MIRA
INFORM REPORT
UPDATED REPORT
|
Report Date : |
11.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
NETMECH ENGINEERING PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 1 to 5 and 18 to 22, Parvati Co. Op. Industrial Estate,
Sectore K, Phase II, Yadrav Ichalkaranji, Kolhapur – 416145, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
18.06.2004 |
|
|
|
|
Com. Reg. No.: |
11-134467 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.10.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U28920PN2004PTC134467 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
KLPN01109D PNEN04392D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Automobile Components.
|
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 62000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. Trade
relations are reported as fair. Business is active. Payments are reported to
ne slow but correct. The company can be considered for business dealings with some
cautions. Profit and Loss Account of the company 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
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 : |
Plot No. 1 to 5 and 18 to 22, Parvati Co. Op. Industrial
Estate, Sectore K, Phase II, Yadrav Ichalkaranji, Kolhapur – 416145,
Maharashtra, India |
|
Tel. No.: |
91-2322-252860 |
|
Mobile No.: |
91-9657717661 (Mr. Amol) |
|
Fax No.: |
91-2322-252860 |
|
E-Mail : |
DIRECTORS
As on 25.08.2011
|
Name : |
Mr. Suresh Vyankatesh Kulkarni |
|
Designation : |
Director |
|
Address : |
Anandi Niwas, Ward No.16 1049/01, Mahesh Nagar, ichalkaranji, Kolhapur
– 416115, Maharashtra, India |
|
Date of Birth/Age : |
12.12.1944 |
|
Date of Appointment : |
18.06.2004 |
|
DIN No.: |
00190671 |
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 |
U41800MH1969PTC014294 |
FUEL
INSTRUMENTS AND ENGINEERS PRIVATE LIMITED |
Director |
01-07-76 |
01-07-76 |
- |
Active |
|
|
2 |
U29292PN1982PTC027316 |
ICHALKARANJI
METALLOY FOUNDERS PRIVATE LIMITED |
Director |
04-06-82 |
04-06-82 |
- |
Active |
NO |
|
3 |
U29299MH1973PTC016695 |
ICHALKARANJI
ENGINEERING CENTRE PRIVATE LIMITED |
Director |
28-12-85 |
28-12-85 |
- |
Active |
NO |
|
4 |
U92412PN1994GAP079722 |
ICHALKARANJI
CLUB |
Director |
19-07-94 |
19-07-94 |
05-09-10 |
Active |
|
|
5 |
U28920PN2004PTC134467 |
NETMECH
ENGINEERING PRIVATE LIMITED |
Director |
05-09-11 |
18-06-04 |
- |
Active |
NO |
|
Name : |
Mr. Nilesh Suresh Kulkarni |
|
Designation : |
Director |
|
Address : |
Anandi Niwas, Ward No.16 1049/01, Mahesh Nagar, ichalkaranji, Kolhapur
– 416115, Maharashtra, India |
|
Date of Birth/Age : |
15.04.1977 |
|
Date of Appointment : |
18.06.2004 |
|
DIN No.: |
00783639 |
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 |
U28920PN2004PTC134467 |
NETMECH
ENGINEERING PRIVATE LIMITED |
Managing
director |
05-09-11 |
18-06-04 |
Active |
NO |
|
2 |
U34300PN2006PTC129298 |
TECHNOVISION
AUTO COMPONENTS PRIVATE LIMITED |
Managing
director |
04-12-06 |
04-12-06 |
Active |
NO |
|
3 |
U27101PN2010PTC137811 |
ICONIC
CASTINGS PRIVATE LIMITED |
Additional
director |
18-08-11 |
18-08-11 |
Active |
NO |
|
Name : |
Mr. Tushar Suresh Kulkarni |
|
Designation : |
Director |
|
Address : |
Anandi Niwas, Ward No.16 1049/01, Mahesh Nagar, ichalkaranji, Kolhapur
– 416115, Maharashtra, India |
|
Date of Birth/Age : |
11.11.1978 |
|
Date of Appointment : |
18.06.2004 |
|
DIN No.: |
00190795 |
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 |
U28920PN2004PTC134467 |
NETMECH
ENGINEERING PRIVATE LIMITED |
Director |
05-09-11 |
18-06-04 |
Active |
NO |
|
2 |
U34300PN2006PTC129298 |
TECHNOVISION
AUTO COMPONENTS PRIVATE LIMITED |
Director |
04-12-06 |
04-12-06 |
Active |
NO |
|
3 |
U27101PN2010PTC137811 |
ICONIC
CASTINGS PRIVATE LIMITED |
Additional
director |
18-08-11 |
18-08-11 |
Active |
NO |
KEY EXECUTIVES
|
Name : |
Mr. Amol |
|
Designation : |
Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 25.08.2011
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Nilesh Suresh Kulkarni |
|
336500 |
|
Suresh Vyankatesh Kulkarni |
|
331750 |
|
Tushar Suresh Kulkarni |
|
331750 |
|
Total |
|
1000000 |
As on 25.08.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Automobile Components.
