MIRA
INFORM REPORT
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Report Date : |
27.02.2007 |
IDENTIFICATION
DETAILS
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Name : |
NILEFOS ORIENT FERTILISER PRIVATE LIMITED |
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Registered Office : |
11th Floor, Bakhtawar, Nariman Point, Mumbai – 400021,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
-- |
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Date of Incorporation : |
06.07.2006 |
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Com. Reg. No.: |
11-162965 |
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CIN No.: [Company
Identification No.] |
U24119MH2006PTC162965 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMN13925C |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Import and Trading of all types of water soluble fertilisers, yellow
sulphur , bentonite sulphus and
Chemicals |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
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Status : |
New Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
The company belongs to Madhvani Group of East Africa who made their
good fortunes there. They are non-resident Indians. Mr. Nitin Madhavani’s
uncle Mr. Mayur Madhavaliand his wife, film actress of Hindi movies awn huge
properties in Mumbai. Subject office and their residential flats are
currently valued at Rs. 4000 Millions. Their 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 : |
11th Floor, Bakhtawar, Nariman Point, Mumbai – 400021,
Maharashtra, India |
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Tel. No.: |
91-22-22876306-07 / 22852188 |
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Mobile No.: |
91-9820344503 |
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Fax No.: |
91-22-22852188 |
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E-Mail : |
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Website : |
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Area : |
10000 |
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Location : |
Owned by Group |
DIRECTORS
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Name : |
Mr. Nitin J. Madhvani |
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Designation : |
Director |
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Name : |
Mr. Nalin B Desai |
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Designation : |
Director |
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Name : |
Mr. Gopal Rajani |
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Designation : |
Director |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Nitin Madhvani |
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9998 |
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Mr. Nalin B Desai |
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1 |
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Mr. Gopal Rajani |
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1 |
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Total |
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10000 |
BUSINESS DETAILS
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Line of Business : |
Import and Trading of all types of water soluble fertilisers, yellow
sulphur , bentonite sulphus and
Chemicals |
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Imports : |
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Products : |
Water Soluble Fertiliser |
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Countries : |
Belgium |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
L/C |
GENERAL
INFORMATION
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Customers : |
Retailer and End Users |
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No. of Employees : |
5 |
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Bankers : |
Bank of India Nariman Point, Mumbai – 400021 |
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Facilities : |
Overdraft Facility : Rs. 9.000 Millions |
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Banking
Relations : |
Satisfactory |
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Group Companies : |
Ø FMP Engineering
Solutions Private Limited Mumbai Authorised Capital
: Rs. 1.000 Millions Paid up Capital :
Rs. 0.100 Millions Ø Madhvani Tea Ø Madhvani Soap Ø Kakira Sweets |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.000 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
Subject is a new company and in start-up
stage. Hence no financials are available, yet.
LOCAL AGENCY
FURTHER INFORMATION
Kakira Sweets
Kakira Sweets began operations in 1952 as a natural
extension to the sugar factory, with the logic that the main ingredient – sugar
– was being produced on site. There was also a need for a sweet manufacturing
unit that could serve the region.
As with other investments made by the group,
at the time, this was to be an impressive facility utilizing the best available
machinery from Germany and America.
During subsequent year the unit enjoyed
tremendous success and the sweets produced at Kakira were exported throughout success and the sweets
produced at Kakira was exported throughout the East African Region. The product
range at the time comprised hard-boiled sweets, including :
Flat Lollipops
Stick Candy [Long Boiled Sweets]
Satin Ball Sweets [Gobstoppers]
Toffees
Compressed Sugar Sweets
At the time, the factory employed about 150
people and produced between 180-200 mt of sweets per month.
Madhvani Soap
Soap Division – Kakira Sugar Works [1985]
Limited
Ugandans Known Madhvani Soap for its quality
and reliability. Three brands of laundry soap are produced at the Kakira plant
– Safi, Star Blue and Kanga.
The division has been successful in entering
into the strategic alliance with Unilever Uganda Limited. As a result of this,
it produces Unilever’s Key Laundry Soap along with the other Madhvani brands. Such contract manufacturing
activity for Unilever has indeed helped to improve the overall plant capacity
utilization and products quality.
New technology has been successful in entering
into a strategic alliance with Unilever Uganda Limited. As a result of this, it
produces Unilever’s Key Laundry Soap along with the other Madhvani brands. Such
contract manufacturing activity for Unilever has indeed helped to improve the
overall plant capacity utilization and product quality.
With ht installation of the new plant, overall
capacity utilization has improved
greatly, and they have been consistently producing about 1100 tonnes of laundry soap per month.
All Kakira brands of laundry soap have a
strong presence in the market enjoying both trade and institutional customers.
Madhvani Tea
Tea Division – Kakira Sugar Works [1985]
Limited
Madhvani Tea interests in Uganda currently lie
in two estates, Mwera Tea Estate and Nakigalala Tea Estate. Mwera Tea Estate is
situated in Mubende district near the town of Mityana and Nakigalala is near
the town of Kajjansi on the Entebbe highway.
The tea bushes on both estates were planted in
the 1950s and the group managed the estates until 1972. when the estates were
repossessed by the group in 1991, they were both rundown and their combined
output of made tea was negligible. Upon repossession, extensive rehabilitation
of the Mwera Tea Factory was undertaken in the phased manner and the capacity
of the factory is currently.
8702 square
feet of Withering Area with a green leaf intake capacity of 40000 kgs.
Per day.
Fermentation capacity of 2000 kgs. Per hour
Drying capacity of over 700 kgs. Per hour.
The total land area of both estates is 911
hectares – 403 hectares at Mwera and 508 hectares at Nakigalala. Of this the
total area under tea production -2004 is 502 hectares. This includes 72
hectares of tea that had become forest, was painstakingly rehabilitated in 2003
and is yet to come into full production.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.20 |
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UK Pound |
1 |
Rs.86.72 |
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Euro |
1 |
Rs.58.23 |
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to recommend
credit dealings |
No Rating |
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PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions