MIRA
INFORM REPORT
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Report Date : |
15.02.2007 |
IDENTIFICATION
DETAILS
|
Name : |
NOVA
WEIGH INDIA LIMITED |
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Registered Office : |
101,
MGR Road, Kalakshetra Colony, Besant Nagar, Chennai – 600090, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
30.06.2006 |
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Date of Incorporation : |
21.12.1995 |
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Com. Reg. No.: |
18-33931 |
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CIN No.: [Company
Identification No.] |
U29309TN1995PLC033931 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEN02060C |
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Legal Form : |
Closely
Held Public Limited Liability Company |
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Line of Business : |
To
manufacture, purchase, sell, service, repair, import, export, distribute,
deal and trade in all types of weighing equipments and systems and in motion
weighing systems and all parts accessories and sub systems used in the
manufacture thereof. |
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
150000 |
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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 : |
101,
MGR Road, Kalakshetra Colony, Besant Nagar, Chennai – 600090, Tamilnadu,
India |
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Tel. No.: |
91-44-2430659 |
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Fax No.: |
91-44-24901988 |
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E-Mail : |
info@novaweigh.com |
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Website : |
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Head
Office : |
4th Floor, Ceebros Arcade, Sardar
Patel Road, Adyar, Chennai- 600 020, Tamilnadu, India |
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Tel.
No.: |
91-44-24430659/ 24430661/ 24430662 |
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Fax
No.: |
91-44-24901988 |
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Corporate
Office : |
Colemeadow
Road, Redditch, Worcestershire, United Kingdom B989PB |
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Website
: |
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Regional
Office : |
6/104, Jogani
Industrial Complex, Sion - Chunnabhatti, Mumbai- 400 022 Phone : 91-22-2529 2423 Fax : 91-22-2527 4399 Email: salesmumbai@novaweigh.com 102, Swastik
Bhawan, Commercial Complex, Ranjith Nagar, New Delhi-110008, India Phone : 91-11-2589 3309 Fax : 91-11-2589 3309 Email:
salesdelhi@novaweigh.com |
DIRECTORS
|
Name : |
Mr. R.
Ramachandran |
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Designation : |
Director
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Address : |
101,
MGR Road, Kalakshetra Colony, Besant Nagar, Chennai – 600020, Tamilnadu,
India |
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Date of Birth/Age : |
17.02.1938 |
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Date of Appointment : |
31.08.2005 |
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Name : |
Mr. N.
Ramakrishnan |
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Designation : |
Managing
Director |
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Address : |
14,
East Club Road, Shenoy Nagar, Chennai – 600030, Tamilnadu, India |
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Date of Birth/Age : |
17.05.1962 |
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Date of Appointment : |
10.04.2004 |
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Name : |
Mr. R.
Sashidaran |
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Designation : |
Director
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Address : |
T –
57A, 32nd Cross Road, Besant Nagar, Chennai – 600090, Tamilnadu,
India |
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Date of Birth/Age : |
30.06.1938 |
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Date of Appointment : |
31.08.2005 |
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Name : |
Mr. S.
Rajagopalan |
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Designation : |
Director
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Address : |
1A,
Rahul Manor, 78 Chamiers Road, R. A. Puram, Chennai – 600028, Tamilnadu,
India |
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Date of Birth/Age : |
02.03.1939 |
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Date of Appointment : |
31.08.2005 |
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Name : |
Mr.
Peter Holmes |
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Designation : |
Director
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Address : |
64,
Langfield Road, Knowle, Soil Hill, United Kingdom |
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Date of Birth/Age : |
25.09.1951 |
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Date of Appointment : |
15.09.2004 |
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Name : |
Mr.
Stephen Burton |
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Designation : |
Director
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Address : |
Stone
House, King Close, Caksington, Derbyshire, DE44BY, United Kingdom |
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Date of Birth/Age : |
10.05.1951 |
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Date of Appointment : |
15.09.2004 |
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Name : |
Mr.
John Richard Harrison |
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Designation : |
Director
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Address : |
11,
Southwold Avenue, Kings Norton, Birmingham, B303RJ, United Kingdom |
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Date of Birth/Age : |
17.10.1954 |
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Date of Appointment : |
28.06.2005 |
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Name : |
Mr.
