MIRA
INFORM REPORT
|
Report Date : |
06.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
NOVATECH PROCESS EQUIPMENTS PRIVATE LIMITED |
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Formerly Known As : |
SPACE TECH PROCESS EQUIPMENTS PRIVATE LIMITED |
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Registered Office : |
601, Building No. 1, Pushpamangal Complex, Near Babubhai Petrol Pump,
Old Agra Road, Manopada, Thane (West), Ambernath 400 601, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
21.08.1984 |
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Com. Reg. No.: |
11-33793 |
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CIN No.: [Company
Identification No.] |
U28100MH1984PTC033793 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEN04353G |
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PAN No.: [Permanent
Account No.] |
AAACN5828J |
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Legal Form : |
Private limited liability company |
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Line of Business : |
Manufacturer, Exporter, Importer and Supplier of Reaction Kettles,
Heat Exchangers, Columns, Pressure Vessels, Storage Tanks, 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 50000 |
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Status : |
Satisfactory |
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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. Directors are reported as experience and respectable businessmen.
Trade relations are reported as fair. Business is active. 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
|
Name : |
Mr. Rajdeep
Sukumar Ghosh |
|
Designation : |
Director |
LOCATIONS
|
Registered Office/ Factory : |
601, Building No. 1, Pushpamangal Complex, Near Babubhai Petrol Pump,
Old Agra Road, Manopada, Thane (West), Ambernath 400 601, Maharashtra,
India |
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Tel. No.: |
91 -22- 25478864/ 25478865/ 25478866/ 25478867/ 25478868 |
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Mobile No.: |
91-9320553351 |
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Fax No.: |
91-22-25478867 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory : |
Located at: Taloja, Raigad, Maharashtra, India |
DIRECTORS
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Name : |
Mr. Sukumar Kalipada Ghosh |
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Designation : |
Director |
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Address : |
17-103, Vindagiri Siddhachal, Phase – III, Pakhran Road No. 2, Thane –
400 601, Maharashtra, India |
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Date of Birth : |
10.11.1951 |
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Date of Appointment : |
21.08.1984 |
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Name : |
Mrs. Madhuri Sukumar Ghosh |
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Designation : |
Director |
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Address : |
17-104, Vindagiri Siddhachal, Phase – III, Pakhran Road No. 2, Thane –
400 601, Maharashtra, India |
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Date of Birth : |
17.08.1952 |
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Date of Appointment : |
17.10.2003 |
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Name : |
Mr. Rajdeep
Sukumar Ghosh |
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Designation : |
Director |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
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No. of Shares |
|
Sukumar Ghosh |
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20445 |
|
Balaram Mallick |
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5888 |
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Nakul Mallick |
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7312 |
|
Arup Roy |
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3300 |
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Soumadeep Ghosh |
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8837 |
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Madhuri Ghosh |
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2718 |
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Rajdeep Ghosh |
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1000 |
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Total |
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49500 |
(As on 30.09.2007)
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Equity Share
Breakup |
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Percentage |
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Category |
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Directors or relatives of directors |
|
100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter, Importer and Supplier of Reaction Kettles,
Heat Exchangers, Columns, Pressure Vessels, Storage Tanks, etc. |
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Products : |
• Reaction kettles |
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Exports : |
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Products : |
All Products |
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Countries : |
· Malaysia · Bangladesh · Dubai · Iran |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
· China · Singapore |
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Terms : |
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Selling : |
On L/C basis |
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Purchasing : |
On L/C basis |
GENERAL
INFORMATION
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No. of Employees : |
Around 300 |
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Bankers : |
·
Bank of
Maharashtra SSI branch, Wagle
Estate, Thane – 400604, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S. S. Sanghvi and Company Chartered Accountants |
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Address : |
3, Supraj Apartment, Annaji Sunder Road, Charai, Thane [West], Mumbai
– 400 601, Maharashtra, India |
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Memberships : |
EEPC |
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Subsidiaries : |
Dorv Process Equipments |
CAPITAL STRUCTURE
Authorised Capital
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.500 Million |
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Issued, Subscribed & Paid-up Capital
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No. of Shares |
Type |
Value |
Amount |
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49500 |
Equity Shares |
Rs. 10/- each |
Rs. 0.495
Million |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.495 |
0.495 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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11.967 |
9.224 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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12.462 |
9.719 |
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LOAN FUNDS |
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1] Secured Loans |
|
6.713 |
17.317 |
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2] Unsecured Loans |
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26.830 |
4.000 |
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TOTAL BORROWING |
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33.543 |
21.317 |
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DEFERRED TAX LIABILITIES |
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0.246 |
0.114 |
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TOTAL |
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46.251 |
31.150 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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13.733 |
9.714 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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65.800 |
34.400 |
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Sundry Debtors |
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15.309 |
7.286 |
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Cash & Bank Balances |
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0.154 |
0.000 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
|
7.244 |
8.138 |
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Total
Current Assets |
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88.507 |
49.824 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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54.091 |
27.488 |
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Provisions |
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1.898 |
0.900 |
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Total
Current Liabilities |
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55.989 |
28.388 |
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Net Current Assets |
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32.518 |
21.436 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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46.251 |
31.150 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
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181.257 |
71.232 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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181.257 |
71.232 |
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Profit/(Loss) Before Tax |
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4.408 |
1.424 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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4.408 |
1.424 |
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Expenditures : |
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Interest |
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0.000 |
0.000 |
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Depreciation & Amortization |
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1.890 |
1.072 |
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Other Expenditure |
|
174.959 |
68.736 |
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Total Expenditure |
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176.849 |
69.808 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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2.43 |
1.99 |
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Net Profit Margin (PBT/Sales) |
(%) |
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2.43 |
1.99 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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4.31 |
2.39 |
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Return on Investment (ROI) (PBT/Networth) |
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0.35 |
0.15 |
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Debt Equity Ratio (Total Liability/Networth) |
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8.20 |
5.11 |
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Current Ratio (Current Asset/Current Liability) |
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1.58 |
1.76 |
LOCAL AGENCY
FURTHER INFORMATION
Note:
The Registered Office of the Company has been shifted from 6, Yashwant
Co-operative Society, Near Swimming Pool, Manisha Nagar, Kalwa, Thane - 400605,
Maharashtra, India to the present w. e. f. 01.04.2008.
