MIRA
INFORM REPORT
|
Report Date : |
24.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
NSSL LIMITED |
|
|
|
|
Formerly Known
As : |
NECO SCHUBERT AND SALZER LIMITED |
|
|
|
|
Registered
Office : |
F – 8, MIDC Industrial Ares, Hingna Road, Nagpur – 440016, Maharashtra
|
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 (Profit and Loss Account) |
|
|
|
|
Date of
Incorporation : |
23.04.1981 |
|
|
|
|
Com. Reg. No.: |
11-163100 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.187.740 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27310MH1981PLC163100 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
NGPN01511G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACN7173N |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Valves like, Brass Valves, Auto Components etc. |
|
|
|
|
No. of Employees
: |
2000 (Approximately) |
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 4236000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
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|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record. The company
has recorded delay in debt servicing. There appears drastic fall in its
profitability during 2012. However, trade relations are reported to be fair. Business is active.
Payments are reported to be slow. The company can be considered for business dealings with great
caution. NOTE: Balance sheet for the year 2012 is not
available only Profit and Loss Account available |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long term rating D |
|
Rating Explanation |
This rating are in default or are expected
to be in default soon. |
|
Date |
June 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 DENIED BY
|
Name : |
Ms. G K Virdi |
|
Designation : |
Account/ Finance Head |
|
Contact No.: |
91-7104-662500 |
|
Date : |
20.07.2013 |
LOCATIONS
|
Registered Office / Factory : |
F-8, M.I.D.C. Industrial Area, |
|
Tel. No.: |
91-7104-237276 / 236251 / 236255 / 237471 / 237472 /
237461 / 662500 |
|
Fax No.: |
91-7104-236255 / 237583 / 237586 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
T – 44/ 45, M.I.D.C.
Industrial Area, Hingna Road, Nagpur – 440 016, Maharashtra, India |
|
Tel. No.: |
91-7104-662500 / 232726 /
232727 / 237042 / 232725 |
|
Fax No.: |
91-7104-232725 / 237583 /
236255 |
|
|
|
|
Factory : |
Also Located At : ·
Chennai ·
Italy ·
Qatar |
|
|
|
Valve Division:
|
Tel No : 91-7104-662500 (30 Lines) / 232726, 232742 Fax No : 91-7104-662509 / 232725 |
|
|
|
Brass Valve Division:
|
Tel No: 91-7104-232726 / 232727 / 237042 Fax No: 91-7104-232725 |
|
|
|
Auto Components:
|
Tel No: 91-7104-662500 (30 Lines) / 232726, 232742 Fax No: 91-7104-662509/ 232725 |
|
|
|
|
Branch Office : |
Located at:
|
DIRECTORS
As on: 29.09.2012
|
Name : |
Mr. Anand Arvindkumar Jayaswal |
|
Designation : |
Managing director |
|
Address : |
Usha Sadan, 246, PT. R.S.S. Marg, Civil Lines, |
|
Experience : |
10 Years |
|
Date of Birth/Age : |
10.11.1976 |
|
Date of Appointment : |
01.04.2008 |
|
DIN No. : |
00192612 |
|
|
|
|
Name : |
Mr. Basant Lall Shaw |
|
Designation : |
Director |
|
Address : |
Usha Sadan, 246, PT. R.S.S. Marg, Civil Lines, |
|
Date of Birth/Age : |
03.08.1933 |
|
Date of Appointment : |
23.04.1981 |
|
DIN No. : |
00249729 |
|
|
|
|
Name : |
Mr. Arvindkumar Jayaswal |
|
Designation : |
Director |
|
Address : |
Usha Sadan, 246, PT. R.S.S. Marg, Civil Lines, |
