MIRA INFORM REPORT
|
Report Date : |
27.02.2007 |
IDENTIFICATION
DETAILS
|
Name : |
NITCO TILES LIMITED |
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Registered
Office : |
86-A, 8th Floor, Maker Chambers
III, Nariman Point, Mumbai - 400 021, India |
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Country : |
India |
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Financials (as
on) : |
31.03.2006 |
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Date of
Incorporation : |
25.07.1966 |
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Com. Reg. No.: |
11-16547 |
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CIN No.: [Company
Identification No.] |
L26920MH1966PLC016547 |
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TAN No.: [Tax Deduction
& Collection Account No.] |
MUMM09559E |
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PAN No.: [Permanent
Account No.] |
AAACN1674N |
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Legal Form : |
A Public Limited Liability company. The company’s shares are listed on
the stock exchanges. |
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Line of Business
: |
Manufacturing and Marketing of Cement Tiles, Mosaic Tiles, Stone
Marble, Terazzo Tiles, Glazed Ceramic Tiles and Unglazed Ceramic Tiles, etc
and also for Flooring and for Walls. |
RATING &
COMMENTS
|
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 10000000 |
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Status : |
Good |
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Payment
Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed company having
satisfactory track. Financial position is satisfactory. Payments are usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered
Office : |
86-A, 8th Floor, Maker Chambers
III, Nariman Point, Mumbai - 400 021, India |
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Tel. No.: |
91-22-2844040 / 2852535 |
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Fax No.: |
91-22-2024404 |
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E-Mail : |
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Website : |
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Showroom |
Hyderabad 107, Park Lane, Jain Estate, 1st Floor Secunderabad |
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Tel. No.: |
91 - 40 – 27840936 / 27842228 |
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Fax No.: |
91 - 40 - 27845427 |
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Showroom |
New Delhi 60 / 2, Yusuf Sarai, Inside Indian Oil Bahavan compound, New Delhi |
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Tel. No.: |
91 - 11 - 26524239/26514116 |
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Fax No.: |
91 - 11 - 26534909 |
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E-Mail : |
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Showroom |
Chennai 1063, Munuswamy Salai, West K K Nagar, Chennai |
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Tel. No.: |
91 - 44 - 24719638/ 9554 |
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Fax No.: |
91 - 44 – 24719638 |
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Showroom |
Mumbai Nitco House, Recondo Estate, Inside Municipal Asphalt Compound, S K
Ahire Marg, Worli, Mumbai |
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Tel. No.: |
91 - 22 – 24919922 |
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Fax No.: |
91 - 22 – 24915401 |
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Factory 1 : |
MOSAIC DIVISION C-19, Wagle Industrial Estate, Thane – 400 604, Maharashtra CERAMIC DIVISION Village Shrigaon, Taluka Alibaug, Post : Poymad, Raigad, Maharashtra MARBLE DIVISION Nitco Marble Land, Plot No. 3, Kanjur Village Road, Kanjurmarg (East),
Mumbai – 400 078, Maharashtra New Delhi Bangalore, Karnataka Chennai, Tamilnadu Hyderabad, Andhra Pradesh |
DIRECTORS
|
Name : |
Mr. Prannath A. Talwar |
|
Designation : |
Chairman |
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Address : |
16-B, II Palazze, Utte Gibbs Road, Malabar Hill, Mumbai – 400 006,
Maharashtra |
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Date of
Birth/Age : |
19.07.1926 |
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Date of
Appointment : |
22.08.1966 |
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Name : |
Mr. Vivek P. Talwar |
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Designation : |
Managing Director |
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Address : |
17-B, II Palazzo, Little Gibbs Road,
Malabar Hill, Mumbai – 400 006, Maharashtra |
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Date of
Birth/Age : |
09.10.1956 |
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Date of
Appointment : |
01.04.1996 |
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Name : |
Ms. Poonam Talwar |
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Designation : |
Wholetime Director |
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Address : |
5-A, II Palazzo, Little Gibbs Road,
Malabar Hill, Mumbai – 400 006, Maharashtra |
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Date of
Birth/Age : |
13.04.1964 |
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Date of
Appointment : |
01.04.2002 |
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Name : |
Mr. Sandip C. Shah |
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Designation : |
Director |
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Address : |
Khar Road, Mumbai - 401 053, Maharashtra |
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Date of
Appointment : |
18.10.1995 |
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Name : |
Mr. Subramaniam Parameswaran N. |
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Designation : |
Nominee Director |
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Address : |
ICICI Bank Limited, ICICI Bank Tower,
Bandra Kurla Complex, Bandra (East), Mumbai – 400 051, Maharashtra |
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Date of
Birth/Age : |
17.06.1964 |
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Date of
Appointment : |
20.09.2000 |
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Name : |
Mr. Dinesh H. Kanabar |
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Designation : |
Director |
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Address : |
14, Zaver Sadan, Uday Cinema Lane,
Ghatkopar, Mumbai - 400 086,
Maharashtra |
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Date of
Birth/Age : |
28.09.1958 |
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Date of
Appointment : |
04.01.1996 |
KEY EXECUTIVES
|
Name : |
Mr. Bhaskar G. Borkar |
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Designation : |
Company Secretary |
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Address : |
Rahat Manzil, 2nd floor, Dr.
