MIRA INFORM REPORT

 

 

Report No. :

304193

Report Date :

21.01.2015

 

IDENTIFICATION DETAILS

 

Name :

NICKUNJ EXIMP ENTERPRISES PRIVATE LIMITED

 

 

Registered Office :

93, Jorawar Bhavan, Maharshi Karve Road, Marine Lines, Mumbai – 400020, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

12.03.1987

 

 

Com. Reg. No.:

11-042869

 

 

Capital Investment / Paid-up Capital :

Rs. 62.700 Millions

 

 

CIN No.:

[Company Identification No.]

U51900MH1987PTC042869

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AABCN0991K

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Trader, Importer and Dealer of Hi-tech Industrial Products. 

 

 

No. of Employees :

270 (Approximately)

 

 

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

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having satisfactory track record.

 

Management of the company has failed to file its latest financial for the year 2014 with the Government department.

 

As per available financial of 2013, there seems dip in the profit of the company. However, general financial position of the company seems to be decent.

 

Trade relations are fair. Business is active. Payment terms are reported to be slow but correct.

 

The company can be considered for business dealings 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.

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

ICRA

Rating

Cash Credit Limit = BB

Rating Explanation

Have moderate risk of default.

Date

July 2014

 

 

Rating Agency Name

ICRA

Rating

Short term non-fund based = A4+

Rating Explanation

Have minimal degree of safety and carry very high credit risk.

Date

July 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 PARTED BY (GENERAL DETAILS)

 

Name :

Mr. Amit Tiwari

Designation :

Manager

Contact No.:

91-9004090428

Date :

20.01.2015

 

 

LOCATIONS

 

Registered/ Head Office :

93, Jorawar Bhavan, Maharshi Karve Road, Marine Lines, Mumbai – 400020, Maharashtra, India

Tel. No.:

91-22-43220300/ 22190300

Mobile No.:

91-9004090428 [Mr. Amit Tiwari]

Fax No.:

91-22-22060415

E-Mail :

corporateadvisories@gmail.com

info@nickunj.com 

Website :

http://www.nickunj.com

 

 

Factories :

Located at:

 

·         Baddi (Haryana)

·         Umbergaon (Gujarat)

·         Rabale (Mumbai)

 

 

Branch Offices :

Located at:

 

·         Ahmedabad

·         Bangalore

·         Jaipur

·         Kolkata (Domjur)

·         Hyderabad

·         Ludhiana

·         Coimbatore

·         New Delhi

·         Chennai

·         Pune

·         Surat

 

 

Showroom :

Jewellery Manufacturing Solutions

F/112 Nahar and Seth Industrial Estate, Chakala, Andheri (East), 
Mumbai - 400099, Maharashtra, India

Tel. No.:

91-22-28254218/ 219 

E-Mail :

showroom@nickunjgroup.com

 

 

Technical Support and Service Center :

Metal Cutting Solutions and Jewellery Manufacturing Solutions

Gala No. 4, Cama Industrial Estate, Sunmill Compound, Lower Parel (West), 
Mumbai - 400013, Maharashtra, India 

Tel. No.:

91-22-43490400

E-Mail :

service@nickunjgroup.com

 

 

DIRECTORS

 

AS ON 30.09.2013

 

Name :

Mr. Nickunj Gunvant Shah

Designation :

Director

Address :

22/23, Krishna Mahal, 63, Netaji Subhash Road, Marine Drive, Mumbai – 400020, Maharashtra, India

Date of Birth/Age :

13.01.1961

Date of Appointment :

12.03.1987

PAN No.:

ALVPS2634L

DIN No.:

00586065

 

 

Name :

Mrs. Neelam Nickunj Shah

Designation :

Director

Address :

22/23, Krishna Mahal, 63, Netaji Subhash Road, Marine Drive, Mumbai – 400020, Maharashtra, India

Date of Birth/Age :

03.01.1962

Date of Appointment :

21.04.1990

PAN No.:

ABDPS4663F

DIN No.:

00585888

 

 

Name :

Mr. Mishal Nickunj Shah

Designation :

Director

Address :

22/23, Krishna Mahal, 63, Netaji Subhash Road, Marine Drive, Mumbai – 400020, Maharashtra, India

Date of Birth/Age :

24.05.1988

Date of Appointment :

25.08.2006

PAN No.:

