MIRA
INFORM REPORT
|
Report Date : |
05.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
NINA CONCRETE SYSTEMS PRIVATE LIMITED |
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Registered Office : |
Mani Bhuvan, 4th
Floor, 54, |
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Country : |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
28.06.2003 |
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Com. Reg. No.: |
11-136356 |
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Capital Investment / Paid-up Capital : |
Rs.4.320 Millions |
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IEC No.: |
0303003570 |
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CIN No.: [Company
Identification No.] |
U26940MH2002PTC136356 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMN10681G |
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PAN No.: [Permanent
Account No.] |
AABCN6179P |
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Legal Form : |
Private limited liability company |
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Line of Business : |
Providing Construction solutions. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
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 1200000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are 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.
INFORMATION DECLINED BY
|
Name : |
Mr. Mahesh |
|
Designation : |
Senior Officer |
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Contact No.: |
91-9867524646 |
|
Date : |
03.03.2012 |
LOCATIONS
|
Registered/ Head Office : |
Mani Bhuvan, 4th
Floor, 54, |
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Tel. No.: |
91-22-23692462 |
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Mobile No.: |
91-9867524646 (Mr. Mahesh) |
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Fax No.: |
91-22-2369 1894 |
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E-Mail : |
ninaind@bom5.vsnl.net.in, info_support@ninaindia.com, kaushal.parikh@ninaindia.com |
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Website : |
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Area: |
1500
Sq. ft. |
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Location : |
Rented |
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Factory : |
Shree Hariyant Compound, |
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Tel. No.: |
91-9525-22272815 |
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Area : |
2500 Sq. ft. |
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Location : |
Rented |
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Warehouse : |
Mahavir Estate, Gala No.4, |
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Tel. No.: |
91-22-28510748 |
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Area : |
1500 Sq. ft. |
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Location : |
Rented |
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Sales Office: |
Vardhman Complex, Premises Co-operative
Society Limited, Office No. 121, Plot No.10, Fitwell House Compound, LBS
Marg, Vikhroli West, Mumbai, Maharashtra, India |
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Fax No.: |
91-22-67166001 |
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Location : |
Rented |
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Branches : |
Located at :
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DIRECTORS
AS ON 30.09.2011
|
Name : |
Mrs. Hetal Mehul Parikh |
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Designation : |
Director |
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Address : |
Mani Bhuvan, 3rd
Floor, 54, |
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Date of Birth : |
12.09.1974 |
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Qualification : |
MBA |
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Date of Appointment : |
28.06.2002 |
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DIN No.: |
01088397 |
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Name : |
Mr. Kaushal Kirit Parikh |
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Designation : |
Director |
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Address : |
Mani Bhuvan, 3rd
Floor, 54, |
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Date of Birth : |
08.04.1976 |
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Qualification : |
MBA |
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Date of Appointment : |
28.06.2002 |
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DIN No.; |
00902185 |
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Name : |
Mr. Mehul Kirit Parikh |
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Designation : |
Director |
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Address ; |
Mani Bhuvan, 3rd Floor, 54, |
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Qualification : |
BBA |
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Date of Appointment : |
05.10.2009 |
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DIN No.: |
01088837 |
KEY EXECUTIVES
|
Name : |
Mr. Mahesh |
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Designation : |
Senior Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
Kaushal Kirit Parikh |
55000 |
|
Hetal Mehul Parikh |
55000 |
|
Mekuaul Construction Technologies Private Limited, India |
166000 |
|
Vijay Project Consultants and Land Development Limited, India |
156000 |
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Total |
432000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 30.09.2011
|
Category |
Percentage |
|
Bodies corporate |
74.54 |
|
Directors or relatives of Directors |
25.46 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Construction solutions. |
