MIRA INFORM REPORT
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Report No. : |
311507 |
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Report Date : |
11.03.2015 |
IDENTIFICATION DETAILS
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Name : |
NELSON GLOBAL
PRODUCTS INDIA PRIVATE LIMITED (w.e.f. 29.09.2011) |
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Formerly Known
As : |
NELSON GLOBAL PRODUCTS INDIA LIMITED (w.e.f. 28.06.2011) CUMMINS EXHAUST INDIA LIMITED (w.e.f. 12.09.2006) NELSON ENGINE SYSTEMS INDIA LIMITED NELSON ENGINE SYSTEMS INDIA PRIVATE LIMITED |
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Registered
Office : |
Office No.2, Kapil Complex, S. No.82/1/2, Baner Road, Near Orchid
School, Baner, Pune – 411 045, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
10.03.1999 |
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Com. Reg. No.: |
25-013401 |
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Capital
Investment / Paid-up Capital : |
Rs.40.000 million |
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CIN No.: [Company Identification
No.] |
U29112PN1999PTC013401 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEN04155E |
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PAN No.: [Permanent Account No.] |
AAACN9230G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Exhaust Systems. |
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No. of Employees
: |
150 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (50) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Nelson Global Products Inc., United States.
It is an established company having satisfactory track record. Although the company has achieved lesser turnover during FY 2014, but
the net profitability of the company has increased. Further, the rating also
takes into consideration debt free balance sheet of the subject. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct. The company can be considered normal 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
NOT AVAILABLE
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
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Name : |
Mr. Binaya Das |
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Designation : |
Manager |
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Contact No.: |
91-9924304657 |
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Date : |
09.03.2015 |
LOCATIONS
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Registered Office : |
Office No.2, Kapil Complex, S. No.82/1/2, Baner Road, Near Orchid
School, Baner, Pune – 411 045, Maharashtra, India |
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Tel. No.: |
91-20-30920105 |
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Mobile No.: |
91-9822910360 (Mr. Santosh Joshi) 91-9924304657 (Mr. Binaya Das) |
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Fax No.: |
Not Available |
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E-Mail : |
sanjay.jadhav@nelsonglobalproducts.com
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Website : |
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Area : |
Approximately 5000 sq. ft. |
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Location : |
Owned |
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Factory : |
Survey No.74/3 and 4, Part-1, Kadaiya Village, Nani Daman – 396 210,
Daman and Diu, India |
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Overseas Office : |
Located at: ·
USA ·
Australia ·
China |
DIRECTORS
AS ON 17.09.2014
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Name : |
Mr. Santosh Nilkanth Joshi |
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Designation : |
Director |
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Address : |
Flat C2, 402, Meghvarsha, S. No.19/2/3, Warje Near Shell Petrol Pump,
Pune – 411 052, Maharashtra, India |
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Date of Birth/Age : |
19.03.1971 |
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Qualification : |
BE Production, MBA |
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Experience : |
21 Years |
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Date of Appointment : |
18.07.2013 |
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DIN No: |
06533802 |
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PAN No.: |
ABFPJ8249J |
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Name : |
Mr. Malcolm Joseph Neylon |
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Designation : |
Director |
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Address : |
39 Sandpiper Pl., Williamstown VIC, 3016, Australia |
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Date of Birth/Age : |
03.10.1955 |
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Date of Appointment : |
17.09.2014 |
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DIN No: |
06701035 |
KEY EXECUTIVES
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Name : |
Mr. Binaya Das |
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Designation : |
Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 17.09.2014
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Names of Shareholders |
No. of Shares |
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Nelson Global Products Inc., Chicago |
3999900 |
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Santosh Nilkanth Joshi |
100 |
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Total |
4000000 |
AS ON 17.09.2014
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Exhaust Systems. |
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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 : |
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Products : |
Finished Goods |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash and Credit (30/ 60/ 90 days) |
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Purchasing : |
L/C, Cash and Credit (30/ 60/ 90 days) |
PRODUCTION STATUS –
NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
End Users and OEM’s
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No. of Employees : |
150 (Approximately) |
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Bankers : |
HDFC Bank
Limited, Sandoz House Branch, Sandoz House, Dr. A.B. Road, Worli, Mumbai –
400 018, Maharashtra, India |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Singhi and Company Chartered Accountants |
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Address : |
B2, 402-B, Marathon, Innova, Off, Ganpatrao Kadam Marg, Lower Parel, Mumbai – 400 013, Maharashtra, India |
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PAN
No.: |
AASFS9578D |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Ultimate Holding Company: |
Nelson Global Holdings LLC, United States |
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Holding Company : |
Nelson Global Products Inc., United States |
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Fellow Subsidiary Companies: |
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CAPITAL STRUCTURE
AS ON 17.09.2014
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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4000000 |
Equity Shares |
Rs.10/- each |
Rs.40.000 million |
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FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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I.
