|
Report Date : |
22.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
NIPKO ENGINEERING SERVICES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
102, Neetu Maya CHS, Down German Bakery Lane, Koregaon Park,
Pune-411001, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
10.08.2009 |
|
|
|
|
Com. Reg. No.: |
11-134456 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.11.250
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51505PN2009PTC134456 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Trader of Meters and Electrical Products. |
|
|
|
|
No. of Employees
: |
30 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 83000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of ‘The Signet Group’. It is an established company having moderate track record. There
appears huge external borrowings recorded by the company which acts as a
threat to the company liquidity. However, trade relations are reported as fair. Business is active.
Payments terms are reported as slow. The company can be considered for business dealings with great
caution. NOTE: The company was
formerly incorporated as a proprietory concern ‘Nipko Enterprises’. Name of
proprietor Mr. Narendra Achyutrao Korde. In the year 2009 it converted into
Private Limited Company. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village farming,
modern agriculture, handicrafts, a wide range of modern industries, and a
multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
B [Long Term] |
|
Rating Explanation |
High risk of default |
|
Date |
03.01.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A4 [Short Term] |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
03.01.2013 |
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.
INFORMATION PARTED BY [GENERAL DETAILS]
|
Name : |
Ms. Rashmi Kulkarni |
|
Designation : |
Assistant Manager |
|
Contact No.: |
91-20-66836200 |
|
Date : |
22.02.2013 |
LOCATIONS
|
Registered Office : |
102, Neetu Maya CHS, Down German Bakery Lane, Koregaon Park,
Pune-411001, Maharashtra, India |
|
Tel. No.: |
91-20-66836200 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Location : |
Owned |
DIRECTORS
AS ON 28.09.2012
|
Name : |
Mr. Narendra Achyutrao Korde |
|
Designation : |
Director |
|
Address : |
B1 (701) Landmark Garden, Kalyani Nagar, Pune-411014, Maharashtra,
India |
|
Date of Birth/Age : |
21.07.1968 |
|
Date of Appointment : |
10.08.2009 |
|
Din No.: |
01779086 |
|
|
|
|
Name : |
Mrs. Vaidehi Narendra Korde |
|
Designation : |
Director |
|
Address : |
6, Valentina Society, North Main Road, Koregaon Park, Pune-411001,
Maharashtra, India |
|
Date of Birth/Age : |
14.09.1977 |
|
Date of Appointment : |
10.08.2009 |
|
Din No.: |
02649961 |
|
|
|
|
Name : |
Mr. Nitin Sudhakar Kulkarni |
|
Designation : |
Director |
|
Address : |
15, Nishigandh, Jiveshwar Colony, Hattesinghpura, Behind Katkat Gate,
Aurangabad-431001, Maharashtra, India |
|
Date of Birth/Age : |
17.01.197 |
|
Date of Appointment : |
12.05.2012 |
|
Din No.: |
03225037 |
|
|
|
|
Name : |
Mr. Sharad Lathi |
|
Designation : |
Director |
|
Address : |
321, Hudako Colony, Neemach, Neemach-458441, Madhya Pradesh, India |
|
Date of Birth/Age : |
24.10.1985 |
|
Date of Appointment : |
12.05.2012 |
|
Din No.: |
05138251 |
|
|
|
|
Name : |
Mr. Rajas Diwakar Damle |
|
Designation : |
Director |
|
Address : |
Flat No. 10/11, Mahadev Apartment, 1269, Sadashiv Peth, Pune-411030,
Maharashtra, India |
|
Date of Birth/Age : |
23.11.1973 |
|
Date of Appointment : |
23.06.2012 |
|
Din No.: |
05312464 |
KEY EXECUTIVES
|
Name : |
Ms. Rashmi Kulkarni |
|
Designation : |
Assistant Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Narendra Achyutrao Korde |
|
7000 |
|
Vaidehi Narendra Korde |
|
3000 |
|
|
|
|
|
TOTAL
|
|
10000 |
AS ON 28.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader of Meters and Electrical Products. |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Suppliers : |
·
Krutika Electrofab ·
Larsen and Tubro |
|||||||||
|
|
|
|||||||||
|
Customers : |
Wholesalers and Retailers ·
Pratibha Electrical ·
Madhur Electric and Trading Company |
|||||||||
|
|
|
|||||||||
|
No. of Employees : |
30 [Approximately] |
|||||||||
|
|
|
|||||||||
|
Bankers : |
·
State Bank of India, Sadashiv Peth, Tilak Road,
Pune-411030, Maharashtra, India Tel
No.: 91-20-24467694 |
|||||||||
|
|
|
