MIRA
INFORM REPORT
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Report Date : |
01.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
NIRMAL FIBRES (PRIVATE) LIMITED |
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Registered Office : |
2nd Floor , Room No. 7, Moon House, 21 Ganesh Chandra
Avenue, Kolkata- 700 013, West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
04.09.1995 |
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Com. Reg. No.: |
21-73964 |
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CIN No.: [Company
Identification No.] |
U51495WB1995PTC073964 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALN01636F / DELN04173B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Recycled Polyester Staple Fiber |
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 200000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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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
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Registered Office : |
2nd Floor , Room No. 7, Moon House, 21 Ganesh Chandra
Avenue, Kolkata- 700 013, West Bengal, India |
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Tel. No.: |
91-33-22110411 / 22255781 / 22251080 |
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Fax No.: |
91-33-22110411 |
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E-Mail : |
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Website : |
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Administrative Office : |
Gastel House, 39, Panchsheel
Colony, Moradabad UP, 244001 India |
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Tel. No.: |
91 591 2419973 |
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91 93 597 01811 / 94 122 36891 |
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Email ID: |
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Head Office : |
54, Todar Mal Road, Bengali
Market, New Delhi 110001, India |
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Tel. No.: |
91-11-23323925 / 23328546 |
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Mobile No: |
91 - 93 122 53017 / 98 100 42557 |
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Fax No.: |
91-11-23325489 |
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E-Mail : |
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Factory : |
3rd, Mile Gajraulla to
Moradabad Road, Gajraulla - 244235, Uttar Pradesh, India |
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Tel. No.: |
91- 5924 52811 |
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Mobile No: |
91-93 593 95618 |
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Fax No.: |
91- 5924 253711 |
DIRECTORS
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Name : |
Mr. Raj Kumar Jain |
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Designation : |
Director |
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Address : |
39, Panchsil Colony, Near St. Marys School , Civil Lines, Moradabad –
244 001 , Uttar Pradesh, India |
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Date of Birth/Age : |
04.05.1947 |
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Date of Appointment : |
04.09.1995 |
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Email ID: |
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Name : |
Mr. Pawan Kumar Jain |
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Designation : |
Director |
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Address : |
39, Panchsil Colony, Moradabad – 244 001 , Uttar Pradesh, India |
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Date of Birth/Age : |
05.12.1951 |
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Date of Appointment : |
04.09.1995 |
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Name : |
Mr. Sanjeev Kumar Jain |
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Designation : |
Director |
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Address : |
54, Todormal Road, New Delhi – 110 001, India |
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Date of Birth/Age : |
06.02.1967 |
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Date of Appointment : |
24.09.2004 |
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Email ID: |
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Name : |
Mr. Rajiv jain |
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Designation : |
Director |
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Email ID: |
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Name : |
Mr. Ajit Prasad Jain |
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Designation : |
Director |
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Address : |
35/1, Chowringhee Road, Kolkata – 700 071, West Bengal, India |
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Date of Birth/Age : |
02.01.1937 |
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Date of Appointment : |
04.09.1995 |
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Email ID: |
KEY EXECUTIVES
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Name : |
Mr. Shyam Gupta |
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Designation : |
Production Manager |
SHAREHOLDING
PATTERN
Equity Shares Breakup (Percentage of Total Equity):
|
Sr No. |
Category |
Percentage |
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1 |
Directors or relative of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Recycled Polyester Staple Fiber |
GENERAL
INFORMATION
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No. of Employees : |
Around 200 |
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Bankers : |
Indian Overseas Bank Address 1 : Chowringheel Kolkata – 700 013, West Bengal, India Address 2 : Station Road, Moradabad – 244 001, Uttar Pradesh, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sharat Jain and Company Chartered Accountants |
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Address : |
21, Ganesh Chandra Avenue, Kolkata – 700 013, West Bengal , India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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4100000 |
Equity Shares |
Rs. 10/- Each |
Rs. 41.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
2628210 |
Equity Shares |
Rs. 10/- Each |
Rs.26.282
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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26.282 |
26.282 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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22.494 |
8.596 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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48.776 |
34.878 |
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LOAN FUNDS |
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1] Secured Loans |
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19.034 |
16.245 |
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2] Unsecured Loans |
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34.600 |
0.000 |
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TOTAL BORROWING |
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53.634 |
16.245 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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102.410 |
51.123 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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34.943 |
32.874 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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13.957 |
14.931 |
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Sundry Debtors |
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62.482 |
59.273 |
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Cash & Bank Balances |
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15.823 |
3.854 |
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Other Current Assets |
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0.942 |
0.499 |
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Loans & Advances |
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10.140 |
3.408 |
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Total
Current Assets |
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103.344 |
81.965 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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30.188 |
58.315 |
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Provisions |
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5.689 |
5.401 |
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Total
Current Liabilities |
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35.877 |
63.716 |
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Net Current Assets |
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67.467 |
18.249 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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102.410 |