BHEPS7186M

DIN No.:

00668999

 

 

Name :

Ms. Khrisha Nickunj Shah

Designation :

Director

Address :

22/23, Krishna Mahal, 63, Netaji Subhash Road, Marine Drive, Mumbai – 400020, Maharashtra, India

Date of Birth/Age :

05.05.1991

Date of Appointment :

02.08.2012

PAN No.:

CJKPS3912C

DIN No.:

05293657

 

 

KEY EXECUTIVES

 

Name :

Mr. Amit Tiwari

Designation :

Manager

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2013

 

Names of Shareholders

No. of Shares

 

Percentage of Holding

Nickunj Gunvant Shah

282150

45.00

Neelam Nickunj Shah

282150

45.00

Mishal Nickunj Shah

43890

7.00

Krisha Nickunj Shah

18810

3.00

 

 

 

Total

 

627000

100.00

 

 

 

 

AS ON 30.09.2013

 

Equity Share Breakup

Percentage of Holding

Category

 

Directors or relatives of directors

100.00

 

 

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Trader, Importer and Dealer of Hi-tech Industrial Products. 

 

 

Products/ Services :

ITC Code No.

 

Product Descriptions

85163100

Trading of Hitech Industrial Products

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

Not Available

 

 

Imports :

 

Products :

Finished Goods

Countries :

European Country

 

 

Terms :

 

Selling :

Cash and Credit

 

 

Purchasing :

Cash and Credit

 

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference:

Piezo Test, UK

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

Customers :

Retailers and Others

 

Reference:

Armament Research and Development Establishment, Pune

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

No. of Employees :

270 (Approximately)

 

 

Bankers :

Bank Name:

Bank of India

Branch:

Kalbadevi Branch, Round Building, Shamaldas Gandhi Marg, (Princess Street), Mumbai - 400002, Maharashtra, India

Person Name (with Designation):

Not Divulged

Contact Number:

Not Divulged

Name of Account Holder:

Not Divulged

Account Number:

Not Divulged

Account Since (Date/ Year of A/c Opening):

Not Divulged

Average Balance Maintained (Optional):

Not Divulged

Credit Facilities Enjoyed (CC/OD/Term Loan):

Not Divulged

Account Operation:

Not Divulged

Remarks: Not Divulged

 

Bank Name:

State Bank of India

Branch:

Backbay Reclamation Branch, Raheja Chambers, Free Press Journal Marg, Nariman Point, Mumbai - 400021, Maharashtra, India

Person Name (with Designation):

Not Divulged

Contact Number:

Not Divulged

Name of Account Holder:

Not Divulged

Account Number:

Not Divulged

Account Since (Date/ Year of A/c Opening):

Not Divulged

Average Balance Maintained (Optional):

Not Divulged

Credit Facilities Enjoyed (CC/OD/Term Loan):

Not Divulged

Account Operation:

Not Divulged

Remarks: Not Divulged

 

·         State Bank of India

Churchgate, Mumbai, Maharashtra, India

 

·         Citi Bank

Jaipur, Rajasthan, India

 

 

Facilities :

 

SECURED LOANS

31.03.2013

(Rs. In Millions)

31.03.2012

(Rs. In Millions)

LONG-TERM BORROWINGS

 

 

Other loans and advances

8.002

11.728

SHORT TERM BORROWINGS

 

 

Rupee term loans from banks

201.749

166.918

 

 

 

Total

 

209.751

178.646

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Mahendra Zaveri and Company

Chartered Accountants

Address :

6/27, Tardeo Air-condition Market, Mumbai - 400034, Maharashtra, India

Income-tax PAN of auditor or auditor's firm :

AAAPZ2723R

 

 

Other Related Party :

Whiton Chem Private Limited [U24110MH1988PTC049095]

 

 

Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :

Nickunj Edm Wires and Consumables Private Limited [U27300MH2007PTC175365]

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2013

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

750,000

Equity Shares

Rs. 100/- each

Rs. 75.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

627,000

Equity Shares

Rs. 100/- each

Rs. 62.700 Millions

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

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

62.700

62.700

47.200

(b) Reserves & Surplus

133.129

114.130

92.958

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

195.829

176.830

140.158

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

13.571

38.545

49.774

(b) Deferred tax liabilities (Net)

