MIRA
INFORM REPORT
|
Report Date : |
05.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
NEXUS ELECTRO STEEL LIMITED (w.e.f. 04.04.2006) |
|
|
|
|
Formerly Known
As : |
NEXUS ELECTRO STEEL PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
No.202, Shivalay, Block C, 16, Ethiray Salai, Egmore, Chennai -
600008, Tamilnadu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
22.07.1998 |
|
|
|
|
Com. Reg. No.: |
18-040858 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.100.010 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29142TN1998PLC040858 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEN05766F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCN4224H |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Laminations and Cores for the Electrical
Transformer industry. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 478000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record. The management failed to file its financials for the year 2013 with
the government department. There appears huge external borrowings recorded by the company during
2012. The rating takes into consideration weak financial risk profile,
marked by high gearing and weak debt protection metrics and working capital
intensive operations. However, trade relations are improving. Business is active. Payment
are reported to be slow. The company can be considered for business dealing with great caution. |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating: “B-” |
|
Rating Explanation |
Have high risk of default |
|
Date |
22.02.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating: “A4” |
|
Rating Explanation |
Have minimal degree of safety and carry very high credit risk. |
|
Date |
22.02.2013 |
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/ Corporate Office : |
No.202, Shivalay, Block C, 16, Ethiray Salai, Egmore, Chennai -
600008, Tamilnadu, India |
|
Tel. No.: |
91-44-40600600/ 28231120 |
|
Fax No.: |
91-44-40600610/ 28214118 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1: |
Opposite to JSW Steel, Mumbai – Nashik N.H. #3, Kasne Village, Vasind
P.O., Thane – 421604, Maharashtra, India |
|
Tel. No.: |
91-2522-645395/ 645396 |
|
|
|
|
Factory 2: |
Located At · Puducherry |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Ketan Chhotalal Bagadia |
||||||||||||||||||||||||||||||||||||
|
Designation : |
Managing Director |
||||||||||||||||||||||||||||||||||||
|
Address : |
“Amrut Villa” 28, (Old No.49) RItherdon Road, Vepery,
Chennai - 600007, Tamilnadu, India |
||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
10.12.1965 |
||||||||||||||||||||||||||||||||||||
|
Qualification: |
Degree |
||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
22.07.1998 |
||||||||||||||||||||||||||||||||||||
|
PAN No.: |
AAKPK7418G |
||||||||||||||||||||||||||||||||||||
|
DIN No.: |
01404893 |
||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Hiren Mahendra Botadra |
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|
Designation : |
Whole – Time Director |
||||||||||||||||||||||||||||||||||||
|
Address : |
10, Kadambari Apartment, |
||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
06.01.1977 |
||||||||||||||||||||||||||||||||||||
|
Qualification: |
Degree |
||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
14.03.2006 |
||||||||||||||||||||||||||||||||||||
|
PAN No.: |
AAIPB6143M |
||||||||||||||||||||||||||||||||||||
|
DIN No.: |
01375328 |
||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Tarun Kumar Bimalendu Mukherjee |
||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||
|
Address : |
Flat – 801, Block – F Kalpataru Regency Phase-II, Survey No. 208,
Kalyani Nagar, Yerawad, Pune - 411006, Maharashtra, India |
||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
26.09.1937 |
||||||||||||||||||||||||||||||||||||
|
Qualification: |
Degree |
||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
10.09.2008 |
||||||||||||||||||||||||||||||||||||
|
DIN No.: |
01834219 |
||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||||||||||||||
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
|
Names of Equity Shareholders |
|
No. of Shares |
|
Ketan C. Bagadia |
|
2962579 |
|
Hitesh G. Bagadia |
|
350 |
|
Charu K. Bagadia |
|
790200 |
|
Anila V. Mehta |
|
900 |
|
Shailesh G. Bagadia |
|
1000 |
|
Rajendra G. Bagadia |
|
1000 |
|
Hiren M Botadra |
|
499950 |
|
Hiren M Botadra Joint Holder: Poonam H. Botadra |
|
401346 |
|
Charu K Bagadia Joint Holder: Ketan C. Bagadia |
|
305040 |
|
Ketan C Bagadia Joint Holder: Charu K. Bagadia |
|
37130 |
|
P. S. Shekar |
|
5 |
|
Total |
|
4999500 |
|
Names of Preference Shareholders |
|
No. of Shares |
|
Ketan C. Bagadia |
|
3788166 |
|
Charu K. Bagadia |
|
910619 |
|
Charu K. Bagadia Joint Holder: Ketan C. Bagadia |
|
151417 |
|
Ketan C. Bagadia Joint Holder: Charu C. Bagadia |
|
151312 |
|
Total |
|
5001514 |
Allottees as on 28.03.2013
|
Names of Allottees |
|
No. of Shares |
|
Ketan C. Bagadia |
|
978817 |
|
Charu K. Bogadia |
|
91061 |
|
Charu K. Bogadia |
|
15142 |
|
Ketan C. Bagadia |
|
15131 |
|
Nexus Finvest Private Limited, India |
|
500000 |
|
Total |
|
1600151 |
As on 29.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Laminations and Cores for the Electrical
Transformer industry. |
||||
|
|
|
