MIRA
INFORM REPORT
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Report Date : |
12.06.2007 |
IDENTIFICATION DETAILS
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Name : |
NEBULA HOME PRODUCTS PRIVATE LIMITED |
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Registered Office : |
Plot No.53, Pilerne Industrial Estate, Pilerne Bardez-403511, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
15.02.1994 |
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Com. Reg. No.: |
24-1526 |
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CIN No.: [Company
Identification No.] |
U24246GA1994PTC001526 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRN02115B |
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PAN No.: [Permanent
Account No.] |
AAACN6654J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers, Suppliers and Exporters of Packaging Products. |
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 244000 |
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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 records. 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 : |
Plot No.53, Pilerne Industrial Estate, Pilerne Bardez-403511, |
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Tel. No.: |
91-832-2407321/ 2407121 |
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Fax No.: |
91-832-2407472 |
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E-Mail : |
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Head Office : |
306, Rayu Chambers, |
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Tel. No.: |
91-832-278121 |
DIRECTORS
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Name : |
Mrs. Melinda Mendes |
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Designation : |
Director |
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Address : |
Ajvini 1, Dreamland, A Soares Marg, Chembur, Mumbai-400071, |
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Date of Birth/Age : |
03.11.1967 |
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Date of Appointment : |
01.04.2003 |
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Name : |
Mrs. Anisha Mendes |
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Designation : |
Director |
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Address : |
Ajvini 1, Dreamland, A Soares Marg, Chembur, Mumbai-400071, |
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Date of Birth/Age : |
02.07.1972 |
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Date of Appointment : |
01.04.2003 |
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Name : |
Mr. Ajay Mendes |
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Designation : |
Director |
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Address : |
120A, Naikawado, Calangute Bardez, North Goa-403516, |
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Date of Birth/Age : |
02.12.1966 |
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Date of Appointment : |
01.04.2003 |
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Name : |
Mr. Vijay Mendes |
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Designation : |
Director |
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Name : |
Mr. Philomena Mendes |
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Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Mr. Philomena Mendes |
118028 |
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Mrs. Anisha Mendes |
24818 |
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Mrs. Melinda Mendes |
25800 |
All the shares are held by directors or their relatives.
BUSINESS DETAILS
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Line of Business : |
Manufacturers, Suppliers and Exporters of Packaging Products. |
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Products : |
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PRODUCTION STATUS
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Particulars |
Unit |
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Installed
Capacity |
Actual
Production |
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Printed Flexible Cartons |
Nos. in millions |
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468.00 |
339.553 |
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Corrugated boxes |
Nos. in millions |
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3.60 |
0.914 |
GENERAL INFORMATION
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Suppliers : |
v
Ace Ploybond v
Arofine Polymers Limited v
Awal Engineering v
Color Bond Marketing v
Highmark ( v
Jasica Industries v
Kroslink Polymers Private Limited v
Peacock Allied Products Private Limited v
Zenith Wooden Die Makers |
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Customers : |
v
Advanced Oral Care Products Private Limited v
Professional Oral Care Products Private Limited v
Vivajay Brushes v Colgate – Palmolive India Limited v Nestle India Limited v Kodak India Private Limited v Konica v D-Link India Limited v Philips India Limited v Elder Pharmaceuticals Limited v Bharti Teletech v Balsara Home Products Limited v Geno Pharmaceuticals Limited v Cipla India Limited v Indoco Remedies Limited v Black and Decker v Fair One v Staples v MTR v Nebula |
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Bankers : |
Standard Chartered Bank, H2, Connaught Circus, New Delhi-110001, Standard Chattered Bank, 90, |
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Facilities : |
Secured Loans
(As on 31.03.2004): (Rs.
