MIRA INFORM REPORT
|
Report No. : |
318809 |
|
Report Date : |
25.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
NAVANIDHI ELECTRONICS PRIVATE LIMITED |
|
|
|
|
Registered Office
: |
Plot No.21, I.D.A., Mallapur, Industrial Estate Nacharam,
Hyderabad-500076, Telangana |
|
Tel. No.: |
91-40-27155843/27157295 |
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|
Country : |
India |
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|
Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
05.01.1984 |
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Com. Reg. No.: |
36-004376 |
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Capital
Investment / Paid-up Capital : |
Rs.30.000 Million |
|
|
|
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CIN No.: [Company Identification
No.] |
U29309TG1984PTC004376 |
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|
IEC No.: |
Not Available |
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TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject engaged in the manufacturing of antenna, amplifiers,
signal jammers, hi-tech systems, etc., for various defence equipment
manufacturing companies and Indian Railways. |
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|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 250000 |
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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 moderate track. Management has failed to file latest financials for FY14, with the
statutory authorities. As per available, the company possesses a moderate financial profile
marked by modest networth base, comprised of minimal infusion of funds from
the part of the promoters coupled with moderate capital structure and debt
protection metrics, along with elongated operating cycle leading to working
capital intensive operations. Management has reported a slight increase in its revenue base as well
as net profitability from its modest scale of operations during FY13. The rating also takes into consideration, the susceptibility of
business to fluctuations in raw material prices and intense competition
resulting from tender driven process as the company serves the government
establishments. However, trade relations seem to be fair. Business is active. Payment
terms are reported as slow but correct. In view of lack of updated financial statements, albeit well
experienced promoters, 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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term Bank
Facilities “BB” |
|
Rating Explanation |
Moderate risk of default regarding timely servicing of financial
obligation |
|
Date |
15.12.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term Bank
Facilities “A4” |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
15.12.2014 |
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
31-03-2014.
INFORMATION DECLINED
Management non-cooperative (91-40-27155843)
LOCATIONS
|
Registered Office/ Factory : |
Plot No.21, I.D.A., Mallapur, Industrial Estate Nacharam,
Hyderabad-500076, Telangana, India |
|
Tel. No.: |
91-40-27155843/27157295 |
|
Fax No.: |
91-40-27170244 |
|
E-Mail : |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Ramanadha Sastry Adithe |
|
Designation : |
Managing Director |
|
Address : |
2-2-1144/25/A/A, Nallakunta, Hyderabad, 500044, Andhra Pradesh, India |
|
Date of Appointment : |
27.06.1984 |
|
DIN No.: |
01267459 |
|
|
|
|
Name : |
Mr. Venkata Nagamani Adithe |
|
Designation : |
Director |
|
Address : |
H. No. 2-2-1144/25/A/1, New Nallakunta, Hyderabad, 500044, Andhra Pradesh, India |
|
Date of Appointment : |
15.05.2006 |
|
DIN No.: |
01187621 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.06.2013
|
Names of Shareholders |
No. of Shares |
Percentage |
|
Ramanadha Sastry Adithe |
1445200 |
72.26 |
|
Venkata Nagamani Adithe |
275200 |
13.76 |
|
AVS Ananth |
152000 |
7.60 |
|
Suneetaa Adithe |
52000 |
2.60 |
|
Sreenidhi Adhithe |
50000 |
2.50 |
|
Haritha Adhithe |
25600 |
1.28 |
|
|
2000000 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject engaged in the manufacturing of antenna,
amplifiers, signal jammers, hi-tech systems, etc., for various defence
equipment manufacturing companies and Indian Railways. |
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Products : |
Not Available |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
(Rs.