GENERAL INFORMATION
|
Customers : |
·
TELCO, Pune ·
Tata Consultancy Services ·
K. Raheja Corp.
·
Indian Hotels Company Limited ·
Wipro Limited ·
Mercedes Benz (India) Limited ·
Hotel Leela Venture Limited ·
Larsen and Toubro ·
INOX Leisure Limited ·
Godrej Properties ·
EIH Limited (Oberoi Hotels) ·
Infosys ·
Bajaj Auto Limited ·
Kanakia Builders ·
Shapoorji Pallonji and Company Limited ·
B. E. Billimoria and Company Limited ·
Sarda Group ·
B. L. Kashyap and Sons Limited ·
Consolidated Construction Company Limited ·
I Gate Solutions ·
Vascon Engineers Limited ·
Evershine Builders ·
Lokhandwala Constructions ·
Inorbit Malls limited ·
R.N.A. Builders ·
Mahindra Gesco Developers Limited ·
Mahindra and Mahindra Limited ·
Runwal Developers ·
Simplex Infrastructures Limited ·
Biocon Limited ·
New Consolidated Construction Company Limited ·
Muscovite Construction ·
Air India ·
Procters Gamble ·
BARC ·
Gina Engineering Company ·
Sheth Developers ·
India Gypsum Limited ·
E City Entertainment Limited ·
Roots Corporation (Ginger Hotels) ·
Aditya Birla Group ·
Shanthi Group ·
Astra Zeneca
·
Altana Pharma ·
Symbiosis ·
Brahma Builders ·
Clover Builders ·
Emgeen Holdings Limited ·
R. Raheja Properties ·
anghvi Realty ·
Ceat tyres Limited ·
D.Y.Patil Institute ·
L.G. ·
USV Limited ·
Pittie Group ·
Alstom India Limited ·
Bajaj Hindustan Limited ·
Raymond Limited ·
TVS Group ·
Radha Krishna Food Land ·
Ahluwalia Contracts India Limited ·
Asian Hotels Limited ·
Mandhana Industries ·
Jindal Limited ·
Toyota Motors |
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No. of Employees
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Information declined by the management. |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institutions : |
3i Infotech Trusteeship
Services Limited, 3RD To 6TH Floor, International Infotech Park, Tower No.5,
Vashi Railway Station Complex, Vashi, Navi Mumbai - 400703, Maharashtra,
India |
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Auditors : |
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|
Name : |
D. Kothary and Company Chartered Accountants |
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Address : |
149, Behram Mahal, 2nd Floor, 534, Dhobi Talao,
Mumbai-400002, |
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Tel. No.: |
91-22-22093344 |
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Fax No.: |
91-22-22017174 |
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PAN No.: |
AAAFD2013L |
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Associates: |
Address: 54,
Line of Business :
Waterproofing and Painting
Address: 54, Hughes Road,
Mani Bhuvan, 4th Floor, Mumbai-400007
Line of Business : Building
Repairing and Waterproofing
|
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 millions |
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
432000 |
Equity Shares |
Rs.10/- each |
Rs.4.320
millions |
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|
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 |
4.320 |
4.320 |
4.280 |
|
|
2] Share Application Money |
0.055 |
0.055 |
1.055 |
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3] Reserves & Surplus |
298.189 |
255.767 |
218.217 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
302.564 |
260.142 |
223.552 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
219.798 |
143.610 |
81.962 |
|
|
2] Unsecured Loans |
126.956 |
114.007 |
67.125 |
|
|
TOTAL BORROWING |
346.754 |
257.617 |
149.087 |
|
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DEFERRED TAX LIABILITIES |
0.660 |
0.280 |
0.261 |
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|
|
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|
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TOTAL |
649.978 |
518.039 |
372.900 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
19.912 |
18.561 |
15.319 |
|
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Capital work-in-progress |
196.894 |
118.243 |
0.000 |
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|
|
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INVESTMENT |
0.870 |
20.723 |
10.143 |
|
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
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Inventories |
205.362
|
166.055
|
139.373
|
|
|
Sundry Debtors |
344.541
|
296.244
|
262.953
|
|
|
Cash & Bank Balances |
6.958
|
296.366
|
12.673
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
320.720
|
8.224
|
202.153
|
|
Total
Current Assets |
877.581
|
766.889
|
617.152
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
247.459
|
259.867
|
148.666
|
|
|
Other Current Liabilities |
115.232
|
73.518
|
70.621
|
|
|
Provisions |
82.588
|
72.992
|
50.426
|
|
Total
Current Liabilities |
445.279
|
406.377
|
269.713
|
|
|
Net Current Assets |
432.302
|
360.512
|
347.439
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
649.978 |
518.039 |
372.900 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
1000.420 |
917.953 |
848.813 |
|
|
|
Other Income |
16.816 |
12.773 |
7.826 |
|
|
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TOTAL |
1017.236 |