In millions)
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. Devendra V Kakodkar Chartered Accountants |
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Address : |
306, Rayu Chambers, |
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Associates/Subsidiaries : |
v
Advanced Oral Care Products Private Limited v
Professional Oral Care Products Private Limited v
Goa Industrial Utilities Private Limited v
Fit Rile Packaging v
P J Packs & Prints v
Vivajay Brushes v
Unique Pair |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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300000 |
Equity Shares |
Rs.100/- each |
Rs.30.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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263270 |
Equity Shares |
Rs.100/-
each |
Rs.26.327
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 |
26.327 |
16.865 |
14.363 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
34.874 |
27.545 |
8.575 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
61.201 |
44.410 |
22.938 |
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LOAN FUNDS |
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1] Secured Loans |
49.116 |
21.608 |
53.739 |
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2] Unsecured Loans |
10.372 |
0.279 |
0.000 |
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TOTAL BORROWING |
59.488 |
21.887 |
53.739 |
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DEFERRED TAX LIABILITIES |
10.186 |
9.208 |
1.749 |
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TOTAL |
130.875 |
75.505 |
78.426 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
120.846 |
81.750 |
69.276 |
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Capital work-in-progress |
4.438 |
0.142 |
16.658 |
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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 |
14.342
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13.092 |
11.096 |
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Sundry Debtors |
23.360
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16.001 |
11.937 |
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Cash & Bank Balances |
7.236
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4.907 |
3.906 |
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Other Current Assets |
0.000
|
0.106 |
0.051 |
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Loans & Advances |
49.284
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36.178 |
33.278 |
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Total
Current Assets |
94.222
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70.284 |
60.268 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
83.074
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2.821 |
66.145 |
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Provisions |
5.557
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73.850 |
1.730 |
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Total
Current Liabilities |
88.631
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76.671 |
67.875 |
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Net Current Assets |
5.591
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(6.387) |
(7.607) |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.099 |
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TOTAL |
130.875 |
75.505 |
78.426 |
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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 |
229.60 |
240.30 |
250.325 |
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Other Income |
4.26 |
0.03 |
0.515 |
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Total Income |
233.86 |
240.33 |
250.840 |
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Profit/(Loss) Before Tax |
11.60 |
30.55 |
19.628 |
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Provision for Taxation |
4.28 |
11.58 |
6.304 |
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Profit/(Loss) After Tax |
7.32 |
18.97 |
13.324 |
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Imports : |
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Stores & Spares |
NA |
NA |
68.490 |
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Capital Goods |
NA |
NA |
13.400 |
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Total Imports |
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81.890 |
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Expenditures : |
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Cost of Goods Sold |
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Manufacturing Expenses |
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20.104 |
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Administrative Expenses |
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10.264 |
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Raw Material Consumed |
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132.822 |
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Salaries, Wages, Bonus, etc. |
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16.759 |
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Finance Charges |
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10.146 |
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Depreciation & Amortization |
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6.637 |
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Other Expenditure |
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34.479 |
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Total Expenditure |
222.26 |
209.78 |
231.212 |
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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 |
(%) |
3.13
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7.89 |
5.31 |
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Net Profit Margin (PBT/Sales) |
(%) |
5.05
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12.71 |
0.27 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.39
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20.09 |
15.15 |
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Return on Investment (ROI) (PBT/Networth) |
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0.18
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0.68 |
0.85 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.42
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2.22 |
5.30 |
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Current Ratio (Current Asset/Current Liability) |
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1.06
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0.92 |
0.89 |
LOCAL AGENCY FURTHER INFORMATION
Form 8 Particular for creation or modification of charges
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Corporation identity number or foreign company registrations number of the company |
U24246GA1994PTC001526 |
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Name of the company |
NEBULA HOME PRODUCTS PRIVATE LIMITED |
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Address |
Plot No.53, Pilerne Industrial Estate, Pilerne Bardez-403511, |
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This Form is for |
Modification of charge |
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Type of Charges |
