MIRA
INFORM REPORT
|
Report Date : |
17.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
NGP
INDUSTRIES LIMITED |
|
|
|
|
Registered Office : |
M
13, Connaught Place, New Delhi 110001 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2005 |
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|
|
|
Date of Incorporation : |
30.03.1993 |
|
|
|
|
Com. Reg. No.: |
55-52836 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U74899DL1993PLC052836 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
JBPN00128C |
|
|
|
|
Legal Form : |
A
closely held public limited liability company. |
|
|
|
|
Line of Business : |
Manufacturer
and Exporter of Rockwool, Slagwool, Coal Tar Products, Thermal Insulation
Products. |
RATING & COMMENTS
|
MIRAs 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
425000 |
|
|
|
|
Status : |
Satisfactory
|
|
|
|
|
Payment Behaviour : |
Regular
|
|
|
|
|
Litigation : |
Clear |
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|
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|
Comments : |
Subject
is a well established company having satisfactory track. Trade relations are
fair. Financial position is satisfactory. 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 : |
M
13, Connaught Place, New Delhi 110001, India |
|
Tel. No.: |
91-11-2341521/
51517245 |
|
Mobile No.: |
91-9871363228 |
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Fax No.: |
91-11-23416255 |
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E-Mail : |
|
|
Website : |
DIRECTORS
|
Name : |
Mr.
Arun Krishna Srivashtava |
|
Designation : |
Director |
|
Address : |
G 1,
Sector 25, Noida, Gutam Budh Nagar, Uttar Pradesh 201301 |
|
Date of Birth/Age : |
24.06.1960 |
|
Date of Appointment : |
22.02.1997 |
|
|
|
|
Name : |
Mr.
Subhash Punj |
|
Designation : |
Director
|
|
Address : |
D
379, Phase I, Pocket II, Mayur Vihar, Delhi 110092 |
|
Date of Birth/Age : |
10.02.1947 |
|
Date of Appointment : |
22.02.1997 |
|
|
|
|
Name : |
Mr.
Rakesh Vohra |
|
Designation : |
Director
|
|
Address : |
B
222, Greater Kailash I, Delhi |
|
Date of Birth/Age : |
25.08.1965 |
|
Date of Appointment : |
30.09.2005 |
|
|
|
|
Name : |
Mr.
Sunil Yadav |
|
Designation : |
Company
Secretary |
|
Address : |
G 29
/ 106, Sector 3, Rohini, Delhi 110085, Delhi |
|
Date of Birth/Age : |
15.08.1975 |
|
Date of Appointment : |
16.08.2005 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
Cosmo
Capital and Investment Private Limited |
|
80975 |
|
Nilender
prakash Punj, Late PT. Kanhiya Lal Punj |
|
54 |
|
Punj
Star Properties Limited |
|
5 |
|
Niam
Holding Private Limited |
|
5 |
|
Gaunil
Holdings Private Limited |
|
5 |
|
Punjstar
Infotech Private Limited |
|
5 |
|
N P
Punj HUF |
|
5 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
and Exporter of Rockwool, Slagwool, Coal Tar Products, Thermal Insulation
Products. |
||||||
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|
|
||||||
|
Products : |
v Rockwool Panels v Isoloyd Nilflame v
Ceramic Fibre v Lloyd Foam v
PUF/PIR |
PRODUCTION
STATUS
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
|
Insulation Fibre [Loose Wool / Pipe
Section] |
M.T. |
5500.000 |
-- |
-- |
|
Rockwool Loose, Bonded Slabs and Matts |
M.T. |
10000.000 |
-- |
-- |
|
Coal Tar Enamel Coating |
M.T. |
6000.000 |
-- |
-- |
|
Pitch Primer |
LTR |
80000.00 |
80000.000 |
31950.000 |
|
Loose Wool |
M.T. |
-- |
3600.000 |
-- |
|
Rockwool Pipesection |
M.T. |
-- |
3600.000 |
1340.000 |
|
LRB Matts and R/L Slabs |
M.T. |
-- |
12000.000 |
10814.000 |
|
Coal Tar / Pitch Coating |
M.T. |
-- |
6000.000 |
3053.860 |
|
Loose Wool / Nodulated Wool |
M.T. |
-- |
-- |
529.990 |
GENERAL
INFORMATION
|
Customers : |
v Technip, France v Hitachi Zosen, Japan v Aramco, Saudi Arabia v
Deutsche Babcock, Germany v
Ei du pont v
SAFCO, Saudi Arabia v
MHI, Japan v
Hyundai, South Korea v
SADAF, Saudi Arabia v
Nippon, Japan v
Siemens, Germany v
PETROMIN, Saudi Arabia v
Toyo Engineering, Japan v
Reliance, India v
ALBA, Bahrain v
BHEL, India v
Larsen & Toubro v
PDO,OLNG, Oman v
Snamprogetti, Itlay v
ONGC, India v
QUDC,QASCO, Qatar v
Saipem. Italy v
NTPC, India v
QVC, Qatar v
Ansaldo, Italy v
IOCL, India v
Zakum Development Company (ZADCO) v
ABB SAE SADELMI v
NTPC, India v
DUBAL,DUGAS, UAE v
Fochhi SpA, Italy v
GAIL, India v
WED, Abu Dhabi v
Lummus, USA v
New Zealand Electricity & Water v
DEWA, Dubai v
Babcock & Wilcox, USA v
MW Kellog, UK v
MEW, Sharjah v
Technip-Coflexip, Italy v
IHI, Japan v
KNPC-Kuwait National Petroleum
Company v
Chiyoda, Japan v
HPCL, India v
KOC-Kuwait Oil Company v
Bechtel, UK v
Abu Dhabi Company for onshore
operations |
