MIRA
INFORM REPORT
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Report Date : |
05.05.2007 |
IDENTIFICATION DETAILS
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Name : |
NAVAL TECHNOPLAST INDUSTRIES LIMITED |
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Registered Office : |
A-1 3901 GIDC Phase IV,
Vatva, Ahmedabad – 382445, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
07.09.1992 |
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Com. Reg. No.: |
18254 |
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CIN No.: [Company
Identification No.] |
U25209GJ1992PLC018254 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMN00367D |
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PAN No.: [Permanent
Account No.] |
AAACN4950B |
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Legal Form : |
Public limited liability company. The company’s shares are listed on the Stock Exchange. |
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Line of Business : |
Manufacturing, Marketing and Trading in Bobbins, Tubes, Cones etc. |
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 296000 |
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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/ Factory : |
A-1 3901 GIDC Phase IV,
Vatva, Ahmedabad – 382445, |
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Tel. No.: |
91-79-26409662/26562583/26568131 |
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Mobile No.: |
91-79-26461866/26569824 |
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Head Office : |
38, White House, |
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E-Mail : |
DIRECTORS
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Name : |
Mr. N K Tibrewala |
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Designation : |
Chairman |
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Name : |
Mr. P K Tibrewala |
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Designation : |
Executive Director |
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Name : |
Mr. Nimesh N Timbrewala |
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Designation : |
Director |
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Name : |
Mr. Mahavirprasad Agarwal |
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Designation : |
Director |
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Name : |
Mr. Kirtikumnar Bhavsar |
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Designation : |
Director |
BUSINESS DETAILS
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Line of Business : |
Manufacturing, Marketing and Trading in Bobbins, Tubes, Cones etc. |
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Products : |
Generic Name of
Principal Product and Service is as under:
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Its production
status as on 31.03.2004 was as under:
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Products |
Units |
Actual
Production |
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Bobbins, Tubes,
Cones etc. |
Kgs. |
5,45,658 (4,91,550) |
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Waste |
Kgs. |
22,754 (23,026) |
GENERAL INFORMATION
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No. of Employees : |
About 75 |
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Bankers : |
v Indian Overseas Bank v ICICI Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
B M Saraf and Company Chartered Accountants |
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Address : |
201, Swayam Complex, 9-B, Shreyas Colony, Near Vipul Dudhia, Stadium Circle, Navrangpura, Ahmedabad-380009, Gujarat, India |
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Tel. No.: |
91-79-26440646-47 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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6000000 |
Equity Shares |
Rs.10/- each |
Rs.60.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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4090000 |
Equity Shares |
Rs.10/- each |
Rs.40.900
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 |
40.900 |
40.900 |
40.900 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
33.100 |
33.200 |
33.100 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
74.000 |
74.100 |
74.000 |
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LOAN FUNDS |
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1] Secured Loans |
42.200 |
18.400 |
3.100 |
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2] Unsecured Loans |
2.100 |
1.900 |
1.700 |
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TOTAL BORROWING |
44.300 |
20.300 |
4.800 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
118.300 |
94.400 |
78.800 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
50.400 |
43.300 |
31.700 |
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Capital work-in-progress |
14.200 |
0.300 |
0.000 |
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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 |
34.400
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31.600 |
14.500 |
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Sundry Debtors |
15.000
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12.800 |
13.700 |
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Cash & Bank Balances |
1.000
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0.500 |
1.400 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
39.800
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37.300 |
36.900 |
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Total
Current Assets |
90.200
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82.200 |
66.500 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
30.300
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28.300 |
16.500 |
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Provisions |
6.200
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3.400 |
3.400 |
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Total
Current Liabilities |
36.500
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31.700 |
19.900 |
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Net Current Assets |
53.700
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50.500 |
46.600 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.300 |
0.500 |
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TOTAL |
118.300 |
94.400 |
78.800 |
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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 |
189.900 |
117.800 |
92.100 |
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Other Income |
1.700 |
0.300 |
0.700 |
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Total Income |
191.600 |
118.100 |
92.800 |
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Profit/(Loss) Before Tax |
6.700 |
3.100 |
2.200 |
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Provision for Taxation |
4.400 |
1.200 |
0.800 |
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Profit/(Loss) After Tax |
2.300 |
1.900 |
1.400 |
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Expenditures : |
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Manufacturing Expenses |
18.900 |
11.600 |
8.700 |
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Administrative Expenses |
32.500 |
18.900 |
15.400 |
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Raw Material Consumed |
98.200 |
58.700 |
45.000 |
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Miscellaneous Expenses |
0.900 |
0.700 |
2.000 |
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Salaries, Wages, Bonus, etc. |
1.700 |
1.500 |
1.400 |
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Interest |
3.400 |
1.200 |
0.400 |
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Power & Fuel |
5.200 |
4.500 |
3.800 |
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Depreciation & Amortization |
3.400 |
2.700 |
2.200 |
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Other Expenditure |
20.700 |
15.200 |
11.700 |
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Total Expenditure |
184.900 |
115.000 |
90.600 |
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SUMMARISED RESULTS
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PARTICULARS |
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31.12.2007 (Full year) |
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Sales Turnover |
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230.800 |
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Other Income |
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0.100 |
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Total Income |
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230.900 |
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Total Expenditure |
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213.700 |
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Operating Profit |
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18.200 |
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Interest |
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6.300 |
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Gross Profit |
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11.900 |
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Depreciation |
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4.600 |
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Tax |
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2.800 |
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Reported PAT |
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4.500 |
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Dividend (%) |
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0.000 |
KEY
RATIOS
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Debt-Equity Ratio |
0.44 |
0.17 |
0.06 |
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Long Term Debt-Equity Ratio |
0.27 |
0.12 |
0.03 |
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Current Ratio |
1.87 |
2.51 |
3.30 |
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TURNOVER RATIOS |
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Fixed Assets |
2.87 |
2.19 |
2.12 |
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Inventory |
5.75 |
5.11 |
5.92 |
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Debtors |
13.66 |
8.89 |
8.30 |
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Interest Cover Ratio |
2.97 |
3.58 |
7.75 |
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Operating Profit Margin(%) |
7.11 |
5.94 |
5.75 |
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Profit Before Interest And Tax Margin(%) |
5.32 |
3.65 |
3.37 |
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Cash Profit Margin(%) |
3.00 |
3.90 |
4.23 |
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Adjusted Net Profit Margin(%) |
1.21 |
1.61 |
1.85 |
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Return On Capital Employed(%) |
9.51 |
4.99 |
3.99 |
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Return On Net Worth(%) |
3.11 |
2.57 |
2.29 |
STOCK PRICES
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Face Value |
Rs.10.00/- |
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High |
Rs.20.40 |
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Low |
Rs.20.40 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE
OF THE COMPANY & FUTURE PROSPECTS
The over all performance of the company for the year under review in
satisfactory and encouraging. The Company has gained Goodwill in the market by
introducing effective changes in the product line and also in the quality of
the product by continuous and careful product and design study. The current
year under review has reflected many positive results compared to previous
year. The turnover of the company during the year under review has recorded an
increase and also the profit after tax has increased. The management has got a
booster dose and is expecting new landmarks in the forthcoming year.
The Company’s fixed
assets of important value include leasehold land, buildings, D G. Set, H. T.
Inst. & Electric Installations, Plant and Machinery, Furniture, Vehicles,
Computers and Communication Equipments and Office Equipments.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.91 |
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1 |
Rs.81.46 |
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Euro |
1 |
Rs.55.42 |
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 |
YES |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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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
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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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