|
Date of Birth/Age : |
26.11.1953 |
|
Date of Appointment : |
26/10/2002 |
|
DIN No. : |
00249864 |
|
|
|
|
Name : |
Mr. Ramesh Jayaswal |
|
Designation : |
Director |
|
Address : |
Usha Sadan, 246, PT. R.S.S. Marg, Civil Lines, |
|
Date of Birth/Age : |
02.02.1960 |
|
Date of Appointment : |
03.10.1996 |
|
DIN No. : |
00249947 |
|
|
|
|
Name : |
Mr. Madan Mohan Balkrishna Vyas |
|
Designation : |
Director |
|
Address : |
K – 53, Maker Tower, Cuffe Parade, Mumbai – 400005, Maharashtra, India
|
|
Date of Birth/Age : |
07.10.1942 |
|
Date of Appointment : |
27.07.1999 |
|
DIN No. : |
00399012 |
|
|
|
|
Name : |
Mr. Brajkishore Hargovind Agrawal |
|
Designation : |
Director |
|
Address : |
51, New Colony, Byramji Town, Nagpur – 440001, Maharashtra, India |
|
Date of Birth/Age : |
28.01.1949 |
|
Date of Appointment : |
24.07.1999 |
|
DIN No. : |
01223894 |
|
|
|
|
Name : |
Mr. Awadh Bihari Pandey |
|
Designation : |
Director |
|
Address : |
102, Ujawal Apartment, 51/E, Trimurty Nagar, |
|
Date of Birth/Age : |
20.08.1951 |
|
Date of Appointment : |
04.09.2004 |
|
DIN No. : |
01801851 |
|
|
|
|
Name : |
Mr. Om Prakash Gupta |
|
Designation : |
Director |
|
Address : |
25 G/F, Surya Niketan, Main Road, Surya Niketan, New Delhi – 110 092,
India |
|
Date of Birth/Age : |
05.12.1946 |
|
Date of Appointment : |
01.04.2008 |
|
DIN No. : |
02189250 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 29.09.2012
|
Names of Shareholders |
No. of Shares |
|
Basant Lall
Shaw |
574000 |
|
Arbind Jayaswal |
1276000 |
|
Ramesh Jayaswal |
792000 |
|
Nisha Jayaswal |
56000 |
|
Rita Jayaswal |
16000 |
|
Jayaswal Holdings Private Limited, India |
2014072 |
|
Anand Jayaswal |
90000 |
|
Avneesh Jayaswal |
32000 |
|
Neco Leasing and Finance Private Limited, India |
728000 |
|
Basant Lall |
32000 |
|
Arbind Jayaswal (HUF) |
40000 |
|
Ramesh Jayaswal |
128000 |
|
Vibrant Electronics Limited, India |
1000000 |
|
Parivar Food Industries Private Limited, India |
1000000 |
|
Jyotikant Investments Private Limited, India |
1130000 |
|
Arnold Kawlath |
90000 |
|
Bertram Kawlath |
90000 |
|
Jayaswal Neco Energy Private Limited, India (Formally Surya Sandhya
Merchants Private Limited ) |
2102500 |
|
Nine Star Plastic Packaging Private Limited, India |
2216250 |
|
Avon Sales and Services Private Limited, India |
2179000 |
|
Anurag Sales and Services Private Limited, India |
2446000 |
|
Jayaswal neco Metallics Private Limited, India |
2048500 |
|
Karamveer Impex Private Limited, India |
1968750 |
|
Apex Spinning Mills Private Limited, India |
1937500 |
|
|
|
|
Total |
23986572 |
As on: 29.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
0.75 |
|
Bodies corporate |
86.59 |
|
Directors or relatives of Directors |
12.66 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Valves like, Brass Valves, Auto Components etc. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
|
Ferrous Valves |
In numbers |
74000 |
|
Brass Valves Components |
In numbers |
10710630 |
|
Auto Components Machining
I |
In numbers |
152050 |
|
Aluminium Products |
In numbers |
4000 |
|
Particulars |
Unit |
Actual
Production |
|
Ferrous Valves |
In numbers |
28321 |
|
Brass Valves Components |
In Kgs.* |
266554 |
|
Steel and Aluminium
Components |
In Kgs. |
7000 |
|
Auto Components Machining
|
In numbers ** |
272639 |
|
Aluminium Products |
In numbers |
14271 |
NOTES:
