MIRA INFORM REPORT
|
Report Date : |
11.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
NASHIK FORGE PRIVATE LIMITED |
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Registered
Office : |
H-149, M.I.D.C Area, Ambad, Nashik-422010, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
26.05.2005 |
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Com. Reg. No.: |
11-153522 |
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Capital
Investment / Paid-up Capital : |
Rs. 28.000 Millions |
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CIN No.: [Company Identification
No.] |
U27105MH2005PTC153522 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Forgings |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 140000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow But Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track record. The
profitability of the company seems to be low. However, trade relations are reported to be fair. Business is active.
Payments are reported to be slow but correct. The company can be considered for business dealings with some 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 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
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 DECLINED BY
|
Name : |
Mr. Mukesh S Bheda |
|
Designation : |
Director |
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Contact No.: |
91-253-6601167 |
|
Date : |
10.06.2013 |
LOCATIONS
|
Registered Office : |
H-149, M.I.D.C Area, Ambad, Nashik-422010, Maharashtra, India |
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Tel. No.: |
91-253-6601167 |
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Fax No.: |
Not Available |
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E-Mail : |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Mr. Mukesh Shantilal Bheda |
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Designation : |
Director |
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Address : |
04, Chandradeep Housing Society, Indira Nagar, Nashik-422009,
Maharashtra, India |
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Date of Birth/Age : |
18.04.1963 |
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Date of Appointment : |
26.05.2005 |
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DIN No.: |
00744119 |
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Name : |
Ms. Bharati Mukesh Bheda |
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Designation : |
Director |
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Address : |
Plot No.41, B, Chandadeep Housing Society, Wadala Pathardi Road,
Indira Nagar, Nashik-422009, Maharashtra, India |
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Date of Birth/Age : |
01.07.1972 |
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Date of Appointment : |
15.07.2008 |
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DIN No.: |
02236322 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Shareholders |
No. of Shares |
|
Mukesh Shantilal Bheda |
2281401 |
|
Bharati Mukesh Bheda |
518599 |
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TOTAL
|
2800000 |
AS ON 29.09.2012
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Directors or relatives of Directors |
100.00 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Forgings |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M K Jagtap and Company Chartered Accountant |
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Address : |
A-101, Paradise Plaza, Opposite Madhumilan, Near Sarada Circle,
Nashik-422001, Maharashtra, India |
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PAN No.: |
ABKPJ3841K |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
3000000 |
Equity Shares |
Rs.10/- each |
Rs. 30.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
2800000 |
Equity Shares |
Rs.10/- each |
Rs. 28.000
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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|
SHAREHOLDERS FUNDS |
|
|
|
|
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1] Share Capital |
28.000 |
23.900 |
12.500 |
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2] Share Application Money |
0.000 |
0.000 |
2.175 |
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3] Reserves & Surplus |
8.988 |
7.827 |
4.662 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
36.988 |
31.727 |
19.337 |
|
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LOAN FUNDS |
|
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1] Secured Loans |
36.819 |
32.040 |
26.564 |
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2] Unsecured Loans |
7.633 |
7.883 |
13.606 |
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TOTAL BORROWING |
44.452 |
39.923 |
40.170 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.284 |
0.333 |
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TOTAL |
81.440 |
71.934 |
59.840 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
30.672 |
28.466 |
23.579 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.132 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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Inventories |
46.730
|
47.898 |
43.340 |
|
|
Sundry Debtors |
23.519
|
13.497 |
7.945 |
|
|
Cash & Bank Balances |
4.415
|
6.013 |
4.761 |
|
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Other Current Assets |
18.569
|
15.303 |
0.230 |
|
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Loans & Advances |
0.030
|
0.106 |
13.773 |
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Total
Current Assets |
93.263
|
82.817 |
70.049 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Sundry Creditors |
28.465
|
31.885 |
15.884 |
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Other Current Liabilities |
12.787
|
6.586 |
15.215 |
|
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Provisions |
1.375
|
0.878 |
2.708 |
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Total
Current Liabilities |
42.627
|
39.349 |
33.807 |
|
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Net Current Assets |
50.636
|
43.468 |
36.242 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.019 |
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TOTAL |
81.440 |
71.934 |
59.840 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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SALES |
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Income |
128.300 |
108.273 |
94.264 |
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Other Income |
1.760 |
1.450 |
0.601 |
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TOTAL (A) |
130.060 |
109.723 |
94.865 |
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Less |
EXPENSES |
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|
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Cost of Materials Consumed |
81.890 |
62.388 |
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Employee Benefits Expenses |
8.482 |
6.083 |
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Other Expenses |
26.849 |
21.806 |
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Changes in Inventories of Finished Goods, work-in-progress and stock
in trade |
(5.811) |
3.058 |
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TOTAL (B) |
111.410 |
93.335 |
84.518 |
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Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
18.650 |
16.388 |
10.347 |
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Less |
FINANCIAL
EXPENSES (D) |
11.935 |
8.782 |
6.127 |
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PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
6.715 |
7.606 |
4.220 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.879 |
3.241 |
2.335 |
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PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
2.836 |
4.365 |
1.885 |
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Less |
TAX (H) |
1.675 |
1.200 |
1.200 |
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PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
1.161 |
3.165 |
0.685 |
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Earnings Per
Share (Rs.) |
0.41 |
1.32 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.89
|
2.88 |
0.72 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
2.21
|
4.03 |
2.00 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.29
|
3.92 |
2.01 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.14 |
0.10 |
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Debt Equity Ratio (Total Debt /Networth) |
|
1.20
|
1.26 |
2.08 |
|
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Current Ratio (Current Asset/Current Liability) |
|
2.19
|
2.10 |
2.07 |
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 |
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3] |
Constitutions of the firm |
Yes |
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4] |
Premises details |
No |
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5] |
Type of Business |
Yes |
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6] |
Line of Business |
Yes |
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7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
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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 |
No |
|
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 |
Yes |
|
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 |
No |
|
Unsecured Loan |
Rs.
