MIRA
INFORM REPORT
|
Report Date : |
21.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
NICOMET INDUSTRIES LIMITED |
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Registered Office : |
14 Niraj Industrial Estate, Off Mahakali Caves Road, Andheri (East), Mumbai
– 400093, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
02.04.1993 |
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Com. Reg. No.: |
11-71450 |
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CIN No.: [Company
Identification No.] |
U27200MH1993PLC071450 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM09552E |
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PAN No.: [Permanent
Account No.] |
AAACN1597Q |
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Legal Form : |
Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Cobalt, Copper Nickel and their Derivatives |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 1100000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed company having satisfactory
track. Trade relations are fair. Business is active. Payments are reported as
usually made as per commitments. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
|
Name : |
Mr. K M Chaturvedi |
|
Designation : |
Chief Executive Officer |
|
Contact No.: |
91-9371023012 |
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Date : |
19.07.2008 |
LOCATIONS
|
Registered Office : |
14 Niraj Industrial Estate, Off Mahakali Caves Road, Andheri (East),
Mumbai – 400093, Maharashtra |
|
Tel. No.: |
91-22-28203347/28203418
/ 26938710-14 |
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Fax No.: |
91-22-28351982 |
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E-Mail : |
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Website : |
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Area : |
2600 Sq. ft |
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Location : |
Leased |
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Factory 1 : |
Plot No. L-19/20, Cuncolim Industrial Estate, Cuncolim –
403 703, Goa |
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Tel. No.: |
91-832-2763307/2764337 |
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Fax No.: |
91-832-2764327 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr. Rajendra D. Agarwal |
|
Designation : |
Managing Director |
|
Address : |
21, Krishna Kunj, G. Road, 94, Marine Drive, Mumbai – 400
020, Maharashtra |
|
Date of Birth/Age : |
21.05.1951 |
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Date of Appointment : |
02.04.1993 |
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Name : |
Mr. Vijay M. Porwal |
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Designation : |
Director |
|
Address : |
201, Kusum Kunj, Junction of 9th/10th
Road, Khar (West), Mumbai – 400 052 |
|
Date of Birth/Age : |
06.12.1953 |
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Date of Appointment : |
30.05.2000 |
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|
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|
Name : |
Mr. Bhupat K. Shah |
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Designation : |
Director |
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Address : |
101, Kusum Kunj, Junction of 8th & 10th
Road, Khar (West), Mumbai – 400 032, Maharashtra |
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Date of Birth/Age : |
01.12.1943 |
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Date of Appointment : |
30.05.2000 |
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Name : |
Mr. Ankit R Agarwal |
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Designation : |
Director |
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Address : |
21, Krishna Kunj, G. Road, 94, Marine Drive, Mumbai – 400
020, Maharashtra |
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Date of Birth/Age : |
27.08.1980 |
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Date of Appointment : |
12.01.2004 |
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|
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Name : |
Mr. Pratul Dube |
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Designation : |
Director |
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Address : |
402 Golden Apartments, Ramakrishna Mandir Road, Mumbai – 400059,
Maharashtra |
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Date of Birth/Age : |
02.10.1980 |
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Date of Appointment : |
25.11.1997 |
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Name : |
Mrs. Usha R. Agarwal |
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Designation : |
Director |
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Address : |
21, Krishna Kunj, G. Road,
94, Marine Drive, Mumbai – 400 020, India |
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Date of Birth/Age : |
01.11.1955 |
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Date of Appointment : |
02.04.1993 |
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Name : |
Mr. Nandan R. Atre |
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Designation : |
Director |
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Address : |
2B, Vishal Co-operative
Housing Society, Yashodham Enclave, Film City Road, Goregaon (West), Mumbai –
400 063 |
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Date of Birth/Age : |
02.02.1958 |
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Date of Appointment : |
01.01.1995 |
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|
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|
Name : |
Mr. Padmanabh B. Kadam |
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Designation : |
Director |
|
Address : |
Kadam Niwas, S. Rane
Road, L. T. Road, Dahisar (West), Mumbai – 400 068 |
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Date of Birth/Age : |
20.01.1939 |
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Date of Appointment : |
15.05.1997 |
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|
Name : |
Mr. Tushar A. Porwal |
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Designation : |
Director |
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Address : |
Swastik Sadan, 3rd
Floor, 8th Road, Khar (West), Mumbai – 400 052 |
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Date of Appointment : |
30.09.1999 |
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Name : |
Mr. Vilas B. Shah |
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Designation : |
Director |
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Address : |
101, Kusum Kunj,
Junction of 9th / 10th Road, Khar (West), Mumbai – 400
052 |
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Date of Appointment : |
