|
Report Date : |
08.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
N K ENTERPRISES |
|
|
|
|
Registered
Office : |
Singhania House, Agrasen Chowk, Mukhya Marg, Jharsuguda - 768201,
Orissa |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Year of
Establishment: |
1969 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 6.804 Millions |
|
|
|
|
IEC No.: |
2305002092 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AGCPS2036E |
|
|
|
|
Legal Form : |
Sole Proprietary Concern |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Silpozz, Innsulekx, Nozzle Flowexx,
Slagex, etc. |
|
|
|
|
No. of Employees
: |
22 (Approximately) (In office = 5, In factory = 15 and In Branch = 2) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 27000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established proprietary concern having satisfactory
track record. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct. The concern can be considered normal for business dealing at usual
trade terms and conditions. |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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’s current
account deficit narrowed in the quarter ended September as government measures
to curb imports, especially gold, kicked in. The current account deficit,
the excess of a country’s imports of goods and services over exports, narrowed
to $ 5.2 billion from $ 21 billion in the year ago period, according to
provisional Reserve Bank of India data. Finance Minister P. Chidambaram said
the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and
the latest data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services
sector activity witnessed a moderate improvement in November over the previous
month, even while indicating the fifth successive monthly contraction,
according the HSBC survey.
$53 million estimated
losses suffered by India due to phishing attacks during the third quarter,
according to a study by RSA. India ranks fourth in the list of nations hit by
phishing attacks. The US remained at the top of the charts. Phishing is the
process of acquiring information such as user names, passwords and credit card
details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million
in September, 2012, according to Deloitte report. The number of transactions
has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Navin Kumar Singhania |
|
Designation : |
Proprietor |
|
Contact No.: |
91-9437056976 |
|
Date : |
17.12.2013 |
LOCATIONS
|
Registered Office : |
Singhania House, Agrasen Chowk, Mukhya Marg, Jharsuguda - 768201,
Orissa, India |
|
Tel. No.: |
91-6645-271070 |
|
Mobile No.: |
91-9437056976 (Mr. Navin Kumar Singhania) |
|
Fax No.: |
91-6645-273111 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
Owned |
|
|
|
|
Factory : |
Compound of S.S.G.S. Rice and Oil Mills, Bargarh – 76802229, Odisha,
India |
|
Location : |
Owned |
|
|
|
|
Branch Office : |
Commercial Block No.305, 3rd Floor, Shrika Corp Building,
Nagpur – 440025, Maharashtra, India |
|
Tel. No.: |
91-712-2291515 |
|
Fax No.: |
91-712-2291516 |
|
Location : |
Rented |
SOLE PROPRIETOR
|
Name : |
Mr. Navin Kumar Singhania |
|
Designation : |
Proprietor |
|
Address : |
Singhania House, Main Road, Jharsuguda - 768201, Odisha, India |
|
Date of Birth/Age : |
29.07.1967 |
|
Qualification : |
B Com (H) |
|
Experience : |
22 Years |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Silpozz, Innsulekx, Nozzle Flowexx,
Slagex, etc. |
|
|
|
|
Exports : |
|
|
Products : |
Innsulekx |
|
Countries : |
·
Russia ·
Saudi Arabia |
|
|
|
|
Terms : |
|
|
Selling : |
Cash |
|
|
|
|
Purchasing : |
Cash |
PRODUCTION STATUS (as on 31.03.2013)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Silpozz |
Tons per Annum |
4800 |
1000 |
|
Innsulekx |
Tons per Annum |
4800 |
3800 |
|
Nozzle Flowexx |
Tons per Annum |
2400 |
300 |
GENERAL INFORMATION
|
Suppliers : |
·
Krishna Polymer Private Limited, Bargarh ·
A and M Jumbo Bags Private Limite. Ahmedabad ·
Kishoree Associates, Kolkata ·
Shiva Pipe Industries, Kolkata ·
Tpi Indu Private Limited ·
Shivangi Polymers ·
Shree Shree Gour Sundar Rice and Oil Nill,
Barpali |
|
|
|
|
Customers : |
Wholesalers and End Users ·
Technomag Concast, Mumbai ·
Prosimet India Private Limited ·
Al Ezz Dekheila Steel Company Egypt ·
LLC OPS Russia ·
National Steel Company Soudi Arabia ·
Eric Brouard, France |
|
|
|
|
No. of Employees : |
