MIRA INFORM REPORT
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Report No. : |
325205 |
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Report Date : |
01.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
NISHIGANDHA POLYMERS PRIVATE LIMITED |
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Registered
Office : |
3rd Floor, Rustom Building, 29 Veer Nariman Road, Mumbai –
400023, Maharashtra |
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Tel. No.: |
91-22-22881294/22820901/22842712 |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
23.03.1992 |
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Com. Reg. No.: |
11-066018 |
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Capital
Investment / Paid-up Capital : |
Rs. 8.000 Million |
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CIN No.: [Company Identification
No.] |
U24134MH1992PTC066018 |
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IEC No.: |
0398065519 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACN6044J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader, Exporter and Importer of Synthetic Rubbers and Rubber Chemicals.
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No. of Employees
: |
19 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 record. Subject was incorporated in 1992. It trades in synthetic rubber, which
is used in automotive industry in the manufacturing of rubber components,
fuel delivery pipes. As per the financials year 2013, Rating takes into consideration, subject’s
weak financial profile marked by low profitability levels and high gearing.
Rating also takes into consideration working capital intensive nature of the
business. Trade relations are fair. Business is active. Payment terms re
reported to be slow but correct. In the view of extensive experience of promoters, subject can be
considered for business 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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating BB- |
|
Rating Explanation |
Inadequate credit quality and high credit risk. |
|
Date |
09.07.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating A4+ |
|
Rating Explanation |
Minimal degree of safety and very high credit risk |
|
Date |
09.07.2014 |
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
|
Name : |
Mr. Tarun Oza |
|
Designation : |
Accounts and Administration Manager |
|
Contact No.: |
91-22-22881294 |
|
Date : |
30.05.2015 |
LOCATIONS
|
Registered Office/ Warehouse : |
3rd Floor, Rustom Building, 29 Veer Nariman Road, Mumbai –
400023, Maharashtra, India |
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Tel. No.: |
91-22-22881294/22820901/22842712 |
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Fax No.: |
91-22-22881295 |
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E-Mail : |
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Website : |
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Location : |
Owned |
|
Locality : |
Commercial |
DIRECTORS
As on 30.09.2014
|
Name : |
Mr. Anilkumar Sanwalram More |
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Designation : |
Director |
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Address : |
92, Mistry Park, 77, Bhulabhai Desai Road, Mumbai-400026, Maharashtra, India |
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Date of Birth/Age : |
30.11.1956 |
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Date of Appointment : |
30.09.2014 |
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DIN No.: |
02445583 |
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Other Directorship:
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Name : |
Mr. Rohit Kantilal Ravani |
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Designation : |
Whole-Time Director |
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Address : |
201,Kailash Krishna Kaveri Society, Bhardawadi Road,Andheri (W), Mumbai-400058, Maharashtra, India |
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Date of Birth/Age : |
09.09.1956 |
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Date of Appointment : |
01.04.2007 |
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DIN No.: |
01803368 |
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Other Directorship:
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KEY EXECUTIVES
|
Name : |
Mr. Tarun Oza |
|
Designation : |
Accounts and Administration Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
SHAREHOLDING DETAILS FILE ATTACHED
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2014
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader, Exporter and Importer of Synthetic Rubbers and Rubber
Chemicals. |
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Products : |
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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 : |
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Products : |
Raw Materials |
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Countries : |
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Terms : |
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Selling : |
Cash / Credit |
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Purchasing : |
Cash / Credit |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers (As on 31.03.2013) : |
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No. of Employees : |
19 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
N.B.S and Associates Chartered Accountants |
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Address : |
B/302 Purnima, 36/37, Shree Nagar Society, M.G. Road, Goregoan (West),
Mumbai – 400062, Maharashtra, India |
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Tel. No.: |
91-22-28762563 |
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Fax No.: |
91-9821047955 |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AAACT3330K |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
As on 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
900,000 |
Equity Shares |
Rs.10/- each |
Rs. 9.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
800,040 |
Equity Shares |
Rs.10/- each |
Rs. 8.000
Million |
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|
|
|
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 |
8.000 |
8.000 |
1.370 |
|
(b) Reserves & Surplus |
16.963 |
10.554 |
12.509 |
|
(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) |
24.963 |
18.554 |
13.879 |
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|
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(3)
Non-Current Liabilities |
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|
|
|
(a) long-term borrowings |
59.169 |
55.324 |
45.015 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
1.081 |
1.138 |
6.402 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
60.250 |
56.462 |
51.417 |
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|
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(4)
Current Liabilities |
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|
|
|
(a) Short
term borrowings |
26.996 |
17.905 |
15.274 |
|
(b) Trade
payables |
451.585 |
374.678 |
285.073 |
|
(c) Other
current liabilities |
3.351 |
1.726 |
0.000 |
|
(d) Short-term
provisions |
0.000 |
0.034 |
0.386 |
|
Total Current
Liabilities (4) |
481.932 |
394.343 |
300.733 |
|
|
|
|
|
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TOTAL |
567.145 |
469.359 |
366.029 |
|
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II.