David Nicholas Hudson |
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Designation : |
Director
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Address : |
The
Bakehouse, Byfield Road, Priors Marston, Warwickshire, CV477RP, United
Kingdom |
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Date of Birth/Age : |
06.08.1965 |
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Date of Appointment : |
28.06.2005 |
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Name : |
Mr.
Malcolm Church |
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Designation : |
Director
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Address : |
5,
Westfields, Cats Hill Bransgroue, Worcester, United Kingdom |
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Date of Birth/Age : |
03.12.1951 |
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Resigned Date : |
28.06.2005 |
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Name : |
Mr.
William John Turtland |
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Designation : |
Director
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Address : |
‘Waimes’,
High Street, Little Everden, Cambridge, United Kingdom |
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Date of Birth/Age : |
13.10.1944 |
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Resigned Date : |
28.06.2005 |
MAJOR SHAREHOLDERS
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Names
of Shareholders |
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No. of Shares |
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Strathdon
Holdings Limited |
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500000 |
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Mr. N.
Ramakrishnan |
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487500 |
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Ms.
Renuka Ramakrishnan |
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12500 |
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Mr. R.
Ramachandran |
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10000 |
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R
Ramachandran [HUF] |
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37000 |
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Ms.
Sunita L. Ganapati |
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42750 |
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Ms.
Vinita L. Venkatraman |
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42750 |
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Ms.
Rukmini Ramachandran |
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1000 |
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Mr. S.
Rajagopalan |
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10000 |
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Ms.
Indira Rajagopalan |
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10000 |
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Mr. V.
Mohan |
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40000 |
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Mr. J.
Rajesh |
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4000 |
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Mr. P.
Kathirvel |
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3500 |
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Mr. S.
Neelamegam |
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7500 |
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Mr. R.
Sridhar |
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14000 |
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Mr. D.
Shankar |
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10000 |
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Ellarr
Automation Private Limited |
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2500 |
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Mr. S.
Venkatesh |
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2000 |
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Mr. S.
Srinivasan |
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5000 |
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Mr.
Ravindra Madurwar |
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2500 |
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Mr.
Shankar Velayutham |
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1000 |
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Mr. V.
Sreenadh |
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2000 |
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Mr. D.
Venkatesan |
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1500 |
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Mr. M.
Allwin |
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1000 |
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TOTAL |
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1250000 |
BUSINESS DETAILS
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Line of Business : |
To
manufacture, purchase, sell, service, repair, import, export, distribute,
deal and trade in all types of weighing equipments and systems and in motion
weighing systems and all parts accessories and sub systems used in the
manufacture thereof. |
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Products : |
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GENERAL
INFORMATION
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Customers : |
Food Balaji Breweries Cadbury Heinz India Hindustan Lever Makson Foods Mc Dowell Nestle Parry Confectionery SmithKline Beecham Pepsi Pharma Astra Zeneca Biocon Clariant Cipla German Remedies Glaxo Orchid Reckitt Benkizer Shasun Zydus Byk Chemical Asian Peroxide Asian paints BILT BASF Castrol Dow Chemicals EI Dupont ICI Paints Reliance Industries Zeneca Engineering &
Consultants Alfa Laval Coperion Ideal Chemtex consultants Dalal Consultant Jacobs H & G Kvaener Powergas Praj Industries Scorpio Engineering Technip India UHDE |