** Includes 40468 numbers on job work basis.
*Includes Production of Copper Items
GENERAL INFORMATION
|
No. of Employees : |
2000 (Approximately) |
||||||||||||||||||
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|
||||||||||||||||||
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Bankers : |
·
State Bank of India, Industrial Finance Branch No.5, Sai Complex, Bharat
Nagar, Amravati Road, Post Box No.401, Nagpur – 440 010, Maharashtra, India ·
State Bank of India, X 63, MIDC Industrial Area, Hingna Road, Nagpur –
40016, Maharashtra, India |
||||||||||||||||||
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|
|
||||||||||||||||||
|
Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name 1 : |
V.R. Inamdar
and Company Chartered
Accountants |
|
Address : |
502, Paul
Commercial Complex, |
|
Tel. No.: |
91-712-2246662 |
|
Pan No.: |
AABFV6391G |
|
|
|
|
Name 2 : |
Arawal
Chhallani and Company Chartered
Accountants |
|
Address : |
51, New
Colony, Nagpur-440001, Maharashtra, India
|
|
Pan No.: |
AACFA2753L |
|
|
|
|
Subsidiaries : |
CIN No.:
U35999TN1981PTC008916
|
|
|
|
|
Enterprises in which Key Management Personnel and their relatives are able
to exercise significant influence (Other Related Parties) : |
|
CAPITAL STRUCTURE
As on: 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
23986572 |
Equity Shares |
Rs.10/- each |
Rs.239.865 Millions |
|
|
|
|
|
As on: 31.03.2011
Authorised Capital : Rs.250.000
Millions
Issued, Subscribed & Paid-up Capital : Rs.187.740 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 |
|
187.740 |
108.183 |
|
|
2] Share Application Money |
|
0.000 |
269.600 |
|
|
3] Reserves & Surplus |
|
871.412 |
367.792 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
1059.152 |
745.575 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
1347.400 |
771.504 |
|
|
2] Unsecured Loans |
|
102.387 |
160.685 |
|
|
TOTAL BORROWING |
|
1449.787 |
932.189 |
|
|
DEFERRED TAX LIABILITIES |
|
125.493 |
113.445 |
|
|
|
|
|
|
|
|
TOTAL |
|
2634.432 |
1791.209 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
1154.598 |
694.962 |
|
|
Capital work-in-progress |
|
639.713 |
405.609 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
38.698 |
31.562 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
425.269 |
305.009 |
|
|
Sundry Debtors |
|
569.380 |
426.297 |
|
|
Cash & Bank Balances |
|
38.474 |
65.489 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
311.584 |
195.750 |
|
Total
Current Assets |
|
1344.707 |
992.545 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
464.496 |
222.094 |
|
|
Other Current Liabilities |
|
27.101 |
20.651 |
|
|
Provisions |
|
51.687 |
90.724 |
|
Total
Current Liabilities |
|
543.284 |
333.469 |
|
|
Net Current Assets |
|
801.423 |
659.076 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
2634.432 |
1791.209 |
|
NOTE: Balance sheet for the year 2012 is not available only Profit and Loss
Account available
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1985.634 |
1541.524 |
1325.333 |
|
|
|
Other Income |
3.768 |
12.091 |
5.733 |
|
|
|
TOTAL |
1989.402 |
1553.615 |
1331.066 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1424.965 |
965.620 |
|
|
|
|
Purchases of stock-in-trade |
0.000 |
146.769 |
|
|
|
|
Changes in inventories of finished goods, work in progress and
stock-in-trade |
(146.418) |
(105.669) |
|
|
|
|
Employee benefit expense |
179.787 |
128.139 |
|
|
|
|
Other expenses |
231.496 |
202.842 |
|
|
|
|
TOTAL |
1689.830 |
1337.701 |
1147.815 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
299.572 |
215.914 |
183.251 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
169.317 |
66.300 |
70.301 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
130.255 |
149.614 |
112.950 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
66.566 |
38.537 |
33.652 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
63.689 |
111.077 |
79.298 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
21.557 |
34.099 |
21.704 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
42.132 |
76.978 |
57.594 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
305.293 |
257.418 |
201.433 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Preference Share Dividend |
NA |
1.371 |
1.375 |
|
|
|
Tax on Dividend |
NA |
0.228 |
0.234 |
|
|
|
Amount Transferred to Capital Redemption
Reserve |
NA |
27.504 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
305.293 |
257.418 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B Value of Export |
NA |
8.186 |
63.197 |
|
|
|
Recovery of Fright |
NA |
0.153 |
0.142 |
|
|
TOTAL EARNINGS |
NA |
8.339 |
63.339 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
0.000 |
5.645 |
|
|
|
Capital Goods |
NA |
1409.070 |
41.113 |
|
|
TOTAL IMPORTS |
NA |
1409.070 |
46.758 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
2.02 |
6.57 |
7.38 |
|
|
|
Diluted |
2.02 |
4.53 |
6.78 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
2.12
|
4.95 |
4.33 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.21
|
7.20 |
5.98 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
4.44 |
6.58 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.10 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
NA
|
1.37 |
1.25 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
NA
|
2.47 |
2.98 |
LOCAL AGENCY FURTHER INFORMATION
NOTE:
Current Maturities
of Long Term Debt Are Not Available
|
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 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 |
No |
|
33] |
Voter ID No
of Proprietor/Partner/Director, if available |
No |
|
34] |
External
Agency Rating, if available |
Yes |
NOTE:
The registered office of the company has been shifted from 105-106,
Light Industrial Areabhilai, C.G. Madhya Pradesh 490026 India to the present
address w.e.f. 20.06.2006
UNSECURED LOAN:
|
Particulars |
31.03.2011 [Rs.
