MIRA
INFORM REPORT
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Report Date : |
06.08.2007 |
IDENTIFICATION DETAILS
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Name : |
NYPRO FORBES PRODUCTS PRIVATE LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
03.08.1995 |
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Com. Reg. No.: |
032495 |
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CIN No.: [Company
Identification No.] |
U25209TN1995PTC032495 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEN04466A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is engaged in Custom Injection for Engineering and Medical
Plastic Parts. |
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 313356 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a part of Forbes Group, indirectly controlled by Tatas, a
largest industrial house. Available information indicated high financial responsibility
of the company. Trade relations are fair. Financial position is satisfactory.
Payments are usually correct and as per commitments. The company can be considered good for any normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
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Tel. No.: |
91-44-24960728 |
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Fax No.: |
91-44-24960158 |
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E-Mail : |
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Website : |
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Work: |
Sub Div: Plot No.52, Hosur – 635126, |
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Tel. No.: |
91-4344-277084 / 277362 |
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Fax No.: |
91-4344-279014 |
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DIRECTORS
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Name : |
Mr. Kamlesh Chander Mehra |
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Designation : |
Director |
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Address : |
Flat No. 11, Volkart House, 63, |
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Date of Birth/Age : |
29.09.1939 |
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Date of Appointment : |
18.09.1997 |
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Name : |
Mr. Mritunjaya Singh |
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Designation : |
Director |
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Address : |
Sangeetha, No. 6, Kasturi Estate, 2 Street, |
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Date of Birth/Age : |
24.01.1944 |
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Date of Appointment : |
18.09.1997 |
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Name : |
Mr. K.R. N. Menon |
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Designation : |
Director |
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Address : |
Arjay Apex Centre, 24, College Raod, Nungambakkam, Chennai – 600006, Tamilnadu |
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Date of Birth/Age : |
01.08.1935 |
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Date of Appointment : |
25.10.1998 |
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Name : |
Mr. Gordon Beatty Lankton (Foreign) |
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Designation : |
Director |
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Address : |
98, |
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Date of Birth/Age : |
24.04.1931 |
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Date of Appointment : |
18.09.1996 |
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Name : |
Mr. James Robert Buonomo (Foreign) |
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Designation : |
Director |
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Address : |
42, |
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Date of Birth/Age : |
09.07.1952 |
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Date of Appointment : |
18.03.1996 |
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Name : |
Mr. Goh Hock Kim (Foreign) |
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Designation : |
Director |
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Address : |
145, Elias Terrace, |
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Date of Birth/Age : |
30.03.1961 |
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Date of Appointment : |
07.01.2002 |
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Name : |
Mr. Terry TO (Foreign) |
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Designation : |
Director |
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Address : |
Block 5, 14A, Cavendish H, Jardine Outlook, |
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Date of Appointment : |
22.03.2004 |
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Name : |
Mr. Richard H. Landry (Foreign) |
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Designation : |
Director |
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Address : |
178, |
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Date of Birth/Age : |
22.05.1956 |
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Date of Appointment : |
25.10.2004 |
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Name : |
Mr. U Satish Kumar |
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Designation : |
Director |
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Address : |
C/o Sri Krishna Guest House, 27 / 11, |
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Date of Birth/Age : |
16.08.1981 |
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Date of Appointment : |
15.04.2004 |
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Name : |
Mr. SK. Noorul Hassan |
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Designation : |
Director |
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Address : |
H – 37, ASTC Hudco Old, 12th Phase, Hosur, Tamilnadu |
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Date of Birth/Age : |
10.07.1980 |
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Date of Appointment : |
19.08.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Forbes Gokak Limited |
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2000000 |
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Nypro INC |
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2000000 |
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Category |
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Percentage of
Holding |
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Foreign Holding (Foreign Institutional Investor(s), Foreign Companies,
Foreign Financial Institution(s), Non-resident Indian (s) or Overseas
Corporate Bodies or Other |
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50.00 |
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Bodies Corporate |
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50.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in Custom Injection for Engineering and Medical
Plastic Parts. |
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GENERAL INFORMATION
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Bankers : |
State Bank of |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Murugesh and Company Chartered Accountants |
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Address : |
507, Sri Ranga Nivas, 19th Main, 36th Cross, 4th
“T” Block, Jayanagar, Bangalore – 560041, Karnataka |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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6760000 |
Equity Shares |
Rs.10/- each |
Rs.67.600
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
67.600 |
47.600 |
47.600 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
10.739 |
9.498 |
3.457 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
78.339 |
57.098 |
51.057 |
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LOAN FUNDS |
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1] Secured Loans |
53.921 |
42.418 |
41.797 |
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2] Unsecured Loans |
0.000 |
0.000 |
2.603 |
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TOTAL BORROWING |
53.921 |
42.418 |
44.400 |
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DEFERRED TAX LIABILITIES |
5.005 |
4.157 |
0.789 |
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TOTAL |
137.265 |
103.673 |
96.246 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
106.365 |
94.386 |
86.149 |
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Capital work-in-progress |
5.100 |
2.765 |
2.139 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
3.250
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3.318 |
0.970 |
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Sundry Debtors |
29.288
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22.886 |
