MIRA
INFORM REPORT
|
Report Date : |
27.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
NTF
[INDIA] PRIVATE LIMITED |
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Registered Office : |
23/25, Old Rajinder Nagar, New Delhi - 110060 |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
25.04.1996 |
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Com. Reg. No.: |
55 – 78410 |
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CIN No.: [Company
Identification No.] |
U26102DL1996PTC078410 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELN05631D |
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PAN No.: [Permanent
Account No.] |
AAACN3195N |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Manufacturers and Exporters of light weight GRP Composites. Manufacturing and supplying to OEMs of
Automobile Industries, Defence Establishments. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
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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Maximum Credit Limit : |
USD
175000 |
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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 well established company having satisfactory track. Trade relations are fair. General 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 : |
23/25, Old Rajinder Nagar, New Delhi –
110060, India |
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Tel. No.: |
91-11-25763100 / 25853714 |
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E-Mail : |
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Website : |
http://www.ntfindia.com http://www.ntf-design.com |
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Area : |
650
sq. ft. |
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Location : |
Owned |
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Factory
/ Corporate Office : |
Plot No. 49, Sector - 3, IMT Manesar, Gurgaon 122050, Haryana, India |
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Tel.
No.: |
91-124-2290446/ 2290447/ 2290448/ 436 9440 to 436 9461 |
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Fax
No.: |
91-124-229 0443 / 436 9462 |
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E-Mail
: |
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Website : |
http://www.ntfindia.com http://www.ntf-design.com |
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Location : |
Owned
[Industrial] |
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Branches
: |
Vandana, Shop No. 8, Subhash Lane, Malad East, Mumbai - 400097, Maharashtra, India Phone : 91-22-2883 5423 / 2882 8230 Mobile : 91-9820133138 E Mail : nityanam@vsnl.com
Plot No. AP 866, ‘H’ Block, Off 12th Main Road, Anna Nagar, Chennai 600 040, Tamil Nadu, India Phone : 91-44-2616 2158, 4217 0792 Mobile : 91-9840062866 E Mail : excelsior2001@vsnl.net
Rohan Enterprises, Sr. No. 121, Vadhumukhwadi, Village Charholi, Dighi-Alandi Road, Behind Sai Baba Mandir, Pune - 412105, Maharashtra, India Phone : 91-20-27185016, 25139114 Mobile : 91-9822845425 E Mail : rohanent@satyam.net.in
Strada ai Losani 10064 Pinerolo (TO), Italy Phone : 39-121-376955 Mobile : 39-338-5780432 E Mail : elda.priotti@libero.it |
DIRECTORS
|
Name : |
Mr. Mahesh Kumar Jain |
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Designation : |
Chairman |
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Address : |
III-B-46/C, Nehru Nagar, Ghaziabad, Uttar Pradesh, India |
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Date of Appointment : |
25/04/1996 |
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Name : |
Mr. Naveen Jain |
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Designation : |
Director |
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Address : |
III-B-46/C, Nehru Nagar, Ghaziabad, Uttar Pradesh, India |
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Date of Appointment : |
25/04/1996 |
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Name : |
Ms. Neetu Jain |
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Designation : |
Director |
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Address : |
III-B-46/C, Nehru Nagar, Ghaziabad, Uttar Pradesh, India |
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Date of Appointment : |
25/04/1996 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
EQUITY SHARES |
|
|
|
Mr.
Mahesh Kumar Jain |
|
150000 |
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Mr.
Naveen Jain |
|
193710 |
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Ms.
Neetu Jain |
|
150000 |
|
Smt.
Kamla Devi Jain |
|
40000 |
|
Mahesh
Jain (Karta) HUF |
|
195300 |
|
Naveen
Jain (HUF) |
|
190000 |
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Mr.
Satish Dewan |
|
29000 |
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Smt.
Monika Dewan |
|
20000 |
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Mr.
Narayan Dixit |
|
5000 |
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Smt.
Kiran Bala |
|
5000 |
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Smt.
Ritu Sheshodia |
|
5000 |
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Smt.
Kishoore Sethi |
|
5000 |
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Mr.
Tarsem Kumar Pathania |
|
5000 |
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Mr.
Sunil Kumar |
|
7500 |
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Smt.