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Uday. S. Shah and Company Chartered Accountants |
|
Address : |
"Swayambhu", 1/42, Rajwada, Sangli – 416416, Maharashtra,
India |
|
Tel. No.: |
91-233-2372265 / 2376672 |
|
Mobile No.: |
9422040783 |
|
PAN.: |
ADWPS1188C |
CAPITAL STRUCTURE
As on 25.08.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
10.000 |
10.000 |
10.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
5.507 |
2.435 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(4.435) |
|
|
NETWORTH |
15.507 |
12.435 |
5.565 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
22.455 |
10.962 |
2.132 |
|
|
2] Unsecured Loans |
12.100 |
9.600 |
5.000 |
|
|
TOTAL BORROWING |
34.555 |
20.562 |
7.132 |
|
|
DEFERRED TAX LIABILITIES |
0.306 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
50.368 |
32.997 |
12.697 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
32.596 |
18.229 |
10.337 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.962 |
0.872 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
6.738
|
7.003 |
0.813 |
|
|
Sundry Debtors |
32.775
|
24.933 |
1.446 |
|
|
Cash & Bank Balances |
0.049
|
4.321 |
0.708 |
|
|
Other Current Assets |
4.221
|
3.083 |
2.021 |
|
|
Loans & Advances |
0.051
|
0.000 |
0.000 |
|
Total
Current Assets |
43.834
|
39.340 |
4.988 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
|
|
|
Other Current Liabilities |
21.553
|
21.591 |
2.374 |
|
|
Provisions |
4.509
|
3.943 |
1.126 |
|
Total
Current Liabilities |
26.062
|
25.534 |
3.500 |
|
|
Net Current Assets |
17.772
|
13.806 |
1.488 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
50.368 |
32.997 |
12.697 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
152.032 |
93.896 |
20.555 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
135.894 |
84.816 |
19.394 |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND
AMORTISATION |
16.138 |
9.080 |
1.161 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
9.326 |
1.933 |
2.119 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
6.812 |
7.147 |
(0.958) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
2.722 |
0.714 |
0.012 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
4.090 |
6.433 |
(0.970) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
4.090 |
2.435 |
(4.435) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.09 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
2.69
|
6.85 |
(4.72) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.91
|
12.41 |
(6.25) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.44
|
0.57 |
(0.17) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.91
|
3.71 |
1.91 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.68
|
1.54 |
1.43 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business• |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
No |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
No |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
Note:
The registered address of the company has been shifted from “Liberty
Building, Sir Vithaldasthackersey Marg, Mumbai – 400020, Maharashtra, India” to
the present address w.e.f. 30.06.2009
Performance:
The performance of the company during the year was increased compared to
previous year. During the year the company achieved a turnover of Rs.133.802
Millions and previous year was Rs.84.447 Millions. The present positions of the
Engineering Industry is good specially in Maharashtra region.
Bankers Charges
Report as per Registry
|
Corporate identity number of the company |
U28920PN2004PTC134467 |
|
Name of the company |
NETMECH ENGINEERING PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in India of the company |
Plot No. 1 to 5 and 18 to 22, Parvati Co. Op. Industrial Estate,
Sectore K, Phase II, Yadrav Ichalkaranji, Kolhapur – 416145, Maharashtra,
India E-mail : acc.netmech@gmail.com |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
10199522 |
|
Type of charge |
Immovable property |
|
Particular of charge holder |
Bank of Baroda, Udgaon Branch, Taluka Shirole, District Kolhapur, Udgaon
– 416101, Maharashtra, India E-mail : Udgaon@bankofbaroda.com |
|
Nature of instrument creating charge |
Memorandum of Entry |
|
Date of instrument Creating the charge |
18.01.2010 |
|
Amount secured by the charge |
Rs. 22.100 Millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest @ 1% Below BPLR i.e.11 % at present with monthly rest subject change
in BPLR / credit rating Terms of Repayment to be repaid in 80 monthly installments of Rs. 0.273 Million and the
last installment of Rs. 26.000 Millions with a moratorium of 3 months from
the date of First disbursement and interest to be served on monthly rest
including gestation period. Margin 25% Extent and Operation of the charge First and exclusive |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
Gat No. 76, Plot No. 1 to 5 and 18 to 22 situated at village Yadrav.
Taluka Shirol, District Kolhapur, Maharashtra, India |
|
Particulars of the present modification |
Additional property bay way of Memorandum of Entry was provided. |
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.51.20 |
|
|
1 |
Rs.81.50 |
|
Euro |
1 |
Rs.67.15 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
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 |
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 |
|
30 |
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.