MIRA
INFORM REPORT
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Report Date : |
26.11.2008 |
IDENTIFICATION DETAILS
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Name : |
NOVA TRANSFERS PRIVATE LIMITED |
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Registered Office : |
Plot No.36, New Chemicals Zone, MIDC, Taloja, Raigad – 410208, |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
18.10.1984 |
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Com. Reg. No.: |
11-34295 |
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CIN No.: [Company
Identification No.] |
U17120MH1984PTC034295 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Industrial Chemicals |
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 : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Mr. Sarswati Shah (Accounts Assistance) parted require details except
their trade references. Subject is a well established and reported company having satisfactory
track. Trade relations are fair. Payments are reported as slow but correct. The company can be considered normal for business dealings at usual
trade term and conditions. |
INFORMATION PARTED BY
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Name : |
Mr. Saraswati Shah |
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Designation : |
Accounts Assistance |
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Date : |
22.11.2008 |
LOCATIONS
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Registered Office/ Factory : |
Plot No.36, New Chemicals Zone, MIDC, Taloja, Raigad – 410208, |
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Tel. No.: |
91-22-27411171/ 27402427 |
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Fax No.: |
91-22-27402426 |
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E-Mail : |
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Website : |
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Area : |
2000 Sq. Mtr. |
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Location : |
Owned |
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Marketing Office : |
8-B, |
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Tel. No.: |
91-22-24371338/ 24375686 |
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Fax No.: |
91-22-24371524 |
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Location : |
Rented |
DIRECTORS
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Name : |
Mr. Nisar F. Sikander |
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Designation : |
Director |
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Address : |
‘Sahil’ Galaxy Apartment, |
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Date of Birth/Age : |
19.03.1953 |
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Date of Appointment : |
18.10.1984 |
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Name : |
Mr. Zynab I. Hydari |
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Designation : |
Director |
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Address : |
‘Sahil’ Galaxy Apartment, |
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Date of Birth/Age : |
24.09.1949 |
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Date of Appointment : |
18.10.1984 |
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Name : |
Mr. Pramod P. Joshi |
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Designation : |
Director |
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Address : |
D-1, Malini Apartament, |
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Date of Birth/Age : |
09.07.1955 |
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Date of Appointment : |
01.10.2001 |
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Email : |
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Name : |
Mr. Ramakant G. Malvankar |
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Designation : |
Director |
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Address : |
102. Ganesh Smruti, |
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Date of Birth/Age : |
01.11.1947 |
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Date of Appointment : |
29.01.1994 |
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Email : |
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Name : |
Mr. Nayan L. Kothari |
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Designation : |
Director |
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Address : |
B – 16, Surya Kiran, |
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Date of Birth/Age : |
07.09.1947 |
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Date of Appointment : |
29.10.1994 |
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Email : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(As on 05.12.2007)
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Names of Shareholders |
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No. of Shares |
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Nisar F. Sikander |
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16000 |
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412 |
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Shrilekha N. Sikander |
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1752 |
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Camer Sikander |
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408 |
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Fatehally Sikander |
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408 |
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Gahir Hydari |
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8472 |
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Ramakant G. Malvankar |
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9192 |
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Nayan L. Kothari |
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7554 |
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Pramod P. Joshi |
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2756 |
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Total |
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46954 |
(As on 29.09.2007)
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Category |
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Percentage |
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Directors or relatives of director |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Industrial Chemicals |
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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 : |
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Terms : |
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Selling : |
L/C, (60 days) |
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Purchasing : |
Credit (180 days) |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
50 |
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Bankers : |
Andheri (West) Branch, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mada and Associates Chartered Accountant |
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Address : |
C-2, Cifton, Ravi Raj Oberoi Complex, Sab TV Lane, Off Link Road,
Andheri (West), Mumbai – 400053, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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939080 |
Equity Shares |
Rs.10/- each |
Rs.9.391 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
