MIRA
INFORM REPORT
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Report Date : |
15.10.2007 |
IDENTIFICATION DETAILS
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Name : |
NHB BEARING - DIVISION OF NHB
BALL AND ROLLER LIMITED |
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Registered Office : |
103, Crystal Tower, 75, Gundivali Gaothan Road No. 3, Off Andheri – Kurla
Road, Andheri (East), Mumbai – 400 069, Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
26.10.1994 |
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Com. Reg. No.: |
082390 |
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CIN No.: [Company
Identification No.] |
L29130MH1994PLC082390 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMN04533E |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business : |
Manufacturers and Exporters of Steel Balls. |
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 560000 |
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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 : |
103, Crystal Tower, 75, Gundivali Gaothan Road No. 3, Off Andheri –
Kurla Road, Andheri (East), Mumbai – 400 069, Maharashtra, India |
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Tel. No.: |
91-22-26832498 / 26836783 / 26836784 |
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Fax No.: |
91-22-26831765 |
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E-Mail : |
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Website : |
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Factory: |
Plot No. 68 + 74
and 22 R to 28R, R S No. 92 part, R S No. 88 part, and R S No. 91 part,
Village Antalia, Taluka – Gandevi, District – Navsari, |
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Area: |
12511 Sq. mtrs |
DIRECTORS
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Name : |
Mr. Hasmukh M. Mehta |
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Designation : |
Whole Time Director |
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Address : |
24-E, Mehta House, |
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Date of Birth/Age : |
04.03.1928 |
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Date of Appointment : |
29.11.1996 |
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Name : |
Mr. Bhaskar M. Mehta |
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Designation : |
Managing Director |
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Address : |
Cozy Cottage, Adiabad Estate, |
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Date of Birth/Age : |
17.08.1934 |
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Date of Appointment : |
29.11.1996 |
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Name : |
Mrs. Sulochana H. Mehta |
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Designation : |
Whole Time Director |
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Address : |
24-E, Mehta House, |
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Date of Birth/Age : |
22.09.1933 |
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Date of Appointment : |
29.11.1996 |
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Name : |
Mrs. Urmila B. Mehta |
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Designation : |
Whole Time Director |
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Address : |
Cozy Cottage, Adiabad Estate, |
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Date of Birth/Age : |
06.12.1941 |
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Date of Appointment : |
29.11.1996 |
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Name : |
Mr. Dharmesh H. Mehta |
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Designation : |
Whole Time Director |
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Address : |
24-E, Mehta House, |
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Date of Birth/Age : |
05.06.1966 |
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Date of Appointment : |
29.11.1996 |
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Name : |
Mr. Ashish B. Mehta |
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Designation : |
Whole Time Director |
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Address : |
24-E, Mehta House, |
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Date of Birth/Age : |
21.11.1969 |
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Date of Appointment : |
29.11.1996 |
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Name : |
Mr. Kalpesh B. Mehta |
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Designation : |
Whole Time Director |
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Address : |
Cozy Cottage, Adiabad Estate, |
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Date of Birth/Age : |
21.07.1971 |
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Date of Appointment : |
26.10.1994 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Hasmukh M. Mehta |
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22490 |
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Mr. H M Mehta (HUF) |
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7500 |
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Mrs. Sulochana H. Mehta |
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10 |
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Mr. Dharmesh H. Mehta |
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10000 |
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Ms. Sejal D. Mehta |
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7500 |
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Ms. Hana D. Mehta |
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2000 |
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Mrs. Priti Jayant Doshi |
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4000 |
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Mrs. Nita Rajesh Gandhi |
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4000 |
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Mr. Bhaskar M. Mehta |
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12500 |
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Mr. Bhaskar Mehta (HUF) |
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5000 |
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Mrs. Urmila Mehta |
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10000 |
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Mr. Shish B. Mehta |
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7500 |
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Mr. Kalpesh B. Mehta |
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7500 |
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Mrs. Arusha Ajay Tuli |
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5000 |
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Mrs. Monica A. Mehta |
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5000 |
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Mrs. Suchitra K. Mehta |
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5000 |
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Total |
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115000 |
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Category |
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Percentage
of Holding |
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Directors or relatives of directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Steel Balls. |
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Products: |
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GENERAL INFORMATION
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Bankers : |
Bankers: v
Dena Bank v
ICICI Bank v
HDFC Bank Financial
Institutions: v
Sundaram Finance |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Kamdar Desai and Patel Chartered Accountants |
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Address : |
Vasaikar House, 296, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs. 10.00 each |
Rs.20.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1150000 |
Equity Shares |
Rs. 10.00 each |
Rs. 11.500 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 |
11.500 |
11.500 |
11.500 |
