MIRA
INFORM REPORT
|
Report Date : |
30.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
NANNOOH BROTHERS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
165, Angappa Naicken Street, Chennai – 600001, Tamilnadu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
05.04.1990 |
|
|
|
|
Com. Reg. No.: |
18-18995 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U36999TN1990PTC018995 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
CHEN00481F |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturing, exporting and importing of Household and Industrial Brushes. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 48000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having satisfactory track. Trade
relations are fair. 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/Sales Office : |
165, Angappa Naicken Street, Chennai – 600001, Tamil Nadu, India |
|
Tel. No.: |
91-44-25228704/25230876/25230878 |
|
Mobile No.: |
91-9840085300 |
|
Fax No.: |
91-44-24501256/25230876 |
|
E-Mail : |
|
|
Website : |
http://www.nanooh.com |
|
Area : |
1000 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Head Office : |
Old Mahabalipuram road, Nar Thangavelu Engineering College, Karapakkam, Chennai – 600 096, Tamilnadu |
|
Tel. No.: |
91-44-24502786/24502317/24501287 |
|
Mobile: |
91-9840085300 |
|
Fax No.: |
91-44-24501256 |
|
E-Mail : |
|
|
Website: |
|
|
|
|
|
Factory : |
New No. 190 (Old No. 165), Angappa Nakken Street, Chennai – 600 001, Tamilnadu |
|
Tel. No.: |
91-44-25228704 |
|
Fax No.: |
91-44-25230876 |
DIRECTORS
|
Name : |
Mr. Ayub Mohamed Nannooh |
|
Designation : |
Managing Director |
|
Address : |
165, Angappa Naicken Street, Chennai |
|
Date of Birth/Age : |
6/10/1947 |
|
Qualification : |
B. A. |
|
Experience : |
30 Years |
|
Date of Appointment : |
30.09.2005 |
|
|
|
|
Name : |
Mrs. Munira Ayub |
|
Designation : |
Director |
|
Address : |
165, Angappa Naicken Street, Chennai |
|
Date of Birth/Age : |
30/06/1952 |
|
Date of Appointment : |
30.09.2005 |
|
|
|
|
Name : |
Mr. Mohammad Imran |
|
Designation : |
Director |
|
Address : |
165, Angappa Naicken Street, Chennai |
|
Date of Appointment : |
30.09.2005 |
|
|
|
|
|
|
|
Name : |
Mr. Rizwan Nannooh |
|
Designation : |
Director |
|
Address : |
165, Angappa Naicken Street, Chennai |
|
Date of Birth/Age : |
21/06/1982 |
|
Qualification : |
B. Sc. |
|
Date of Appointment : |
30.09.2005 |
|
|
|
|
Name : |
Mr. Akil Ahmed |
|
Designation : |
Director |
|
Address : |
165, Angappa Naicken Street, Chennai |
|
Date of Appointment : |
30.09.2005 |
KEY EXECUTIVES
|
Name : |
B. Prabakar and Company |
|
Designation : |
Company Secretary |
|
Address : |
11/6, Thiruvengadam Street, West Mambalam, Chennai - 600033 |
|
|
|
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
|
|
|
|
Mr. Ayub Mohamed Nannooh |
2044 |
|
Mr. Akil Ahmed |
515 |
|
Mr. Mohammad Imran |
470 |
|
Mr. A. K. Rasheed |
1 |
|
Ms. Ayesha BiBi |
1 |
|
Mr. R. B. Khan |
1 |
|
Mr. M. A. Khan |
1 |
|
Mr. M. H. Khan |
1 |
|
Ms. A. M. Rasheed |
1 |
|
Ms. Amina A. Khan |
1 |
|
Mr. Abdul Quayyum and M. Babul Khan |
1 |
|
Mr. M. K. G. Abbas |
1 |
|
Mrs. Lakshmi and Vedachalam |
1 |
|
Mr. Vedachalam |
1 |
|
Ms. Abeeda Banu |
1 |
|
Mr. A. V. Khan and Rukaiya M. Patel |
1 |
|
M/s Crown Brush Industries |
1750 |
|
Mr. Rizwan Nannooh |
205 |
|
Ms. Rahila |
55 |
|
Mrs.Munira Ayub and Mr. Akil Ahmed |
264 |
|
Mrs. Munira Ayub and Mr. Mohammad Imran |
264 |
|
Mrs. Munira Ayub and Mr. Rizwan Nannooh |
263 |
|
|
|
|
Total |
5843 |
|
|
|
|
|
|
|
Category |
Percantage |
|
|
|
|
Director or related of directors |
100.00 |
|
|
|
BUSINESS DETAILS
|
Line of Business : |
Manufacturing, exporting and importing of Household and Industrial Brushes. |
|
|
|
|
Brand Names : |
“Crown” |
|
|
|
|
Exports : |
|
|
Products : |
Brushes |
|
Countries : |
|
|
|
|
|
Imports : |
|
|
Products : |
|
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit (60 days) |
|
|
|
|
Purchasing : |
Cash and Credit (60 days) |
GENERAL INFORMATION
|
|
|
|
No. of Employees : |
88 (12 – Office, 70 – Factory, 6 – Branch) |
|
|
|
|
Bankers : |
Bank of Baroda 28, Rajaji Salai, Chennai – 600001, Tamilnadu |
|
|
|
|
Facilities : |
The company enjoys Credit Limit facility of Rs. 5.500 millions from its’ bankers |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
E. Balu Chartered Accountants |
|
Address : |
172/93, Coral Merchants Street, Chennai – 600 001, Tamilnadu |
|
Tel. No.: |
91-44-25248785 |
|
|
|
|
Associates/Subsidiaries : |
