|
Report Date : |
12.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
NEM ENGINEERING PROJECTS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
H. No. 55-15-6, Housing Board Colony, Krishna College Road, Visakhapatnam-530022,
Andhra Pradesh |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
03.10.2007 |
|
|
|
|
Com. Reg. No.: |
01-055762 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 1.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74210AP2007PTC055762 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Engineering Contractors, Electrical and Mechanical Contractors |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (33) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 120000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record. The
management has failed to file its latest financials with the government
department. As per previous year’s, the performance capability of the company
appears to be satisfactory. Trade relations are reported to be fair. Business is active. Payments
are reported to be unknown. 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) |
|
India |
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
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 |
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 Office : |
H. No. 55-15-6, Housing Board Colony, Krishna College Road,
Visakhapatnam-530022, Andhra Pradesh, India
|
|
Tel. No.: |
91-891-2734448 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Plot No. B-21, B J B Nagar, Bhubaneswar, Orissa, India |
|
Tel. No.: |
91-674-2436978 |
|
E-Mail : |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Chenakotte Poulose Elias |
|
Designation : |
Managing Director |
|
Address : |
F-101, Bejanwala
Complex, Tadwadi Rander Road, Surat-395002, Gujarat, India |
|
Date of Birth/Age : |
15.10.1961 |
|
Date of Appointment : |
03.10.2007 |
|
DIN No.: |
01639992 |
|
|
|
|
Name : |
Mr. Madasamy Murugan |
|
Designation : |
Director |
|
Address : |
19, Madhav Row
House, A M Road, Adajan, Surat-395009, Gujarat, India |
|
Date of Birth/Age : |
04.03.1967 |
|
Date of Appointment : |
03.10.2007 |
|
DIN No.: |
01658332 |
|
|
|
|
Name : |
Mr. Aboobakkar Naha Kizhakkiniyakat |
|
Designation : |
Director |
|
Address : |
Plot NO.
204-205, Krishna Nagar, Post Ichhapore, Tal Choryasi, Surat-394510, Gujarat,
India |
|
Date of Birth/Age : |
16.11.1944 |
|
Date of Appointment : |
03.10.2007 |
|
DIN No.: |
01139895 |
|
|
|
|
Name : |
Mr. Anwar Kundil Palyil |
|
Designation : |
Additional Director |
|
Address : |
Kundil Palayil
House, Karuvan Thiruthi Feroke, Calicut-673643, Kerala, India |
|
Date of Birth/Age : |
22.05.1965 |
|
Date of Appointment : |
10.04.2009 |
|
DIN No.: |
02045530 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
C.P. Elias |
46600 |
|
M Murugan |
43600 |
|
K A Naha |
3400 |
|
P.B. Shamsudeen |
3000 |
|
K.P.ANWAR |
2400 |
|
M.D. Faisal |
1000 |
|
TOTAL
|
100000 |
AS ON 30.09.2011
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Directors or relatives of Directors |
100.00 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Engineering Contractors, Electrical and Mechanical Contractors |
GENERAL INFORMATION
|
Customers : |
·
Brahmani River Pellets Limited ·
ESSAR Constructions (India) Limited ·
ESSAR Projects (India) Limited |
||||||||||||
|
|
|
||||||||||||
|
No. of Employees : |
Not Available |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
·
Syndicate Bank |
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institution : |
SREI Equipment Finance Private Limited, Vishwakarma, 86C, Topsia Road,
Kolkata-700046, West Bengal, India |
|
|
|
|
Auditors : |
|
|
Name : |
DM Rao and Company Chartered Accountant |
|
Address : |
Flat No.305, 2nd Floor, GVK Plaza, Seethammapeta,
Vishakhapatnam-530016, Andhra Pradesh, India
|
|
PAN No.: |
AABFD5653B |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
Rs.10/- each |
Rs. 1.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
Rs.10/- each |
Rs. 1.000 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1.000 |
0.200 |
0.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
29.128 |
11.099 |
5.646 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
30.128 |
11.299 |
5.746 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.479 |
0.148 |
0.348 |
|
|
2] Unsecured Loans |
0.050 |
0.250 |
0.000 |
|
|
TOTAL BORROWING |
0.529 |
0.398 |
0.348 |
|
|
DEFERRED TAX LIABILITIES |