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2] Share Application Money |
44.619 |
0.000 |
0.000 |
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3] Reserves & Surplus |
86.073 |
3.506 |
9.224 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
142.192 |
15.006 |
20.724 |
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LOAN FUNDS |
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1] Secured Loans |
146.844 |
83.642 |
45.354 |
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2] Unsecured Loans |
84.705 |
18.196 |
10.407 |
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TOTAL BORROWING |
231.549 |
101.838 |
55.761 |
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DEFERRED TAX LIABILITIES |
12.592 |
2.982 |
5.782 |
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TOTAL |
386.333 |
119.827 |
82.267 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
289.706 |
71.556 |
66.032 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
5.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
102.705
|
59.139 |
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Sundry Debtors |
109.026
|
45.260 |
58.251 |
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Cash & Bank Balances |
6.349
|
2.218 |
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Other Current Assets |
0.000
|
0.000 |
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Loans & Advances |
160.073
|
32.935 |
29.305 |
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Total
Current Assets |
378.153
|
139.552 |
87.556 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
257.357
|
91.282 |
71.321 |
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Provisions |
29.171
|
0.000 |
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Total
Current Liabilities |
286.528
|
91.282 |
71.321 |
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Net Current Assets |
91.627
|
48.271 |
16.235 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
386.333 |
119.827 |
82.267 |
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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 |
490.575 |
116.601 |
102.046 |
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Other Income |
13.587 |
10.240 |
7.611 |
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Total Income |
504.162 |
126.841 |
109.657 |
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Profit/(Loss) Before Tax |
12.180 |
(8.267) |
(4.449) |
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Provision for Taxation |
0.000 |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
12.180 |
(8.267) |
(4.449) |
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Export Value |
NA |
103.399 |
67.822 |
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Expenditures : |
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Raw Material Consumed |
37.176 |
10.920 |
39.644 |
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Consumption of Stores and spare parts |
21.863 |
5.031 |
9.540 |
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Increase or decrease in finished goods,
work-in-progress |
23.300 |
18.414 |
0.000 |
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Salaries, wages and bonus |
29.886 |
7.704 |
9.101 |
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Managerial Remuneration |
3.228 |
1.526 |
0.000 |
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Payment of Auditors |
1.048 |
0.360 |
0.000 |
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Interest |
25.630 |
10.065 |
5.400 |
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Insurance Expenses |
0.971 |
0.182 |
0.000 |
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Power and Fuel |
39.009 |
9.571 |
0.000 |
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Depreciation and amortization |
16.570 |
7.167 |
5.770 |
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Other Expenditure |
293.301 |
64.168 |
44.651 |
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Total Expenditure |
491.983 |
135.108 |
114.106 |
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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 |
(%) |
2.42
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(6.52) |
(4.06) |
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Net Profit Margin (PBT/Sales) |
(%) |
2.48
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(7.09) |
(4.36) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.2
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(3.92) |
(2.90) |
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Return on Investment (ROI) (PBT/Networth) |
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0.09
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(0.55) |
(0.21) |
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Debt Equity Ratio (Total Liability/Networth) |
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3.64
|
12.87 |
6.13 |
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Current Ratio (Current Asset/Current Liability) |
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1.32
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1.53 |
1.23 |
LOCAL AGENCY FURTHER INFORMATION
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Name of the company |
NHB BALL AND ROLLER LIMITED |
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Presented
By |
Jointly and
chargeholder |
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1) Date and description of instrument creating the change |
Agreement of
hypothecation (Goods, Book-debts and other Movable assts to secure multiple facilities)
dated 12.04.1999 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 9.000
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 |
I.Stocks of raw materials, such as various
size steel wire and steel balls of various sizes for cycle bearings,
automobiles and other industries etc. consumable stores and spares, packing,
materials, etc., both present and future now being or hereafter brought into
or upon or now or jathas or other place of storage whatsoever and wheresoever
in the possession or occupation of the Company II.All the tangible movable properties and assets of the company of
whatsoever nature including plant, machinery, tools and accessories, stores,
spares, relating to the plant and machinery, furniture, articles, office
equipments, computers and things belonging to the company and lying being at
the Company’s premises/ factories at Mumbai / Billimora being movable
properties and capable of passing by delivery, both present and future,
whether installed or not and whether now lying loose or in cases and now
being or at any time brought into or upon or at anytime in course of transit
to the premises/ factories of the company in Mumbai / Billimora either by way
of substitution or in addition or other place whatsoever in the possession or
occupation of the company III.All the present and future book debts, outstandings, moneys,
receivables, claims, bills, rights, to or in movable properties and movable
assets and which are now due, owing or payable or belonging to the company or
which may at any time hereafter become due, owing, payable, or belonging to
the company in the course of its business by any person, firm, company or
body corporate or by Government Central or state or Indian Railways, any
Government department or office or any Municipal or local or public or semi
Government body or authority or any body corporate or undertaking or project
whatever in the public sector. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
I.
Details
of credit facilities
II.Security to cover principal amount together with interest, costs,
charges, expenses etc. |
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5) Name and Address and description of the person entitled to the charge. |
Dena Bank Mumbai Main
Office, |
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6) Date and brief description of instrument modifying the charge |
Memorandum of
fourth modification of hypothecation agreement dated 31.12.2003 |
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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. |
Past Modification 1.
Vide
modification dated 11.06.2001 total amount secured was enhanced from Rs.