Crown Brush Industries 165, Angappa Naicken Street, Chennai – 600001, Tamilnadu Activity – Manufacturers and Dealers in all types of
“Crown” Brushes |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7000 |
Equity shares |
Rs.1000/-each |
Rs.7.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5843 |
Equity shares |
Rs.1000/-each |
Rs.5.843
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
5.843 |
5.843 |
|
|
2] Share Application Money |
|
0.200 |
0.200 |
|
|
3] Reserves & Surplus |
|
6.781 |
6.781 |
|
|
4] (Accumulated Losses) |
|
(0.822) |
(0.982) |
|
|
NETWORTH |
|
12.002 |
11.842 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
8.865 |
7.958 |
|
|
2] Unsecured Loans |
|
5.036 |
5.955 |
|
|
TOTAL BORROWING |
|
13.901 |
13.913 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
25.903 |
25.755 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
13.636 |
14.162 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
0.000 |
0.000 |
|
|
Sundry Debtors |
|
6.885 |
5.920 |
|
|
Cash & Bank Balances |
|
0.028 |
0.078 |
|
|
Other Current Assets |
|
13.703 |
13.702 |
|
|
Loans & Advances |
|
0.156 |
0.112 |
|
Total
Current Assets |
|
20.772 |
19.812 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
7.303 |
6.442 |
|
|
Provisions |
|
1.202 |
1.777 |
|
Total
Current Liabilities |
|
8.505 |
8.219 |
|
|
Net Current Assets |
|
12.267 |
11.593 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
25.903 |
25.755 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
|
31.774 |
0.000 |
|
|
Other Income |
|
0.000 |
0.000 |
|
|
Total Income |
|
31.774 |
0.000 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
0.176 |
0.000 |
|
|
Provision for Taxation |
|
0.015 |
0.000 |
|
|
Profit/(Loss) After Tax |
|
0.161 |
0.000 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Insurance Expenses |
|
0.000 |
0.000 |
|
|
Power & Fuel |
|
0.000 |
0.000 |
|
|
Depreciation & Amortization |
|
0.000 |
0.000 |
|
|
Other Expenditure |
|
31.598 |
0.000 |
|
Total Expenditure |
|
31.598 |
0.000 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
0.51 |
0.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
0.56 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
0.52 |
0.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.02 |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
1.87 |
1.87 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
2.45 |
2.41 |
LOCAL AGENCY
FURTHER INFORMATION
Form
8
|
Corporate
identity number (CIN) Foreign company registration number |
U36999TN1990PTC018995 |
|
Name of the
Company |
NANNOOH BROTHERS PRIVATE LIMITED |
|
Address |
165, Angappa Naicken Street, Chennai – 600001, Tamil Nadu, India |
|
This form is for |
Modification of charge |
|
Type of Charge |
·
Immovable
property ·
Any interest
in immovable property ·
Book debts ·
Movable
Property (not being pledge) ·
Floating
Charge |
|
Particulars of
the charge holder |
Bank of Baroda Chennai Main
Branch, 28 Rajaji Salai, Chennai – 600001, Tamil Nadu, India |
|
Nature or description
of the instrument(s) creating or modifying the charge |
Composite
Hypothecation Agreement LDOC 17(B) Supplemental
Memerandum of Entry |
|
Date of the
instrument creating or modifying the charge |
26.04.2007 |
|
Amount secured by
the charge |
Rs.38.214
Millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rs. Lacs Existing Revised Cash Credit 65.00 123.00 Bank
Guarantee 9.78 -- Term Loan I 15.00 -- Term Loan II 30.00 4.80 Term Loan 6.00 4.34 Term Loan –
New -- 110.00 Import LC One
Time -- 382.14 Total 125.78 382.14
|
|
Short particulars
of the property charged (including location of the property) |
Equiable Mortgage
of immovable properties of Loan admeasuring 0.73 cents and building thereon
in Survey nos 14/4A, 142/3, 142/2C, 142/2B, and 141/3B in old Patta No. 19,
Present Patta No. 23 Dated 24.10 2001 issued by Deputy Tahsildar Tambaram at
Karapakkam Vellage within the Registration sub district of Neelangarai and
Registration district of Kancheepuram; |
|
Particular of the
present modification |
Facilities
Sanctioned to the company have been revised from Rs. 125.78 lacs to Rs.382.14
lacs. |
|
Name of the company |
NANNOOH BROTHERS
PRIVATE LIMITED |
|
Presented By |
Nannooh Brothers
Private Limited and Bank of Baroda,
Chennai Main Branch - 600001, |
|
1) Date and description of instrument creating the change |
10/10/2001
All Dated 10 th
October 2001 and related lacs one and the same charge. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 78,17,000/-