in Millions] |
31.03.2010 [Rs.
in Millions] |
|
Loans from directors |
2.500 |
68.900 |
|
Deferred sales tax loan |
99.887 |
91.785 |
|
|
|
|
|
Total |
102.387 |
160.685 |
BANKERS CHARGES
REPORT AS PER REGISTRY:
|
Corporate identity
number of the company |
U27310MH1981PLC163100 |
|
Name of the
company |
NSSL LIMITED |
|
Address of the
registered office or of the principal place of business in |
F – 8, MIDC Industrial Ares, Hingna Road, Nagpur – 440016, Maharashtra,
India E-Mail contact@necoindia.com |
|
This form is for |
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
10038586 |
|
Type of charge |
Immovable property Book debts Movable property (not being pledge) |
|
Particular of
charge holder |
State
Bank of India, Industrial Finance Branch No.5, Sai Complex, Bharat Nagar,
Amravati Road, Post Box No.401, Nagpur – 440 010, Maharashtra, India E-Mail ravindra.bargi@sbi.co.in |
|
Nature of
instrument creating charge |
Form C-5, Letter
Regarding The Grant Of Individual Limits Within Overall Limits. By execution of
the said instrument, the credit limits sanctioned by SBI, UBI and SICOM to
NSSL Limited stand Rs. 2780.000 millions. |
|
Date of
instrument Creating the charge |
28.02.2013 |
|
Amount secured by
the charge |
Rs. 2780.000
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest: As Per Agreement Terms of Repayment: As Per Agreement Margin: As Per Agreement Extent and Operation of the charge: All securities created earlier for letter of
comfort facility of Rs. 340.000 millions, working capital of Rs 1630.000
millions and term loan of 890.000 millions remain same for renewed secured amount of Rs. 2780.000
millions (WC- Rs. 1630.000 millions, term loan Rs. 890.000 millions and loc
Rs. 260.000 millions) |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
i.
Entire
fixed assets of the Company located at
Plot no T-44 and T-45 admeasuring 8220 sq mts and 11540 sq mts respectively
at MIDC Hingna Nagpur ii.
Entire
fixed assets of the Company located at
Plot no 2,3,4 at MIDC Hingna Road, Nildoh, Nagpur iii.
Entire
fixed assets of the Company located at Plot no T-40 MIDC Hingna Nagpur. iv.
Immovable
property at Plot no T - 40 MIDC Hingna Nagpur, in the name of Nagpur
Fasteners Industries Private Limited |
|
Date of
instrument modifying the charge |
11.10.2012 |
|
Particulars of
the present modification |
The Charge has been
modified to reduce the Charge amount from Rs. 2860.000 millions to Rs.
2780.000 millions. The LOC limit has been reduced by SBI from Rs. 340.000
millions to Rs. 260.000 millions. The
overall secured amount after reduction is Rs. 2780.000 millions comprising of
WC facilities of Rs. 1630.000 millions (SBI – 1140.000 millions UBI - 49)
Term Loan of Rs. 890.000 millions (SBI-300.000 millions + UBI 300.000
millions + SICOM 290.000 millions) and Letter of Comfort facility of Rs.
260.000 millions Granted to NSSL Limited. |
WORKING AND FUTURE PROSPECTS:
The Company has
shown increase in the Net Turnover from Rs. 1325.334 millions in the year
2009-10 to Rs. 1596.707 millions in the year 2010-11 representing a growth of 20%
in turnover and the Company has achieved a profit of Rs. 80.032 millions as
compared to Rs.68.755 millions in the previous year representing 16% growth in
profits.