Sudha Dewan |
|
92500 |
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Mr. A
K Jain (HUF) |
|
10 |
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TOTAL |
|
1093020 |
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PREFERENCE SHARES |
|
|
|
Mr. Naveen Jain |
|
25000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Exporters of light weight GRP Composites. Manufacturing and supplying to OEMs of
Automobile Industries, Defence Establishments. |
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Products : |
GRP Composite Exterior Auto Body Panels Rear Parcel Shelves (for Maruti Wagon R, Maruti 800, Santro & Paio) Azdel Components Battery Tray Bumper Beams for Cars Spoiler for Maruti Esteem, Wagon R, Palio, Baleno Tractor Body Parts Composites for Tractor Inside Glove & Stereo Box Dash Board Roof & Front Hood for Tractor Door Trim Panels & Roof Liners Medical Components Radar Communication Instrument Carrying Box EMI/RFI Shielded Shelter for Housing of Control Equipments Locomotive Components |
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Exports to : |
U.S.A. [Finished Products] |
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Imports from : |
U.K. and Italy [Raw Materials, Machineries and Accessories] |
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Terms : |
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Selling : |
Cash, Contract or Credit (30 days) |
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Purchasing : |
Cash, L/C or Credit (30 / 60 days) |
GENERAL
INFORMATION
|
Suppliers : |
Startech Enggcon Private Limited Oceanic Cooling Towers Private Limited Alka Locks Private Limited Unilec Electricals Limited Indian Transformers and Electricals Maharaja Steels Nuchem Machines Tools Limited Gor Applicazioni Speciali S.P.A. Surcoat Consultants Private Limited Reynold India Private Limited Chatter Jee Enterprises Behal Joshi & Associates N.C. Communication Private Limited Shalcot Machanigne Private Limited Stratimetal - France Net Skape Technology Private Limited |
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Customers : |
Manufacturers Maruti Udyog Limited Santro Palio Mahindra & Mahindra Limited BMW Skoda Toyota Open Daewoo Motors Skoda Volkswagen Volvo |
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No. of Employees : |
100 |
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Bankers : |
Bank of Baroda Sector-41, Old Judicial Complex, Old Jharsa Road, Gurgaon 122 001, Haryana Karur Vysya Bank ICICI Bank Limited |
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Facilities : |
Cash Credit : Rs. 95 millions from Bank of Baroda as per Hypothecation Agreement dated March 18, 2006. It is secured against Hypothecation of Goods, Book Debts and Movable Assets of the Company. It is further secured by way of mortgage of property by depositing the title deeds situated at Plot No.49, Sector - 3, IMT Manesar, Gurgaon 122050, Haryana |
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Banking Relations : |
Satisfactory
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Auditors : |
K C Jain & Company Chartered Accountants, 12, Ansari Road, Daryaganj, New Delhi - 110 002, India |
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Tel. No.: |
91-11-23282884 |
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Mobile No.: |
91-11-23282881 |
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Associates : |
Nav Texfab Private Limited, India Legal Status : Private Limited Liability Company Address : C -11, Sector 22, Meerut Road, Ghaziabad – 201003, Uttar Pradesh, India Tel. No. : 91-120-2788339 Mac Enterprises Naini Company Alka International Limited Alka Locks Private Limited |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity
Shares |
Rs. 10/- each |
Rs. 20.000 millions |
|
250000 |
Preference
Shares |
Rs. 10/- each |
Rs. 2.500 millions |
|
|
TOTAL |
|
Rs. 22.500
millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
1190620 |
Equity
Shares |
Rs. 10/- each |
Rs. 11.906 millions |
|
250000 |
Preference
Shares |
Rs. 10/- each |
Rs. 2.500 millions |
|
|
TOTAL |
|
Rs. 14.406 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
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|
SHAREHOLDERS FUNDS |
|
|
|
|
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1] Share Capital |
|
14.406 |
13.430 |
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|
2] Share Application Money |
|
4.274 |
5.250 |
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|
3] Reserves & Surplus |
|
24.482 |
17.101 |
|
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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|
NETWORTH |
|
43.162 |
35.781 |
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|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
114.939 |
72.190 |
|
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2] Unsecured Loans |
|
24.277 |
4.723 |
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|
TOTAL BORROWING |
|
139.216 |
76.913 |
|
|
DEFERRED TAX LIABILITIES |
|
38.794 |
31.338 |
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|
|
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|
|
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TOTAL |
|
221.172 |
144.032 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
90.926 |
63.047 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
3.018 |
2.846 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.887 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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Inventories |
|
98.957 |
57.418 |
|
|
Sundry Debtors |
|
43.103 |
37.740 |
|
|
Cash & Bank Balances |
|
12.005 |
6.973 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
26.068 |
12.365 |
