MIRA INFORM REPORT

 

 

Report Date :

16.11.2006

 

IDENTIFICATION DETAILS

 

Name :

NAPTHA RESINS & CHEMICALS  PRIVATE LIMITED

 

 

Registered Office :

No. 491, 4th Phase, Peenya Industrial Area, Bangalore – 560058, Karnataka

 

 

Country :

India

 

 

Financials (as on) :

31.03.2004

 

 

Date of Incorporation :

30.05.1974

 

 

Com. Reg. No.:

08-2571

 

 

CIN No.:

[Company Identification No.]

U24231KA1974PTC002571

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

BLRN00157D

 

 

PAN No.:

[Permanent Account No.]

44-156-CQ

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Exporter of Polyester Resins, Pigments, Paints, Thinners and Allied Products

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 150000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established and reputed company having satisfactory track records. Directors are reported as experienced and respectable businessmen. Their trade relations are reported as fair. Business is active. Payments are usually correct and as per commitments.

 

The company can be considered normal for business dealings at usual trade terms and conditions.

 

LOCATIONS

 

Registered Office :

No. 491, 4th Phase, Peenya Industrial Area, Bangalore – 560058, Karnataka

Tel. No.:

91-80-28361716/51177642/28362473

Fax No.:

91-80-28390119

E-Mail :

nrclwork@bom9.vsnl.net.in

nrcl@bgl.vsnl.net.in

Website :

http://www.naptharesins.com [under construction]

Area :

5.5 Acres (Owned)

 

 

Branches :

Located at:

 

Chennai, Kochi, Hyderabad and Delhi

 

DIRECTORS

 

Name :

Mr. Narinder Malik

Designation :

Managing Director

Date of Birth/Age :

62 years

Qualification :

B. Tec.

Experience :

30 years

 

 

Name :

Mr. Siddharth Malik

Designation :

Executive Director

Date of Birth/Age :

31 years

Qualification :

B. Com., M. B. A.

Experience :

10 years

 

 

Name :

Mr. Arjun Malik

Designation :

Director

Date of Birth/Age :

27 years

Qualification :

B. E.

Experience :

5 years

 

 

Name :

Mr. Shantilal Malik

Designation :

Director

 

 

Name :

Ms. Sushma Arora

Designation :

Director

 

MAJOR SHAREHOLDERS

 

Names of Shareholders

No. of Shares

Shantilal Malik

50,800

Narinder Malik

50,328

Rakesh Arora

4,784

Sushma Arora

12,600

Sudesh Arora

10,200

Neena Malik

2,360

Ashok Malik

7,600

Siddarth Malik

40,000

Arjun Malik

40,000

Narinder Malik and Others

88

C. Srinivas

1,000

Ariegcla Satyanarayan

1,000

V. Ramamurthy

250

N. Raghavan

250

K. S. Menon

250

Narinder Malik

350

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of Polyester Resins, Pigments, Paints, Thinners and Allied Products

 

 

Exports to :

Middle East

 

 

Imports from :

Holland and Sweden

 

 

Terms :

 

Selling :

L/C (60-90 days Credit)

 

 

Purchasing :

L/C

 

GENERAL INFORMATION

 

Suppliers :
  • Lantor BV, Holland
  • Parabeam Industries, Holland
  • Aplicator System AB, Sweden
  • Abhishek, Bangalore
  • Toshniwal, Bangalore
  • Beacon, Bangalore
  • NGEF
  • Usha Armour

 

 

Customers :
  • Ashok Leyland Limited
  • Fosroc Chemicals Limited
  • Anderson Marine Private Limited
  • Chemical Process Equipments Private Limited
  • Concord Arai Private Limited

 

 

No. of Employees :

85

 

 

Bankers :
  • Indian Bank, Malleswaram Branch, Bangalore
  • ICICI Bank, M. G. Road Branch, Bangalore

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

Kumbhat and Company

Chartered Accountants

Address :

Bangalore - 560025

 

 

Group Companies:
  • Empee Corporation Private Limited
  • Empee Trading Corporation

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

300,000

Equity Shares

Rs. 100/- each

Rs. 30.000 millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

243,100

Equity Shares

Rs. 100/- each

Rs. 24.310 millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

We are trying for latest financials and a will be sent soon.

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2004

31.03.2003

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

24.310

24.310

2] Share Application Money

 

0.000

0.000

3] Reserves & Surplus

 

13.258

13.024

4] (Accumulated Losses)

 

0.000

0.000
NETWORTH

 

37.568

37.334

LOAN FUNDS

 

 

 

1] Secured Loans

 

60.826

63.602

2] Unsecured Loans

 

17.166

12.554
TOTAL BORROWING

 

77.992

76.156

DEFERRED TAX LIABILITIES

 

4.958

4.671
 

 

 

 
TOTAL

 

120.518

118.161
 

 

 

 
APPLICATION OF FUNDS

 

 

 
 

 

 

 
FIXED ASSETS [Net Block]

 

34.096

35.742
Capital work-in-progress

 

0.000

0.000
 

 

 

 
INVESTMENT

 

0.101

0.101
DEFERREX TAX ASSETS

 

0.000

0.000
 

 

 

 
CURRENT ASSETS, LOANS & ADVANCES

 

 

 
 
Inventories
 

47.399

37.649
 
Sundry Debtors
 

80.315

70.886
 
Cash & Bank Balances
 

6.082

6.993
 
Other Current Assets
 

0.000

0.000
 
Loans & Advances
 

13.925

11.125
Total Current Assets
 

147.721

126.653
Less : CURRENT LIABILITIES & PROVISIONS
 

 

 
 
Current Liabilities &  Provisions
 

62.659

45.845
Total Current Liabilities
 

62.659

45.845
Net Current Assets
 

85.062

80.808
 

 

 

 
MISCELLANEOUS EXPENSES

 

1.259

1.510
 

 

 

 
TOTAL

 

120.518

118.161

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

31.03.2004

31.03.2003
Sales Turnover [including other income]

 

189.269

182.137
 

 

 

 
Profit/(Loss) Before Tax

 

0.573

0.071
Provision for Taxation

 

0.045

0.006
Profit/(Loss) After Tax

 

0.528

0.065
 

 

 

 
Import Value

 

8.309

16.521
 

 

 

 
Total Expenditure

 

188.696

182.066

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2004

31.03.2003
PAT / Total Income
(%)
 

0.28

0.03
 
 
 

 

 
Net Profit Margin

(PBT/Sales)

(%)
 

0.30

0.03
 

 
 

 

 
Return on Total Assets

(PBT/Total Assets}

(%)
 

0.31

0.04
 

 
 

 

 
Return on Investment (ROI)

(PBT/Networth)

 
 

0.01

0.01
 

 
 

 

 
Debt Equity Ratio

(Total Liability/Networth)

 
 

3.74

3.26
 

 
 

 

 
Current Ratio

(Current Asset/Current Liability)

 
 

2.35

2.76

 

LOCAL AGENCY FURTHER INFORMATION

 

History:

 

Subject was incorporated on 30th May, 1974 as a “Private Limited” than it became “Deemed Public Limited” w.e.f. July 1995. It was again changed to “Private Limited” w.e.f. 5th February, 2001.

 

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 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. 45.17

UK Pound

1

Rs. 85.24

Euro

1

Rs. 57.89

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

7

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

7

--PROFITABILIRY

1~10

4

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

YES

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

48

 

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

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

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

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

 

 

 

 

 

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