Immovable property Book debts Movable property 1st P/P Charge on St. Bad debts, Machinery and Mortgage. |
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Particular of the charge holder |
Standard Chartered Bank H2, Connaught Circus, New Delhi-110001, |
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Nature or description of the instrument creating charge |
Supplemental hypothecation agreement of Stocks/Book debts/ Machinery. Supplemental memorandum of entry. |
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Date of the instrument creating charge |
13.02.2007 |
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Amount Secure by the charge |
Rs.74.500 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
Rate of interest : Rate of interest as may be determined by the bank from time to time Terms of repayment As per agreement Margin As per agreement Extent and operation of the charge Pari passu charge Others As per agreement |
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Modification charge Charge identification number of the charge to be modified |
90065636 |
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Particulars of the Property charged |
First pari passu charge over stocks, book debts, specific plant and
machinery both present and future and equitable mortgage of company’s immovable
property situated at Plot No.53, in Pilerne Industrial Estate admeasuring
11290 Sq.mtrs. together with all buildings and structures thereon or to be
thereon. |
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Date of latest modification prior to the present modification |
20.05.2003 |
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Particulars of the present modification |
Bank’s 1st pari passu charge over all P/F stocks, book
debts and oterh movables and machinery etc. increased from Rs.51.000 millions
to Rs.74.500 millions. Purchase order financing : Rs.15.000 millions Term Loan : Rs.59.500 millions Further credit facilities of Rs.74.500 millions shall be cotly secured
by EM of Company’s IMMO. Property at Plot No.53 in Pilerne Industrial Estate,
Village Marra District Goa admeasuring 11290 Sq.mtrs. together with all
buildings and structures thereon or to be thereon. |
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Name of the company |
NEBULA HOME PRODUCTS PRIVATE LIMITED |
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Presented By |
STANDRAD
CHARTERED BANK, 90, |
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1) Date and description of instrument creating the change |
Agreement of hypothecation of current and movable assets dated 07.04.2003. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.51.000 millions (Rs. In 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 |
Hypothecation by way of first pari passu charge to the bank : All the stock in trade both present and future consisting of raw materials, finished goods, goods in process of manufacturing and other merchandise, current assets whatsoever, being movable properties belonging to the borrower or at the Borrowers disposal and now or at any time and from time to time hereafter stored or be stored or brought into or upon or in course of transit to the Borrower’s whatsoever and wheresoever in the Borrower’s possession or occupation or at any other premises or place (all of which herein after collectively referred to as the said goods) and All the present and future book debts, outstanding moneys, receivables, claims and bills which are now due and owing or which may at any time hereafter during the continuance of this security become due and owing to the Borrower in the course of its by any person, firm, company, corporate or any the Government Department or Municipal or Local or Public or Semi Government body or authority or any body corporate or undertaking or project whether in the public sector (all of which hereinafter collectively referred to as the said debts) Specific movable plant and machinery consisting of : Plant and Machinery Bobst Gluing Machine, Bobst Punching Machine, Polar Cutting Machine, D G Set, Gum Stirrer with Motor , Corrugation Machine, Flexo Printer, Bharat Punching Machine, Air Compressor, Polar Cutting Machine, Varnishing Machine, U V Curing Machine etc. Electrification Factory electrification, Crompton Motor, Switchboard Panel, Pedestral Fan, Ceilling Fan, Emergency Lights, Transormer 750 KVA D B Panel, Factory Electrification etc. Factory Equipments Grinder, Multimeter, Sprit level, wooden Trays, Tea Kettle, wate cooler, weighing machine, air conditioner, Drill Machine, Crompton 1HP Motor, Plastic crates, Dot Matrix Printer, welding transformer, Lathe Machine, Tally Software, Dax Modem, Computer Monitor (Pentium III) CD Writer etc. Furniture and Fixtures Office furniture, Godrej Table, Cash Box, Steel furniture, Punching Machine, Tables and Stools, Designer Chair, punching Machine, Cupboard, Plates, Stand Rollers Stand and Filing Cabinet, Office Partition etc. Vehicles Flat Siena Car, Opel Corsa Car, Fiat Siena Car etc. being movable properties, now stored at or being stored or which may hereafter be brought into or stored at or at present installed at Pilerne Industrial Estate, Barbez, Goa belonging to or which may at any time hereafter, belong to the borrower or be at its disposal or be in course of transport to the Borrower’s said factory collectively referred to as the said machinery (the said goods and the said debts wherever the context so required are hereinafter collectively referred to as the hypothecation assets) |
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4) Gist of the terms and conditions and extent and operation of the charge. |
ROI : as would be determined by the bank from time to time. |
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5) Name and Address and description of the person entitled to the charge. |
Standard Chattered Bank 90, Fort, Mumbai-400001 |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
Contingent Liability not provided for in respect of :
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Counter Guarantee given by the company to their
bankers on account of guarantee given to the third party |
1.066 millions |
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Acceptances |
19.648 millions |
Website Details :
The group entered into the packaging business in
In 1992, the group ventured into a manufacturing unit in
Nebula Home Products Private Limited, established in 1996,
was set up in
Profile
Subject, established in
They manufacture packaging products for some of the most
well-known international brands - Colgate, Nestle, Philips, Balsara and Kodak,
among many others. They are packaging suppliers to Colgate-Palmolive (I) Ltd.
for last 35 years and also promoters of contract manufacturing unit for Colgate
tooth paste since 1992. Nebula is a spin-off that caters 100% of the carton
requirements for the Colgate toothpaste produced in Goa as well as the other
contract manufacturers for Colgate in
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 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.40.91 |
|
|
1 |
Rs.80.46 |
|
Euro |
1 |
Rs.54.60 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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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 |
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