In Million)
|
|
Auditors : |
|
|
Name : |
Giridhar and Company Chartered Accountants |
|
Address : |
8-2-162, Rockview Apartments, Srinagar Colony Road, Hyderabad-500004,
Telangana, India |
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Tel. No.: |
91-40-23753416 |
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PAN No.: |
ACVPG2321B |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates/Subsidiaries : |
Not Divulged |
CAPITAL STRUCTURE
As on 29.06.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3,000,000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3,000,000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
30.000 |
20.000 |
20.000 |
|
(b) Reserves & Surplus |
59.141 |
48.083 |
40.916 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
4.182 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
89.141 |
72.265 |
60.916 |
|
|
|
|
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(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
19.611 |
13.258 |
61.959 |
|
(b) Deferred tax liabilities (Net) |
0.836 |
0.854 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities
(3) |
20.447 |
14.112 |
61.959 |
|
|
|
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(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
47.992 |
42.809 |
32.147 |
|
(b) Trade
payables |
19.355 |
47.333 |
0.000 |
|
(c) Other
current liabilities |
5.422 |
3.896 |
0.000 |
|
(d) Short-term
provisions |
5.019 |
3.096 |
3.801 |
|
Total Current
Liabilities (4) |
77.788 |
97.134 |
35.948 |
|
|
|
|
|
|
TOTAL |
187.376 |
183.511 |
158.823 |
|
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|
|
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II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
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|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
54.043 |
29.649 |
30.171 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
26.735 |
26.735 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
54.043 |
56.384 |
56.906 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
58.185 |
54.640 |
50.435 |
|
(c) Trade
receivables |
62.926 |
59.377 |
42.261 |
|
(d) Cash and
cash equivalents |
0.155 |
0.098 |
0.095 |
|
(e)
Short-term loans and advances |
11.327 |
12.216 |
8.489 |
|
(f) Other
current assets |
0.740 |
0.796 |
0.637 |
|
Total
Current Assets |
133.333 |
127.127 |
101.917 |
|
|
|
|
|
|
TOTAL |
187.376 |
183.511 |
158.823 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
265.321 |
230.788 |
214.593 |
|
|
|
Other Income |
0.975 |
0.762 |
1.102 |
|
|
|
TOTAL (A) |
266.296 |
231.550 |
215.695 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
199.377 |
183.906 |
164.951 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(4.225) |
(8.223) |
8.891 |
|
|
|
Employees benefits expense |
8.228 |
8.126 |
6.123 |
|
|
|
Other expenses |
29.860 |
28.835 |
17.222 |
|
|
|
TOTAL (B) |
233.240 |
212.644 |
197.187 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
33.056 |
18.906 |
18.508 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
7.187 |
5.600 |
5.404 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
25.869 |
13.306 |
13.104 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
9.809 |
3.016 |
3.225 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
16.060 |
10.290 |
9.879 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
5.001 |
3.123 |
3.003 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
11.059 |
7.167 |
6.876 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.68 |
3.58 |
1.47 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Net Profit Margin (PAT / Sales) |
(%) |
4.17 |
3.11 |
3.20 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
12.46 |
8.19 |
8.62 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.57 |
6.56 |
7.48 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18 |
0.14 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.76 |
0.78 |
1.54 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.71 |
1.31 |
2.84 |
FINANCIAL ANALYSIS
[all figures are in
Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
20.000 |
20.000 |
30.000 |
|
Reserves & Surplus |
40.916 |
48.083 |
59.141 |
|
Net
worth |
60.916 |
68.083 |
89.141 |
|
|
|
|
|
|
long-term borrowings |
61.959 |
13.258 |
19.611 |
|
Short term borrowings |
32.147 |
42.809 |
47.992 |
|
Total
borrowings |
94.106 |
56.067 |
67.603 |
|
Debt/Equity
ratio |
1.545 |
0.824 |
0.758 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
214.593 |
230.788 |
265.321 |
|
|
|
7.547 |
14.963 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
214.593 |
230.788 |
265.321 |
|
Profit |
6.876 |
7.167 |
11.059 |
|
|
3.20% |
3.11% |
4.17% |
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 |
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:
Registered office of the company has been Shifted 1-60/1 Snehapurinacharam, Hyderabad-500076, Telangana, India to the present address w.e.f. 20.03.2008
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10489458 |
22/01/2015 * |
27,500,000.00 |
SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA (SIDBI) |
101, Hermitage Office Complex, Saifabad, Hyderabad, Telangana - 500004,
INDIA |
C40968323 |
|
2 |
10513468 |
31/10/2013 |
136,500,000.00 |
ANDHRA BANK SME |
MAIN ROAD, MALLAPUR, HYDERABAD, Andhra Pradesh - |
B96860085 |
* Date of charge modification
FIXED ASSETS
- Land
- Machinery
- Equipment
- Computers
- Vehicles
- Furniture
- Office
equipment
- Diesel
Generator
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.63.40 |
|
|
1 |
Rs.95.42 |
|
Euro |
1 |
Rs.68.48 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
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 |
|
31 |
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.