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MIRA
INFORM REPORT
|
Report Date : |
01.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
NUTRAPLUS PRODUCTS (INDIA) LIMITED |
|
|
|
|
Registered Office : |
7A, Vakil Villa, H F Society Road, Opposite Sad Bhakti Mandir, Jogeshwari
(East), Mumbai – 400060, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
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|
|
|
Date of Incorporation : |
06.02.1990 |
|
|
|
|
Com. Reg. No.: |
055347 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U24230MH1990PTC055347 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMN09861F |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACN1882E |
|
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|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business : |
Manufacturer of Active Pharma Ingradient (API). |
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 210000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is a well – established and reputed company having satisfactory
track records. Directors are reported as experienced and respectable
businessmen. Trade relations are fair. Business is active. Payments are
reported as usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
7A, Vakil Villa, H F Society Road, Opposite Sad Bhakti Mandir,
Jogeshwari (East), Mumbai – 400060, Maharashtra, India |
|
Tel. No.: |
91-22-28212191/28348587 |
|
Fax No.: |
91-22-28212192 |
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E-Mail : |
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Website : |
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Factory : |
Plot No. N-92 MIDC Tarapur, Boisar, Maharashtra - 401506 |
DIRECTORS
|
Name : |
Mr. Mukesh Naik |
|
Designation : |
Chairman and Managing Director |
|
Address : |
A/A Monami Apartment, Behind Chandan Cinema Silver Beach Road, Juhu, Mumbai
– 400049, Maharashtra |
|
Date of Birth/Age : |
20.03.1966 |
|
Date of Appointment : |
08.02.1990 |
|
|
|
|
Name : |
Mr. Mahesh Doshi |
|
Designation : |
Director |
|
Address : |
10-32 Varma Nagar, Azad Road, Andheri (East), Mumbai – 400069,
Maharashtra |
|
Date of Birth/Age : |
26.10.1956 |
|
Date of Appointment : |
30.04.1996 |
|
|
|
|
Name : |
Mr. Dhirubhai Naik |
|
Designation : |
Director |
|
Address : |
A/A Monami Apartment, Behind Chandan Cinema Silver Beach Road, Juhu,
Mumbai – 400049, Maharashtra |
|
Date of Birth/Age : |
16.10.1931 |
|
Date of Appointment : |
30.04.1996 |
|
|
|
|
Name : |
Mr. Mukesh Desai |
|
Designation : |
Director |
|
Address : |
AT and PO Amadpor, Navsari-396445,
Balsari, Gujarat, India |
|
Date of Birth/Age : |
13.08.1981 |
|
Date of Appointment : |
15.03.1996 |
|
|
|
|
Name : |
Mr. Harshad Dwarkadas Adhiya |
|
Designation : |
Director |
|
Address : |
B/507, Samir Apartment, S. V. Road, Andheri (West), Mumbai – 400058,
Maharashtra, India |
|
Date of Birth/Age : |
29.08.1942 |
|
Date of Appointment : |
10.08.1994 |
|
|
|
|
Name : |
Mr. Hemant Naik |
|
Designation : |
Director |
|
Address : |
B/A Vakil Villa, Society Road End Jogeshwari (East) Mumbai – 400060,
Maharashtra, India |
|
Date of Birth/Age : |
02.10.1953 |
|
Date of Appointment : |
16.08.1998 |
|
|
|
|
Name : |
Mr. Uday Desai |
|
Designation : |
Director |
|
Address : |
A/A Monami Apartment, Behind Chandan Cinema Silver Beach Road, Juhu,
Mumbai – 400071, Maharashtra |
|
Date of Birth/Age : |
08.07.1983 |
|
Date of Appointment : |
16.03.2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Mukesh Naik |
|
10 |
|
Hemant Naik |
|
10 |
|
Gita Naik |
|
10 |
|
|
|
|
|
|
|
|
|
Category |
|
Percentage |
|
|
|
|
|
Nationalised or other banks |
|
0.01 |
|
Mutual Funds |
|
0.11 |
|
Foreign Holding (FIIs, FCs, FFIs, NRIs, OCB or other |
|
8.23 |
|
Bodies corporate (not mentioned above) |
|
2.63 |
|
Directors or relatives of directors |
|
32.61 |
|
Other top fifty shareholders (other than listed above) |
|
17.14 |
|
Others |
|
39.27 |
|
|
|
|
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Active Pharma Ingradient (API). |
|
|
|
|
Products : |
·
N Bromo Succinimide ·
N Methyl Nitro Guanidine ·
Chlorhexidine Gluconate ·
7 Chloro Quinaldine ·