The Auto component
division of NSSL limited which was started in 1998 with a small set up has
grown to manufacturing of 42 types of different kinds of cylinder heads for
petrol as well as diesel engines. The unit also manufactures auto components
like VTU Housings, Clutch Housing, Oil Pumps, Engine block, Cylinder cover,
Rear HUB, Diff case and cover etc.
They were the
first company in India to manufacture and test Cryogenic valves in-house.
Seeing the potential in Nuclear sector, even before it was talked of, we
were the first company in India to manufacture and test Seismic valves in-house,
thereafter, one of the few companies worldwide to bag an order from Saudi
Aramco for manufacturing Inconel 825 cladded valves .
The company has
undertaken Project for setting up a new plant for manufacture of industrial
valves. The plant has been partially commissioned during the year.
The company is
exploring business opportunities in Europe and has planned to expand its
operations in Italy through its subsidiary N.S.S.L Italia S.R.L based in Italy.
The company is now planning to extend financial assistance to N.S.S.L Italia
S.R.L to facilitate the expansion of its activities.
CONTINGENT LIABILITIES:
|
Particulars |
31.03.2011 (Rs. In
millions) |
31.03.2010 (Rs. In
millions) |
|
Guarantees given
by the Company's Bankers. (Bank guarantees
are provided under contractual/legal obligation. No cash outflow is
expected.) |
94.595 |
67.747 |
|
Letters of
credit opened in favour of suppliers (Cash flow is
expected on receipt of material from suppliers) |
65.777 |
108.077 |
|
Corporate
Guarantee (Given to Bank
against the borrowings taken by Subsidiary Company) |
10.756 |
28.209 |
|
Disputed Excise
Duty (Pre-payment
made for admission of appeal Rs.1.233 millions. No further cash outflow is
expected in the near future.) |
63.753 |
63.753 |
|
Disputed Sales Tax (Pre-payment
made for admission of appeal Rs.0.305 million. No further cash outflow is
expected in the near future.) |
53.641 |
53.641 |
|
Liability in
respect of Bills Discounted (No cash outflow
is expected.) |
4.519 |
0.000 |
|
Estimated amount
of contracts remaining to be executed on Capital Accounts and not provided
for (net of advances) (Cash flow is
expected on execution of such capital contracts on progressive basis) |
35.302 |
199.562 |
1.
The Company was entitled to defer its liability to
pay Sales Tax (including a portion of Purchase Tax) in respect of its certain
unit’s upto January 2010. The liability under the Schemes as on 31st
March, 2011 is Rs. 260.781 millions (Previous Yea: Rs.26.593 millions) which is
provided for on the basis of its Net Present Value of Rs. 99.887 millions
(Previous Year: Rs.91.785 millions). During the year the Company has made
repayment of Rs.5.812 millions. Interest accrued for current year on this Net
Present Value amounts to Rs.13.914 millions.
2.
In the opinion of the Board, Current Assets, Loans
and Advances continue to have a realizable value of at least the amounts at
which they are stated in the Balance Sheet, unless otherwise stated.
3.
In accordance with the Accounting Standard (AS-28)
on and quot; Impairment of Assets and quot;, the Management during the year
carried out an exercise of identifying the assets that may have been impaired
in respect of each cash generating unit in accordance with the said Accounting
Standard. On the basis of this review carried out by the management, there was
no impairment loss on Fixed Assets during the year ended 31st March,
2011.
1.
The process of implementation of SAP in the Company
is continuing during the year. The Financial Statements are compiled using data
from SAP and certain manual. The physically verified inventory is considered as
closing inventory and consumption has been arrived at accordingly.
2.
The Company has imported goods against Advance
license with an obligation to export the value of goods mentioned in the
license within a period of ninety-six months from the date of import. The
export obligation against such imports to be fulfilled in eight succeeding
years, as on 31st March, 2011 is Rs.417.215 millions (Previous Year :
Rs.303.616 millions).
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.59.69 |
|
|
1 |
Rs.91.66 |
|
Euro |
1 |
Rs.78.69 |
INFORMATION DETAILS
|
Information Gathered
by : |
PDT |
|
|
|
|
Report Prepared
by : |
ANK |
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 |
NO |
|
--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 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.