30.09.1999 |
KEY EXECUTIVES
|
Name : |
Mr. Nitin M. Vaishnav |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 30.04.2004
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Rajendra D. Agarwal |
|
615000 |
|
Mrs. Usha R. Agarwal |
|
341250 |
|
Mr. Ankit R Agarwal |
|
511875 |
|
Mr. Atul R Agrawal |
|
511875 |
|
Ms. Bhavana Agrawal |
|
227500 |
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Mr. Daudayal Rajendra |
|
30000 |
|
Ms. Nirmala V Porwal |
|
173469 |
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Ms. Ritu A Jain |
|
255203 |
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Ms. Ruchi V Porwal |
|
255203 |
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Mr. Ambalal M Porwal |
|
91000 |
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Ms. Manjula A Porwal |
|
91000 |
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Mr. Tushar A Porwal |
|
255937 |
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Mr. Vipul A Porwal |
|
255938 |
|
Mr. Nitul B Shah |
|
581500 |
|
M/s. AFM Private Limited |
|
20000 |
AS ON 31.03.2007
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
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Directors or relatives of directors |
|
99.00 |
|
Other top fifty shareholders |
|
1.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Cobalt, Copper Nickel and their Derivatives |
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Products : |
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Exports : |
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Countries : |
Europe, Asian Countries and Far East |
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Imports : |
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Countries : |
South Africa |
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Terms : |
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Selling : |
L/C and Credit |
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Purchasing : |
L/C |
GENERAL
INFORMATION
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Customers : |
End Users |
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No. of Employees : |
(Office – 30 + Factory – 500) = 530 |
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Bankers : |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Chaturvedi S. K. & Fellow Chartered Accountants |
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Address : |
B-133, Mittal Tower, Nariman Point, Mumbai – 400 021 |
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Tel. No.: |
91-22-22845343 |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 31.03.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11000000 |
Equity Shares |
Rs. 10/- Each |
Rs. 110.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11000000 |
Equity Shares |
Rs. 10/- Each |
Rs. 110.000 Millions |
Debenture Breakup :
|
No. of Shares |
Type |
Value |
Amount |
|
5490000 |
Equity Shares |
Rs. 10/- Each |
Rs. 54.900 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 |
110.000 |
110.000 |
45.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
125.063 |
66.464 |
2.500 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(27.097) |
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|
NETWORTH |
235.063 |
176.464 |
20.903 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
147.667 |
211.585 |
92.568 |
|
|
2] Unsecured Loans |
63.572 |
28.157 |
111.753 |
|
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TOTAL BORROWING |
211.239 |
239.742 |
204.321 |
|
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DEFERRED TAX LIABILITIES |
33.255 |
15.955 |
0.000 |
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TOTAL |
479.557 |
432.161 |
225.224 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
280.571 |
224.870 |
144.383 |
|
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Capital work-in-progress |
53.917 |
2.167 |
63.298 |
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INVESTMENT |
0.000 |
0.000 |
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 |
365.056
|
108.370 |
166.890 |
|
|
Sundry Debtors |
76.194
|
302.030 |
43.082 |
|
|
Cash & Bank Balances |
36.368
|
9.688 |
6.943 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
54.493
|
91.939 |
11.241 |
|
Total
Current Assets |
532.111
|
512.027 |
228.156 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
363.262
|
291.748 |
210.618 |
|
|
Provisions |
23.780
|
15.155 |
0.000 |
|
Total
Current Liabilities |
387.042
|
306.903 |
210.618 |
|
|
Net Current Assets |
145.069
|
205.124 |
17.538 |
|
|
|
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|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
479.557 |
432.161 |
225.224 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
1069.901 |
1040.697 |
793.666 |
|
|
Other Income |
29.137 |
78.187 |
71.812 |
|
|
Total Income |
1099.038 |
1118.884 |
865.478 |
|
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|
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|
|
|
Profit/(Loss) Before Tax |
105.084 |
122.388 |
111.348 |
|
|
Provision for Taxation |
31.250 |
44.266 |
0.000 |
|
|
Profit/(Loss) After Tax |
73.834 |
78.122 |
111.348 |
|
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Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
875.569 |
790.837 |
596.924 |
|
|
Consumption |
0.000 |
0.000 |
4.324 |
|
|
Increase/(Decrease) in Finished Goods |
(122.525) |
18.277 |
(15.239) |
|
|
Salaries, Wages, Bonus, etc. |
17.987 |
17.112 |
17.977 |
|
|
Managerial Remuneration |
4.000 |
0.000 |
0.000 |
|
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Payment to Auditors |
0.500 |
0.400 |
0.247 |
|
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Interest |
15.163 |
12.129 |
9.656 |
|
|
Insurance Expenses |
2.981 |
3.207 |
1.212 |
|
|
Power & Fuel |
31.914 |
33.703 |
19.883 |
|
|
Depreciation & Amortization |
17.478 |
14.892 |
14.447 |
|
|
Other Expenditure |
150.887 |
105.939 |
104.699 |
|
Total Expenditure |
993.954 |
996.496 |
754.130 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
6.71
|
6.98 |
12.86 |
|
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|
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|
Net Profit Margin (PBT/Sales) |
(%) |
9.82
|
11.76 |
14.02 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.93
|
16.60 |
29.88 |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.44
|
0.69 |
5.32 |
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
2.54
|
3.09 |
19.85 |
|
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|
|
Current Ratio (Current Asset/Current Liability) |
|
1.37
|
1.66 |
1.08 |
LOCAL AGENCY
FURTHER INFORMATION
History
The company was incorporated on 2nd April, 1993 at Mumbai in Maharashtra having Company Registration Number 71450.