M Bromo Anisole |
GENERAL
INFORMATION
|
Bankers : |
The Saraswat
Co-operative Bank Limited Raja Shopping
Center, New Nagardas Road, Andheri (East), Mumbai – 400069, Maharashtra,
India |
|
|
|
|
Facilities : |
- |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Desai and Porwal Chartered Accountants |
|
Address : |
Hira Moti, 1st Floor, Mahatama Gandhi Road, Goregaon
(West), Mumbai – 400062, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4500000 |
Equity shares |
Rs.10/- each |
Rs.45.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4050000 |
Equity shares |
Rs.10/- each |
Rs.40.500
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
40.500 |
40.500 |
40.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
13.116 |
11.556 |
9.900 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
53.616 |
52.056 |
50.400 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
48.487 |
36.117 |
42.100 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
48.487 |
36.117 |
42.100 |
|
|
DEFERRED TAX LIABILITIES |
3.456 |
2.695 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
105.559 |
90.868 |
92.500 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
39.732 |
35.666 |
36.300 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.017 |
0.017 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
31.448
|
23.097 |
28.300 |
|
|
Sundry Debtors |
20.583
|
27.397 |
12.900 |
|
|
Cash & Bank Balances |
33.165
|
32.138 |
32.200 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
16.542
|
13.000 |
22.600 |
|
Total
Current Assets |
101.738
|
95.632 |
96.000 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
34.952
|
39.925 |
39.300 |
|
|
Provisions |
1.019
|
0.584 |
0.600 |
|
Total
Current Liabilities |
35.971
|
40.509 |
39.900 |
|
|
Net Current Assets |
65.767
|
55.123 |
56.100 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.043 |
0.062 |
0.100 |
|
|
|
|
|
|
|
|
TOTAL |
105.559 |
90.868 |
92.500 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
139.071 |
134.700 |
111.400 |
|
|
Other Income |
0.000 |
3.900 |
4.400 |
|
|
Total Income |
139.071 |
138.600 |
115.800 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
2.795 |
2.300 |
2.100 |
|
|
Provision for Taxation |
0.000 |
0.600 |
1.400 |
|
|
Profit/(Loss) After Tax |
2.795 |
1.700 |
0.700 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
0.000 |
72.300 |
73.200 |
|
|
Salaries, Wages, Bonus, etc. |
0.000 |
11.300 |
6.200 |
|
|
Managerial Remuneration |
0.000 |
10.200 |
8.500 |
|
|
Payment to Auditors |
0.000 |
25.600 |
28.500 |
|
|
Interest |
4.124 |
1.100 |
1.100 |
|
|
Stock Adjustments |
0.000 |
4.600 |
[13.200] |
|
|
Insurance Expenses |
0.000 |
4.300 |
3.700 |
|
|
Power & Fuel |
0.000 |
1.800 |
1.000 |
|
|
Depreciation & Amortization |
2.008 |
3.300 |
3.300 |
|
|
Other Expenditure |
130.143 |
1.800 |
1.400 |
|
Total Expenditure |
136.275 |
136.300 |
113.700 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2007 1st
Quarter |
30.09.2007 2nd
Quarter |
|
|
|
|
|
|
Sales Turnover |
|
39.100 |
16.400 |
|
Other Income |
|
0.200 |
0.300 |
|
Total Income |
|
39.300 |
16.700 |
|
Total Expenditure |
|
36.600 |
14.300 |
|
Operating Profit |
|
2.700 |
2.400 |
|
Interest |
|
1.300 |
1.100 |
|
Gross Profit |
|
1.400 |
1.300 |
|
Depreciation |
|
0.600 |
0.600 |
|
Tax |
|
0.000 |
0.000 |
|
Reported PAT |
|
0.800 |
0.700 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
2.01
|
1.23 |
0.60 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.01
|
1.71 |
1.88 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.98
|
1.75 |
1.59 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.04 |
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.57
|
1.47 |
1.63 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.83
|
2.36 |
2.41 |
LOCAL AGENCY
FURTHER INFORMATION
History :
Subject was originally incorporated as a private limited
company on 6 February'1990. It was subsequently converted into a public limited
company with effect from 13 Jun.'92.
The company implemented a project for the manufacture of veterinary bulk drugs
namely dimentridazole (DMZ) and dinitolmide (DOT) at Tarapur, Maharashtra.