||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
· ICICI Bank Limited, Land Mark Race Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India State Bank of India, Oversea Branch, No.86, Rajaji Salai,
Chennai - 600001, Tamilnadu, India |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institution : |
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 |
|
|
|
|
Auditors : |
|
|
Name : |
Nilesh B Shah and Company Chartered Accountant |
|
Address : |
Dr. Rajivi Towers, Shop No. 3-4-, 2nd Floor, No.231, |
|
Tel. No.: |
91-44-42179705 |
|
Fax No.: |
91-44-42179705 |
|
E-Mail : |
|
|
Income-tax
PAN of auditor or auditor's firm : |
AAJPS3444D |
|
|
|
|
Associate : |
· Current Electricals Limited Nexus Finvest Private Limited |
CAPITAL STRUCTURE
As on 29.09.2012
Authorised Capital : Rs. 122.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.65.997 Millions
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5250000 |
Equity Shares |
Rs.10/- each |
Rs.52.500 Millions |
|
5250000 |
Preferences Shares |
Rs.10/- each |
Rs.52.500 Millions |
|
|
|
|
|
|
|
Total
|
|
Rs.105.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4999500 |
Equity Shares |
Rs.10/- each |
Rs.49.995
Millions |
|
5001514 |
Preferences Shares |
Rs.10/- each |
Rs.50.015 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.100.010 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
100.010 |
100.010 |
|
(b) Reserves & Surplus |
|
19.481 |
1.968 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
119.491 |
101.978 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
117.029 |
115.051 |
|
(b) Deferred tax liabilities (Net) |
|
28.344 |
24.184 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
|
145.373 |
139.235 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
459.056 |
453.404 |
|
(b) Trade payables |
|
479.033 |
333.097 |
|
(c) Other current
liabilities |
|
1.270 |
7.955 |
|
(d) Short-term provisions |
|
16.366 |
10.582 |
|
Total Current Liabilities (4) |
|
955.725 |
805.038 |
|
|
|
|
|
|
TOTAL |
|
1220.589 |
1046.251 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
292.581 |
302.410 |
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
|
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
0.000 |
0.000 |
|
(e) Other Non-current assets |
|
0.426 |
0.422 |
|
Total Non-Current Assets |
|
293.007 |
302.832 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
471.514 |
380.898 |
|
(c) Trade receivables |
|
354.853 |
233.828 |
|
(d) Cash and cash
equivalents |
|
32.512 |
35.956 |
|
(e) Short-term loans and
advances |
|
58.585 |
72.303 |
|
(f) Other current assets |
|
10.118 |
20.434 |
|
Total Current Assets |
|
927.582 |
743.419 |
|
|
|
|
|
|
TOTAL |
|
1220.589 |
1046.251 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
100.010 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
22.098 |
|
|
4] (Accumulated Losses) |
|
|
(28.243) |
|
|
NETWORTH |
|
|
93.865 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
461.748 |
|
|
2] Unsecured Loans |
|
|
80.500 |
|
|
TOTAL BORROWING |
|
|
542.248 |
|
|
DEFERRED TAX LIABILITIES |
|
|
18.599 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
654.712 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
285.547 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
359.667 |
|
|
Sundry Debtors |
|
|
154.224 |
|
|
Cash & Bank Balances |
|
|
22.647 |
|
|
Other Current Assets |
|
|
96.400 |
|
|
Loans & Advances |
|
|
3.378 |
|
Total
Current Assets |
|
|
636.316 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
245.229 |
|
|
Other Current Liabilities |
|
|
17.211 |
|
|
Provisions |
|
|
4.860 |
|
Total
Current Liabilities |
|
|
267.300 |
|
|
Net Current Assets |
|
|
369.016 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.149 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
654.712 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
948.560 |
926.523 |
960.329 |
|
|
|
Other Income |
11.638 |
8.369 |
5.239 |
|
|
|
TOTAL (A) |
960.198 |
934.892 |
965.568 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
627.721 |
655.575 |
|
|
|
|
Employee benefit expense |
50.750 |
43.269 |
|
|
|
|
Other expenses |
113.364 |
95.235 |
|
|
|
|
TOTAL (B) |
791.835 |
794.079 |
871.252 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
168.363 |
140.813 |
94.316 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
127.257 |
107.343 |
64.823 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
41.106 |
33.470 |
29.493 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
14.155 |
13.343 |
10.169 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
26.951 |
20.127 |
19.324 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
9.134 |
12.015 |
29.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
17.817 |
8.112 |
(9.676) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(20.130) |
(28.242) |
(18.566) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(2.313) |
(20.130) |
(28.242) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
298.600 |
97.471 |
97.471 |
|
|
TOTAL EARNINGS |
298.600 |
97.471 |
97.471 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
545.987 |
418.851 |
|
|
|
Capital Goods |
NA |
12.625 |
65.148 |
|
|
TOTAL IMPORTS |
NA |
558.612 |
483.999 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
3.56 |
1.62 |
(1.94) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.86