The company was originally incorporated under the name and style of Metec International Private Limited. The name of the company was changed to Nicomet Industries Private Limited, which was again changed to present with effect from 19th September, 1996.
In 1996, sensing a potential on the global front, Nicomet was conceived to meet the needs for high purity Cobalt and Nickel products.
The founders, with over 25 years of experience in international trade of metals and industrial raw materials, in their drive for excellence, have today succeeded in establishing Nicomet as a reliable source for speciality products of Cobalt and Nickel.
In just a few years after its inception, with its ultra-modern manufacturing facilities, Nicomet in its pioneering efforts have put India on the global map offering its industries, import substitution options.
Form 8
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U27200MH1993PLC071450 |
|
Name of the
company |
NICOMET INDUSTRIES LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
14 Niraj Industrial Estate, Off Mahakali Caves Road, Andheri (East), Mumbai
– 400093, Maharashtra |
|
Type of charge |
Movable Property |
|
Particular of
charge holder |
Federal Bank Limited, 32, Bombay Samachar Marg, Fort,
Mumbai – 400001, Maharashtra |
|
Nature of
description of the instrument creating or modifying the charge |
Working capital
consortium agreement |
|
Date of
instrument Creating the charge |
02.03.2007 |
|
Amount secured by
the charge |
Rs. 350.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
– As stipulated by Bank from time to time Terms of
Repayment – As stipulated by Bank from time to time Margin – First
paripassu charge (Present and future) as stipulated by Bank from time to time
Extent and
Operation of the charge Others - As
stipulated by Bank from time to time |
|
Short particulars
of the property charged |
First Paripass
charge (Present and Future) Hypothecation of
all current assets namely stock of raw material, semi finished and finished
goods, stores and consumables stores and spares, Bills receivables and book debts and all other movables and
current assets |
The company’s fixed assets of important value include Leasehold Land, Buildings, Electrical Installations, Plant & Machinery, Air Conditioners, Furniture & Fixtures, Office Equipments Factory Equipments, Laboratory Equipments, Computers and Vehicles
As per website details
In 1996, sensing a potential on the global front, Nicomet was conceived to meet the needs for high purity Cobalt and Nickel products.
The founders, with over 25 years of experience in international trade of metals and industrial raw materials, in their drive for excellence, have today succeeded in establishing Nicomet as a reliable source for speciality products of Cobalt and Nickel.
In just a few years after its inception, with its ultra-modern manufacturing facilities, Nicomet in its pioneering efforts have put India on the global map offering its industries, import substitution options.
The Plant
The modern hydrometallurgy plant using an indigenous solvent extraction process recovers and refines Cobalt, Nickel and Copper metal values, from a variety of complex raw materials. The Plant, supplemented by highly sophisticated testing and analytical instruments, ensures high productivity and quality of its products.
The entire process is closely monitored by the Product and Process Control Laboratory manned by a team of highly qualified technicians and analytical chemists committed to maintain high standards in production. Adding to the facility is the Research & Development team that continuously pursues product development and helps in identifying new raw material sources.
The truth of the company's dedication in its pursuit of excellence in maintaining the quality of its products, without compromising on the environmental concerns is reflected in the plant's design to have 'zero-discharge' of pollutant factors making it an environment-friendly unit.
World Class Products
Nicomet caters to a wide range of industries ranging from electronic, industrial metals & aerospace to cattle feed, ceramic, paint and rubber.
All products are manufactured using the most modern and sophisticated technology, ensuring a quality at par with international standards.
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.42.78 |
|
UK Pound |
1 |
Rs.85.51 |
|
Euro |
1 |
Rs.67.90 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
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. |
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 |
|