MIRA
INFORM REPORT
|
Report Date : |
11.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
SHREE NAKODA INDUSTRIES LIMITED [w.e.f.20.06.2006] |
|
|
|
|
Formerly Known
As : |
GOEL VANASPATI PRODUCTS LIMITED |
|
|
|
|
Registered
Office : |
Near Railway Crossing, Mowa, Raipur – 492001, Chhattisgarh |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
05.12.1991 |
|
|
|
|
Com. Reg. No.: |
10-006808 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 9.875
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U15141CT1991PLC006808 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCG3855H |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Integrated Steel Plant. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 185000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. There appears
a huge external borrowing recorded by the company which seems to be
increasing over years which also act as a threat to the liquidity position of
the company. However, trade relations are reported as fair. Business is
active. Payments are reported to be slow. 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term Bank facilities : B |
|
Rating Explanation |
High risk of default |
|
Date |
October 19, 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered/ Head Office : |
Near Railway Crossing, Mowa, Raipur – 492001, Chhattisgarh, India |
|
Tel. No.: |
91-771-2282230/ 2282330 |
|
Fax No.: |
91-771-2282130 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Works : |
Phase II, Siltara Industrial Growth Centre, Siltara, Raipur – 493221, Chhattisgarh, India |
|
Tel. No.: |
91-789-8989701/ 8989702 |
|
E-Mail : |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Mr. Virendra Goel |
|
Designation : |
Director |
|
Address : |
B-35, Sector-4, Devendra Nagar, Raipur, Chhattisgarh, India |
|
Date of Birth/Age : |
02.10.1960 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
05.12.1991 |
|
PAN No.: |
AEHPG8427N |
|
DIN No.: |
00043016 |
|
|
|
|
Name : |
Mr. Sanjay Goel |
|
Designation : |
Director |
|
Address : |
B-35, Sector-4, Devendra Nagar, Raipur, Chhattisgarh, India |
|
Date of Birth/Age : |
25.01.1969 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
05.12.1991 |
|
DIN No.: |
00043096 |
|
|
|
|
Name : |
Mr. Ramesh Chandra Goel |
|
Designation : |
Director |
|
Address : |
B-35, Sector-4, Devendra Nagar, Raipur, Chhattisgarh, India |
|
Date of Birth/Age : |
12.02.1952 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
05.12.1991 |
|
PAN No.: |
AEIPG4921L |
|
DIN No.: |
00309349 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Virendra Goel |
|
180300 |
|
Ramesh Chandra Goel |
|
131920 |
|
Sanjay Goel |
|
12700 |
|
Anita Goel |
|
10000 |
|
Sangeeta Goel |
|
5000 |
|
Nirmala Goel |
|
5000 |
|
Surendra Goel |
|
34300 |
|
Shyam Lal Goel (HUF) |
|
10000 |
|
Suchika Goel |
|
17600 |
|
Vikram Goel |
|
13000 |
|
Surabhi Goel |
|
9000 |
|
Siddhartha Goel |
|
14000 |
|
Manish Goel |
|
8000 |
|
Astha Goel |
|
7500 |
|
Akansha Goel |
|
12000 |
|
Neha Goel |
|
9000 |
|
Ashok Goel (HUF), Virendra Goel, Nirmala Goel, Sangeeta Goel (All
Partners of Tirupati Timber Company) |
|
1000 |
|
Ashok Goel, Surendra Goel, Saroj Goel (All partners of Ashok Kumar
Narendra Kumar) |
|
12000 |
|
Sanjay Goel, Ramesh Chandra Goel, Anita Goel (All partners of Ashok
Traders) |
|
2500 |
|
Virendra Goel (HUF) |
|
22400 |
|
Surendra Goel (HUF) |
|
32900 |
|
Sanjay Goel (HUF) |
|
34800 |
|
Ashok Goel |
|
100080 |
|
Geeta Banchor |
|
500 |
|
Sita Bai Sharma |
|
500 |
|
Anoopchand Pincha |
|
500 |
|
Tara Devi |
|
500 |
|
Rekha Jain |
|
500 |
|
Saroj Goel |
|
300000 |
|
|
|
|
|
Total |
|
987500 |
AS ON 29.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
94.63 |
|
Other
top fifty shareholders |
|
5.37 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Integrated Steel Plant. |
||||
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Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
|
Hydroquinone |
MT |
N. A. |
90.00 |
|
Manganese Sulphate |
MT |
N. A. |
360.00 |
Note:
1. Licensed
Capacity is not applicable in view of the Company’s product having been diligence
as per the New Liberalised Licensing Policy announced by the Government of
India.