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Total Current Assets |
|
180.133 |
114.496 |
|
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Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
46.414 |
33.082 |
|
|
Provisions |
|
6.498 |
4.170 |
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Total Current Liabilities |
|
52.912 |
37.252 |
|
|
Net Current Assets |
|
127.221 |
77.244 |
|
|
|
|
|
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|
MISCELLANEOUS EXPENSES |
|
0.007 |
0.008 |
|
|
|
|
|
|
|
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TOTAL |
|
221.172 |
144.032 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
|
240.352 |
199.347 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
|
10.686 |
8.873 |
|
Provision
for Taxation |
|
1.981 |
0.700 |
|
Profit/(Loss)
After Tax |
|
8.705 |
8.173 |
|
|
|
|
|
|
Export
Value |
|
10.724 |
8.959 |
|
|
|
|
|
|
Import
Value |
|
51.510 |
39.723 |
|
|
|
|
|
|
Total
Expenditure |
|
220.929 |
181.178 |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
|
3.62 |
4.10 |
|
|
|
|
|
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|
Net
Profit Margin (PBT/Sales) |
(%) |
|
4.45 |
4.45 |
|
|
|
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|
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|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
3.18 |
4.51 |
|
|
|
|
|
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|
Return
on Investment (ROI) (PBT/Networth) |
|
|
20.17 |
22.84 |
|
|
|
|
|
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|
Debt
Equity Ratio (Total
Liability/Networth) |
|
|
3.23 |
2.15 |
|
|
|
|
|
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|
Current
Ratio (Current
Asset/Current Liability) |
|
|
3.40 |
3.07 |
|
|
|
|
|
|
|
Quick
Ratio |
|
|
1.53 |
1.53 |
|
|
|
|
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|
|
Current
Liabilities / Net worth |
|
|
1.23 |
1.04 |
|
|
|
|
|
|
|
Fixed
Asset / Net worth |
|
|
2.11 |
1.76 |
|
|
|
|
|
|
|
Average
Collection Days |
|
|
65.46 |
69.10 |
|
|
|
|
|
|
|
Account Receivables Turnover |
|
|
5.58 |
5.28 |
|
|
|
|
|
|
|
Inventory Turnover |
|
|
2.43 |
3.47 |
|
|
|
|
|
|
|
Asset
Turnover |
|
|
2.64 |
3.16 |
LOCAL AGENCY
FURTHER INFORMATION
Press
Clippings :
Source :
The Hindu : Business Line dated October 6, 2006-11-28
NTF
plans car styling kits sales by year-end
Abhinav
Ramnarayan
Hopes to
generate a Rs. 250 millions business in 2 years
NTF’s
styling kit
It is a
five-part set including front and rear bumpers, side stats, and a spoiler or an
under-spoiler
It would
look to position the product in the after-sales market, through distributors
Chennai,
Oct. 5
NTF
India, which makes composites for automobiles, plans to start sales of car
styling kits by the year-end, according to Mr J.S. Khurana, NTF's General
Manager - Marketing Automotive.
Mr
Khurana, who was in Chennai recently to talk to automobile manufacturers, said
that NTF hopes to generate a Rs 250 millions business over the next two years
from car styling kits, a market share of 15 per cent.
New variants
Maruti
has given NTF a firm order for two of its models. The shipment would form a
part of Maruti's accessories business, he said. The company is in talks with
car manufacturers for introducing new variants equipped with the styling kits,
accessories that give the cars a `sporty' look, for different car models such
as Honda City, Suzuki's Alto and Swift, and the Toyota Innova. Two or three
other companies have also shown interest.
A survey
conducted by the company with Market Development and Research Associates of the
CMR (Computing, Marketing and Research) group revealed that about 80,000 car
styling kits could be sold without any marketing effort to supplement it. This
in itself represents sales of Rs 1600 millions. But judging by more evolved
markets such as Singapore, the market potential for car styling kits is about
Rs 14000 millions, according to Mr Khurana.
The
calculation is based on a comparison of car styling kits in Singapore with the
existing market for automobiles in India. Since the projection is based on
units sold this year in India (1.5 million cars) the demand is lsikely to go up
as the years go by, he added.
The
company, which showcased its car styling kit during the 8th Auto
Expo last January in New Delhi, will start rolling out sales of the same by the
end of the year from the Rs 90 millions facility in Gurgaon that it has set up
exclusively for car styling kits. The company's main business is making
composites for cars, tractors, locomotives, medical and defence.
Mr
Khurana explained that NTF's kit is a five-part set including front and rear
bumpers, side stats, and a spoiler or an under-spoiler.
Apart
from directly selling to original equipment manufacturers (OEMs), the company
would look to position the product in the after-sales market, through
distributors. It has already appointed State-wise distributors, who would handle
localised advertising, he said.
The
strategy would be to position the product as technology-intensive. The base
material of the product is Polyurethane, which is lighter and more durable than
fibreglass, which is the popular technology in this market in India.
He said
that in addition it is more impact resistant.
The
design comes from Mr Somchai, a teacher of styling at the University of Kuala
Lumpur, Malaysia, who does similar freelance work with some Japanese companies,
and has 20 to 25 years of experience in styling-related capacities with Toyota
and Suzuki.
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.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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
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 |
|