ASSETS |
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|
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|
(1)
Non-current assets |
|
|
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|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
2.118 |
0.829 |
0.632 |
|
(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 |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.069 |
0.068 |
0.060 |
|
(d) Long-term Loan and Advances |
17.023 |
7.150 |
2.223 |
|
(e) Other Non-current
assets |
0.642 |
0.640 |
0.085 |
|
Total Non-Current
Assets |
19.852 |
8.687 |
3.000 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
200.333 |
239.010 |
165.158 |
|
(c) Trade
receivables |
262.766 |
185.315 |
153.789 |
|
(d) Cash
and cash equivalents |
80.217 |
33.965 |
43.327 |
|
(e)
Short-term loans and advances |
3.977 |
2.382 |
0.755 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
547.293 |
460.672 |
363.029 |
|
|
|
|
|
|
TOTAL |
567.145 |
469.359 |
366.029 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
Income |
|
|
|
|
|
Other Income |
|
|
|
|
|
TOTAL
|
878.819 |
674.164 |
587.354 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
TOTAL
|
869.172 |
671.033 |
579.695 |
|
|
|
|
|
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|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
9.647 |
3.131 |
7.659 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
0.240 |
0.124 |
0.099 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
9.407 |
3.007 |
7.560 |
|
|
|
|
|
|
|
Less |
TAX (H) |
2.999 |
0.962 |
2.333 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
6.408 |
2.045 |
5.227 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
8.01 |
7.46 |
38.14 |
|
Particulars |
|
31.03.2015 |
31.03.2014 |
|
Sales Turnover (Approximately) |
|
993.300 |
930.700 |
The above information has been parted by Mr. Tarun Oza (Accountant and
Administrative Manager)
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
43.766 |
(16.606) |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Net Profit Margin (PAT / Sales) |
(%) |
0.73 |
0.30 |
0.89 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.66 |
0.64 |
2.07 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.38 |
0.16 |
0.54 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
3.45 |
3.95 |
4.34 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.14 |
1.17 |
1.21 |
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 |
1.370 |
8.000 |
8.000 |
|
Reserves & Surplus |
12.509 |
10.554 |
16.963 |
|
Net
worth |
13.879 |
18.554 |
24.963 |
|
|
|
|
|
|
long-term borrowings |
45.015 |
55.324 |
59.169 |
|
Short term borrowings |
15.274 |
17.905 |
26.996 |
|
Total
borrowings |
60.289 |
73.229 |
86.165 |
|
Debt/Equity
ratio |
4.344 |
3.947 |
3.452 |
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) |
|
Total Income |
587.354 |
674.164 |
878.819 |
|
|
|
14.780 |
30.357 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Total Income |
587.354 |
674.164 |
878.819 |
|
Profit |
5.227 |
2.045 |
6.408 |
|
|
0.89% |
0.30% |
0.73% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
No |
|
18 |
Major suppliers |
Yes |
|
19 |
Major customers |
Yes |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
No |
|
26 |
Turnover of firm for last five years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOAN
|
PARTICULARS |
31.03.2013 (Rs.
in Million) |
31.03.2012 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Term loans from other parties |
55.399 |
50.152 |
|
Loans and advances from related parties |
3.770 |
5.172 |
|
|
|
|
|
Short-term
borrowings |
|
|
|
Loans repayable other parties |
10.504 |
0.224 |
|
Loans and advances from related parties |
16.492 |
11.136 |
|
Total |
86.165 |
66.684 |
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10173124 |
29/08/2011 * |
160,000,000.00 |
Punjab & Sind bank |
78 J.S.S. Road, opera House, Mumbai, Maharashtra - 400004, INDIA |
B21151642 |
|
2 |
10074410 |
28/08/2007 |
10,000,000.00 |
Punjab & Sind Bank |
Opera House, Mumbai, Maharashtra - 400004, INDIA |
A26377952 |
|
3 |
10074423 |
22/08/2007 |
14,500,000.00 |
Punjab & Sind Bank |
Opera House, Mumbai, Maharashtra - 400004, INDIA |
A26379255 |
FIXED ASSETS
- Land
- Building
- Furniture and fixture
- Plant and machinery
- Vehicle
- Office equipment
- Office premises
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.63.76 |
|
|
1 |
Rs.97.79 |
|
Euro |
1 |
Rs.69.91 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
SAN |
|
|
|
|
Report Prepared
by : |
JYTK |
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 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--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 |
|
30 |
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.