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MIRA
INFORM REPORT
|
Report Date : |
08.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
NIPPON PAINT (INDIA) PRIVATE LIMITED |
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|
Registered Office : |
Plot No. K – 8(1), Phase – II, SIPCOT Industrial Park, Mambakkam
Village, Sriperumbudur – 602105, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
19.01.2006 |
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Com. Reg. No.: |
05-69356 |
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CIN No.: [Company
Identification No.] |
U74999TN2006PTC069356 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEN06551G |
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PAN No.: [Permanent
Account No.] |
AACCN2352F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer
of Enamel Paint and Interior
Emulsion |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a part of Nippon Paint Group but not faring well in India,
The company has substantial accumulated losses. However its payments are
correct and as per commitments. Initially, the company can be considered for any business dealings on
safe and secured trade and conditions. |
LOCATIONS
|
Registered Office : |
Plot No. K – 8(1), Phase – II, SIPCOT Industrial Park, Mambakkam
Village, Sriperumbudur – 602105, Tamilnadu, India |
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E-Mail : |
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Website : |
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Branch Office : |
Located at:
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DIRECTORS
|
Name : |
Mr. Yip Wai Meng |
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Designation : |
Additional Director |
|
Address : |
364/2, 2nd Floor, Kannu Arcade, Gurgaon – 120001, Haryana,
India |
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Date of Birth/Age : |
27.05.1951 |
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Date of Appointment : |
24.01.2006 |
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|
|
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Name : |
Mr. Goh Hup Jin |
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Designation : |
Additional Director |
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Address : |
45, Leedon Road, City Singapore 267856 |
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Date of Birth/Age : |
06.04.1953 |
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Date of Appointment : |
24.01.2006 |
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|
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Name : |
Mr. Lee Buck Siang |
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Designation : |
Additional Director |
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Address : |
152-13-1, Villa Flora Condo, Jalan Burhanuddin Helmi, Taman Tun Dr.
Ismail Kuala Lumpur, W. City Persekutuan KL Malaysia – 60000 |
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Date of Birth/Age : |
12.07.1953 |
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Date of Appointment : |
24.01.2006 |
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Name : |
Ms. Ho Phaik Imm |
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Designation : |
Additional Director |
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Address : |
364/22nd Floor, Kannu Arcade, Gurgaon – 120001, Haryana,
India |
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Date of Birth/Age : |
30.12.1964 |
|
Date of Appointment : |
20.02.2006 |
|
Date of Ceasing : |
03.10.2007 |
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|
|
|
Name : |
Mr. Koichi Kimoto |
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Designation : |
Additional Director |
|
Address : |
1-12-10, Higasssshi Kori, Hirakata, City Osaka 5730075, Japan |
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Date of Birth/Age : |
30.03.1947 |
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Date of Appointment : |
26.06.2006 |
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Date of Ceasing : |
07.05.2007 |
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|
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|
Name : |
Mr. Satoshi Yamamoto |
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Designation : |
Additional Director |
|
Address : |
1-38-17, Nagao Higashimachin, Hirakata, City Osaka – 5730105, Japan |
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Date of Birth/Age : |
30.03.1953 |
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Date of Appointment : |
26.06.2006 |
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Name : |
Mr. Yoshitaka Okude |
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Designation : |
Additional Director |
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Address : |
23-14, Nagisaminami Machi, Hirakata, City Osaka – 5731183, Japan |
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Date of Birth/Age : |
27.06.1952 |
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Date of Appointment : |
26.06.2006 |
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Date of Ceasing : |
07.05.2007 |
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|
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|
Name : |
Mr. Kang Woei Shin |
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Designation : |
Additional Director |
|
Address : |
No.26, Lorong Tanjong, Jalan Langgar, Alor Setar, Kedah, Malaysia |