EQUITY AND LIABILITIES |
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(1) Shareholders' Funds |
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(a) Share Capital |
40.000 |
40.000 |
40.000 |
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(b) Reserves & Surplus |
480.735 |
405.436 |
332.476 |
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(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
520.735 |
445.436 |
372.476 |
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(3)
Non-Current Liabilities |
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(a) Long-term borrowings |
0.000 |
0.000 |
0.000 |
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(b) Deferred tax liabilities (Net) |
0.623 |
1.761 |
0.766 |
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(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
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(d)
Long-term provisions |
4.104 |
2.988 |
3.295 |
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Total
Non-current Liabilities (3) |
4.727 |
4.749 |
4.061 |
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(4) Current Liabilities |
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(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
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(b)
Trade payables |
80.878 |
75.535 |
92.600 |
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(c)
Other current liabilities |
5.579 |
8.267 |
11.127 |
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(d)
Short-term provisions |
11.251 |
1.960 |
0.149 |
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Total
Current Liabilities (4) |
97.708 |
85.762 |
103.876 |
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TOTAL |
623.170 |
535.947 |
480.413 |
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II.
ASSETS |
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(1) Non-current assets |
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(a)
Fixed Assets |
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(i)
Tangible assets |
58.539 |
60.309 |
47.789 |
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(ii)
Intangible Assets |
1.064 |
2.005 |
1.215 |
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(iii)
Capital work-in-progress |
1.171 |
0.000 |
0.635 |
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(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
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(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
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(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
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(d) Long-term Loan
and Advances |
3.145 |
2.060 |
4.901 |
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(e)
Other Non-current assets |
0.000 |
0.000 |
122.275 |
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Total
Non-Current Assets |
63.919 |
64.374 |
176.815 |
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(2) Current assets |
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(a)
Current investments |
0.000 |
0.000 |
0.000 |
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(b)
Inventories |
84.379 |
78.612 |
82.217 |
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(c)
Trade receivables |
105.093 |
130.007 |
115.712 |
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(d)
Cash and cash equivalents |
336.856 |
239.075 |
80.019 |
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(e)
Short-term loans and advances |
24.385 |
16.509 |
19.641 |
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(f)
Other current assets |
8.538 |
7.370 |
6.009 |
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Total
Current Assets |
559.251 |
471.573 |
303.598 |
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TOTAL |
623.170 |
535.947 |
480.413 |
PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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SALES |
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Total Revenue |
642.396 |
731.407 |
826.330 |
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(Market Down) |
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Other Income |
NA |
NA |
NA |
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TOTAL |
NA |
NA |
NA |
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Less |
EXPENSES |
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TOTAL |
NA |
NA |
NA |
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PROFIT/
(LOSS) BEFORE TAX |
NA |
NA |
NA |
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Less |
TAX |
NA |
NA |
NA |
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PROFIT/
(LOSS) AFTER TAX |
75.299 |
72.960 |
80.764 |
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EARNINGS IN
FOREIGN CURRENCY |
171.008 |
51.920 |
39.420 |
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Earnings /
(Loss) Per Share (Rs.) |
18.82 |
18.24 |
20.19 |
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Expected Sales (2014-2015): Rs.700.000 million
The above information has been parted by Mr. Binaya Das (Manager).