13.939 |
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Cash & Bank Balances |
5.537
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0.353 |
0.939 |
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Other Current Assets |
2.896
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1.756 |
0.765 |
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Loans & Advances |
10.976
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4.050 |
2.783 |
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Total
Current Assets |
51.947
|
32.363 |
19.396 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
26.063
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25.799 |
11.822 |
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Provisions |
0.768
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0.610 |
0.468 |
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Total
Current Liabilities |
26.831
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26.409 |
12.290 |
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Net Current Assets |
25.116
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5.954 |
7.106 |
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MISCELLANEOUS EXPENSES |
0.684 |
0.568 |
0.852 |
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TOTAL |
137.265 |
103.673 |
96.246 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
136.091 |
95.466 |
69.179 |
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Other Income |
1.402 |
1.536 |
1.523 |
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Total Income |
137.493 |
97.002 |
70.702 |
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Profit/(Loss) Before Tax |
2.591 |
10.279 |
4.757 |
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Provision for Taxation |
1.350 |
4.238 |
1.508 |
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Profit/(Loss) After Tax |
1.241 |
6.041 |
3.249 |
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FOB Value |
14.120 |
0.000 |
2.287 |
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Imports : |
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Raw Materials |
1.753 |
0.024 |
0.395 |
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Stores & Spares |
0.427 |
0.252 |
0.080 |
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Capital Goods |
12.918 |
1.545 |
0.217 |
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Total Imports |
15.098 |
1.821 |
0.692 |
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Expenditures : |
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Operating and Other Expenses |
54.987 |
43.514 |
35.120 |
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Purchases made for re-sale |
64.607 |
29.789 |
17.051 |
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Financial Charges |
3.874 |
3.795 |
5.419 |
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Depreciation & Amortization |
11.434 |
9.625 |
8.355 |
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Total Expenditure |
134.902 |
86.723 |
65.945 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
0.90
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6.22 |
4.59 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.90
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10.76 |
6.87 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.63
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8.10 |
4.50 |
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Return on Investment (ROI) (PBT/Networth) |
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0.03
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0.18 |
0.09 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.34
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0.46 |
0.24 |
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Current Ratio (Current Asset/Current Liability) |
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1.93
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1.22 |
1.57 |
LOCAL AGENCY FURTHER INFORMATION
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Name of the company |
NYPRO FORBES
PRODUCTS PRIVATE LIMITED |
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Presented By |
SK., Noorul
Hassan Company Secretary |
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1) Date and description of instrument creating the change |
a) Agreement of
Loan for overall limit b) Agreement of hypothecation
of goods and assets c) letter
regarding the grant of individual limits within the overall limit: and d) Equitable
mortgage by deposit of Title deeds All executed on 4.
01.2002 by the company in favour of State Bank of |
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2) Amount secured by the charge/amount owing on the securities of charge |
Cash credit
facility of Rs.10.000 millions advanced by State Bank to the company together
with interest, additional interest, liquidated damages, premia on pre payment
or on redemption, costs, charges, expenses and all other moneys payable by
the company to State Bank |
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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 |
The company’s
entire goods, movable and other assets such as book debts, outstanding
moneys, receivables, claims, bills, invoices, documents, contracts, engagements,
securities, investments and rights (i.e. hypothecation of stocks Rs.2.500
millions and hypothecation of Rs.7.500 millions) and further secured by
deposit of title deed of the existing immovable property (more fully
described in the schedule hereunder) of the company |
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4) Gist of the terms and conditions and extent and operation of the charge. |
a) The charge
operates as security as security for the due repayment by the company to State Bank of its Cash
Credit facility of Rs.10.000 millions together with interest, additional
interest, liquidated damage, premia on prepayment or on redemption, costs,
charges, expenses and all other moneys payable by the company to state bank
in terms of the agreements and supplemental agreements. b) The security
created under the said agreement of hypothecation and supplemental agreement
of hypothecation is to be a continuing security. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of |
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6) Date and brief description of instrument modifying the charge |
a) letter
regarding of the grant of individual limits within the overall limit – in
form C5: b) Supplemental agreement
of hypothecation of goods and assets for increase in the overall limit – in
form C – 2 – A c) hypothecation
of machinery letter: and All the above
agreements were executed on 28.11.2005. d) Form B dated
1.12.2005 extending equitable mortgage on 28.11.2005 |
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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. |
Charge was
created by the company in favour of state bank for enhancing the existing
credit facility of Rs.55.000 millions to Rs.132.500 millions with the
following new limits: 1. Term Loan 3 –
Rs.72.500 millions (New ) 2. Existing Term
Loan 1 – Rs.35.000 millions (No change) 3. Existing Term Loan
2 – Rs.10.000 millions (No change) 4. Cash Credit –
Rs.15.000 millions (Existing Rs.10.000 millions) Terms and
Conditions: 1. For Term Loan
3 : - First charge by
way of equitable mortgage on the entire fixed assets of the company (present
and future.) - Hypothecation on the company’s entire
plant and machinery, except those charged to Forbes Gokak - Hypothecation of the machinery and other
fixed assets proposed to e acquired out of the new TL - Rate of interest: 8.75% p.a at monthly
rests. margin: 29.26% 2. For Cash
Credit: -
Hypothecation
of company’s entire stocks and book debts. -
Margins: -
Raw
Materilas:25% -
Finished
Goods:25% -
Stocks
in process:25% -
Receivables:25%
(Cover period – 90 days) -
Rate
of Interest: 10.25% at monthly rests. 3. Collateral
security for all the above limits: -
Extension
of EM of factory land measuring 3.36 acres and building at the factory
premises in Sy. No. 635, 638, 639 and 654 in Zuzuvadi village in Hosur Taluk,
Dharmapuri Dist., Tamilnadu (in Plot No. 52 (part) in the Sipcot Industrial
Complex at Hosur) belonging to the company -
Extension
of charge on the entire plant and
machinery (primarily charged to Term Loans with outstanding at Rs.23.000
millions) -
Unencumbered
machinery – Rs.22.500 millions (valuation report dated 8.09.2005) |
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 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.40.36 |
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|
1 |
Rs.82.18 |
|
Euro |
1 |
Rs.55.31 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
YES |
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--AFFILIATION |
YES/NO |
NO |
|
--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 |
|