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Date of Birth/Age : |
28.09.1978 |
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Date of Appointment : |
03.10.2007 |
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|
|
|
Name : |
Mr. Yoshiki Tachibana |
|
Designation : |
Director |
|
Address : |
154-209, Gunge Aza Okura, Mikage-Cho, Higashinda, Kobe, Hyogo Japan |
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Date of Birth/Age : |
26.12.1953 |
|
Date of Appointment : |
09.05.2008 |
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|
|
|
Name : |
Mr. Kazuhiro Kimura |
|
Designation : |
Director |
|
Address : |
707-38-1, 2-Chome, Kisaichi, Katano, Osaka, Japan |
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Date of Birth/Age : |
03.02.1950 |
|
Date of Appointment : |
09.05.2008 |
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|
|
|
Name : |
Mr. Vivek Jain |
|
Designation : |
Director |
|
Address : |
WA – 9A, 1st Floor, Shakarpur, Delhi – 110092, India |
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Date of Birth/Age : |
14.01.1969 |
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Date of Appointment : |
07.07.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 09.05.2008)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Nipsea Holdings International Limited |
|
37481883 |
|
Nippon Paint Company Limited |
|
28951000 |
|
|
|
|
|
Total |
|
66432883 |
(As on 30.06.2008)
|
Category |
|
Percentage
|
|
|
|
|
|
Foreign Holding (FIIs, FCs, FFIs, NRIs, OCB or Others) |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
of Enamel Paint and Interior
Emulsion |
|
|
|
|
Brand Name : |
|
PRODUCTION STATUS
|
Particulars |
Unit |
|
Installed
Capacity |
Actual
Production |
|
|
|
|
|
|
|
Paints |
LT |
|
1400000 Per
Annum |
178599 |
GENERAL
INFORMATION
|
Bankers : |
Not Available |
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|
|
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Banking
Relations : |
- |
|
|
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|
Auditors : |
|
|
Name : |
Goel Garg and Company Chartered Accountant |
|
Address : |
102- E – 588, Greater Kaillash – II, New Delhi – 110048, India |
|
|
|
|
Name : |
Francis Charles and Associates Chartered Accountant |
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Address : |
25/11 A, 1st Street, Bunder Garden, Perambur, Chennai –
600011, Tamilnadu, India |
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Tel No.: |
91-44-25593263/ 45058325 |
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Mobile No.: |
91-9840942501/ 9840345077 |
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Email : |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60000000 |
Equity Shares |
Rs.10/- each |
Rs.600.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
57897400 |
Equity Shares |
Rs.10/- each |
Rs.578.974 Millions |
|
|
Add: Share Application Money |
|
Rs.85.355 Millions |
|
|
|
|
|
|
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Total |
|
Rs. 664.329 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
.
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.12.2007 |
31.12.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
578.974 |
364.919 |
|
|
2] Share Application Money |
|
85.355 |
0.001 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
(241.618) |
(78.741) |
|
|
NETWORTH |
|
422.711 |
286.179 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
|
422.711 |
286.179 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
|
98.580 |
27.063 |
|
|
Capital work-in-progress |
|
35.506 |
27.437 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
55.763 |
40.840 |
|
|
Sundry Debtors |
|
45.369 |
12.880 |
|
|
Cash & Bank Balances |
|
121.616 |
214.250 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
196.702 |
43.305 |
|
Total
Current Assets |
|
419.450 |
311.275 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
93.419 |
78.788 |
|
|
Provisions |
|
37.406 |
0.808 |
|
Total
Current Liabilities |
|
130.825 |
79.596 |
|
|
Net Current Assets |
|
288.625 |
231.679 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
422.711 |
286.179 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.12.2007 |
31.12.2006 |
|
Sales Turnover |
|
234.953 |
36.817 |
|
Other Income |
|
0.000 |
0.000 |
|
Total Income |
|
234.953 |
36.817 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
(161.767) |
(77.863) |
|
Provision for Taxation |
|
(1.110) |
(0.878) |
|
Profit/(Loss) After Tax |
|
(241.618) |
(78.741) |
|
|
|
|
|
|
Import Value |
|
109.567 |
59.978 |
|
|
|
|
|
|
Total Expenditure |
|
396.720 |
114.680 |
KEY RATIOS
|
PARTICULARS |
|
|
31.12.2007 |
31.12.2006 |
|
PAT / Total Income |
(%) |
|
(102.84) |
(213.87) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
(68.85) |
(211.49) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
(31.23) |
(23.01) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
(0.38) |
(0.27) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
0.31 |
0.28 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
3.21 |
3.91 |
LOCAL AGENCY
FURTHER INFORMATION
NOTE:
The Registered Office of the company has been shifted from 346/2, Kannu
Arcade, 2nd Floor, Main M G Road, Gurgaon – 120001, Haryana, India
to the present address w.e.f. 25.07.2008
WEBSITE DETAILS:
PROFILE:
Subject
has over 126 years experience in the paint industry. Company has consistently
been a in the paint & coating industry with operations diversified in
automotive coatings, decorative paints, Industrial coatings, Marine coatings
& Fine chemicals.