(Rupees Seventy eight lacs seventeen thousand only) Facilities Amount Rs. In Lacs Cash Credit
45.00 Term Loan I
15.00 Term Loan II
1.17 Letter of
Credit 10.00 Guarantee
7.00 Total 78.17 Together with
interest, Costs, Charges and other expenses which may be debited to the account
from time to time. |
|
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 |
Specific
Charge Hypothecation of
CNC Machine and Computer, Moulds, Software and Laptop Purchased out of the
sanctioned Term Loab I and II Primary
Security Hypothecation of
:
|
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Cash Credit : Interest 2% over
PLR with a minimum of 13% with quarterly rests. Margin : Stocks – 25% Receivables – 40% Repayment
Schedule of Terms Loan – I: The Term Loan I
of Rs.15.00 lacs is to be repaid in 31 instalment @ Rs.48.500/- per month
commencing from the next month after disbursement. Repayment
Schedual of Term Loan – II The Term Loan II
of Rs.1.17 lacs is to be repaid in 12 instalments @ Rs.9500/- per month
commencing from the next month after disbursment.Interest to be serviced
every quarter. Letter or
Credit : Rate : As Per Guidelines Usance : 45 days Margin : 25% Guarantee : Margin : 25% Commission : As
per guidelines. |
|
5) Name and Address and description of the person entitled to the charge. |
Bank of Baroda Chennai Main
Branch, 28 Rajaji Salai, Chennai - 600001 |
|
6) Date and brief description of instrument modifying the charge |
Nil |
|
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. |
Nil |
Trade Reference:
· Ashok Leyland Limited, Chennai, Tamilnadu
· Lucas TVS Limited, Chennai, Tamilnadu
· Sara Lee H & BC India Private Limited, Chennai, Tamilnadu
Website details:
Subject was found in the year 1951 and has been in business for
more than 50 years. It is situated in the metropolis of Chennai in Southern
India.
Today they have a workforce of over 100 people and use the latest European CNC
machines to produce a wide range of brushes. It is growing rapidly and in a
short span of 7 years, it has shifted three times, each time, to a bigger and
better working space and environment.
They employ highly technical and qualified engineers,
equipped to operate and maintain CNC machines etc. that they use for
manufacture of brushes. With the support of such a skilled workforce the
company has been producing brushes of the best quality for many years.
They manufacture many different types of paint, shoe, hand
scratch, housekeeping and various Industrial Brushes. They also manufacture
paint brushes with natural and synthetic bristles. In addition to these, they
also manufacture paint brushes that remain unmatched by any other competitor in
India. There are only a Handful of other manufactures in India that produce on
a scale as vast as theirs.
The Managing Director, Mr.Ayub M. Nannooh has been
associated with the firm for more than 35 years and has been a major factor in
the phenomenal growth rate of the company. The other Directors of the company
are also well acquainted with the international brush market, owing to their
regular overseas visits which is reflected in their production by applying the
latest technologies, raw materials and innovations in the other areas involved
in the manufacture of brushes.
Another attribute of the company is their open minded
approach towards continuous updating of their technology and modernising their
manufacturing process, as their main focus is an quality and production. As a
result of which they are able to produce brushes, which are, comparable to any
brush in the global market.
To meet their objective of reaching new degrees of quality
and production, its R&D Department works flat quality and production lines,
using new methods and ideas, assisted by CAD.
The main aim is to reach high magnitudes of exports by
supplying large quantities of quality brushes to different parts of the world
and expands in the global market. One of the various objectives of the company
is to increase production, in an automated fashion, of plastic base brushes,
which it started a few years back.
They are at this point in the looking for overseas firms who
are interested in a joint venture tie up or long term buy back agreement.
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.39.77 |
|
UK Pound |
1 |
Rs.82.45 |
|
Euro |
1 |
Rs.58.94 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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. |
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 |
|