Ambedkar Road, Khar Road, Khar (West), Mumbai – 400 052, Maharashtra |
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Date of Birth/Age : |
24.02.1962 |
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Date of Appointment : |
09.10.1995 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Promoters' holding |
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Promoters |
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Indian Promoters |
6964891 |
31.27 |
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in Concert |
3641800 |
16.35 |
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Non-Promoters'
holding and institutional
investors |
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Mutual funds and UTI |
3765084 |
16.91 |
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Flls |
1986617 |
8.92 |
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Others |
|
|
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Private corporate bodies |
1429203 |
6.42 |
|
Indian public |
2479630 |
11.13 |
|
NRIs/OCBs |
1302533 |
5.85 |
|
Any other (clearing member) |
701572 |
3. 1 5 |
|
Total |
22271330 |
100.00 |
BUSINESS DETAILS
|
Line of Business
: |
Manufacturing and Marketing of Cement Tiles, Mosaic Tiles, Stone
Marble, Terazzo Tiles, Glazed Ceramic Tiles and Unglazed Ceramic Tiles, etc
and also for Flooring and for Walls. |
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Products : |
Its’ products range includes :- v Glazed Ceramic
Tiles v Cement Tiles of
Mossaic v Marble Blocks
Slabs |
PRODUCTION STATUS
|
Particulars |
Unit |
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Installed
Capacity |
Actual
Production |
|
Mosaic Tiles |
Sq. Ft. |
|
9.088 |
4.982 |
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Ceramic Tiles |
Sq. Mtrs. |
|
4.032 |
3.286 |
GENERAL
INFORMATION
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No. of Employees
: |
1500 |
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Bankers : |
v Punjab National
Bank v State Bank of
India v SBI Commercial
& International Bank Limited |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
A.Husein Noumanali and Company Chartered Accountants |
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Address: |
Fountain Chambers, 1st Floor, 1-C Nanabhai Lane, Fort,
Mumbai - 400 023 |
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Tel. No.: |
91-22-22830347/22880443 |
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Fax No.: |
91-22-22880443 |
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E-Mail : |
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Associates/Subsidiaries
: |
v Mahalaxmi Tiles
& Marble Company Private Limited v Nitco Ceramics
Limited v Nitco
Construction Materials Private Limited v Nitco Tiles
& Marble Industries (Andhra) Private Limited v Northern India
Tiles Corporation v Nitco Group v Particle Boards
India Limited v Nitco Paints
Private Limited v Autumn Estate
and Investments Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
27,500,000 |
Equity Shares |
Rs. 10/- Each |
Rs. 275.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
22,271,330 |
Equity Shares |
Rs. 10/- Each |
Rs. 222.713
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
222.713 |
122.713 |
122.700 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2356.319 |
725.138 |
542.300 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2579.032 |
847.851 |
665.000 |
|
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LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
580.868 |
1045.247 |
727.600 |
|
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2] Unsecured Loans |
247.751 |
154.256 |
201.800 |
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TOTAL BORROWING |
828.619 |
1199.503 |
929.400 |
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DEFERRED TAX LIABILITIES |
40.630 |
33.485 |
0.000 |
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TOTAL |
3448.281 |
2080.839 |
1594.400 |
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APPLICATION OF FUNDS |
|
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|
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|
1575.591 |
1010.667 |
937.400 |
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FIXED ASSETS [Net Block] |
134.313 |
87.760 |
70.800 |
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Capital work-in-progress |
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|
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|
748.300 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
956.655
|
771.226 |
402.000 |
|
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Sundry Debtors |
321.324
|
324.907 |
286.400 |
|
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Cash & Bank Balances |
158.252
|
44.646 |
27.200 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
379.443
|
248.481 |