Company has perfected its products by means of breakthrough paint technology,
emphasis being on innovation and eco-friendliness.
Company
Group has been meeting varied needs by proactively developing high-grade
environmentally friendly products with near Zero VOC content, leveraging its
reliable quality control system.
Company has developed highly functional products and systems that keep bacteria
and paint odor at bay, reduce the number of coating processes and save energy
and has also successfully developed water-based coatings for a variety of
surfaces. The company has an impressive range of high end textures for
exteriors and interiors which can last for more than 10 years.
Company India started its operations from Chennai, in June 2006 and within a
year the company has revolutionized way paints are sold in South India.
The Decorative paint division has its Office in Chennai and is expanding its
network rapidly in South India. Apart from the retail chain network they are
also present at Noida, Ahmedabad, Bangalore and Hyderabad through Home Town
hypermarket chain.
SERVICES:
NIPPON SATIN GLO INTERIOR EMULSION
PAINT
Nippon Satin Glo Interior Emulsion is acrylic emulsion paint specially
formulated to decorate and protect interior surfaces for a luxurious wall
finish. This premium quality emulsion paint is durable, washable and fungus
resistant. It creates warm satin like sheen for the walls. These soft
iridescent hues are light hearted, inspiring and unmistakably cheerful.
NIPPON MATEX INTERIOR EMULSION PAINT
Nippon Matex Interior emulsion paint possesses high hiding
power and gives the interior walls a rich matt finish. In addition to being
easy to apply and long-lasting it delivers smooth finish to the walls. It is a
Value for money paint.
NIPPON 3-IN-1 MEDIFRESH
ANTI-BACTERIAL INTERIOR EMULSION PAINT
Nippon 3-in-1 Medifresh Anti-bacterial Interior Emulsion Paint
provides proven protection against bacteria, while continuing to be water
resistant, washable and being able to cover hairline cracks. It is a perfect
choice for long-lasting beautiful walls, while promoting better hygiene and
health.
WEATHERBOND
Nippon Weatherbond is a premium
acrylic emulsion based paint that possesses superior external durability. It
protects and retains the exterior beauty of building that constantly attacked
by the harsh weather conditions. It has water resistant, anti dirt pick up,
Anti Algal/Anti fungal properties.
NIPPON MULTIPURPOSE PRIMER
Nippon Multipurpose Primer is a
multipurpose wall primer, which can be applied on both interior and exterior
walls. It has a binder rich formula for excellent penetration and adhesion. Its
micro fine pigment and extender composition impart very good hiding and color
to the top coat and with good adhesion to surface.
NIPPON ACRYLIC INTERIOR EMULSION
PAINT
Nippon Acrylic
interior emulsion paint is high performance paint specially formulated for
interior walls. It provides a rich smooth finish for walls that lasts for a
longer time. It offers good hiding and has anti-fungal property.
NIPPON SUMO EXTERIOR EMULSION
PAINT
Nippon Sumo is a specially formulated water based modified Acrylic Exterior
Emulsion Paint which protects and beautifies the exterior walls. Its unique
formula shields exterior walls from algal and fungal attack while giving a
uniform finish.
NIPPON PYLOX (AEROSOL PAINT)
Nippon Pylox is a quick drying, high performance
spray paint specially made for DIY enthusiasts. It is CFC free, ozone friendly
and is environment friendly. It can be used on metal, wood, paper and wide
range of substrates for both indoor and outdoor purpose, It is commonly used
for touch-ups, spot repairs and repainting of all metal and wood objects.
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 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.49.69 |
|
UK Pound |
1 |
Rs.72.96 |
|
Euro |
1 |
Rs.63.46 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
- |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
17 |
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 |
|