MIRA
INFORM REPORT
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Report Date : |
12.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
NOVA CID PRIVATE LIMITED |
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Registered Office : |
263/A-B, GIDC Estate, Pandesara, Surat – 394221, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
11.04.1991 |
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Com. Reg. No.: |
04-15396 |
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CIN No.: [Company
Identification No.] |
U24110GJ1991PTC015396 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
SRTN00087D |
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PAN No.: [Permanent
Account No.] |
AABCN0197M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Disperse Dyes and Solvent Dyes, etc. |
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 120000 |
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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 and reputed company having satisfactory track. Directors are reported as experienced and respectable businessmen. Their trade relations are reported as fair. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Pravin Modi |
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Designation : |
Accountant |
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Date : |
10.07.2008 |
LOCATIONS
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Registered Office/ Factory : |
263/A-B, GIDC Estate, Pandesara, Surat – 394221, Gujarat, India |
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Tel. No.: |
91-261-2891106/ 2898551/ 52 |
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Fax No.: |
91-261-2898554 |
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E-Mail : |
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Area : |
10000 sq. mt. |
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Locations : |
Owned |
DIRECTORS
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Name : |
Mr. Ashish Om Prakash Jain |
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Designation : |
Director |
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Address : |
501, Ashwmegh Appt., Parle Point, Surat |
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Date of Birth/Age : |
01.09.1965 |
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Date of Appointment : |
18.11.1997 |
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Name : |
Ms. Rajni Bhavsar |
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Designation : |
Director |
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Address : |
Anand Vihar Block – N/623, Satyanagar, Adhava Lane, Surat |
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Date of Birth/Age : |
29.04.1953 |
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Date of Appointment : |
11.04.1991 |
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Name : |
Mr. Ajay Kumar Arihant Jain |
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Designation : |
Director |
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Address : |
8-A, Sangam Appt., Parle Point, Surat |
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Date of Birth/Age : |
03.01.1965 |
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Date of Appointment : |
22.11.2006 |
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Name : |
Mr. Kamal Jain |
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Designation : |
Director |
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Date of Birth/Age : |
41 years |
KEY EXECUTIVES
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Name : |
Archna Tata |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
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No. of Shares |
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Mr. Om Prakash Jain |
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60000 |
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Mr. Ashish Jain |
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130000 |
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Mrs. Kamal Jain |
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180000 |
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Mrs. Ashmita A. Jain |
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100000 |
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Ambitious Plastomac Company Limited |
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140000 |
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JMD Relefilm Industries Limited |
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260000 |
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Tanu Healthcare Limited |
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100000 |
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Segmet Mercantiles Private Limited |
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50000 |
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Mrs. Pushpadevi Jain |
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50000 |
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Mr. Sadhna A. Jain |
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50000 |
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Mr. Ajaykumar Jain |
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230000 |
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Shalu Exports Private Limited |
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200000 |
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Gujarat Chemi Plasto Limited |
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140000 |
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Jajoo Finance and Investment Limited |
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70000 |
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Universal Multimedia Limited |
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130000 |
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Poonam Corporation Limited |
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100000 |
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Total |
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1990000 |
(As on 31.03.2007)
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Category |
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Percentage |
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Bodies Corporate (not mentioned above) |
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57.89 |
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Directors or relatives of directors |
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42.11 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Disperse Dyes and Solvent Dyes, etc. |
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Products : |
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Exports : |
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Countries : |
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Imports : |
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Countries : |
China |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Credit |
PRODUCTION STATUS
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Particulars |
Installed Capacity |
Actual Production |
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Disperse Dyes Kgs. |
1500 M. T. |
1235.280 M. T. |
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Solvent Dyes Kgs. |
900 M. T. |
692.627 M. T. |
GENERAL
INFORMATION
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Customers : |
Retailers |
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No. of Employees : |
250 |
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Bankers : |
M1 Empire State Building, Ring Road, Surat – 395002, Gujarat, India