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No. of Employees : |
200 |
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Bankers : |
Bank
of Baroda M-9,
Cplace, New Delhi 110001, Delhi, India HDFC
Bank Punjab
and Sind Bank, Nehru place, New Delhi |
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Facilities : |
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|
|
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Banking Relations : |
Satisfactory
|
|
|
|
|
Auditors : |
Suresh
C. Mathur and Company Chartered
Accountants 64,
Regal Building, 2nd Floor, Connaught Place, New Delhi 110001 |
|
Tel. No.: |
91-11-23346733 |
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Fax No.: |
91-11-23361181 |
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|
|
|
Associates/Subsidiaries : |
Niam Holdings Private
Limited |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
200000 |
Equity
Shares |
Rs. 100/- each |
Rs. 20.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
81054 |
Equity
Shares |
Rs. 100/- each |
Rs. 8.105 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
8.105 |
8.105 |
8.105 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
101.416 |
91.301 |
86.079 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
109.521 |
99.406 |
94.184 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3.926 |
0.721 |
6.774 |
|
|
2] Unsecured Loans |
43.765 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
47.691 |
0.721 |
6.774 |
|
|
DEFERRED TAX LIABILITIES |
2.659 |
1.864 |
0.948 |
|
|
|
|
|
|
|
|
TOTAL |
159.871 |
101.991 |
101.906 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
109.065 |
65.152 |
67.033 |
|
|
|
|
|
|
|
|
INVESTMENT |
25.886 |
19.036 |
10.071 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
10.752
|
|
|
|
|
Sundry Debtors |
64.131
|
63.578 |
|
|
|
Cash & Bank Balances |
28.832
|
22.404 |
113.495 |
|
|
Other Current Assets |
9.148
|
5.907 |
|
|
|
Loans & Advances |
28.323
|
39.581 |
|
|
Total Current Assets |
141.186
|
137.866 |
113.495 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
108.566
|
116.613 |
88.693 |
|
|
Provisions |
7.700
|
3.450 |
|
|
Total Current Liabilities |
116.266
|
120.063 |
88.693 |
|
|
Net Current Assets |
24.920
|
17.803 |
24.802 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
159.871 |
101.991 |
101.906 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
Sales Turnover [including other income] |
289.764 |
183.990 |
178.656 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
20.458 |
9.588 |
9.182 |
|
Provision
for Taxation |
7.700 |
3.450 |
3.400 |
|
Profit/(Loss)
After Tax |
12.758 |
6.138 |
5.782 |
|
|
|
|
|
|
Export
Value |
0.535 |
1.539 |
NA |
|
|
|
|
|
|
Total
Expenditure |
269.305 |
174.402 |
169.475 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
PAT / Total Income |
(%) |
4.40
|
3.34 |
3.24 |
|
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
(%) |
7.06
|
5.21 |
5.14 |
|
|
|
|
|
|
|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
8.17
|
4.72 |
5.09 |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.10 |
0.10 |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
1.50
|
1.22 |
0.01 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
1.21
|
1.15 |
1.28 |
LOCAL AGENCY FURTHER
INFORMATION
Fixed
Assets
v
Plant
and Machinery
v
Computers
v
Furniture
and Fixture
v
Office
Equipments
v
Motor
Car
v
Cycle
v
Refrigerator
v
Typewriter
v
Tools
v
Water
Pump
v
Cooler
v
Air
Conditioner
v
Electric
Equipments
v
Photocopier
v
Fax
Machine
v
Building
v
Flat
Financial
Result
During
the year under report, the company has achieved a gross-revenue of Rs. 289.764
millions which is higher by 57.49 % as compared to the previous year and has
earned a Net Profit before tax of Rs. 20.458 millions during the current financial
year which is higher by 118.59 % as compared to the previous year which is
mainly due to increase in the revenue
of the company.
Profit
of the current year together with the accumulated profits of the previous years
have been transferred to the General Reserve.
A part
from the regular tax liability a provision for the liability of deferred tax
has been made. As per the provision of AS 22 of the accounting standards
issued by the Institute of Chartered
Accounts of India the Net Deferred tax liability of Rs. 0.794 Millions has been
provided.
NGP
industries had a modest beginning . Starting its venture in insulation. This
tiny sapling planted in 1956 has now grown into
a tree with branches spread throughout India and the
world. People, they believe are not mere resources, but the life force of their
organisation.
