MIRA
INFORM REPORT
|
Report Date : |
09.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
NATIONAL HEAVY ENGINEERING CO-OPERATIVE LIMITED |
|
|
|
|
Registered
Office : |
17, Mahatma Gandhi Road, Pune –
411 001, Maharashtra |
|
|
|
|
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 (47) |
|
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 : |
Exist |
|
|
|
|
Comments : |
Subject is a well established co-operative society having a satisfactory
track record. The financial statements after F.Y. 2010-2011 are not available with
us. Mr. V. K. Shah, accounts executive has provided general information
and denied to disclose any financial details to us. As per available of 2011, there appears a drastic dip in its net
profitability due to which the profit margin of the company has been
affected. However, the financial position appears to be average marked by
strong networth position. The ratings also take into consideration the fact that the subject has
been promoted by National Co-Operative Development Corporation (NCDC),
government of India and supported by the National federation of co-operative
sugar factories. Trade relations are fair. Business is active. Payment terms are usually
correct. In view of strong support from government of India, the co-operative
society 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.
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.
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 PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. V. K. Shah |
|
Designation : |
Accounts Executive |
|
Contact No.: |
91-2114-222261 |
|
Date : |
06.12.2013 |
LOCATIONS
|
Registered/ Head Office : |
17, Mahatma Gandhi Road, Pune –
411001, Maharashtra, India |
|
Tel. No.: |
91-20-26131910/ 11/ 12/ 13 |
|
Mobile No.: |
91-9011075408 (Mr. Arun Madalkar) |
|
Fax No.: |
91-20-26134920 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
2000 Sq. ft. |
|
Location : |
Owned |
|
|
|
|
Factory and
Export Division : |
Pune - Mumbai Highway, Talegaon Dabhade, Pune – 410506, Maharashtra
India |
|
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 – 110016, 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 holder’s details are not available.
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Trader, Exporter and Importer of Sugar Machinery. |
|
|
|
|
Products : |
·
Sugar Processing Machinery ·
Special Purpose Machinery |
|
|
|
|
Exports : |
|
|
Products : |
Finished Goods |
|
Countries : |
· Bangladesh Indonesia |
|
|
|
|
Imports : |
|
|
Products : |
Raw Materials |
|
|
|
|
Terms : |
|
|
Selling : |
Credit |
|
|
|
|
Purchasing : |
Credit |
GENERAL INFORMATION
|
Customers : |
End Users 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 : |
·
Punjab National Bank Arora Tower, Pune-411001, Maharashtra, India ·
State Bank of Travancore 1248/A, Asmani Plaza, Deccan Gymkhana, Pune-411004, Maharashtra, India Contact No.: 91-20-25531285 ·
Maharashtra State Co-Operative Bank Limited, Sir Vithaldas Thackersey Memorial Building, 9, Maharashtra Chamber of
Commerce Lane, Fort, Mumbai-400023, Maharashtra, India ·
Export-Import Bank of India Post Box 16100, World Trade Centre, Cuffe Parade, Mumbai-400005,
Maharashtra, India |
|
|
|
|
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
|
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 |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
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 |
LITIGATION DETAILS:
|
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.61.67 |
|
|
1 |
Rs.100.65 |
|
Euro |
1 |
Rs.84.25 |
INFORMATION DETAILS
|
Information Gathered
by : |
PLK |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
47 |
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.