MIRA INFORM REPORT
|
Report Date : |
12.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
NATIONAL HEAVY ENGINEERING CO-OPERATIVE LIMITED |
|
|
|
|
Registered
Office : |
17, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Year of
Establishment : |
1976 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 29.125 Millions |
|
|
|
|
Legal Form : |
Co-Operative Society |
|
|
|
|
Line of Business
: |
Manufacturer, Trader, Exporter and Importer of Sugar Machinery. |
|
|
|
|
No. of Employees
: |
600 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3200000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established co-operative society having satisfactory
track. The management have denied to disclose its latest financial. However, general financial positions of the company seem to be good.
Trade relations are reported to be fair. Business is active. Payments are
usually correct and as per commitments. The society 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.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global financial
crisis - in large part because of strong domestic demand - and growth exceeded
8% year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED BY
|
Name : |
Ms. Chitra |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-2114-222261 |
|
Date : |
12.12.2012 |
|
|
|
|
Name : |
Mr. Arun Madalkar |
|
Designation : |
Marketing Manager |
|
Contact No.: |
91-9011075408 |
|
Date : |
12.12.2012 |
LOCATIONS
|
Registered Office / Head Office : |
17, |
|
Tel. No.: |
91-20-26131910 / 11 / 12 / 13 |
|
Mobile No.: |
91-9011075408 (Mr. Arun Madalkar) |
|
Fax No.: |
91-20-26134920 |
|
E-Mail : |
|
|
Website : |
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|
Area : |
2000 Sq. ft. |
|
Location : |
Owned |
|
|
|
|
Factroy and Export Division : |
Pune - |
|
Tel. No.: |
91-2114-222261 / 2 / 3 / 222661 / 2 / 3 |
|
Fax No.: |
91-2114-222762 |
|
E-Mail : |
|
|
Area : |
105
Acres |
|
Location : |
Owned
|
|
|
|
|
Regional Office : |
3, Siri Institutional Area, NCUI Building, 5th Floor, Hauz Khas, New
Delhi - 110 016, India |
|
Tel. No.: |
91-11-26967136, 26962989 |
|
Fax No.: |
91-11-26851538 |
|
E-Mail : |
DIRECTORS
AS ON 28.09.2011
|
Name : |
Mr. Shivajirao G Patil |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Jayantibhai U Patel |
|
Designation : |
Vice Chairman |
|
|
|
|
Name : |
Mr. Oh. Muralikrishna |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Shavajirao N Nagawade |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Shankarrao G Kolhe |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Anil K Babar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Vijaysinh Mohite Patil |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Madan V Patil |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. K V Valsh |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ankushrao R Tope |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Balasahab P Patil |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ramesh V Katti |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Mansinbhai K Patel |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Sattishbhai M Patel |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Vinay Kumar |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Ms. Chitra |
|
Designation : |
Accounts Department |
|
|
|
|
Name : |
Mr. Arun Madalkar |
|
Designation : |
Marketing Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
Note: Share
holders details are not available.
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Trader, Exporter and Importer of Sugar Machinery. |
|
|
|
|
Products : |
·
Sugar Processing Machinery
|
GENERAL INFORMATION
|
Customers : |
National Clients ·
The Gadhinglaj TSSK Limited, ·
Shetkar SSK. Limited, ·
Shri Sidheshwar SSK Limited, Solapur ·
Kannad SSK Limited, ·
Shri Vridheshwari SSK Limited, Ahmednagar ·
Kisan SCM Limited, Tihar ·
U.P.State Sugar Corporation Limited, Amroha ·
The Bhuna CSM Limited, Hissar ·
Western India Cane Sugar Ind. Limited, Hissar International
Clients ·
SMS Limited, ·
P.G. ·
Paniji Sugar ·
·
Consulting Office for Sugar Industries, ·
Balmac and Company, Thailand ·
Florida Chemicals Limited, ·
Khanh Hoa Cane Sugar ·
Deshbandhu Sugar Mills Limited, |
|
|
|
|
No. of Employees : |
600 (Approximately) |
|
|
|
|
Bankers : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Kirtane and Pandit Chartered Accountants |
|
Address : |
Sangati Bhakti Marg, Off Law College Road, Pune-411004, Maharashtra,
India |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs. 29.125 Millions
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
29.125 |
29.416 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
787.599 |
60.106 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
816.724 |
89.522 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
164.995 |
93.716 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
164.995 |
93.716 |
|
|
DEFERRED TAX LIABILITIES |
|
5.283 |
5.066 |
|
|
|
|
|
|
|
|
TOTAL |
|
987.002 |
188.304 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
1325.782 |
89.575 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
2.405 |
2.085 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
0.000 |
0.000 |
|
|
Sundry Debtors |
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
|
0.000 |
0.000 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
1222.216 |
3219.913 |
|
Total
Current Assets |
|
1222.216 |
3219.913 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
|
|
|
Other Current Liabilities |
|
1563.401 |
3123.269 |
|
|
Provisions |
|
|
|
|
Total
Current Liabilities |
|
1563.401 |
3123.269 |
|
|
Net Current Assets |
|
(341.185) |
96.644 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
987.002 |
188.304 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales and Services |
|
2240.543 |
581.507 |
|
|
|
Other Income |
|
13.489 |
12.612 |
|
|
|
TOTAL (A) |
|
2254.032 |
594.119 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material and Manufacturing Expenses |
|
2354.637 |
1315.422 |
|
|
|
Employees Remuneration and Benefits |
|
162.636 |
140.903 |
|
|
|
Administrative Expenses |
|
20.500 |
20.395 |
|
|
|
Increase /Decrease in Stock |
|
(307.759) |
(912.154) |
|
|
|
TOTAL (B) |
|
2230.014 |
564.566 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
24.018 |
29.553 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
17.425 |
17.741 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
6.593 |
11.812 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
6.059 |
6.212 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
0.534 |
5.600 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
0.217 |
1.011 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
0.317 |
4.589 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to Statutory Reserve Fund |
|
0.079 |
1.147 |
|
|
|
Transfer to Co-operative Education Fund |
|
0.003 |
0.046 |
|
|
|
Proposed Dividend |
|
0.000 |
2.184 |
|
|
|
Transfer to General Reserve |
|
0.235 |
1.212 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
81.00 |
1371.00 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
|
0.01 |
0.77 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
0.02 |
0.96 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
0.02 |
0.17 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.00 |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
2.12 |
35.99 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
0.78 |
1.03 |
LOCAL AGENCY FURTHER INFORMATION
NOTE: Sundry Creditors
details are not available.
|
Sr. No. |
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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
two years |
Yes |
|
12] |
Profitability for last
two 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 |
Yes |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
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 |
No |
|
30] |
Major Shareholders, if
available |
No |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
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 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. 54.31 |
|
|
1 |
Rs. 87.36 |
|
Euro |
1 |
Rs. 70.36 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
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 |
|
42 |
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.