MIRA
INFORM REPORT
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Report Date : |
29.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
NIRMALA FILAMENTS [INDIA] PRIVATE LIMITED |
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Registered Office : |
Arackaparambil, CMC XXII,
Cherthala, Alleppey – 688 524, Kerala |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
06.02.1998 |
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Com. Reg. No.: |
09-12068 |
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CIN No.: [Company
Identification No.] |
U31501KL1998PTC012068 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CMBN03300D |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturers and exporters of spice oils and oleoresins. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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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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Maximum Credit Limit : |
USD 100000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a
well-established and reputed company having satisfactory track. Directors are
reported as experienced and respectable businessmen. 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
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Registered Office : |
Arackaparambil, CMC XXII,
Cherthala, Alleppey – 688 524, Kerala, INDIA |
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Tel. No.: |
91-478-2814552 |
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Website : |
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Location : |
Owned |
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Factory : |
Shed no.33, SIDCO Industrial Estate,
Coimbatore - 641 021, Tamil Nadu, India. |
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Tel. No.: |
91-422-2672732 / 2679342 |
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Fax No.: |
91-422-2670042 / 2611734 |
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E-Mail : |
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Location : |
Rented |
DIRECTORS
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Name : |
Mr. Biju Thomas |
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Designation : |
Managing Director |
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Address : |
Arackaparambil (H), Cherthala,
Aleppey - 688524, Kerala |
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Date of Birth/Age : |
13.07.1968 |
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Date of Appointment : |
06.02.1998 |
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Name : |
Mr. Bincy Biju |
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Designation : |
Director |
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Address : |
Arackaparambil (H), Cherthala,
Aleppey - 688524, Kerala |
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Date of Birth/Age : |
23.07.1970 |
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Date of Appointment : |
06.02.1998 |
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Name : |
Mr. Alphonsa Joseph |
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Designation : |
Director |
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Address : |
Chennoth Giyo, Villa (H), No.
61, TPX, Kokkothamangalam, Post, Cherthala - 688583, Kerala |
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Date of Birth/Age : |
28.02.1953 |
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Date of Appointment : |
06.02.1998 |
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Name : |
Mr. Gisto Joseph |
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Designation : |
Director |
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Address : |
Chennoth Giyo Villa (H), No.
61, TPX, Kokkothamangalam Post, Cherthala - 68583 |
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Date of Birth/Age : |
25.03.1975 |
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Date of Appointment : |
06.02.1998 |
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Name : |
Mr. Francis Joseph |
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Designation : |
Director |
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Address : |
Mattathil (H) No. 480, Ward
-1, BHGM, Panchayat, Kottayam, |
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Date of Birth/Age : |
31.08.1967 |
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Date of Appointment : |
06.02.1998 |
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Name : |
Mr. John Kallat |
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Designation : |
Director |
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Address : |
Kallat House, Thalliparamba P.
O. Kanpur – 670141, Kerala |
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Date of Birth/Age : |
15.07.1945 |
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Date of Appointment : |
06.02.1998 |
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Name : |
Mr. Jerry John |
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Designation : |
Director |
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Address : |
Kallat House, Thalliparamba P.
O. Kanpur – 670141, Kerala |
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Date of Birth/Age : |
14.08.1976 |
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Date of Appointment : |
06.02.1998 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Biju Thomas |
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48120 |
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Bincy Biju |
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47880 |
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Alphonsa Joseph |
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24000 |
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Gisto Joseph |
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24000 |
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Francis Joseph |
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36000 |
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John Kallat |
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29700 |
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Jerry John |
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30300 |
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Total |
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240000 |
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Category |
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Percentage of
Holding |
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Directors or relatives of directors |
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100.00 % |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and exporters of spice oils and oleoresins. |
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Products : |
Ø
Nylon 6 Ø
Nylon 66 Ø
Poly
Propylene Ø
Polyester Ø HDPE |
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Terms : |
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Purchasing : |
L/C, Cash or Credit (30 days) |
GENERAL
INFORMATION
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No. of Employees : |
150 |
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Bankers : |
Federal Bank Limited, Coimbatore |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
G. Palaniswami Chartered Accountant |
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Address : |
V. G. Nagar, E. B. Colony, Ganapathy, Coimbatore – 641006, Tamilnadu,
India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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300,000 |
Equity Shares |
Rs. 100/- each |
Rs. 30.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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240,000 |
Equity Shares |
Rs. 100/- each |
Rs. 24.000
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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24.000 |
24.000 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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4.030 |
2.640 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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28.030 |
26.640 |
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LOAN FUNDS |
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1] Secured Loans |
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8.909 |
9.438 |
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2] Unsecured Loans |
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12.983 |
15.294 |
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TOTAL BORROWING |
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21.892 |
24.732 |
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DEFERRED TAX LIABILITIES |
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2.171 |
3.823 |
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TOTAL |
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52.093 |
55.195 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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20.444 |
23.094 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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12.445 |
14.007 |
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Sundry Debtors |
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30.146 |
14.580 |
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Cash & Bank Balances |
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2.253 |
2.142 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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9.894 |
9.088 |
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Total
Current Assets |
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54.738 |
39.817 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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14.723 |
2.078 |
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Provisions |
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8.366 |
5.638 |
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Total
Current Liabilities |
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23.089 |
7.716 |
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Net Current Assets |
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31.649 |
32.101 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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52.093 |
55.195 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.60 |
1.22 |
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Current Ratio (Current Asset/Current Liability) |
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2.37 |
5.16 |
LOCAL AGENCY
FURTHER INFORMATION
BUSINESS
Subject is engaged in business of manufacturers and exporters
of Nylon Monophilament Yarn and all other kinds of yarn, spice oils and
oleoresins.