211.900 |
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Total
Current Assets |
1815.674
|
1389.260 |
927.500 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Current Liabilities |
752.774
|
385.027 |
341.300 |
|
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Provisions |
72.823
|
21.821 |
0.000 |
|
Total
Current Liabilities |
825.597
|
406.848 |
341.300 |
|
|
Net Current Assets |
990.077
|
982.412 |
586.200 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
3448.281 |
2080.839 |
1594.400 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Total Income |
3031.973 |
2023.627 |
1780.100 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
232.997 |
98.176 |
92.200 |
|
Provision for Taxation |
32.752 |
22.790 |
37.500 |
|
Profit/(Loss) After Tax |
200.245 |
75.386 |
54.700 |
|
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Total Earnings |
7.244 |
33.735 |
NA |
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Total Imports |
29.521 |
16.954 |
NA |
|
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|
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Total Expenditure |
2601.907 |
1783.489 |
1775.100 |
QUARTERLY
|
PARTICULARS |
30.06.2006 (1ST Quarter) |
30.09.2006 (2nd Quarter) |
30.12.2006 (3rd Quarter) |
|
Sales Turnover |
883.700 |
1071.300 |
1159.200 |
|
Other Income |
5.100 |
1.900 |
23.900 |
|
Total Income |
888.800 |
1073.200 |
1183.100 |
|
Total Expenditure |
733.900 |
901.300 |
987.900 |
|
Operating Profit |
154.900 |
171.900 |
195.200 |
|
Interest |
32.900 |
18.400 |
23.500 |
|
Gross Profit |
122.000 |
153.500 |
171.700 |
|
Depreciation |
23.700 |
24.900 |
25.800 |
|
Tax |
11.700 |
15.500 |
18.600 |
|
Reported PAT |
69.000 |
89.900 |
92.000 |
200606 Quarter 1 –
1. The above
financial results for the quarter ended 30.06.2006 were duly reviewed by the
Auditors and Audit Committee of the Company and thereafter taken on record by
the Board of Directors at their meeting held on 27.07.2006. 2. Out of the issue
proceeds of Rs. 1680 Millions, the Company has utilised Rs. 1284.8 Millions
towards Objects of the issue and pending utilisation, balance funds as at June
30, 2006 have been invested in term/fixed deposits with Banks. 3. The company
operates in single segment 'flooring product segment'. As such reporting is
done on a single segment basis. 4. Power & Fuel figures are after netting
of power generated through wind mill of Rs 1560.5 Millions 5. Expansion at
Ceramic Floor Tiles plant at Alibaug became operational from May 2006. 6. Nitco
Realties Private Limited has become 100% subsidiary of the Company during July
2006 to carry out real estate business. 7. The number of investor complaints
pending at the beginning of the quarter were 3. During the quarter, 159
investor complaints were received and all 162 investor complaints were resolved
during the quarter. No investor complaint is lying unresolved at the end of the
quarter. 8. The figures have been regrouped/restated/reclassified/rearranged,
wherever necessary.
200609 Quarter 2 –
Gross Sales Includes Sales / Income from Operations Rs 1098.724 million Sales Tax Rs (100.109) million Expenditure Includes (Increase)/Decrease in Stock Rs (122.266) million Consumption of Materials Rs 653.585 million Power & Fuel Rs 58.349 million Staff Cost Rs 41.604 million Selling & Distribution Expenses Rs 106.440 million Other Expenditure Rs 63.511 million Tax Includes Provision for Taxation Rs 14.430 million Fringe Benefit Tax Rs 1.072 million Deferred Tax Rs 23.212 million EPS is Basic & Diluted Status of Investor Complaints for the quarter ended 30.09.2006 Complaints Pending at the beginning of the quarter Nil Complaints Received during the quarter 43 Complaints disposed off during the quarter 43 Complaints unresolved at the end of the quarter Nil 1. The above financial results for the quarter / half year ended 30.09.2006 were duly reviewed by the auditors and Audit committee of the Company and thereafter taken on record by the Board of Directors at their meeting held on 19.10.2006 2. Out of the issue proceeds of Rs 1680.00 million, the Company has utilised Rs 1318.90 million towards Objects of the issue and pending utilisation, balance funds as at September 30, 2006 have been invested in term / fixed deposits with Banks. 3. The Company operates in single segment 'flooring product segment'. As such reporting is done on a single segment basis. 4. Power & Fuel figures are after netting of power generated through wind mill of Rs 21.427 million and Rs 37.032 million for the quarter ended September 30, 2006 and six months ended September 30, 2006 respectively. 5. The above results are on stand alone basis as Nitco Realities Private Limited which became 100 % subsidiary of the Company from July 2006 is yet to start revenue operations. 6. The figures have been regrouped / restated/ reclassified wherever necessary.