|||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Gokhale, Tanksale and Ghatpande Chartered Accountants |
|
Address : |
221, Siddharth Towers, S. No. 12/3B, Sangam Press Road, Kothrud,
Pune-411038, Maharashtra, India |
|
Tel. No.: |
91-20-25469793 |
|
Mobile No.: |
91-9820213000 |
|
E-Mail : |
|
|
PAN No: |
|
|
|
|
|
Associates/Subsidiaries : |
·
Signet Products
Private Limited Address: 102, Neetu Maya
CHS, Down German Bakery Lane, Koregaon Park, Pune-411001, Maharashtra, India Line
of Business: Trader of Meters and Electrical Products. |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.10/- each
|
Rs.0.100
Million |
|
|
Share Application Money |
|
Rs.11.150
Millions |
|
|
Total
|
|
Rs.11.250 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
11.550 |
11.550 |
0.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
9.223 |
2.506 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
20.773 |
14.056 |
0.100 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
39.723 |
36.326 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
39.723 |
36.326 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.017 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
60.496 |
50.399 |
0.100 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2.113 |
2.568 |
0.000 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
5.000 |
5.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.056 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
5.620
|
14.241 |
0.000 |
|
|
Sundry Debtors |
65.707
|
48.603 |
0.000 |
|
|
Cash & Bank Balances |
0.015
|
0.089 |
0.035 |
|
|
Other Current Assets |
33.596
|
2.135 |
0.065 |
|
|
Loans & Advances |
0.000
|
0.000 |
0.000 |
|
Total
Current Assets |
104.938
|
65.068 |
0.100 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
43.075
|
19.731 |
0.000 |
|
|
Other Current Liabilities |
1.382
|
0.000 |
0.000 |
|
|
Provisions |
7.154
|
2.506 |
0.000 |
|
Total
Current Liabilities |
51.611
|
22.237 |
0.000 |
|
|
Net Current Assets |
53.327
|
42.831 |
0.100 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
60.496 |
50.399 |
0.100 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income [Gross] |
|
142.893 |
36.179 |
|
|
|
Other Income |
|
NA |
NA |
|
|
|
TOTAL |
|
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
|
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
|
9.838 |
3.652 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
3.121 |
1.147 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
|
6.717 |
2.505 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
671.70 |
250.50 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.19
|
5.40 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.47
|
0.25 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.91
|
2.58 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.03
|
2.93 |
0.00 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2012 (Rs. in millions) |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
|
Sundry Creditors |
43.075
|
19.731 |
0.000 |
|
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 |
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 |
Yes |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
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 |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth 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 |
OPERATIONS:
The company has been able to maintain the
operating profit ratio @ about 22%, which is an impressive growth from the
previous year. the board would endeavor to maintain the said levels in
profitability over the next years. The board intends to increase the share of
installation, commissioning works in its revenue profile, along with the
regular participation in SEB Tenders. The board has taken a turnover target of
Rs.350.000 Millions for the year 2012-13, which it thinks could be easily
achieved as the SEB in Maharashtra has ambitious power distribution plans for
the next five years.
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 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.54.48 |
|
|
1 |
Rs.82.71 |
|
Euro |
1 |
Rs.72.23 |
INFORMATION DETAILS
|
Information Gathered
by : |
PLK |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
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 |
|
TOTAL |
|
26 |
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.