|
0.87 |
(1.00) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.84
|
2.17 |
2.01 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.21
|
1.92 |
2.10 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.20 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
4.82
|
5.57 |
8.62 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.97
|
0.92 |
2.38 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
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 |
Yes |
|
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 involved in |
----- |
|
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 |
No |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10413388 |
19/03/2013 |
230,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA |
B71312342 |
|
2 |
10380581 |
03/12/2012 * |
233,710,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA |
B63705263 |
|
3 |
10081829 |
04/12/2012 * |
910,000,000.00 |
STATE BANK OF INDIA |
OVERSEAS BRANCH, NO.86. RAJAJI SALAI, CHENNAI - 600001, TAMILNADU, INDIA |
B64441728 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Fully convertible debentures others |
50.000 |
50.000 |
|
Other loans and advances, others |
50.000 |
0.000 |
|
SHORT TERM
BORROWINGS |
|
|
|
Loans and advances from related parties |
38.102 |
36.850 |
|
Total |
138.102 |
86.850 |
Note:
The Registered Office of the company has been shifted from 202,
"Shivalya" Block 'C' 16, Ethiraj Salai, Chennai - 600105, Tamilnadu,
India to the present address w.e.f. 26.12.2008.
CORPORATE INFORMATION
Subject promoted by Mr. Ketan C. Bagadia, is a closely-held public limited company, primarily manufacture of Laminations and Cores for the Electrical Transformer industry. Originally, Mr. Ketan C. Bagadia commenced the manufacture Transformer Laminations in the year 1987 in Chennai. Subsequently, due to a major thrust given by successive Governments Power Generation / Distribution, the demand for Transformers grew manifold, resulting in a huge demand for Transformer Laminations. cater to this demand, Mr. Ketan C. Bagadia along with his family members established in the year 1994 a green - field facility in for the manufacture of Transformer Laminations and Cores. Thus the promoters of NESL have more than 25 years of experience of Transformer Laminations and Cores.
PUDUCHERRY PLANT
The plant in Puducherry is located on an industrial plot leased by PIPDIC Limited in favour of NESL for 99 years. The total manufacturing approx 10,000 Sq.Ft & NESL has installed many sophisticated equipments including Automatic Slitting Line, Shearing Machines, Press, Press Brake, EOT / Jib Cranes as well as Core Loss Testers to produce Laminations of the highest quality suitable for & Power Transformers. The layout of the plant has been designed to handle high volume of materials efficiently and as per production process. This plant has a ISO 9001 : 2000 Certification from TUV Rheinland for manufacturing of Laminations and Cores.
MUMBAI PLANT
During 2009, NESL has taken a step towards forward integration by setting up a new plant on the outskirts of Mumbai.
This ultra-modern, green-field project has been set-up, to manufacture Cut Laminations, Core Assembly, Windings and Core / Coil Kasne Village near Mumbai on the Mumbai - Nashik NH # 3. Thus the company captures the entire value chain in the transformer manufacturing process in a significant manner. This plant is also ISO
9001 - 2000 certified by TUV Rheinland and Six Sigma
Complaint as per audit by an external agency.
BUSINESS AND OUTLOOK
The company has performed well in the year despite difficult global environment. The focus is presently towards markets which would provide increased value addition coupled with prompt payments from customers. The company has participated in many international exhibitions in the year under review and the benefit of this participation is expected to accrue soon. The objective of the management would be to consolidate the present operations during 2012-13 so that the company is able to reap the benefits of various initiatives taken by the company in the past 2-3 years. The increased share of export sales is likely to benefit the company in he long run as this would result in incremental margins for the given sale. The company is planning to set up a facility in Chennai in the coming year which would facilitate them to increase the market share of our products & also give logistical advantages.
Their Puducherry units were affected by the occurrence of cyclone “Thane” in December 2011. Normal operations resumed in a short span of two days and a suitable claim for the damage occurred has been made on the Insurance Company. The impairment to all assets has been recognized in the accounts for the year just ended.
FIXED ASSETS
· Land
Buildings
Factory
Building
Plant
and Equipment
Other
plant and Equipment
Furniture
and Fixtures
Vehicles
Motor
Vehicles
Office
Equipment
Computer
Equipments
Other
Equipments
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 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 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.62.33 |
|
|
1 |
Rs.102.18 |
|
Euro |
1 |
Rs.84.68 |
INFORMATION DETAILS
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
27 |
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.