MIRA
INFORM REPORT
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Report Date : |
25.11.2008 |
IDENTIFICATION DETAILS
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Name : |
NOBLE DISTILLERIES AND POWERS LIMITED |
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Registered Office : |
Patel Nagar, Bellary-583103, Karnataka |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
06.09.2007 |
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Com. Reg. No.: |
08-25407 |
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CIN No.: [Company
Identification No.] |
U45203KA1999PLC025407 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRN03090D |
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PAN No.: [Permanent
Account No.] |
AACCN0452G |
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Legal Form : |
A Closely held Public Limited Liability Company |
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Line of Business : |
The Company is engaged in manufacturer of sponge iron and
implementing Waste Heat Based Captive
power project |
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 450000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow by average 30 days |
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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 reported as slow by average 30 days. The
company can be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered Office : |
Patel Nagar, Bellary-583103, |
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E-Mail : |
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Factory : |
2nd Cross, Gandhi Nagar, Bellary-583103, |
DIRECTORS
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Name : |
Mr. Basavaraj Sirwar |
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Designation : |
Managing Director |
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Address : |
No. 1-A, Ward No. 18, II Cross Gandhi Nagar, Bellary-583101, |
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Date of Birth/Age : |
01.07.1973 |
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Date of Appointment : |
14.09.2004 |
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Name : |
Mr. Sirivar Murali Krishna |
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Designation : |
Director |
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Address : |
1A/18, IInd Cross, Gandhinagar, Bellary-583103, |
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Date of Birth/Age : |
25.07.1969 |
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Date of Appointment : |
02.07.1999 |
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Name : |
Mr. Kamdalya Yerriswamy |
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Designation : |
Director |
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Address : |
KIIB Colony Entension, 18th Ward, |
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Date of Birth/Age : |
08.04.1963 |
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Date of Appointment : |
01.01.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2007
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Names of Shareholders |
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No. of Shares |
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A Devendrappa, |
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100000 |
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Anwar Basha. P |
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120000 |
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A Ramkrishna |
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495000 |
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A |
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100000 |
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Basava Reddy I |
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100000 |
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B L Thippeswamy |
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100000 |
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B Veena Sreehari |
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100000 |
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Chinna Raja |
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100000 |
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D Suresh |
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100000 |
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C Koragar |
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100000 |
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H Raghavendra |
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100000 |
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Huleraj |
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100000 |
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Jabbar Sanb V M |
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100000 |
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Jail M |
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100000 |
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100000 |
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Krishnaveni Constructions, HYD |
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3500000 |
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K Seshappa |
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100000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
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Category |
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Percentage |
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Bodies corporate (not mentioned above) |
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11.00 |
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Directors or relatives of directors |
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74.00 |
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Other top fifty (50) shareholders (other than listed above) |
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15.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
The Company is engaged in manufacturer of sponge iron and
implementing Waste Heat Based Captive
power project |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
About 300 |
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Bankers : |
·
Canara Bank, Main Branch, |
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Facilities : |
Rs. 280.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Chartered Accountnat |
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Address : |
No. 12 and 13, Ground Floor, Hotel Rameshwari Complex, Kalmma Street,
Bellary-583103, Karnataka, India |
CAPITAL STRUCTURE
As on 06.09.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity Shares |
Rs. 100/- each |
Rs. 200.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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800000 |
Equity Shares |
Rs. 100/-
each |
Rs. 80.000
Millions |
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 |
80.000 |
80.000 |
10.120 |
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2] Share Application Money |
3.229 |
3.110 |
11.081 |
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3] Reserves & Surplus |
8.176 |
2.317 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
91.405 |
85.427 |
21.201 |
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LOAN FUNDS |
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1] Secured Loans |
141.526 |
151.514 |
87.476 |
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2] Unsecured Loans |
24.341 |
2.475 |
0.000 |
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TOTAL BORROWING |
165.867 |
153.989 |
87.476 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
257.272 |
239.416 |
108.677 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
197.584 |
195.787 |
0.000 |
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Capital work-in-progress |
0.000 |
0.000 |
68.417 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
45.787
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45.322 |
0.000 |
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Sundry Debtors |
35.524
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13.052 |
0.000 |
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Cash & Bank Balances |
0.678
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0.370 |
2.618 |
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Other Current Assets |
12.934
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28.065 |
2.848 |
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Loans & Advances |
0.000
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0.000 |
33.400 |
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Total
Current Assets |
94.923
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86.809 |
38.866 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
35.693
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43.790 |
0.911 |
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Provisions |
0.000
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0.000 |
0.000 |
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Total
Current Liabilities |
35.693
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43.790 |
0.911 |
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Net Current Assets |
59.230
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43.019 |
37.955 |
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MISCELLANEOUS EXPENSES |
0.458 |
0.610 |
2.305 |
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TOTAL |
257.272 |
239.416 |
108.677 |
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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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144.694 |
38.167 |
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Other Income |
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1.598 |
1.282 |
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Total Income |
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146.292 |
39.449 |
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Profit/(Loss) Before Tax |
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6.600 |
2.526 |
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Provision for Taxation |
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0.740 |
0.193 |
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Profit/(Loss) After Tax |
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5.860 |
2.333 |
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Expenditures : |
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Raw Material Consumed |
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82.001 |
35.018 |
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Consumption of stores and spares parts |
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5.525 |
1.616 |
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Increase/(Decrease) in Finished Goods |
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5.925 |
[9.619 |
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Salaries, Wages, Bonus, etc. |
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1.514 |
1.186 |
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Payment to Auditors |
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0.015 |
0.015 |
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Interest |
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19.210 |
1.533 |
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Insurance Expenses |
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0.482 |
0.241 |
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Power & Fuel |
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11.111 |
4.891 |
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Depreciation & Amortization |
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10.272 |
0.442 |
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Other Expenditure |
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3.637 |
1.600 |
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Total Expenditure |
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139.692 |
36.923 |
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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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PAT / Total Income |
(%) |
4.01
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5.91 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
4.56
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6.62 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.26
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0.89 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.07
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0.03 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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2.21
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2.32 |
4.17 |
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Current Ratio (Current Asset/Current Liability) |
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2.66
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1.98 |
42.66 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges Report
as per Registry
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Name of the company |
NOBLE DISTILLERIES AND POWERS LIMITED |
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Presented By |
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1) Date and description of instrument creating the change |
Hypothecation of
Agreement dated 25.02.2005 Letter of Evidencing
deposit of title deeds on 25.02.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 150.000
Millions (Term Loan Rs. 120.000 Millions + OD Rs. 30.000 Millions = Rs.
150.000 Milions) |
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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
Plant and Machinery purchased out of Bank Finance Rs. 151.100 Millions Collateral Equitable
mortgage of Land and proposed Building at Plot No. 312A, Sirivar Village,
Bellary measuring 11.02 Acres of Rs. 64.500 Millions |
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4) Gist of the terms and conditions and extent and operation of the charge. |
14.25% p.a. at
half yearly or quarterly rests. The term loan Rs. 120.000 Millions is
repayable in quarterly installments slartlin from April June2006 |
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5) Name and Address and description of the person entitled to the charge. |
Canara Bank, Main Branch, |
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6) Date and brief description of instrument modifying the charge |
N.A |
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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. |
N.A |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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 |
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US Dollar |
1 |
Rs.50.09 |
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1 |
Rs.74.90 |
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Euro |
1 |
Rs.63.40 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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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 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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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 |
NO |
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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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46 |
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
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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 |
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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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