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Bankers : |
Dena Bank Nungambakkam Branch, 103, Nungambakkam
High Road, Chennai – 600034, Tamilnadu, India |
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Facilities : |
Secured Loans : From Banks : Cash
Credit : Secured by hypothecation of stock, book debts and fixed assets of
the company and guaranteed by Managing Director Overdraft
: Secured by Fixed Deposits of the company |
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Banking Relations : |
Satisfactory
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Auditors : |
Prasad
& Srinath Chartered
Accountants, 199, 2nd
Floor, TTK Road, Alwarpet, Chennai – 600018, Tamilnadu, India PAN
No. : AAHPP0048C |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
1600000 |
Class
A Equity Shares |
Rs. 10/- each |
Rs. 16.000 millions |
|
400000 |
Class
B Equity Shares |
Rs. 10/- each |
Rs. 4.000 millions |
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TOTAL |
|
Rs. 20.000
millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
2500000 |
Equity
Shares |
Rs. 10/- each |
Rs. 25.000 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
30.06.2006 |
30.06.2005 |
30.06.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
25.000 |
12.500 |
10.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
13.176 |
18.991 |
10.060 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
38.176 |
31.491 |
20.060 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.296 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.296 |
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DEFERRED TAX LIABILITIES |
0.026 |
0.072 |
0.043 |
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TOTAL |
38.202 |
31.563 |
20.399 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.784 |
4.794 |
2.713 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
1.705 |
0.185 |
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 |
9.449 |
8.398 |
8.538 |
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Sundry Debtors |
8.575 |
7.721 |
10.426 |
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Cash & Bank Balances |
22.331 |
15.067 |
8.122 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
1.197 |
1.307 |
0.840 |
|
Total Current Assets |
41.552
|
32.493 |
27.926 |
|
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Less : CURRENT LIABILITIES & PROVISIONS |
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|
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Current Liabilities |
5.564 |
3.059 |
9.035 |
|
|
Provisions |
4.275 |
2.850 |
1.205 |
|
Total Current Liabilities |
9.839
|
5.909 |
10.240 |
|
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Net Current Assets |
31.713
|
26.584 |
17.686 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
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TOTAL |
38.202 |
31.563 |
20.399 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
30.06.2006 |
30.06.2005 |
30.06.2004 |
|
Sales Turnover [including other income] |
88.518 |
103.622 |
45.826 |
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|
|
|
|
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Profit/(Loss)
Before Tax |
19.103 |
21.602 |
5.858 |
|
Provision
for Taxation |
5.292 |
5.577 |
1.436 |
|
Profit/(Loss)
After Tax |
13.811 |
16.025 |
4.422 |
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|
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Export
Value |
0.018 |
1.282 |
4.410 |
|
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Import
Value |
N.A. |
28.131 |
15.259 |
|
|
|
|
|
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Total
Expenditure |
69.414 |
82.019 |
39.968 |
KEY
RATIOS
|
PARTICULARS |
|
30.06.2006 |
30.06.2005 |
30.06.2004 |
|
PAT / Total Income |
(%) |
15.60
|
15.46 |
9.64 |
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Net
Profit Margin (PBT/Sales) |
(%) |
21.58
|
20.84 |
12.78 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
41.22
|
57.93 |
19.11 |
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Return
on Investment (ROI) (PBT/Networth) |
|
0.50
|
0.68 |
0.29 |
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Debt
Equity Ratio (Total
Liability/Networth) |
|
0.25
|
0.18 |
0.52 |
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Current
Ratio (Current
Asset/Current Liability) |
|
4.22
|
5.49 |
2.72 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed
Assets
Buildings,
Computers, Furniture & Office Equipments, Engineering Equipments and
Vehicles.
|
Name of the company |
NOVA WEIGH INDIA LIMITED |
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Presented By |
Mr. N. Ramakrishnan – Director |
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1) Date and description of instrument creating the change |
Hypothecation of goods dated 02.01.98 Inland Bills from dated 02.01.98 Letter of Counter Guarantee dated 02.01.98 |
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2) Amount secured by the charge/amount owing on the securities of charge |
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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 |
Hypothecation of goods brought in to or upon or now or hereafter incourse of transit to any godown, jatha or other place of storage and hypothecation of all receivables of the company |
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4) Gist of the terms and conditions and extent and operation of the charge. |
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5) Name and Address and description of the person entitled to the charge. |
Dena Bank Nungambakkam Branch, 103, Nungambakkam High Road, Chennai – 600034, Tamilnadu, India |
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6) Date and brief description of instrument modifying the charge |