200612 Quarter 3
Gross Sales Includes Sales / Income from Operations Rs 1188.311 million Excise Duty Rs (29.105) million Sales Tax Rs (134.247) million Expenditure Includes (Increase)/Decrease in Stock Rs (433.629) million Materials Rs 1004.162 million Power & Fuel Rs 74.520 million Staff Cost Rs 45.493 million Selling & Distribution Expenses Rs 100.311 million Other Expenditure Rs 62.751 million Tax Includes Provision for Taxation Rs 17.226 million Fringe Benefit Tax Rs 1.400 million Deferred Tax Rs 35.295 million EPS is Basic & Diluted Status of Investor Complaints for the quarter ended December 31, 2006 Complaints Pending at the beginning of the quarter Nil Complaints Received during the quarter 19 Complaints disposed off during the quarter 19 Complaints unresolved at the end of the quarter Nil 1. The above financial results for the quarter / nine months ended December 31, 2006 were duly reviewed by the auditors and committee of the Company and thereafter taken on record by the Board of Directors at their meeting held on January 23, 2007. 2. Out of the issue proceeds of Rs 1680.00 million the Company has utilized Rs 1323.80 million towards Objects of the issue and pending utilization, balance funds as at December 31, 2006 have been invested in term / fixed deposits With Banks. 3. The company operates in single segment 'flooring product segment'. As such reporting is done on a single segment basis. 4. Power & Fuel figures are net of power generated through wind mill of Rs 2.185 million and Rs 39.217 million for the quarter ended December 31, 2006 and nine months ended December 31, 2006 respectively (previous period - Nil). 5. Interest & Financial charges are net of Forex gains of Rs 21.851 million for the quarter ended December 31, 2006 (corresponding quarter in previous year- Loss Rs 13.214 million) and Rs 10.908 million for nine months ended December 31, 2006 (corresponding period in previous year - Loss Rs 15.221 million). 6. The figures have been regrouped / restated / reclassified /rearranged, wherever necessary.
KEY RATIOS
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Debt Equity Ratio |
0.59 |
1.41 |
1.33 |
|
Long Term Debt Equity Ratio |
0.34 |
0.86 |
0.86 |
|
Current Ratio |
1.44 |
1.41 |
1.44 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
1.86 |
1.61 |
1.45 |
|
Inventory |
3.60 |
3.56 |
4.89 |
|
Debtors |
9.63 |
6.83 |
5.19 |
|
Interest Cover Ratio |
2.76 |
0.89 |
2.21 |
|
Operating Profit Margin (%) |
13.82 |
6.35 |
12.81 |
|
Profit Before Interest and Tax Margin (%) |
11.75 |
3.65 |
9.77 |
|
Cash Profit Margin (%) |
8.51 |
1.73 |
6.22 |
|
Adjusted Net Profit Margin (%) |
6.44 |
(0.97) |
3.17 |
|
Return on Capital Employed (%) |
13.40 |
4.18 |
10.54 |
|
Return on Net Worth (%) |
11.69 |
(2.67) |
8.58 |
STOCK PRICES
|
Face Value |
Rs.10.00/- |
|
High |
Rs.213.90/- |
|
Low |
Rs.212.10/- |
LOCAL AGENCY FURTHER INFORMATION
Review of operations
During the year under review, the Company registered a robust growth in sales
and profits driven by an increased demand coming out of the country's
infrastructure and realty sectors as well as a timely decision to outsource (as
opposed to manufacture) vitrified tiles. Sales increased 49% from Rs. 2088.2
Millions to Rs. 3111.7 Millions. EBIDTA increased 79% from 240.2 Millions to
Rs. 430.1 Millions while EBIDTA margin strengthened from 12.80% to 15.62%.
Profit after tax increased 166% from Rs.75.4 Millions to Rs. 200.2
Millions.
Highlights 2005-06
The Company's IPO of 10 millions shares at Rs.168 per share was subscribed
4.6 times.