9.391 |
4.695 |
4.695 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
21.119 |
19.134 |
15.704 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
30.510 |
23.829 |
20.399 |
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LOAN FUNDS |
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1] Secured Loans |
3.887 |
7.833 |
8.754 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
3.887 |
7.833 |
8.754 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.016 |
0.058 |
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TOTAL |
34.397 |
31.678 |
29.211 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
10.793 |
11.840 |
9.752 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.017 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
9.556
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6.648 |
7.440 |
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Sundry Debtors |
40.810
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34.434 |
35.026 |
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Cash & Bank Balances |
0.305
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0.646 |
0.577 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
14.827
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9.209 |
6.414 |
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Total
Current Assets |
65.498
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50.937 |
49.457 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
31.484
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24.287 |
25.117 |
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Provisions |
10.427
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6.812 |
4.881 |
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Total
Current Liabilities |
41.911
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31.099 |
29.998 |
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Net Current Assets |
23.587
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19.838 |
19.459 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
34.397 |
31.678 |
29.211 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
117.123 |
100.126 |
93.959 |
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Other Income |
0.000 |
0.050 |
1.113 |
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Total Income |
117.123 |
100.176 |
95.072 |
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Profit/(Loss) Before Tax |
11.669 |
5.503 |
8.012 |
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Provision for Taxation |
3.671 |
2.073 |
2.794 |
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Profit/(Loss) After Tax |
7.998 |
3.430 |
5.218 |
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Expenditures : |
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Material Cost |
0.000 |
66.538 |
61.136 |
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Employees Cost |
0.000 |
10.824 |
9.990 |
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Interest |
0.000 |
1.027 |
0.681 |
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Depreciation & Amortization |
0.000 |
1.113 |
0.978 |
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Other Expenditure |
105.454 |
15.171 |
14.275 |
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Total Expenditure |
105.454 |
94.673 |
87.061 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
6.83
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3.42 |
5.49 |
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Net Profit Margin (PBT/Sales) |
(%) |
9.96
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5.50 |
8.53 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
15.30
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8.77 |
13.53 |
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Return on Investment (ROI) (PBT/Networth) |
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0.38
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0.23 |
0.39 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.50
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1.63 |
1.90 |
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Current Ratio (Current Asset/Current Liability) |
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1.56
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1.64 |
1.65 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets:
- Land
- Building
- Plant and
Machinery
- Furniture and
Fixture
- Computers
- Office
Equipment
- Fax Machine
- Bicycle
- Xerox
- Electrical
Installations
- Motor Car
- Lab Equipment
- Air
Conditioner
- Heavy
Vehicles
Website Details:
Profile
Subject has been promoted by a team of technocrats with a
combined experience in the field of textile auxiliaries stretching to over 50
years.
The company was set up with a view to manufacturing
innovative products (resins, surfactants & formulations based on them) with
applications in textile, paper, abrasives, foundry, oil field chemicals & a
host of other industries. Subsequently a full range of modified starches
were taken up which includes pregelatinised, esterified, dextrinised &
various modified starches which have wide scope of applications in the pharma
& food industries apart from the traditional industries like textiles,
paper and oil drilling.
This unique combination of various technology platforms,
product development skills, applications expertise & market knowledge has
created the business it is today, offering one of the broadest ranges of
surfactants, resins, modified starches & functional ingredients to its
customers.
Subject is today a multi locational manufacturing entity
having two separate facilities, one for manufacturing of liquid products and
the other for powders. Both are situated at a designated chemical
manufacturing industrial area viz. Taloja within a stones throw of each other
thus having the inherent advantage of locational efficiency.
The first plant was commissioned in 1996 for manufacturing
of liquids. It is situated on a plot admeasuring 2000 sq. mtrs. & has
a built up area of about 1,056 sq. mtrs., which houses the manufacturing
facility, QC lab, Storage facility and an in-house R & D laboratory and a
monthly capacity of over 1000 MT for manufacturing a wide range of resins,
surfactants & other liquid products tailor made to suit individual customer
requirements? The registered office is also located here.
The other facility has a built up area of about 1,000 sq.
mtrs., where only powder products are manufactured & stored. The
state of the art facility has an installed capacity for handling 500 tonnes of
products per month.
Chemical Processes:
- Condensation
Polymerisation
- Addition
Polymerisation
- Emulsion
Polymerisation
- Azeotropic
Distillation
- Esterification
- Quaternisation
- Condensation
- Pregelatanization
- Dextrinisation
- Polymer
Grafting of Starch
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.97 |
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1 |
Rs.75.45 |
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Euro |
1 |
Rs.64.21 |
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 |
YES |
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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 |
|
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 |
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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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