Trade
References:
- BASF
- Berger Paints
- Nerolac Paints
- Asian Paints
Form 8:
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Name of the company |
NOVATECH PROCESS
EQUIPMENTS [PRIVATE] LIMITED |
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Presented
By |
Mr. Sukumar
Ghosh, Director |
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1) Date and description of instrument creating the change |
Composite Deed of
Hypothecation for all facilities dated 13.05.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 8.000
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 |
First an exclusive
charge and security by way of hypothecation security charge in favour of the
Bank over the borrowers present and future movable plant, machineries, goods,
stocks of Raw materials, items, inventories, stocks in process, semi finished
and finished goods stores and spares not relating to plant and machinery,
stock in trade, goods in process,
movable in transit, bills receivable and book debts and all the
borrower’s other movable assets and properties both present and future
situated or located at nay place and now lying, being affixed or installed at
any place at any time outstanding monies, claims, receivables book debts due
or become due to the borrower at any time or time or from time to time and
all of the borrower’s rights, title or interest therein. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of interest
– 2 % over Basis PLR with minimum 13.25 % p.a. with monthly rests. Penal interest @
2 % p.a. in case of default. The loan should
be repaid before 31.12.2005 Margin – 25 % Charge to cover
all outstanding sums, interest costs and charges payable by the company to
the Bank. |
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5) Name and Address and description of the person entitled to the charge. |
Bank of
Maharashtra SSI branch, Wagle
Estate Thane – 400604 |
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This form is for |
Modification of
charge |
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Whether charge is modified in favour of asset reconstruction company (ARC) of assignee |
No |
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Charge Identification (ID) number of the charge to be modified |
10005613 |
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Corporate
identity number of the company |
U28100MH1984PTC033793 |
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Name of the
company |
NOVATECH PROCESS EQUIPMENTS [PRIVATE] LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
6, Yashwant Co-operative Society, Near Swimming Pool, Manisha Nagar,
Kalwa, Thane - 400605, Maharashtra, India |
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Type of charge |
Movable property |
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Whether consortium finance is involved |
No |
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Whether joint charge involved |
No |
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Number of charge holder(s) |
1 |
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Particular of
charge holder |
Bank of
Maharashtra SSI branch, Wagle
Estate Thane – 400604,
Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Composite deed of hypothecation for all facilities |
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Date of
instrument Creating the charge |
12.09.2007 |
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Amount secured by
the charge |
Rs. 101.800
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
13.5 % p.a. with monthly rest. Terms of
repayment: fresh term loan repayable in monthly installments of Rs. 0.112
million commencing from dated 31.10.2007 Margin: 28.4
% Extent operation
of the charge: First and exclusive charge by way of hypothecation over the
present and future all kinds of stocks, book debts, receivables and movables |
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In case of acquisition of property, subjected to charge, furnish the details relating the existing charge on the property so acquired |
16.10.2006 |
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Description of the instrument creating or evidencing the charge |
Composite deed of
hypothecation for all facilities |
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Date of acquisition of the property |
16.10.2006 |
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Amount of the charge |
Rs. 45.000
millions |
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Particular of the property charged |
First and
exclusive charge by way of hypothecation over the present and future all
kinds of stocks including imported goods and goods under fabrication, export,
crane, generator set, plant and machinery such as air plazma machine, welding
rectifier, lathes, radial drilling, plate rolling machine, etc. book debts,
receivables and movables belonging to the company and also patents, copy
rights, trademarks, goodwill, intellectual property rights more particularly
described |
|
Short particulars
of the property charged |
Hypothecation of all tangible and intangible assets such as all the patents, copy rights, trademarks, goodwill intellectual property rights, stocks of raw materials, semi finished goods and finished goods, stores and spares, bills receivables, book debts and all other movables situated or located at any place and now lying, being, affixed or installed at any place at any time and all outstanding monies. |
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Whether any of the property or interest therein under reference is not registered in the name of the company |
No |
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Date of latest
modification prior to the present modification |
16.10.2006 |
|
Particulars of
the present modification |
Cash credit limit
revised from Rs. 20.000 Millions to Rs. 46.000 Millions packing credit from
10.000 Millions to Rs. 15.000 Millions FONB / FOBP / FOBD form Rs. 10.000
Millions to Rs. 15.000 Millions and bank guarantee from Rs. 25.000 Millions
to Rs. 50.000 Millions subject to over all Rs. 45.000 Millions to Rs. 101.800
Millions |
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.46.88 |
|
UK Pound |
1 |
Rs.82.97 |
|
Euro |
1 |
Rs.64.99 |
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 |
|