51.123 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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546.211 |
296.275 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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546.211 |
296.275 |
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Profit/(Loss) Before Tax |
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15.246 |
12.327 |
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Provision for Taxation |
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1.348 |
0.788 |
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Profit/(Loss) After Tax |
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13.898 |
11.539 |
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Expenditures : |
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Financial Charges |
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0.295 |
0.306 |
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Depreciation & Amortization |
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4.020 |
4.088 |
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Other Expenditure |
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522.335 |
275.160 |
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Total Expenditure |
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526.650 |
279.554 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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2.54 |
3.89 |
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Net Profit Margin (PBT/Sales) |
(%) |
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2.54 |
3.89 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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11.02 |
10.73 |
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Return on Investment (ROI) (PBT/Networth) |
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0.31 |
0.35 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.83 |
2.29 |
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Current Ratio (Current Asset/Current Liability) |
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2.88 |
1.28 |
LOCAL AGENCY
FURTHER INFORMATION
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Corporation identity number or foreign company registrations number of
the company |
U51495WB1995PTC073964 |
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Name of the company |
NIRMAL FIBRES PRIVATE LIMITED |
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Address |
2nd Floor , Room No. 7, Moon House, 21 Ganesh Chandra
Avenue, Kolkata- 700 013, West Bengal |
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This Form is for |
Modification of charge |
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Type of Charges |
· Book Debts · Movable Property · Floating Charge |
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Particular of the charge holder
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Indian Overseas Bank Address: Station Road, Moradabad – 244 001, Uttar Pradesh, India email ID: ioba_mum01@vmail.infinet.org.in
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Nature or description of the instrument creating charge |
· Letter of Confirmation · Supplemental Deed of Hypothecation / Pledge · General Counter Guarantee · Letter of Hypothecation · Credit Sanction Advice |
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Date of the instrument creating charge |
27.07.2007 |
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Amount Secure by the charge |
Rs. 110.000 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of interest: BPLR + 0.25% Terms of Repayment: As per agreement copy attached Margin: · Cash Credit – 25% on stock and 50% on Debtors · IDDBP / IDUBD – 25% · Letter of Guarantee – 20% Extent
and Operation of charge: Hypothecation of machinery, Vehicle, stock
and Book debts. |
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Short particulars of the
Property charged |
Hypothecation of Machinery , Vehicle,
Stock and Book Debts situated at Deryapur, Gojroula |
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Particulars of the present modification |
By the present modification the overall limit has been enhanced from
Rs. 80.000 millions comprising of Rs. 10.000 millions as CC Limit and 70.000
millions as LG limit to Rs. 110.000 millions comprising of Rs. 20.000
millions as CC limit Rs. 75.000 millions LG limit and Rs. 15.000 millions as
LC limit. |
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Name of the
company |
NIRMAL FIBRES PRIVATE LIMITED |
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Presented
By |
Mr. A P Jain,
Director |
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1) Date and description
of instrument creating the change |
Letter of old
hypothecation (for securing machineries / goods / Book debts) general counter
guarantee both date 21.10.2002, subsequent modified on 30.04.2003 for Rs.
33.500 millions and registered on 19.05.2003. |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Cash credit Rs.
7.500 millions Term Loan Rs.
6.000 millions Total Rs. 13.500
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 |
Floating assets
including all Finished Goods, Raw materials, Book Debts and Fixed Assets
including Plant and Machineries. |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
Interest at PTLR +2% on Term Loan and PLR
+ 2% on CC limit. First charge on Floating Assets and Second charge on Fixed
assets. (First charge on Fixed Assets with IDBI). |
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5) Name and
Address and description of the person entitled to the charge. |
M/S Indian Overseas Bank Station Road, Moradabad – 244 001, Uttar
Pradesh, India |
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6) Date and brief description of instrument
modifying the charge |
Letter of
Hypothecation · (for securing Machineries / goods / Book debts) · General Counter Guarantees · Confirmation of Letter Evidencing
creation of supplemental Modification All Dated
08.05.2004 |
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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. |
By the present
modification the overall limit has been enhanced from Rs. 33.500 millions to
Rs. 50.000 millions in the Manner:-
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WEBSITE DETAILS:
Subject is a leading ISO 9001:2000 certified company, manufacturing high
end Recycled Polyester fiber ranging from 4 to 20 Deniers both in Silicon and non
Silicon grade in various colours and different cut length as per clients
requirements
Established in 1997 with collaboration from South Korea, the plant uses
the state of the art technology to recycle polyester and pet waste in polyester
staple fiber (PSF)
They are supplying PSF to various non-woven carpet manufactures making
carpets for Auto Sector OEM like Toyota, Suzuki Maruti, HUNDAI, TELCO, and
HONDA etc.
They have fully automatic manufacturing facilities for producing high-grade
fiber and testing laboratories for quality control with a capacity of 300MT per
month.
The packaging of PSF is done in 200-210 kg compressed bales. Their 100+
strong manpower is capable of handling bulk orders and delivering quality
products with complete customer satisfaction.
PRODUCTS
AND USES
The PSF produced
by us has the following specifications
Deniers: -
4,6,10,12,15,18 and 20
Cut length: -
25,32,51,64,76,102 and 124 mm
Feel -
siliconised or non siliconised soft as well as harsh feel
Tensile strength: - 2 to
3 gm/Denier
Breaking strength: - 25 to
35 grama
Elongation: - 45
to 50 %
Oil pickup: -
0.1 to 0.15 %
Crimps: - 3
to 5 per cm
Color: -
as per requirement shade
Color fastness: - as
per requirement shade
They use Dope Dying Technology for making color fibers using high
quality pigments dyes and master batches.
The color fibers produced with this technology have the following
advantages over the High pressure and high temperatures dying
· Color of the fiber is very fast and homogeneous
· Any color shade can be produced
· No air and water pollution, environment friendly
PSF Uses:
· Domestic Uses
- Filling,
stuffing and padding in
- Cushions
- Pillows
- Quilts
- Toys
- Jackets
- Mattress
· Industrial Uses
- Making of
FELTS
- Making non woven
and woven carpets
- Mixing with
cotton and wool in making yarn of any colour
- Making of sheets of various GSM which are used for padding in
quilts, jackets etc.
CLIENTS:-
The company has various clients depending upon the nature they can
categorized as
· Carpet Manufacturers
· Automobiles Industry
· Cotton blenders
· Quilts and Pillow manufacturers
· Soft toys
· Insulation
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.57.73 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
---- |
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DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
|
--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/normal. |
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 |
|