The Company substantially scaled its vitrified business from Rs. 724.2 Millions
in 2004-05 to Rs.1702.0 Millions in 2005-06, entirely outsourced from a
manufacturer in China with whom the Company entered into an exclusive long-term
arrangement in return for price, process, quality and supply stability.
It installed six windmills of 7.5 MW capacity at Dhule (Maharashtra) in March
2006, which is expected to result in a power saving of Rs.50 Millions and
direct profits for the Company.
It commissioned its increased ceramic floor tile capacity by 56% in May
2006.
It enjoyed the benefit of a revised marble import policy that was implemented
in March 2006 following which it received the highest marble license of 12816
tons.
Several successful products were introduced during the year.
To manage a growing business, the Company successfully implemented tested, ERP package
(SAP).
Share capital
The Members at the Extra Ordinary General Meeting held on 29.09.2005 approved
the issue of one crone equity shares through an initial public offer. The
Company's maiden issue opened for subscription on 22.02.2006 closed on
27.02.2006 and was subscribed 4.6 times. The shares issued under the IPO were
allotted on 11.03.2006 and listed on 21.03.2006 on the Bombay Stock Exchange
and National Stock Exchange of India.
MANAGEMENT DISCUSSION
AND ANALYSIS
Nature of business
Nitco Tiles is not just another tile Company; it provides integrated
flooring solutions through the marketing of ceramic floor tiles, vitrified
tiles, paving tiles, mosaic tiles and imported marble. Besides, NITCO is not
only a manufacturing Company; it follows a flexible strategy whereby ceramic
floor tiles are manufactured at the Company's plant in Alibaug and mosaic tiles
at its plant in Thane; on the other hand, it has entered into along-term
contract manufacturing arrangement for the manufacture of vitrified tiles in
China while marble is sourced from Italy. Spain. Greece, Iran and Oman.
Industry overview
The ceramic tiles industry is large, rapid, growing and populated by organized
and unorganized manufacturers. Over the last few years, industry prospects were
subdued on account of an oversupply and increasing imports. However, the
environment recently turned favourable due to a combination of various factors:
Economic upturn, growing demand from the construction and real estate sectors
as well as a decline in dumping and oversupply. This scenario not only bodes
well for the industry but the Company as well.
Exports
The Company's ceramic tile plant has been operated at 100% capacity
utilization. Due to improvement in the domestic demand and lower prices
prevailing in the international market, the Company consciously reduced its
exports. The Company's exports during the year ended 31.03.2006 were Rs.7.244
Millions compared to Rs.33.735 Millions achieved during the previous
year.
It is
in trade terms with:-
v
Indian Rayon
& Industries Limited
v
Sayaji Iron
& Engineering Company Private Limited
v
KES Industries
Limited
v
Silverline
Electronics Private Limited
v
Travianca
Travels Private Limited
v
Ambattur
Clothing Company
v
Arpana
Properties Private Limited
v
Nitco Terrazzo
Tiles Private Limited
v
Nitco
Construction Materials Private Limited
v
Nitco Paints
Private Limited
v
Nitco Tiles
and Marble Industries Private Limited
v
Particle
Boards India Limited
The company’s fixed
assets of important value include freehold land, leasehold land, buildings,
office equipment, plant & machinery, electrical installations, furniture
& fixtures and motor vehicles.
As per Website
Details
COMPANY PROFILE 
Subject is a member of the Nitco Group, well-known for its innovative strength and high quality products, has dominated the building product industry for over five decades.
Today subject has emerged as a dynamic Group offering not just flooring solutions, but also excellent support in Exterior Paints and speciality paint options with a wide range of textures and finishes!
Subject's range of flooring options include a wide range of Ceramic tiles, Vitrified tiles, Cement-Terrazzo tiles, Pavers, Designer and Chequered tiles, Italian Marble, INTARSIA - an exquisite work of inlay marble work, MOSAICO - artistic creations in mosaic rendered in stone, ceramic and marble. A range that covers indoor, outdoor and even industrial applications!
Subject is credited with a lot of firsts! The Super Glossy Series, The Rustic Series, Wood Strips, INVIZA - the dirt-free tile and the latest - the Leather Finish.
With Head Quarters in Mumbai, NITCO Group has 7 factories and various offices in major cities. NITCO serves the Indian customer through a network of 550 direct dealers and over 5000 retail outlets spread over India. The Company strongly focuses on markets abroad, exporting about 20% of its Ceramic tiles production all over the world including Canada and the US.
Subject has been a proud recipient of the Capexil Award for Export Promotion for 13 times over the years - an example of its global competitiveness.