9.000 millions to Rs. 24.000 millions 2.
Vide
modification dated 31.12.2001 additional security provided of immovable
property being Plot No. 68 + 74 and 22 R to 28R admeasuring about 12511 Sq.
mtrs of the R S No. 92 part and the R S No. 88 part and R S No. 91 part
situated within the limits of village Antalia, Taluka – Gandevi, District –
Navsari alongwith everything attached to the land and with machineries,
fixtures and fittings and erections etc. both present and future. 3.
Vide modification
dated 23.09.2002 i. Total amount secured was enhanced from Rs. 24.000 millions to Rs.
52.100 millions ii. Interest at such rates as fixed by the bank from time to time iii. Margin to be specified by the bank from time to time iv. Bank to have power of entry, power to appoint receiver, power of
sale, etc. v. Individual limits within the aggregates amount secured to be
decided between the company and bank from time to time. vi. Facilities now available at Industrial Finance Branch, Cuffe Parade,
Mumbai vii. The Term Loan to be repaid within 39 months with a moratorium of
3 months from the date of last disbursement in equal monthly installments of
Rs. 0.400 million each. 4.
Vide
modification dated 27.11.2002 security over immovable property was extended
upto Rs. 52.100 millions. 5.
Vide
modification dated 04.11.2003 i. Total amount secured was
enhanced from Rs. 521.100 millions to Rs. 86.000 millions ii. Property charged included National Header 141, National Header 81
and National Header 51 acquired / to be acquired by the company. 6.
Vide
modification dated 03.12.2003 security over immovable property was extended
upto Rs. 86.000 millions Present Modification: Total amount secured
now stands enhanced from Rs. 86.000 millions to Rs. 197.500 millions
comprising the following limits
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Corporate
identity number (CIN) Foreign company registration number |
L29130MH1994PLC082390 |
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Name of the
Company |
NHB BALL AND ROLLER LIMITED |
|
Address |
103, Crystal Tower, 75, Gundivali Gaothan Road No. 3, Off Andheri –
Kurla Road, Andheri (East), Mumbai – 400 069, Maharashtra, India |
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This form is for |
Creation of
charge |
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Type of Charge |
Equitable mortgage or mortgage of property by depositing the title
deeds |
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Particulars of
the charge holder |
HDFC Bank Limited HDFC Bank House,
Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, CIN No.:
L65920MH1994PLC080618 E-mail: siva.subramanian@hdfcbank.com
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Nature or
description of the instrument(s) creating or modifying the charge |
Memorandum
Recording Past Transaction of creation of Mortgage By deposit of title Deeds.
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Date of the
instrument creating or modifying the charge |
02.06.2006 |
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Amount secured by
the charge |
Rs. 7.380
millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
1)
The
Bank is Entitled to charge Interest at such other Rate as may be Determined
by the Bank from time to time 2)
The mortgage
/ charge shall continue to subsist till such time all the borrower dues have
been repaid in full together with interest, liquidated damages, costs,
charges and expenses and all other monies whatsoever dues. |
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Short particulars
of the property charged (including location of the property) |
Mortgage by
deposit of title deeds in favour of the bank as security on: Flat No. 102 and
104, |
WEBSITE DETAILS:
Two enterprising Americans approached him with
a proposal to manufacture the steel balls. The duo was equipped with the
knowledge and technical know-how to manufacture the balls, but no capital. Mr.
Mehta, innovator at heart, decided to venture into the new product line-Steel
balls.
That was just the beginning. Subject grew
exponentially, and in 1949, manufacturing facilities were relocated to
SUBJECT is led by a dynamic team - members of
second and third generation of the founder. Armed with expertise acquired in
their respective fields from renowned
Today, Subject is one of the leading
manufacturers of balls in
They've earned their reputation by pursuing a
single - minded objective: Unquestionable Quality. And they've gained their
client's trust, by providing them with world - class service that exceeds their
expectations.
To begin with they've strengthened their
quality system from ISO 9002 in April 1997 to QS 9000 in August 2000. An
achievement that is a direct result of keeping quality their top operating
priority and aiming for zero defects.
Besides, they offer products for a diverse range
of applications. Right from high precision balls for sophisticated use such as
bearings, CV joints, steering and pharmaceuticals, to those than require simple
tolerances as in cosmetics. They provide these in various materials including
low carbon steel, chrome steel, stainless steel, brass, aluminium and other
materials.
Their experienced sales and technical team
work in tandem with customers, gauging their exact needs,
which helps in developing new products as per
customer's specific requirements.
What's more, at The Company, they continuously
monitor inventory and deliver on a Just-in-Time basis from their warehouse in
PRODUCTS:
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FERROUS |
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Chrome Steel |
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Carbon Steel |
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- |
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300 Series |
- |
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400 Series |
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All 300 & 400 series stainless steel balls can be supplied
passivated.* |
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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. 39.31 |
|
|
1 |
Rs. 79.95 |
|
Euro |
1 |
Rs. 55.71 |
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 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
NO |
|
--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. |
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 |
|