool products performed consistently during the
year primarily due to the revised strategy and will be delivering strong
results in this year.
Looking ahead the company is planning to diversify into Engineering
Services and Contract Manufacturing in areas which complement their core
products. This is a strategy based on strengthening ties with their customers
and creating new product offerings based on their existing product portfolio.
The company has already made investments in strengthening the Service Area in
the form of a Service Facility in Secunderabad for mechanical, electrical and
electronics. They will be able to offer cost benefits by undertaking local
assembly and repair of products they sell from their principals complementing
their existing direct import sales. Single Window Turnkey implementations will
be a very strong product offering from the company which would leverage their
expertise across cutting tools, machine tool electronics and controls, machine
tool accessories, work holding and machine protection systems.
CEA is poised to have a very good run this year with several strategies
set to pay off. Organizational changes and management structures have
introduced a lean organisation that can learn and react to opportunities with
confidence and expertise. The numbers coming in so far support this and they
hope to build on this in successive years.
FORM 8:
|
Corporate
identity number of the company |
U74200AP1999PTC031454 |
|
Name of the company
|
NN COMBINED ENGINEERING AGENCIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
1-7-297/20, 125, E-Mail: neomi.nayak@nncea.com |
|
This form is for |
Creation of
charge |
|
Type of charge |
Book Debts Others (Current
Assets and Receivables) |
|
Particular of
charge holder |
CIN No.: U72900MH2001PLC132441 3i Infotech Trusteeship Services Limited, 6th Floor,
Ackruti Center Point, MIDC Central Road, Next to Marol Telephone Exchange,
Andheri (East), Mumbai – 400 093, Maharashtra, India E-Mail: prashant.joshi@3i-itsl.com |
|
Nature of
description of the instrument creating or modifying the charge |
Deed of
Hypothecation Dated: 01.10.2010. |
|
Date of
instrument Creating the charge |
01.10.2010 |
|
Amount secured by
the charge |
Rs.13.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Overdraft: Shall
be sum of IBASE & 'Spread' P.A., present pricing of IBASE+4.5%.P.A. plus
applicable interest tax. Terms of
Repayment: Validity of
Facility: 12 Months (upto 24.09.2011) Margin: Not Applicable Extent and
Operation of the charge: Exclusive Charge
by way of Hypothecation of the Company's entire stocks of raw materials, semi-finished
and finished goods, consumable stores and spares and such other movables,
including book-debts, bills whether documentary or clean, outstanding monies,
receivables, both present and future. |
|
Short particulars
of the property charged |
Exclusive Charge
by way of Hypothecation of the Company's entire stocks of raw materials,
semi-finished and finished goods, consumable stores and spares and such other
movables, including book-debts, bills whether documentary or clean,
outstanding monies, receivables, both present and future. |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90127904 |
|
Corporate
identity number of the company |
U74200AP1999PTCO31454 |
|
Name of the
company |
NN COMBINED ENGINEERING AGENCIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
1-7-297/20, 125, |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
Canara Bank, E-Mail: managerhyd0616@canbank.co.in
|
|
Nature of description
of the instrument creating or modifying the charge |
Supplemental
Agreement |
|
Date of
instrument Creating the charge |
29.03.2007 |
|
Amount secured by
the charge |
Rs. 4.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
– 16% per annum compounded monthly/ quarterly/ half yearly. Terms of
Repayment –As per the agreement Margin – Stock
30% and Book Debts 40% Extent and
Operation of the charge – As per the agreement |
|
Short particulars
of the property charged |
Book debts and
stock |
|
Date of latest
modification prior to the present modification |
18.09.2003 |
|
Particulars of
the present modification |
The existing
limits has increased from Rs.2.500 to 45.000 Millions |
FIXED ASSETS:
v Computers
v Furniture and Fixtures
v Office Equipments
v Plant and Machinery
v Four Wheelers
v
Two Wheelers
WEBSITE DETAILS:
PROFILE:
Combined Engineering Agencies has built a reputation in the cutting tool market as a supplier of high quality products from leading international manufacturers.
Their product range includes cutting tools and machine tool accessories such as indexing tables, tool monitoring systems and high frequency spindles. Their customers include OEM machine builders and end users in the automobile, two wheeler and auto ancillary industries as well as in heavy electricals, aerospace, railways, government and defence establishments.
CEA is committed to offering service that matches the
reputation of the companies whose products they sell. Their reputation for
quality service is well established in the Indian tooling industry. A significant
amount of their resources are directed towards after sales support and their
engineers are trained on a regular basis in Europe and
Together with their commitment to after sales service and the products they sell, they believe they have outstanding solutions on offer for manufacturing industries in the Indian market.
NEWS:
The response from
the IMTEX 2011 has been very positive. Industry outlook for manufacturing
continues to be postive for the
This years edition
of the IMTEX was a very strong indicator of market sentiment. CEA displayed
eight product lines at the show in a 70 sqm booth including two products at the
German Pavillion in Hall 2B. In the main stall at Hall 3B, CEA displayed
products from Botek Germany, Brush Research Mfg Co USA, Dittel Germany, Engis
USA, HEMA Germany and Vektek USA. The visitors and customers showed keen
interest in the product lineup as evidenced by the large number of leads
generated from the show. We take this opportunity to thank all visitors for
visting our booth and your interactions with our team during the show.
HEMA Germany, a
leading supplier of machine protections systems participated for the first time
in an IMTEX together with our established principals. A higlight of the booth
was the Pallet Pressure Monitoring System for the monitoring of hydraulic
pressures on fixture pallets along with the new Engis Diamond FastLap diamond
lapping series of Lapping Machines. The Dittel area showcased the advancements
in the areas of monitoring in grinding. The botek area was one of the busiest
with keen interest from customers.
Paul Horn Germany
showcased a wide range of tooling in the German Pavillion at Hall 2B. Artis
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.47.10 |
|
|
1 |
Rs.74.64 |
|
Euro |
1 |
Rs.64.42 |
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 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
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 |
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.