NITCO GROUP 
For over four decades, the name Nitco Group stood out in the building products industry as pioneers in manufacture of high quality cement terrazzo tiles. And as the largest importer and processor of Italian marble in India, offering a matchless range of over 50 unique shades and patterns. The cement terrazzo tiles from subject have long been reckoned as a benchmark for lasting quality, finish and enduring strength in the building and construction industry, both in India and abroad. In 1997 the group ventured into manufacturing of the finest quality ceramic floor tiles, with a state-of-the-art fully automated plant in technical collaboration with world leaders 'Sacmi Impianti' of Italy. Established way back in 1953, NITCO occupies pride of place as the largest manufacturer-exporter of flooring tiles in Asia today - with the combined production of ceramic and cement terrazzo tiles alone aggregating to approx. 5 million square meters per annum. Besides which, sujbect has also helped set up plants and exported technical know-how for tile manufacturing abroad.
Nitco group also diversified into Exterior Paints, offering one of the comprehensive product range in exterior paints and finishes which includes, synthetic plaster, pre-mixed, ready-to-use surfacing compounds for plastering interiors, specially formulated cement paint, quartz-reinforced exterior paint that combats damage from weather, pollution and fungal action.
Today, Nitco group commands leadership status in premium building products like Ceramic tiles, Italian marble, exterior paints and Cement Terrazzo Tiles. The world-standard production technology and a world-class range of products have enabled the NITCO Group make great strides in the international markets. Nitco Ceramic tiles, for instance, are widely exported to a growing number of countries across the globe.
Over the years, the flourishing business and growth of the Nitco Group has been driven by visionary leadership and a dynamic forward-looking management. To put its plans into execution through the dutiful, disciplined and result-oriented efforts of a 1500-strong Nitco family, the Group follows a common yardstick-an endless quest for quality and an iron-willed commitment to customer satisfaction. The core pillars on which the Group rests all its plans for the future, the sole reason why traders, retailers and customers across the globe, put their utmost trust and confidence in a Nitco product.
Website Details :
PRESS RELEASES 
Nitco Tiles’ net jumps 192 %; Sales up 57 % in Q3FY07
Mumbai, Jan 23,
2007:
Nitco Tiles Limited,
India’s third largest tile manufacturer, has reported 192 % rise in Net Profit
during the quarter ended December 31, 2006 as against the same period last
year. The Gross Sales was up by 57 % compared to same period last year.
The company’s board
today approved and announced the un audited financial performance for Q3FY07.
The Net Profit during October – December 2006 was up to Rs 92.000 millions from
Rs. 31.500 millions; while Sales turnover has jumped to Rs.1188.300 millions
from Rs.756.200 millions compared to Q3FY06.
During the nine
month period, the Net Profit has increased by 101 % to Rs. 250.900 millions
while Gross Sales has increased by 52 % to Rs. 3285.200 millions compared to
the corresponding period last year.
Remarking on the
result, Mr. Vivek Talwar – Managing
Director, Nitco Tiles said, "They have been growing at 50%
in the last two years, which saw substantial growth in their turnover and
profitability. Their objective now is to maintain the growth momentum and
margins going forward.”
Nitco Realities
Private Limited (Nitco Realities)
which became 100% subsidiary of Nitco Tiles Limited, is also expanding its real
estate operations through Special Purpose Vehicle (“SPV”) wherein its interest
ranges from 20% to 100%. The share of Nitco Realities in the area under
development under various SPVs as on date measures approx 5.40 lac sq. ft. Out
of this, approx 0.160 million sq. ft., 3.00 lac sq. ft and 0.080 million sq.
ft. is being developed at Worli, Goregaon (both in Mumbai) and Pune respectively.
There are also other projects which are in the pipeline.
About Nitco Tiles
Nitco Tiles, part of
Nitco group, is a leading player in the flooring solution segment. The company
began with manufacturing of mosaic tiles in 1966 and in 1997 ventured into the
production of ceramic tiles. NITCO's range of flooring options include a wide
range of Ceramic tiles, Vitrified tiles, Cement-Terrazzo tiles, Pavers,
Designer and Chequered tiles, imported marble, MOSAICO - artistic creations in
mosaic rendered in stone, ceramic and marble. NITCO has a wide spread and well
established network of 550 dealers and 5000 sub dealers spread over India.
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.44.20 |
|
UK Pound |
1 |
Rs.86.72 |
|
Euro |
1 |
Rs.58.23 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--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 |
|
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