Pandesara Branch, Pandesara, Surat – 394212, Gujarat,
India |
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Facilities : |
Credit Limit: Stock and Book Debts Rs.17.500 Millions CC, Letter of Credit Rs.5.000 Millions CC |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Shah Kailash and Associates Chartered Accountants |
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Address : |
524/525, Royal Trading Tower, Nr.- Ratan Cinema, Salabat Pura, Surat |
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Tel. No.: |
91-261-2334411/2335216 |
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Mobile No.: |
91-9824150365 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1916700 |
Equity Shares |
Rs.10/- each |
Rs.19.167 millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
19.167 |
19.002 |
19.002 |
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2] Share Application Money |
0.000 |
0.165 |
0.165 |
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3] Reserves & Surplus |
5.205 |
4.481 |
4.090 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
24.372 |
23.648 |
23.257 |
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LOAN FUNDS |
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1] Secured Loans |
29.228 |
19.854 |
0.096 |
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2] Unsecured Loans |
14.307 |
14.020 |
11.723 |
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TOTAL BORROWING |
43.535 |
33.874 |
11.819 |
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DEFERRED TAX LIABILITIES |
1.758 |
1.915 |
1.869 |
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TOTAL |
69.665 |
59.437 |
36.945 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
17.344 |
19.256 |
19.062 |
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Capital work-in-progress |
0.000 |
0.000 |
0.00 |
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INVESTMENT |
0.006 |
0.006 |
0.005 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
34.357
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40.364 |
33.204 |
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Sundry Debtors |
80.002
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58.537 |
44.475 |
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Cash & Bank Balances |
1.328
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3.473 |
3.571 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
6.581
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4.508 |
4.566 |
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Total
Current Assets |
122.268
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106.882 |
85.816 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
69.995
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65.873 |
68.065 |
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Provisions |
0.000
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0.819 |
0.000 |
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Total
Current Liabilities |
69.995
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66.692 |
68.065 |
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Net Current Assets |
52.273
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40.090 |
17.751 |
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MISCELLANEOUS EXPENSES |
0.042 |
0.085 |
0.127 |
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TOTAL |
69.665 |
59.437 |
36.945 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.66
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4.25 |
3.43 |
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Current Ratio (Current Asset/Current Liability) |
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1.75
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1.60 |
1.26 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8: Bankers
Charges Report as per Registry
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Name of the
company |
NOVACID PRIVATE LIMITED |
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Presented By |
Mr. Ashish O.
Jain, Director |
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1) Date and description of instrument creating the change |
07.05.2005 Agreement for
Hypothecation of Movable Letter of
Hypothecation Goods Hypothecation of
Book Debts All instrument
relates to same loan |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.22.500
Millions The nature of
facility is as under cash credit hypothecation of stock and Book debts
Rs.17.500 Millions, Rs.5.000 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 |
Hypothecation of
all present and future goods, books debts and all machinery of borrower. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interests
BPLR+25% i.e. 13.50% at monthly rests. Margin Stocks 25% Book Debts 50% L/C 25% |
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5) Name and Address and description of the person entitled to the charge. |
Indian Overseas
Bank M1 Empire State
Building, Ring Road, Surat – 395002, India |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
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Corporate
identity number of the company |
U24110GJ1991PTC015396 |
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Name of the
company |
NOVACID PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
263/A-B, GIDC Estate, Pandesara, Surat – 394221, Gujarat, India |
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This form is for |
Creation of charge |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
Bank of Baroda Pandesara Branch,
Pandesara, Surat – 394212, Gujarat, India |
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Nature of
instrument creating charge |
Memorandum of entry
of Deposit of Title Deeds. |
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Date of
instrument Creating the charge |
17.01.2007 |
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Amount secured by
the charge |
Rs.45.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
Interests: Not Applicable
since properties Mortgage as collaretal security. Terms of
Repayment: Not Applicable
since properties Mortgage as collaretal security. Margin: Not Applicable
since properties Mortgage as collaretal security. Extent and
Operation of the charge: This Properties
mortgage to secure first charge for due payment of financial assistance
available by company. |
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Particulars of
the property charged |
Plot No.263/A, in
Pandesara Industrial Estate, GIDC Pandasara Bearing revenue survey No.83/B
and 872/B Paiki at Village Pandesara District Surat. Flat No.501 of
Ashawghmegh Apartment Parle Point
Surat in name of pushpadevi omprakash Jain (Properties more
specifically described in first schedule of memorandum of entry)_ |
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Particulars of
the present modification |
NA |
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
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Indian Rupees |
|
US Dollar |
1 |
Rs.42.72 |
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UK Pound |
1 |
Rs.84.42 |
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Euro |
1 |
Rs.67.38 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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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 |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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45 |
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 |
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|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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