2. Installed
Capacity is as certified by the Management and not verified by the Auditors
being a technical matter.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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|
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Bankers : |
Ø Bank of Baroda,
Main Branch, Raipur - 492001, Chhattisgarh, India Ø State Bank of
India, Commercial Branch, Zonal Office Building, Raipur – 492001,
Chhattisgarh, India |
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Facilities : |
|
||||||||||||
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Raj Kumar
Agarwal Chartered Accountant |
|
Address : |
Near Railway
Crossing, Mowa, Raipur, Chhattisgarh, India
|
|
Income-tax
PAN of auditor or auditor's firm : |
ACIPA2414L |
|
|
|
|
Associates : |
Ø Shree Nakoda
Ispat Limited [U27109CT2000PLC014186] Ø Shree Nakoda
Global Limited [U65921CT1993PLC007472] Ø Gole Zenith Agro
Private Limited Ø Ashok Traders Ø Goel Polymers
(Prop. Virendra Goel) |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,500,000 |
Equity Shares |
Rs. 10/- each |
Rs. 15.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
987,500 |
Equity Shares |
Rs. 10/- each |
Rs. 9.875
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 |
9.875 |
9.875 |
9.875 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
36.399 |
30.606 |
28.603 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
46.274 |
40.481 |
38.478 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
198.902 |
39.985 |
44.361 |
|
|
2] Unsecured Loans |
130.569 |
45.489 |
0.000 |
|
|
TOTAL BORROWING |
329.471 |
85.474 |
44.361 |
|
|
DEFERRED TAX LIABILITIES |
0.083 |
0.139 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
375.828 |
126.094 |
82.839 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
6.752 |
6.923 |
2.545 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
44.100 |
44.100 |
1.100 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.066 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
4.351
|
0.381 |
2.632 |
|
|
Sundry Debtors |
58.211
|
74.336 |
2.467 |
|
|
Cash & Bank Balances |
0.223
|
0.278 |
0.821 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
265.602
|
58.537 |
74.518 |
|
Total
Current Assets |
328.387
|
133.532 |
80.438 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
0.143
|
57.741 |
0.906 |
|
|
Other Current Liabilities |
0.597
|
0.078 |
0.186 |
|
|
Provisions |
2.671
|
0.642 |
0.218 |
|
Total
Current Liabilities |
3.411
|
58.461 |
1.310 |
|
|
Net Current Assets |
324.976
|
75.071 |
79.128 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
375.828 |
126.094 |
82.839 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
2083.671 |
1126.814 |
297.065 |
|
|
|
Other Income |
24.279 |
7.511 |
4.849 |
|
|
|
TOTAL (A) |
2107.950 |
1134.325 |
301.914 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of stock-in-trade |
2077.890 |
1118.749 |
|
|
|
|
Changes in inventories
of finished goods, work-in-progress and stock-in-trade |
(3.970) |
2.167 |
|
|
|
|
Employee benefit expense |
0.024 |
0.060 |
|
|
|
|
Other expenses |
0.867 |
4.549 |
|
|
|
|
Exceptional items |
0.002 |
0.000 |
|
|
|
|
TOTAL (B) |
2074.813 |
1125.525 |
295.759 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
33.137 |
8.800 |
6.155 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
24.667 |
5.814 |
4.723 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
8.470 |
2.986 |
1.432 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.062 |
0.141 |
0.019 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
8.408 |
2.845 |
1.413 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2.614 |
0.842 |
0.430 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
5.794 |
2.003 |
0.983 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.87 |
2.03 |
1.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.27
|
0.18 |
0.33 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.40
|
0.25 |
0.48 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.51
|
2.03 |
1.70 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.07 |
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
7.12
|
2.11 |
0.87 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
96.27
|
2.28 |
61.40 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOANS
|
Unsecured Loans |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
Loans and Advance from Related Parties |
130.569 |
45.489 |
|
Total |
130.569 |
45.489 |
FINANCIAL RESULTS
AND OPERATION
During the year, the
revenue from operations of the Company has increased significantly to Rs.
2083.671 millions as compared to Rs. 1126.814 millions in the previous year. As
a result, the net profit of the Company has also increased significantly to Rs.
5.794 millions as compared to Rs. 2.003 millions in the previous year. The
Company expects further improvement in its performance in future.
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. 54.40 |
|
|
1 |
Rs. 81.57 |
|
Euro |
1 |
Rs. 71.24 |
INFORMATION DETAILS
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
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 |
4 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
28 |
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.