Initially, the company set up manufacturing facilities for the manufacture of
methyl nitro imidazole, an intermediate of DMZ, with an installed capacity of
240 tpa, at a cost of Rs12.366 Millions, for which was sanctioned a term loan
of Rs.6.000 Millions from the Maharashtra State Financial Corporation
(MSFC).
The company has set-up new product Roxarsone from Jan'1996 and also set up
production of Dinitolmide. During 2001-02 the company set up a production of
newly developed Bulk Drugs Metformin HCL. It is also planning to foray in the
manufacture of life saving drugs.
Form 8 :
|
Corporate
identity number (CIN) Foreign company registration number |
U24230MH1990PTC055347 |
|
Name of the
Company |
NUTRAPLUS PRODUCTS (INDIA) LIMITED |
|
Address |
7A, Vakil Villa, H F Society Road, Opp. Sad Bhakti Mandir, Jogeshwari
(East), Mumbai – 400060, Maharashtra, India |
|
This form is for |
Modification of
charge |
|
Type of Charge |
Book debts Movable property (Not being Pledge) |
|
Particulars of
the charge holder |
The Saraswat
Co-operative Bank Limited Raja Shopping
Center, New Nagardas Road, Andheri (E), Mumbai – 400069, Maharashtra, India |
|
Nature or
description of the instrument(s) creating or modifying the charge |
Deed of
Hypothecation for additional advances (Supplementary Deeds) Supplementary
Deed for Additional Advance against Hypothecation of Book debts. |
|
Date of the
instrument creating or modifying the charge |
Date : 27.11.2006 |
|
Amount secured by
the charge |
Rs.20.000
Millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of Interest
: Rate of Interest
@11.50% p.a. or at such other rate as may from time to time be fixed by the
bank. Terms of
repayment : On Demand and /
or Sanctioned terms and conditions. Margin : Margin
as determined by the Bank from time to time. Extent and operation
of the charge : The charge
operates as a continuing security for the balance from time to time due to
the bank. |
|
Short particulars
of the property charged (including location of the property) |
Hypothecation by
way of first charge on all the stocks tangible movable property lying and
being at the company place of business 7A, Vakil Villa, H F Society Road, Opp.
Sad Bhakti Mandir, Jogeshwari (East), Mumbai – 400060,or wherever else the
same may be and on all the book debts outstanding monies receivable claims
and bills. |
|
Particular of the
present modification |
Bank has granted
additional cash credit facilities of Rs.5.000 Millions Thus the total limit
and charge stand enhanced from Rs.15.000 Millions to Rs.20.000 Millions |
|
Name of the company |
NUTRAPLUS PRODUCTS (INDIA) LIMITED |
|
Presented By |
The Saraswat
Co-operative Bank Limited Andheri (E),
Mumbai – 69 |
|
1) Date and description of instrument creating the change |
Agreement of
Hypothecation of Movable Property dated 22nd September, 2004 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.6.500 Millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation by
way of first charge on all the machinery tangible movable property (both
presentand future) belonging to the company
and lying and being at the company place of Business at 7A, Vakil Villa,
H F Society Road, Opp. Sad Bhakti Mandir, Jogeshwari (East), Mumbai – 400060,
Maharashtra, India and whether now lying at N92 MIDC, Tarapur Boisar or at
any time after during the continuance of this security be kept the company
place of business or place of work over else the same may be or be held by
any where to the order and dispositions of the company in the course of
transit as security for the due payment to the Bank with interest and all
costs. Charge and expenses incurred by the Bank for the protection
preservation and perfection of this security. Hypothecation by
way of first charge on all the Book debts outstanding monies receivable
claims and bills which are now due and owing or which may at any time to time
during after the continuance of this security become due to owing of the
company in the course of his business by any persons firm company or by
government or any local or public body or authority as security for due
repayment to the bank at any time to time on demand at mumbai all the monies
which now are or which may at any time or times hereinafter become due and
owing upon any cheques. Promissory notes or bills of exchange made drawn
accepted or enclosed of discounted or purchased or paid at the request or on
behalf of or credit of the company. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The charge
operates as a continuing security for the balance from time to time due to
the Bank. |
|
5) Name and Address and description of the person entitled to the charge. |
The Saraswat Co-operative
Bank Limited Raja Shopping
Center, New Nagardas Road, Andheri (E), Mumbai – 400069, Maharashtra, India |
|
6) Date and brief description of instrument modifying the charge |
Not Applicable |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
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.39.39 |
|
UK Pound |
1 |
Rs.78.40 |
|
Euro |
1 |
Rs.58.73 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
|
48 |
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 |
|