MIRA
INFORM REPORT
|
Report Date : |
15.09.2012 |
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) : |
31.03.2011 |
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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 Million |
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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
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 39000 |
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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. It has
achieved a better increase in its sales turnover and profits during 2011. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct. The company can be considered 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
INDIAN ECONOMIC OVERVIEW
|
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.
LOCATIONS
|
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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DIRECTORS
As on 30.09.2011
|
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 : |
31.08.2009 |
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DIN No.: |
00057289 |
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Other Directorship:
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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 : |
31.08.2009 |
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DIN No.: |
00065197 |
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Other Directorship:
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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 |
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Other Directorship:
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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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Other Directorship:
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
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 |
|
7 |
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Total |
|
1780 |
As on 29.03.2012
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Names of Allottees |
|
No. of Shares |
|
Neomi Francis |
|
100 |
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Nikhil Nayak |
|
100 |
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Nymphea Reddy |
|
100 |
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Nisha Nayak |
|
100 |
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Total |
|
400 |
As on 30.09.2011
|
Category |
|
Percentage |
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Directors or relatives of directors |
|
100.00 |
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Total
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|
100.00 |
BUSINESS DETAILS
|
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 : |
·
Canara Bank, ·
ABN Amro Bank. ·
ICICI Bank |
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Facilities : |
Rs.
In Millions
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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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Pan No.: |
AAGFS4470E |
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CAPITAL STRUCTURE
After 30.09.2011
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 :
|
No. of Shares |
Type |
Value |
Amount |
|
2180 |
Equity Shares |
Rs.1000/- each |
Rs.2.180
millions |
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As on 31.03.2011
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 :
|
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 |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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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 |
7.663 |
4.451 |
2.709 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
9.843 |
6.631 |
4.889 |
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LOAN FUNDS |
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|
1] Secured Loans |
12.982 |
3.263 |
3.448 |
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2] Unsecured Loans |
3.598 |
4.580 |
4.100 |
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TOTAL BORROWING |
16.580 |
7.843 |
7.548 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
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TOTAL |
26.423 |
14.474 |
12.437 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.836 |
3.962 |
3.517 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
1.023 |
0.336 |
0.000 |
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DEFERREX TAX ASSETS |
0.314 |
0.248 |
0.246 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
9.882
|
6.835
|
7.516
|
|
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Sundry Debtors |
18.652
|
8.720
|
4.913
|
|
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Cash & Bank Balances |
3.654
|
1.999
|
2.605
|
|
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Other Current Assets |
0.605
|
1.770
|
0.509
|
|
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Loans & Advances |
0.808
|
0.629
|
0.898
|
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Total
Current Assets |
33.601
|
19.953 |
16.441 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Sundry Creditors |
7.043
|
6.680
|
3.374
|
|
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Other Current Liabilities |
0.496
|
0.529
|
1.590 |
|
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Provisions |
4.812
|
2.816
|
2.803
|
|
Total
Current Liabilities |
12.351
|
10.025 |
7.767 |
|
|
Net Current Assets |
21.250
|
9.928
|
8.674
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
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|
|
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TOTAL |
26.423 |
14.474 |
12.437 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
78.315 |
37.239 |
25.127 |
|
|
|
Agency Commission |
0.000 |
17.254 |
16.523 |
|
|
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Other Receipts |
20.039 |
2.907 |
1.407 |
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|
|
TOTAL (A) |
98.354 |
57.400 |
43.057 |
|
|
|
|
|
|
|
|
Less |
|
|
|
|
|
|
|
|
Cost of Goods sold |
|
26.219 |
17.648 |
|
|
|
Staff Cost |
|
17.204 |
14.395 |
|
|
|
Selling, Administrative and
Establishment Expenses |
|
9.175 |
8.291 |
|
|
|
Extra ordinary Income |
|
0.000 |
(0.923) |
|
|
|
TOTAL (B) |
90.814 |
52.598 |
39.411 |
|
|
|
|
|
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
7.540 |
4.802 |
3.646 |
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|
|
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|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
1.645 |
1.236 |
1.211 |
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
5.895 |
3.566 |
2.435 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.147 |
0.989 |
1.177 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
4.748 |
2.577 |
1.258 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1.536 |
0.835 |
0.643 |
|
|
|
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|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
3.212 |
1.742 |
0.615 |
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1.951 |
1.209 |
1.094 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
- |
1.000 |
0.500 |
|
|
BALANCE CARRIED
TO THE B/S |
5.163 |
1.951 |
1.209 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
15.476 |
16.912 |
16.418 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1804.49 |
978.65 |
345.50 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
3.26 |
3.03
|
1.43
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.06 |
6.92
|
5.01
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.68 |
10.78
|
6.43
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.45 |
0.39
|
0.26
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.93 |
2.69
|
3.13
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.72 |
1.99
|
2.12
|
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Constitution
of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
Yes |
|
No.
of Employees |
No |
|
Name
of Person Contacted |
No |
|
Designation
of contact person |
No |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last three years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
No |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
No |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
No |
|
Export
/ Import Details [If Applicable] |
No |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
Yes |
|
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
PAN
of Proprietor/Partner/Director, if available |
No |
|
Voter
ID No of Proprietor/Partner/Director, if available |
No |
|
External Agency Rating,
if available |
No |
OPERATION OF THE
COMPANY
This year 2011 poses a unique challenge to CEA. The company has
increased turnover by almost 60% over last year’s performance and yet has room for
improvement. This year’s agenda is to consolidate on the gains made. CEA is
uniquely poised to make significant gains largely due to their firm grounding
in the opportunity that lies in the Indian Manufacturing Sector. More precisely
in the Indian Metal Cutting Industry comprising of the Automobile Sector and
its ancillaries, Oil and Gas, Farm Equipments, Power Generation, Defence,
Medical and Government Research.
Following the opportunity in the manufacturing sector, they are
converting a large portion of their Sales Turnover from a Commission Agent
model to a Distributor Model involving stock and sale of Products and Services
including Project Management. To successfully convert the company into a strong
local partner for their customers, they are actively hiring staff and opening
Branch Offices in important markets such as
The year ahead continues to look promising in spite of the challenges
thrown up by the overall economic conditions. While inflation will be a factor
especially in cost sensitive areas such as consumables for the domestic
automobile sector, the sales from the Capital Equipment side of the business
looks strong as budgets have already been sanctioned for projects in the
pipeline. In addition, the business from the Defence Sector has been a very
effective hedge due to extensive stimulus and upgradation programmes in the
Defence Manufacturing Sector.
They are also increasing their footprint to cover South East Asia,
Africa and the
The company has matured to an organization capable of delivering the
goods in both favorable and adverse conditions. The challenge ahead is to stay
the course and execute the strategy with discipline and effort. Their next
steps are to bolster the operations with strong ERP and SCM solutions with
which they hope to deliver further efficiency and in the end profitability to
the company. A complementing CRM strategy, they hope, will further enhance the
operations of their field staff. Their end goal, as always, is to be “a
supplier of quality products.”
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. |
FIXED ASSETS:
v Computers
v Furniture and Fixtures
v Office Equipments
v Plant and Machinery
v Four Wheelers
v
Two Wheelers
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.54.73 |
|
|
1 |
Rs.88.61 |
|
Euro |
1 |
Rs.71.34 |
INFORMATION DETAILS
|
Report Prepared
by : |
BYI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--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 |
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 |
|
43 |
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.