The Group has six manufacturing plants in Asia , set
up in technical association with
International companies. They produce Rock Wool Insulation,
Coal-Tar Enamel and Primer, Ceramic Fibre, Polyurethane /
Polyisocyanurate and Waterproofing Materials to international standards
and specification. Their products are widely exported throughout globe.
NGP
group was established as a contracting and manufacturing organization to be a
single source provider covering a wide variety of specialist service operations
in the fields of Insulation, Anti-Corrosion, and associated expertise.
NGP group has been in operation since 1972 in the Middle East, the Far East,
and South East Asia. The Group has associate offices in Abu Dhabi, Doha, India
and London.
During the past 30 years of operation the group has executed over 500 major
projects in various parts of world including New Zealand, Indonesia, Malaysia,
Singapore, Bangladesh, Sri Lanka, India, Pakistan, UAE, Saudi Arabia, Kuwait,
Qatar, Oman, Bahrain, Egypt, Algeria, Libya, Iran, Iraq, Sudan, and Trinidad.
The
group's workforce of over 6,000 includes technicians from India, Bangladesh,
Philippines, Thailand, Malaysia, Indonesia, Sri Lanka, Pakistan & Nepal.
All technicians are given special training in Quality & Safety at training
centers. Highly experienced personnel, familiar with international and local
regulations conduct this training.
Group
Company and their Activities
|
INECO (ENG) Limited Tel No. : 44-207-4022212 Fax: 44-7244340 |
Head Office in
london |
|
INECO Limited Tel No.: 971-2-6313315 , 971-2-6315544 |
Contracting
Division in Abu Dhabi |
|
Lloyd Insulations (W.L.L.) Tel No.: 974-4500735/749 Fax:974-4500736 |
Contracting
Division in Qatar |
|
INECO - NASICO Tel No.:966-3-882-2299 Fax: 966-3-882-7027 |
Contracting
Division in Saudia Arabia |
|
INECO IRAN KISH PISC
|
Contracting
Division in Iran |
|
INECO LTD
Fax.00973 - 737101 |
Contracting
Divison in Bahrain |
|
INECO LTD Tel No.:00962-553 2721, 4169 Fax.00962-552 1885 |
Contracting
Divison in Jordan |
|
Name of the company |
NGP
INDUSTRIES LIMITED |
|
Presented By |
Punjab and Sind Bank, Nehru
place, New Delhi |
|
1) Date and description of instrument creating the change |
Agreement for Hypothecation of Debt and Assets dated 29-09-2004 registered on 21.10.2004 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 6.5 Millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All the present and future book debts, outstanding monies, receivable debts bolls contract engagement security investment and asses |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest rate @ 15 p.a. |
|
5) Name and Address and description of the person entitled to the charge. |
Punjab and Sind Bank, Nehru place, New Delhi |
|
6) Date and brief description of instrument modifying the charge |
Book Debts and Assets letter of infinity from dated 18.01.2005 |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The facility has been expended from Rs. 6.5 millions to Rs. 10.000 millions by way of letter of credit or cash credit. Other terms and condition be mainly same. |
|
|
|
|
Name of the company |
NGP
INDUSTRIES LIMITED |
|
Presented By |
Punjab and Sind Bank, Nehru
place, New Delhi |
|
1) Date and description of instrument creating the change |
Hypothecation of goods to secure demand cash credit dated 24.09.2004 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 6.5 Millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of Stock Raw Material, Semi finished and finished goods |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest rate @ 15 % p.a. Margin 25 % |
|
5) Name and Address and description of the person entitled to the charge. |
Punjab and Sind Bank, Nehru place, New Delhi |
|
6) Date and brief description of instrument modifying the charge |
NA |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
NA |
Form 8 Particular for creation or modification of
charges
|
Corporation identity number or foreign company registrations number of the company |
U74899DL1993PLC052836 |
|
Name of the company |
NGP
INDUSTRIES LIMITED |
|
Address |
M
13, Connaught Place, New Delhi 110001, India |
|
This Form is for |
Creation of charge |
|
Type of Charges |
Equitable mortgage or mortgage of property by depositing the title deeds |
|
Particular of the charge holder |
Bank
of Baroda M-9, Cplace, New Delhi 110001, Delhi, India |
|
Nature or description of the instrument creating charge |
Memorandum of deposit of title deeds and tripartiate agreement |
|
Date of the instrument creating charge |
16.03.2006 |
|
Amount Secure by the charge |
Rs. 40.000 Millions |
|
Brief of the principal terms and conditions and extent and operation of the charge |
Secure the term loan of Rs. 40 millions interest @ 10.50 % p.a. and repayable in 60 EMI of Rs. 0.860 millions each |
|
Description of the property charge whether it is a charge on |
Immovable Property |
|
Particulars of the Property charged |
EMT of property at CC-30, 31, Kalkaji Measuring 866 |
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 Intl 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
companys 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.44.64 |
|
UK
Pound |
1 |
Rs.86.51 |
|
Euro |
1 |
Rs.58.62 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
This score serves as a reference to assess SCs 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 |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|