0.623 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
31.280 |
11.697 |
6.094 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
21.103 |
8.233 |
7.049 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
27.636
|
0.000 |
0.000 |
|
|
Sundry Debtors |
19.420
|
13.866 |
8.606 |
|
|
Cash & Bank Balances |
7.429
|
1.777 |
2.040 |
|
|
Other Current Assets |
46.101
|
12.982 |
6.863 |
|
|
Loans & Advances |
11.723
|
0.000 |
0.000 |
|
Total
Current Assets |
112.309
|
28.625 |
17.509 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
36.416
|
11.555 |
3.040 |
|
|
Other Current Liabilities |
42.068
|
12.871 |
14.515 |
|
|
Provisions |
23.669
|
0.767 |
0.951 |
|
Total
Current Liabilities |
102.153
|
25.193 |
18.506 |
|
|
Net Current Assets |
10.156
|
3.432 |
(0.997) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.021 |
0.032 |
0.042 |
|
|
|
|
|
|
|
|
TOTAL |
31.280 |
11.697 |
6.094 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Contract Receipts |
519.488 |
114.378 |
74.581 |
|
|
|
Other Income |
0.051 |
0.000 |
0.028 |
|
|
|
TOTAL |
519.539 |
114.378 |
74.609 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
97.912 |
14.067 |
18.792 |
|
|
|
Contract Expenditure |
308.757 |
73.296 |
34.651 |
|
|
|
Administrative Expenses |
80.505 |
19.288 |
12.070 |
|
|
|
TOTAL |
487.174 |
106.651 |
65.513 |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
32.365 |
7.727 |
9.096 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1.021 |
0.520 |
0.360 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
31.344 |
7.207 |
8.736 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
11.815 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
19.529 |
7.207 |
8.736 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
19.529 |
7.207 |
8.736 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
195.29 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
3.76
|
6.30 |
11.71 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.03
|
6.30 |
11.71 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
23.49
|
19.55 |
35.57 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
1.04
|
0.64 |
1.52 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.02
|
0.04 |
0.06 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.10
|
1.14 |
0.95 |
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 |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
Yes |
|
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 |
No |
|
Unsecured Loan |
Rs.
In Millions 31.03.2011 |
Rs.
In Millions 31.03.2010 |
|
C P Elias |
0.000 |
0.200 |
|
M Murugan |
0.050 |
0.050 |
|
|
|
|
|
TOTAL |
0.050 |
0.250 |
REVIEW OF OPERATIONS
The Directors best
efforts resulted in improvement of the profits of the Company. As comparing to
the last year Income this year is Rs.519.488 Millions where as last year it was
Rs.114.378 Millions and expenditure for this year is Rs.515.831 Millions where
as last year it was Rs.107.171 Millions. As this year Profit is Rs.31.344
Millions. The Directors are planning to further improve the business by way of
getting more orders from the various parties.
FORM 8
|
Corporate
identity number of the company |
U74210AP2007PTC055762 |
|
Name of the
company |
NEM ENGINEERING
PROJECTS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
H. No. 55-15-6, Housing Board Colony, Krishna College Road, Visakhapatnam-530022, Andhra Pradesh, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
·
Movable
property (not being pledge) |
|
Particular of
charge holder |
SREI Equipment Finance Private Limited, Vishwakarma, 86C, Topsia Road, Kolkata-700046, West Bengal, India |
|
Nature of
instrument creating charge |
Deed of
hypothecation.(LBQ829) |
|
Date of
instrument Creating the charge |
14.01.2012 |
|
Amount secured by
the charge |
Rs. 14.134
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest 15.04% per annum Terms of repayment Amount repayable
in 34 monthly installments of Rs. 0.519 Million each. Margin Rs. 3.535
Millions Extent and operation of the charge As per Deed of
hypothecation. |
|
Short particulars
of the property charged (Including location of the property) |
1 no. ACE
Hydraulic Mobile Crane.(within India) 1 no. ACE Crawler
Crane.(within India) |
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. 54.29 |
|
|
1 |
Rs. 81.08 |
|
Euro |
1 |
Rs. 70.61 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
|
33 |
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.