The company started business as manufacturers, producers,
processors, makers, inventors, converters, importers, exporters, traders,
buyers, sellers, retailers, wholesalers, suppliers, indenters, merchants,
distributors, consigners, jobbers, brokers, concessionaires of nylon mono
filament yarn and all other kinds of yarn.
Company also manufacture wide range of Nylon Monofilaments
Fishing Lines and Fishnet twines which finds varied application in commercial
fishing, long lining, sports fishing and industries. They are branded as “Ocean Strong” and “Ocean Soft”. Company can also supply private brands as per
customer’s specifications for satisfying the need of every customer.
Company is in trade terms with:
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GSF & Company
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Spectra Gases Private Limited
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Kwality Plastic
AS PER WEBSITE
Nirmala Filaments, an ISO 9002
certified company is one of the largest manufacturers and exporters of fishing
lines, Fishing Nets, Fishnet Twines and Industrial Monofilaments in India.
Nirmala Filaments has a production
capacity of 1500 MT per year of fishing lines and fishnet twines in different
sizes and colours from 0.10 mm to 4.0 mm. They source their raw materials and
technology from the world leaders in this field from Japan and Germany. Their
skilled and efficient workforce constantly strives to supply quality products
to their customers.
Their monofilaments are formulated
using imported extruders. All their products undergo stringent quality checks
at every stage of manufacture in the modern state-of- the-art laboratories to
assure superior quality and consistency.
Their fishing lines are supplied
in the brand names Ocean
Soft and Ocean Strong. They also
supply fishing lines in customer's own brand names. Their products successfully
compete in the global market and enjoy a good customer response.
Their products are being exported
to more than 15 countries worldwide including countries in Europe, Middle East
and Africa.
In the year 2005 Nirmala Monofil
under Ocean Soft Brand introducecd hign quality Nylon Mono & Multifilament
fishing nets meeting International Standards for Domestic and International
markets .The current capacity is 750 MT per year.
APPLICATION
All Industrial Monofilaments are
tailor made according to customer requirement for various end users.
Bankers Charges
Report as per Registry
|
Name of the company |
NIRMALA
FILAMENTS [INDIA] PRIVATE LIMITED |
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Presented By |
MR.
BIJU THOMAS, DIRECTOR |
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1) Date and description of instrument creating the change |
E.M. by deposit of title deeds
dated 12.10.1998 Letter of Credit Agreement
Dated 12.10.1998 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 7.109
Millions Import letter of
credit |
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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 |
DESCRIPTION OF
PROPERTY AND EXACT SITUATION
Situate at SIDCO
INDUSTRIAL ESTATE, KURICHI VILLAGE IN COIMBATORE SUB REGISTRATION DISTRICT together
with all building existing and / or to be constructed. Pledge of all
goods and documents of title to goods and other documents covered under the
respective letter of credit. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Commission @ such
% as per FEDAI Rules Margin @ 25 % Commission, at
the rate applicable from time to time, in accordance with Credit Rating,
subject to revision from time to time in the TFBL’s Prime Lending Rate /
Credit rating of the company by TFBL’s additional Commission, compound
Commission, further Commission by way of liquidated damages, commitment
charges, premia on pre-payment or on redemption, guarantee commission,
commission for letters of credit, costs, charges and expenses and other
monies payable under their heads of agreement / loan agreement / letter of sanction / memorandum of term
and conditions amended from time to time |
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5) Name and Address and description of the person entitled to the charge. |
The Federal Bank
Limited SSI Branch, 651,
Opposite Anakkara Street, Coimbatore – 641001 |
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6) Date and brief description of instrument modifying the charge |
Agreement of
Guarantee dated 28.10.2005 |
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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. |
This Modification
is for the purpose of : Net increase in
the Corporate Guarantee given to Nirmala Monofil Private Limited form Rs. 56.525
Millions to Rs. 56.800 Millions All the limits
sanctioned to Nirmala Filaments India Private Limited remains the same. The limits
availed by Nirmala Filaments India Private Limited
All the terms and
conditions for the above limits remains the same. |
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.43.59 |
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UK Pound |
1 |
Rs.85.53 |
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Euro |
1 |
Rs.58.14 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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45 |
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 |
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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 |
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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 |
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