22 (Approximately) (In office = 5, In factory = 15 and In Branch = 2) |
|
|
|
|
Bankers : |
·
ICICI Bank Limited, Kali Mandir Road, Jharsuguda,
Odisha, India ·
Allahabad Bank ·
Punjab National Bank ·
State Bank of India |
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
Jain Seth and Company Chartered Accountants |
|
Address : |
Post Office Lane, Jharsuguda - 768201, Orissa, India |
|
Tel. No.: |
91-6645-272004 |
|
Fax No.: |
91-6645-272004 |
|
E-Mail : |
|
|
|
|
|
Sister Concern : |
Shree Shree Goursundar Rice and Oil Mills Address: PO Barpali Line of
Business: Manufacturer and Processing Minerals |
CAPITAL STRUCTURE
As
on 31.03.2013
|
Capital Investment : |
Rs. In Millions |
|
Opening Balance
: |
5.525 |
|
Add: profit for the year |
0.900 |
|
Add: Additions During the year |
0.707 |
|
|
|
|
Less. Drawings |
0.231 |
|
Less: Advance Tax and TDS |
0.097 |
|
Total |
6.804 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2013 |
31.03.2012 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Proprietor Capital |
|
6.804 |
5.525 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
6.804 |
5.525 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
4.518 |
2.342 |
|
|
TOTAL BORROWING |
|
4.518 |
2.342 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
11.322 |
7.867 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
2.431 |
2.634 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
8.608
|
3.618 |
|
|
Sundry Debtors |
|
6.025
|
13.759 |
|
|
Cash & Bank Balances |
|
1.075
|
0.736 |
|
|
Other Current Assets |
|
0.000
|
0.000 |
|
|
Loans & Advances |
|
0.636
|
0.842 |
|
Total
Current Assets |
|
16.344
|
18.955 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
7.453
|
13.722 |
|
|
Other Current Liabilities |
|
0.000
|
0.000 |
|
|
Provisions |
|
0.000
|
0.000 |
|
Total
Current Liabilities |
|
7.453
|
13.722 |
|
|
Net Current Assets |
|
8.891
|
5.233 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
11.322 |
7.867 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
53.144 |
49.444 |
|
|
|
Other Income |
|
0.728 |
0.665 |
|
|
|
TOTAL |
|
53.872 |
50.109 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Good Sold |
|
31.270 |
32.990 |
|
|
|
Export Expenses |
|
10.913 |
9.261 |
|
|
|
Carriage Outward |
|
4.956 |
3.519 |
|
|
|
Interest on Loan |
|
0.223 |
0.074 |
|
|
|
Traveling Expenses |
|
0.919 |
0.520 |
|
|
|
Commission paid |
|
0.266 |
0.247 |
|
|
|
Vehicle Maintenance |
|
0.090 |
0.075 |
|
|
|
Other Expenses |
|
3.871 |
2.136 |
|
|
|
TOTAL |
|
52.508 |
48.822 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
1.364 |
1.287 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
0.463 |
0.466 |
|
|
|
|
|
|
|
|
|
|
NET PROFIT |
|
0.901 |
0.821 |
|
The above information has been parted by Mr. Navin Kumar Singhania
Note : Sole Proprietary and Partnership concerns are
exempted from filing their financials with the Government Authorities or Registry.
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
|
1.67 |
1.64 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
1.70 |
1.66 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
4.80 |
3.80 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.13 |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
|
0.66 |
0.42 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
2.19 |
1.38 |
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last two years |
Yes |
|
12] |
Profitability for last two years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
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 |
No |
|
29] |
Last accounts filed at ROC |
No |
|
30] |
Major Shareholders, if available |
No |
|
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)
|
Particular |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
|
|
|
|
Bimal Devi Singhania Jsg |
2.306 |
1.202 |
|
Dinesh Sakunia Jag |
0.000 |
0.200 |
|
Prem Prakash Lodha |
0.000 |
0.075 |
|
Narayan Prasad. Singhania (Ind.) |
0.664 |
0.000 |
|
Naveen Ku, Singhania (Ind.) |
1.548 |
0.865 |
|
Total |
4.518 |
2.342 |
FIXED ASSETS
· Mobile
· Machinery
· Air Conditioner
· Computer
· Furniture and Fixture
· Inventor
· Motor Cycle and Car
· Office Equipment
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 records 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.62.38 |
|
|
1 |
Rs.102.25 |
|
Euro |
1 |
Rs.84.97 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
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.