930.726 |
856.639 |
|
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EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
948.523 |
868.810 |
841.954 |
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PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
106.706 |
88.598 |
78.367 |
|
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|
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|
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|
FINANCIAL
EXPENSES |
38.007 |
27.227 |
18.148 |
|
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|
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|
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|
|
|
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
68.699 |
61.370 |
60.129 |
|
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|
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DEPRECIATION/
AMORTISATION |
1.980 |
2.835 |
2.014 |
|
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PROFIT BEFORE
TAX |
66.719 |
58.535 |
58.205 |
|
|
|
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|
|
|
|
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|
TAX |
21.779 |
20.418 |
20.848 |
|
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|
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PROFIT AFTER TAX
|
44.940 |
38.117 |
37.357 |
|
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|
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|
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|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
133.796 |
113.352 |
76.975 |
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APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
4.494 |
15.146 |
0.000 |
|
|
|
Dividend |
2.160 |
2.160 |
0.522 |
|
|
|
Tax on Dividend |
0.359 |
0.367 |
0.088 |
|
|
|
Short / Excess Provision For Income Tax |
0.000 |
0.000 |
0.369 |
|
|
BALANCE CARRIED
TO THE B/S |
171.723 |
133.796 |
113.352 |
|
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|
|
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|
|
|
|
Earnings Per
Share (Rs.) |
104.00 |
89.06 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
4.42 |
4.10 |
4.36 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
6.67 |
6.38 |
6.85 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.43 |
7.45 |
9.43 |
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.22 |
0.23 |
0.26 |
|
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|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
2.62 |
2.55 |
1.20 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.97 |
1.89 |
2.28 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors
Details:
|
Particulars |
Rs. In Millions
31.03.2011
|
Rs. In Millions
31.03.2010
|
Rs.
In Millions 31.03.2009 |
|
|
|
|
|
|
Sundry Creditors for Trade and Expenses |
247.459
|
259.867
|
148.666
|
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Form 8
|
Corporate
identity number of the company |
U26940MH2002PTC136356 |
|
Name of the
company |
NINA CONCRETE
SYSTEMS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Mani Bhuvan, 4th Floor, 54, E-mail : kaushal.parikh@ninaindia.com
|
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable
Property Any interest in immovable property |
|
Particular of
charge holder |
CITI Bank N. A., 8th
Floor, Nirlon Knowledge Park, Block No.B-7, Off Western Express Highway,
Goregaon (East), Mumbai – 400063, Maharashtra, India E-mail : vlaxman@vsnl.com |
|
Nature of
instrument creating charge |
Loan Agreement. |
|
Date of
instrument Creating the charge |
30.01.2012 |
|
Amount secured by
the charge |
Rs.9.999 Millions
|
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
: Rate of Interest
- 12.50% p.a. Terms of
Repayment: The Loan to be
repayable in 120 MMR of Rs.0.146 Million starting from 01/02/2012 and ending
on 01/01/2022. Margin : As may be
stipulated by the Bank from time to time. Extent and
Operation of the charge : Repayment of loan
Rs.9.999 Millions together with interest, fees, costs, charges and expenses
and all other amounts payable to the Bank shall be secured by way of first
exclusive charge by way of mortgage in favour of the Bank over the property
and any other securities as may be acceptable to the Bank. Others The Borrower
shall be liable to furnish additional security, as decided by the Bank, to
the Bank in the event of value of the primary security deteriorates
substantially or does not adequately cover the loan or any outstanding under
the loan. |
|
Short particulars
of the property charged |
Flat No 3401,
34th Floor, Grandeur, Opposite western Express Highway, Kandivali, Mumbai,
Maharashtra, India |
Fixed
Asset:
- Plant and Machinery
- Furniture and Fixture
- Motor Cycle
- Computer
- Motor car
- Water pump
- Office Equipment
- Xerox Machine
- Printer
- Sand Washing Machine
- Weight Machine
- Air Conditioner
- Fax Machine
- Tempo
- Office Asset
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.49.35 |
|
|
1 |
Rs.78.68 |
|
Euro |
1 |
Rs.65.63 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
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.