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
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Debt Equity Ratio (Total Debt/Networth) |
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0.00 |
0.00 |
0.00 |
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Current Ratio (Current Asset/Current Liability) |
|
5.72 |
5.50 |
2.92 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Million) |
(INR in Million) |
(INR in Million) |
|
Share Capital |
40.000 |
40.000 |
40.000 |
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Reserves & Surplus |
332.476 |
405.436 |
480.735 |
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Net worth |
372.476 |
445.436 |
520.735 |
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Long Term borrowings |
0.000 |
0.000 |
0.000 |
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Short Term borrowings |
0.000 |
0.000 |
0.000 |
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Total borrowings |
0.000 |
0.000 |
0.000 |
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Debt/Equity ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
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|
(INR in Million) |
(INR in Million) |
(INR in Million) |
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Total Revenue |
826.330 |
731.407 |
642.396 |
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(11.487) |
(12.170) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
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|
(INR in Million) |
(INR in Million) |
(INR in Million) |
|
Total Revenue |
826.330 |
731.407 |
642.396 |
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Profit |
80.764 |
72.960 |
75.299 |
|
|
9.77% |
9.98% |
11.72% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBTS
|
Particulars |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
31.03.2012 (Rs.
In Million) |
|
Current Maturities of Long Term Debts |
0.000 |
0.000 |
NA |
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Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
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2] |
Locality of the firm |
Yes |
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3] |
Constitutions of the firm |
Yes |
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4] |
Premises details |
Yes |
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5] |
Type of Business |
Yes |
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6] |
Line of Business |
Yes |
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7] |
Promoter's background |
Yes |
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8] |
No. of employees |
Yes |
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9] |
Name of person contacted |
Yes |
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10] |
Designation of contact
person |
Yes |
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11] |
Turnover of firm for last
three years |
Yes |
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12] |
Profitability for last
three years |
Yes |
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13] |
Reasons for variation
<> 20% |
Yes |
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14] |
Estimation for coming
financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
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17] |
Major suppliers |
No |
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18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
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20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
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23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
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25] |
Conduct of the banking
account |
----- |
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26] |
Buyer visit details |
----- |
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27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
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 |
No |
NOTE:
The registered address of the company has been shifted from Kothrud,
Pune – 411 029, Maharashtra, India to the present address w.e.f. 01.05.2011.
BACKGROUND:
Nelson Global Products India Private Limited (formerly known as Cummins
Exhaust India Limited) is engaged in the business of manufacturing exhaust
system products for applications ranging from automotive, trucks and buses,
agricultural and construction equipment to gensets. The Company manufactures
the highest quality heavy duty mufflers silencers and silencers. The Company
also offers a full range of exhaust products including spark arrestors,
catalytic exhaust mufflers and accessories such as formed tubes, brackets, heat
shields etc. The Company has manufacturing plant in India and sells in both
domestic and export segment.
Consequent to the change in the ownership of the company in the year
2011-12, the name of the company has been changed to Nelson Global Products
India Private Limited. The name change has been given effect to in all
respects. The said transfer has not impacted and will continue to have no
impact, in the opinion of the management, on the operations of the company.
FINANCIAL RESULTS:
Total Revenue for the year ended March 31st 2014 was
Rs.642.396 million which decreased by 12.17% compared to previous year
Rs.731.407 million mainly due to change in the product mix. Consequently profit
after tax was increased to Rs.75.299 million from Rs.72.960 million Previous
year.
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
90086090 |
31/03/2011 * |
40,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE, SENAPATI
BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA |
B10985042 |
* Date of charge modification
FIXED ASSETS
Tangible Assets
· Plant and Equipment
· Factory Equipments
· Furniture and Fixtures
· Vehicles
· Office Equipments
Intangible Assets
· Computer Software
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.62.70 |
|
|
1 |
Rs.94.55 |
|
Euro |
1 |
Rs.67.66 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
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Analysis Done by
: |
SUM |
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|
Report Prepared
by : |
SMN |
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 |
|
-- PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
50 |
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.