|
Report Date : |
06.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
NAGMAN INSTRUMENTS AND ELECTRONICS PRIVATE
LIMITED |
|
|
|
|
Registered
Office : |
27th |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
11.07.1986 |
|
|
|
|
Com. Reg. No.: |
18-013195 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 10.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U33111TN1986PTC013195 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEN00522E CHEN05323D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACN8390D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer, Trader of Instrumentation Control
Equipments. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 83000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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 – 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 |
LOCATIONS
|
Registered Office : |
27th Kilometer Chennai Bangalore National Highway, Near
Kothari Institute, Nasarethpet Post, Chenbarambakka, Tamilnadu, India |
|
Tel. No.: |
91-44-26811700 / 26811701 / 26811702 |
|
Fax No.: |
91-44-26811703 |
|
E-Mail : |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Venkatraman Nagendran |
|
Designation : |
Managing Director |
|
Address : |
Indra Gardens, 99/2, Madanandapuram, Porur, Chennai-600116, Tamilnadu,
India |
|
Date of Birth/Age : |
11.07.1943 |
|
Date of Appointment : |
11.07.1986 |
|
DIN No.: |
02407393 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U33111TN1986PTC013195 |
NAGMAN
INSTRUMENTS AND ELECTRONICS PRIVATE LIMITED |
Managing
director |
11-07-86 |
11-07-86 |
- |
Active |
NO |
|
2 |
U29141TN1989PTC017985 |
NAGMAN
SENSORS PRIVATE LIMITED |
Director |
05-09-89 |
05-09-89 |
02-12-09 |
Active |
NO |
|
3 |
U29309TN1993PTC025072 |
NAGMAN
MARKETING INTERNATIONAL PRIVATE LIMITED |
Director |
18-05-93 |
18-05-93 |
- |
Active |
NO |
|
Name : |
Ms. Indra Nagendran |
|
Designation : |
Director |
|
Address : |
Indra Gardens, 99/2, Madanandapuram, Porur, Chennai-600116, Tamilnadu,
India |
|
Date of Birth/Age : |
06.09.1946 |
|
Date of Appointment : |
11.07.1986 |
|
DIN No.: |
02900681 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
U33111TN1986PTC013195 |
NAGMAN
INSTRUMENTS AND ELECTRONICS PRIVATE LIMITED |
Director |
11-07-86 |
11-07-86 |
Active |
NO |
|
2 |
U29309TN1993PTC025072 |
NAGMAN
MARKETING INTERNATIONAL PRIVATE LIMITED |
Director |
18-05-93 |
18-05-93 |
Active |
NO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Shares |
|
Venkatraman Nagendran |
45950 |
|
Indra Nagendran |
16050 |
|
Nagman Marketing International Private Limited, India |
20000 |
|
G. Raja Baskaran |
4500 |
|
Bharathi Raja Baskaran |
4500 |
|
V. P. Geetha |
4500 |
|
N. Venkatrajan |
4500 |
|
Total |
100000 |
AS ON 30.09.2010
|
Equity Shares Break
Up |
Percentage |
|
Bodies corporate |
20.00 |
|
Directors or relatives of Directors |
56.50 |
|
Other top fifty shareholders |
18.00 |
|
Others |
5.50 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Trader of Instrumentation Control
Equipments. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
Bank of India, Chennai Main Branch, Star House,
Errabalu Street, Chennai-600001, Tamilnadu, India |
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S Ramesh Chartered Accountant |
|
Address : |
G-5, Mahalakshmi, Flats #26, Tank Bund Road, Nungambakkam, Chennai-600034,
Tamilnadu, India |
|
Pan No.: |
ADEPR8265M |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
Rs.100/- each |
Rs. 10.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
Rs.100/- each |
Rs. 10.000 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 |
10.000 |
5.000 |
5.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
10.910 |
13.274 |
10.156 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
20.910 |
18.274 |
15.156 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
43.962 |
37.047 |
30.499 |
|
|
2] Unsecured Loans |
2.283 |
5.600 |
5.717 |
|
|
TOTAL BORROWING |
46.245 |
42.647 |
36.216 |
|
|
DEFERRED TAX LIABILITIES |
4.596 |
3.961 |
0.000 |
|
|
SUBSIDY |
1.218 |
1.218 |
1.218 |
|
|
|
|
|
|
|
|
TOTAL |
72.969 |
66.100 |
52.590 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
25.717 |
25.268 |
22.262 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
1.750 |
1.750 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
13.346
|
9.326 |
9.748 |
|
|
Sundry Debtors |
36.314
|
34.575 |
25.798 |
|
|
Cash & Bank Balances |
5.046
|
3.967 |
0.992 |
|