Demand Promissory Note dated 23.03.1999 for Rs. 5.000 millions Letter of continuity dated 23.03.99 Letter of counter guarantee dated 23.03.99 Demand Promissory Note dated 23.03.99 for Rs. 1.000 million Letter of continuity dated 23.03.99 Letter of undertaking for supply bills dated 23.03.99 Demand Promissory Note dated 23.03.99 for Rs. 3.000 millions Letter of continuity dated 23.3.99 Hypothecation of goods dated 23.3.99 Hypothecation of book-debts dated 23.3.99 Inland bills form dated 23.3.99 Letter of lien and set-off for borrowing arrangements dated 23.3.99 |
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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. |
Charges decreased from Rs. 10.500 millions to Rs. 9.000 millions Cash Credit from Rs. 4.000 millions to Rs. 3.000 millions Bills Purchased Rs. 1.000 millions to Rs. 1.000 millions Guarantee Rs. 5.500 millions to Rs. 5.000 millions Total : Rs. 10.500 millions to Rs. 9.000 millions
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Name of the company |
NOVA WEIGH INDIA LIMITED |
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Presented By |
Dena Bank, Nungambakkam Branch, Chennai – 600034 |
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1) Date and description of instrument creating the change |
13th February, 2004 Agreement evidencing equitable mortgage by deposit of title deeds dated 13.02.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 9.000 millions |
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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 leasehold and / or freehold land and other immovable properties of the company situated at GALA 104, First Floor Building No. 6, of Jogani Industrial Complex at Sion Chunabatti Mumbai – 400022 admeasuring 425 ft. sq. mtrs and other structures fixed plant and machinery furniture & fitting now constructed erected and installed thereon both present and future [hereinafter referred to as the said immovable properties] |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The security as stated in column No. 3, to secure the due repayment, redemption and discharge of the company liabilities in respect of the diverse credit facilities amouting to Rs. 9.000 millions together with interest thereon at the respective agreed rates compound interest and or further penal interest as in the case of default interest tax as applicable liquidated damages commitment charges premia on prepayment or on prepayment or on redemption costs, charges and expenses and all other moneys payable by the company |
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5) Name and Address and description of the person entitled to the charge. |
Dena Bank Nungambakkam Branch, Chennai 600034, Tamilnadu, India |
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6) Date and brief description of instrument modifying the charge |
12th May, 2005 1. Demand Promissory Note 2. Agreement of Hypothecation [Goods, Book Debts and other movable assets to secure demand multiple facilities] 3. No instrument. Extension of equitable mortgage by deposit of title deeds of the company’s immovable property. [Letter evidencing the said deposit of title deeds is enclosed]. All the above were made on 12th May, 2005 and relate to one and the same modification of charge |
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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. |
1. Effect of Modification The Cash Credit limit of Rs. 9.000 millions has been reduced to Rs. 6.000 millions. And also, guarantee limit of Rs. 3.000 millions has been enhanced to Rs. 10.000 millions. Hence the overall limit increased to Rs. 16.000 millions. The break – up details of the overall limit of Rs. 16.000 millions [Rs. in Millions]
2. Terms and Conditions Rate of Interest : Interest at the rate of BPLR + 0.75% as per Credit rating as of June 2004 subject to change from time to time Margin : CC Hypn. : 35% Guarantee : 15% Commission : As per H.O. Guidelines 3. Securities Hypothecation by way of first charge in favour of Dena Bank, Nungambakkam, Chennai on all the company’s weighing system and other accessories, and all stocks of raw materials, goods in process and finished goods such as load cells, indicators, etc. consumable stores and spares, packing materials, etc. both present and future and Extension of equitable mortgage by deposit of title deeds of the company’s immovable property on leasehold and / or freehold rights land and other immovable properties of the company viz., Land situated at GALA 104, First Floor, Building No. 6, of Jogani Industrial Complex at Sion Chunabatti Mumbai – 400022 admeasuring 425 ft. sq. mtrs. and other structures. All the above said securities were already hypothecated / mortgaged with the said bank by way of first charge and now they shall continue to secure the present enhanced overall limit of Rs. 16.000 millions, together with interest, costs, charges and all other expenses which may be debited to the appropriate account from time to time All other terms and conditions remains the same. |
WEBSITE
DETAILS
Nova Weigh UK – Setting the trend
Nova Weigh is the UK leader
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ISO 9001.
Nova Weigh India – The perfect sequel
Nova Weigh India is a
direct subsidiary Nova Weigh UK
With its head quarters
at chennai, the company provides sales and support services across the country,
Nova Weigh India makes
available to the Indian process industry the quality products and services
which are the hall mark of Nova Weigh world wide.
More than 5000
successful installations
Products
Whether it is a stand-alone platform scale, a
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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.44.09 |
|
UK
Pound |
1 |
Rs.86.59 |
|
Euro |
1 |
Rs.57.92 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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 |
|
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 |
|