In Millions 31.03.2012 |
Rs.
In Millions 31.03.2011 |
|
Long Term Borrowings |
|
|
|
From Others |
|
|
|
Mr. Sonar B.G. |
7.458 |
7.708 |
|
Short-term borrowings |
|
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Loans and Advances from related parties |
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|
Loans from Directors |
|
|
|
Mrs. Bheda B. M. |
0.175 |
0.175 |
|
|
|
|
|
TOTAL |
7.633 |
7.883 |
NOTE
Registered office has been shifted from 04, Chandradeep Housing Society
Limited, Opposite Church Indiranagar, Nashik, Maharashtra, India
OPERATIONS
The company’s turnover
for the year has gone up to Rs 128.300 Millions as compared to last year’s
turnover of Rs.108.273 Millions. The company has earned profit of Rs. 2.836
Millions after providing depreciation Rs. 3.876 Millions as compared to last
year profit of Rs. 4.364 Millions after providing deprecation of Rs. 3.238
Millions.
CURRENT OUTLOOK
Indian economy has
shown positive indications and the market have improved now. The company is now
on sound footing and can reap the benefits of positive economy.
FINANCE
The Company has
increased its authorized capital from Rs. 25.000 Millions to 30.000 Millions.
State Bank of Bikaner and Jaipur has considered the company’s requirements for
additional fund and therefore company has changed its earlier bankers Union
Bank of India. The company is sure to get additional working capital as and
when required.
FORM 8
|
Corporate
identity number of the company |
U27105MH2005PTC153522 |
|
Name of the
company |
NASHIK FORGE
PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
H-149, MIDC,
Ambad, Nashik-422010, Maharashtra, India |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the charge to be modified |
10149045 |
|
Type of charge |
|
|
Particular of
charge holder |
State Bank of Bikaner and Jaipur, 02, Rushiraj Heights, Mahatma Nagar,
Near Water Tank, Nashik-422007, Maharashtra, India |
|
Nature of
instrument creating charge |
1. Supplemental
Agreement Of Loan Cum Hypothecation. 2. Memorandum For
Recording Extension Of Mortgage By Deposite Of Title Deeds. |
|
Date of
instrument Creating the charge |
04.01.2013 |
|
Amount secured by
the charge |
Rs. 78.800
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Cash Credit :
BASE RATE 3.25 % + 10.25 % p. a. i.e.
13.50 %. Term Loan I TO IV
: 3.50 % Above Base Rate- i.e.13.75 % Fresh Term
Loan-11.50% P.A FOR 1st year then normal rate Terms of repayment Cash credit
repayable on demand. Term loan0i to iv as per earlier schedule. New term loan in
60 installment. 59 monthly installment of Rs.0.112 Million and 60th
installment of Rs. 0.111 Million Margin Raw Material(
Imported ) : 25% Raw Material(
Indigenous ) : 25 % Semi-Finished
Goods : 25 % Finished Goods :
25 % Domestic
Receivables : 50 % Extent and operation of the charge The first charge
in favour of State Bank Of Bikaner And Jaipur, Nashik. |
|
Short particulars
of the property charged (Including location of the property) |
Entire Current
Assets (Present and Future) Including Raw Material, Stock In Process, Finished
Goods, Store and Spares, Book Debts, Receivables Including Goods In Transit
Along With Documents Of Title To Goods Such As Mtrs / Rrs / Bill Of Exchange. 1. Lease Hold
Factory Land and Building At-H-149 MIDC, Ambad. 2. Residential
Flat At Chandradeep Housing Society, Vadala In Name Of Mukesh Bheda. 3. Flat No. 4 and
5, Amar Arcade Apartment" Rajiv Nagar". |
|
Whether any of
the property or interest therein under reference is not registered in the
name of the company. |
Yes |
|
If yes, in whose
name it is registers |
Mr. Mukesh Bheda |
|
Date of
instrument modifying the charge |
13.10.2011 |
|
Particulars of
the present modification |
By This
Modification The Charge Has Been Enhanced From Rs.62.100 Millions To
Rs.78.800 Millions (Which Includes Cash Credit Facility Of Rs. 40.000
Millions and T.L-I Rs.3.800 Millions, T.L-II Rs. 2.400 Millions, T.L-III
Rs.4.900 Millions, T.L-IV Rs.3.500 Millions, New T.L. Rs.6.700 Millions, LC.
2.500 Millions, BG. 15.000 Millions. Hence, The Total Charge Now Stands For
Rs.78.800 Millions. |
FIXED ASSETS
- Plot
- Factory
Building
- Plant and
Equipment
- Electric
Installation
- Furniture and
Fixtures
- Computer
- Dies and
Moulds
- Tools and
Equipments
- Office
Equipments
- Fire Fighting
Equipment
- Dies
- Furnace
- Vehicle
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. 57.78 |
|
|
1 |
Rs. 89.71 |
|
Euro |
1 |
Rs. 76.23 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
DPT |
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 |
NO |
|
--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.