|
Other Current Assets |
3.120
|
0.850 |
0.033 |
|
|
Loans & Advances |
0.882
|
2.877 |
6.389 |
|
Total
Current Assets |
58.708
|
51.595 |
42.960 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
13.206
|
12.566 |
8.183 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
0.000
|
0.000 |
4.748 |
|
Total
Current Liabilities |
13.206
|
12.566 |
12.931 |
|
|
Net Current Assets |
45.502
|
39.029 |
30.029 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.053 |
0.299 |
|
|
|
|
|
|
|
|
TOTAL |
72.969 |
66.100 |
52.590 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
|
|
TURNOVER |
117.615 |
130.315 |
80.407 |
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
NA |
4.535 |
2.991 |
|
|
|
|
|
|
|
Less |
TAX |
NA |
1.417 |
1.257 |
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
NA |
3.118 |
1.734 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
10.005 |
8.271 |
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
13.123 |
10.005 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
3.48 |
3.72 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
5.90 |
4.59 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.22 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.06
|
3.24 |
3.24 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.44
|
4.11 |
3.32 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS
During the year the company has made a Turnover of Rs. 117.615 Millions
(Rs. 130.315 Millions) Worth of Production of Electronic Instruments, Test
Equipments, Test Benches and Calibration Services.
FORM 8
|
Corporate
identity number of the company |
U33111TN1986PTC013195 |
|
Name of the
company |
NAGMAN
INSTRUMENTS AND ELECTRONICS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
27th Kilometer Chennai Bangalore National Highway, Near Kothari Institute, Nasarethpet Post, Chenbarambakka, Tamilnadu, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
·
Immovable
property ·
Any
interest in movable property ·
Book
debts ·
Movable
property (not being pledge) ·
Floating
charge ·
Others |
|
Particular of
charge holder |
Bank of India, Chennai Main Branch, Star House, Errabalu Street, Chennai-600001, Tamilnadu, India |
|
Nature of
instrument creating charge |
1. Supplement Deed
of Hypothecation of Plant and machinery, stocks and book debts dated
05/10/2009. 2. Agreement of
Term Loan and Hypothecation of Movable Assets/Goods/Property/Plant and
Machinery dated 05/10/2009. 3. Memorandum of
Entry confirming extension of Equitable Mortgage dated 05/10/2009. |
|
Date of
instrument Creating the charge |
05.10.2009 |
|
Amount secured by
the charge |
Rs. 75.188
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest TL-III, IV and
V - 0% over BPLR present effective
12.0% p.a., ML - At BPLR
present 12.0% p.a., CC - 0% over BPLR
present 12% p.a., EPC/FBP - 9.25% up to 180 days and as per Bank
directives. Terms of repayment TL III- Repayable
by EMI of Rs. 0.129 Million as before. TL-IV - Repayable
in EMI of Rs. 0.109 Million as before. TL-V - Repayable
in 60 EMI of Rs. 0.111 Million with installments to commence from Jan 2010. Mortgage Loan -
Repayable by EMI of Rs. 0.160 Million as before. All other
facilities are repayable on demand. Margin TL-III, IV and V
- 25% ML- 50% CC - 25% on
stocks and 30% on Book-debts up to 910 days. EPC - 25% on
order/stock value. Inland Guarantee
- 25% Guarantee (F)/
Comfort Letter- 10% Extent and operation of the charge The charge is to
operate as security by way of first exclusive charge for the due repayment of
aggregate enhanced credit limit of Rs.75.188 Millions together with interest,
additional interest, fees, commission, costs, charges, expenses including
legal costs and all other moneys payable by the company to the Bank. |
|
Charge
identification number of the charge to be modified |
90320927 |
|
Date of
instrument modifying the charge |
22.09.2008 |
|
Particulars of
the present modification |
The present modification
relates to enhancement of aggregate credit facility from Rs.59.871 Millions
to Rs.75.188 Millions. |
FIXED ASSETS
·
Air Conditioners
·
Building
·
Computer and Accessories
·
Designs and Drawings
·
Dies and Moulds
·
Electrical Fittings
·
Furniture and Fixtures
·
Generator
·
Land
·
Office Equipment
·
Plant and Machinery
·
Vehicles
·
Software
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. 51.04 |
|
|
1 |
Rs. 81.08 |
|
Euro |
1 |
Rs. 67.39 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.