3.902

3.902

5.161

(c) Other long term liabilities

9.208

4.913

5.597

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

26.681

47.360

60.532

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

201.749

166.918

184.028

(b) Trade payables

235.248

153.290

193.068

(c) Other current liabilities

47.710

48.097

26.172

(d) Short-term provisions

15.366

11.143

3.856

Total Current Liabilities (4)

500.073

379.448

407.124

 

 

 

 

TOTAL

722.583

603.638

607.814

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

71.432

79.014

86.816

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

0.000

0.000

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.298

1.298

5.190

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

31.301

26.731

19.847

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

103.031

107.043

111.853

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

200.917

131.654

118.261

(c) Trade receivables

259.570

163.268

211.731

(d) Cash and cash equivalents

49.765

115.278

55.572

(e) Short-term loans and advances

109.295

86.385

110.382

(f) Other current assets

0.005

0.010

0.015

Total Current Assets

619.552

496.595

495.961

 

 

 

 

TOTAL

722.583

603.638

607.814

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2013

31.03.2012

31.03.2011

 

SALES

 

 

 

 

 

TOTAL                                    

NA

NA

949.194

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

TOTAL                                    

NA

NA

924.782

 

 

 

 

 

 

PROFIT BEFORE TAX

NA

NA

24.412

 

 

 

 

 

Less

TAX                                                                 

NA

NA

7.233

 

 

 

 

 

 

PROFIT AFTER TAX

18.999

21.085

17.179

 

 

 

 

 

 

Earnings Per Share (Rs.)

30.30

33.63

36.40

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2013

31.03.2012

31.03.2011

Return on Total Assets

(PBT/Total Assets}

(%)
NA
NA

4.05

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
NA
NA

0.17

 

 
 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

1.10

1.16

1.67

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.24

1.31

1.22

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

 

DEBT EQUITY RATIO

 

Particulars

31.03.2011

31.03.2012

31.03.2013

 

(Rs. In Millions)

(Rs. In Millions)

(Rs. In Millions)

Share Capital

47.200

62.700

62.700

Reserves & Surplus

92.958

114.130

133.129

Net worth

140.158

176.830

195.829

 

 

 

 

Long-term borrowings

49.774

38.545

13.571

Short term borrowings

184.028

166.918

201.749

Total borrowings

233.802

205.463

215.320

Debt/Equity ratio

1.668

1.162

1.100

 

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

CURRENT MATURITIES OF LONG TERM DEBT

 

PARTICULARS

31.03.2013

(Rs. In Millions)

31.03.2012

(Rs. In Millions)

31.03.2011

(Rs. In Millions)

 

 

 

 

Current maturities of long-term debt

4.037

8.343

NA

 

 

 

 

 

 

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 one year

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

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

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

Yes

33]

Voter ID No of Proprietor/Partner/Director, if available

No

34]

External Agency Rating, if available

Yes

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10460814

23/06/2014 *

460,000,000.00

BANK OF INDIA

KALBADEVI BRANCH, ROUND BUILDING,, SHAMALDAS GANDHI MARG, (PRINCESS STREET),, MUMBAI, MAHARASHTRA - 
400002, INDIA

C12006458

 

* Date of charge modification

 

 

UNSECURED LOANS

 

PARTICULARS

31.03.2013

(Rs. In Millions)

31.03.2012

(Rs. In Millions)

LONG-TERM BORROWINGS

 

 

Loans and advances from related parties

0.088

21.336

Other loans and advances

5.481

5.481

 

 

 

Total

 

5.569

26.817

 

 

FINANCIAL RESULTS

 

During the year, the Company has earned a net profit of Rs. 18.999 Millions (Previous year Rs. 21.085 Millions). After adding the carried forward profit of Rs. 114.130 Millions total profit of Rs. 133.129 Millions is proposed to be carried forward to the Balance Sheet.

 

 

FIXED ASSETS:

 

·         Land

·         Buildings

·         Plant and equipment

·         Other plant and equipment

·         Furniture and fixtures

·         Vehicles

·         Motor vehicles

·         Office equipment

·         Computer equipments

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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. 61.85

UK Pound

1

Rs. 93.27

Euro

1

Rs. 71.57

 

 

INFORMATION DETAILS

 

Information Gathered by :

DIP

 

 

Analysis Done by :

RAS

 

 

Report Prepared by :

BVA

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

3

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

6

--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

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

 

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

 

--

 

 

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.