MIRA
INFORM REPORT
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Report Date : |
28.01.2011 |
IDENTIFICATION DETAILS
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Name : |
INDO NIPPON CHEMICAL COMPANY LIMITED |
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Registered Office : |
Maker Bhavan No. 218, New Marine Lines Mumbai 400 020, |
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Country : |
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Financials (as on) : |
31.03.2009 |
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Date of Incorporation : |
21.05.1960 |
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Com. Reg. No.: |
11-11692 |
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CIN No.: [Company
Identification No.] |
U24110MH1960PLC011692 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMI06426A |
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PAN No.: [Permanent
Account No.] |
AAACI2898B |
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Legal Form : |
A Closely held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Plasticizers |
RATING & COMMENTS
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MIRA’s Rating : |
Ca (19) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
huge accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow and
delayed. The company can be considered for business dealings on a secured trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
Maker Bhavan No.2 18, New Marine Lines Mumbai - 400 020, |
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Tel. No.: |
91-22-2205 1723 / 2205 1897 / 2205 1612 / 2205 1821 /
22051723 |
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Fax No.: |
91-22-2205 3488 |
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E-Mail : |
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Website : |
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Factory : |
Plot No. 2, Nandesari Industrial Area, P O Nandesari, District
Vadodara – 391340, |
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Tel. No.: |
91-265-3090934 |
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Terminal : |
Plot No. 2, |
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Tel. No.: |
91-2836-270795 |
DIRECTORS
As On : 28.09.2010
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Name : |
Mr. Harish Indulal Bhuva |
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Designation : |
Managing Director |
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Address : |
Bhuva Cottage Plot No. 143, |
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Date of Birth/Age : |
15.08.1947 |
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Date of Appointment : |
01.10.2008 |
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Other Directorship : |
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DIN No : |
01542284 |
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Name : |
Mr. Prafull Indulal Bhuva |
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Designation : |
Managing Director |
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Address : |
Bhuva Cottage Plot No. 143, |
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Date of Birth/Age : |
08.09.1945 |
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Date of Appointment : |
01.10.2008 |
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Other Directorship : |
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DIN No : |
00919170 |
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Name : |
Mr. Mahesh Vadilal Gandhi |
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Designation : |
Director |
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Address : |
7/8 Morar Baug, 4th Floor, R. B. Mehta Marg, Ghatkopar
[East], Mumbai – 400077, |
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Date of Birth/Age : |
10.02.1944 |
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Date of Appointment : |
29.06.1966 |
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Other Directorship : |
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DIN No : |
00133203 |
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Name : |
Mr. Atul H. Patel |
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Designation : |
Director |
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Address : |
1-2, Akashwan Housing Complex, Gotri Sevasi Road, Sevasi, Vadodara –
391101, Gujarat, India |
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Date of Birth/Age : |
20.12.1950 |
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Date of Appointment : |
26.09.1998 |
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DIN No : |
00009587 |
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Name : |
Ms. Snehal N. Muzoomdar |
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Designation : |
Director |
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Address : |
52, Walchand Terraces, Tardeo, Mumbai – 400034, Maharashtra, India |
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Date of Birth/Age : |
26.04.1956 |
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Date of Appointment : |
26.09.1998 |
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DIN No : |
00729992 |
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Name : |
Mr. Chetan Seth |
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Designation : |
Director |
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Address : |
N-92, Panchsheel, Park, New Delhi-110017, Delhi, India |
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Date of Birth/Age : |
14.06.1944 |
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Date of Appointment : |
28.12.2006 |
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DIN No : |
00002944 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.09.2010
|
Names of Shareholders |
No. of Shares |
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Bhuva Holdings Limited |
88440 |
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Mrs. Kumud Narendra Bhuva |
2224 |
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Mr. Narendra Indulal Bhuva |
3140 |
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Mr. Narendra Indulal Bhuva Mr. Chandrakant Indulal Bhuva Mr. Harish Indulal Bhuva |
21224 |
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Mr. Narendra Indulal Bhuva Mr. Chandrakant Indulal Bhuva Mr. Prafull Indulal Bhuva Mr. Harish Indulal Bhuva |
608 |
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Mr. Harish Indulal Bhuva |
33388 |
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Mrs. Vandana Harish Bhuva |
2760 |
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Mr. Ashish Harish Bhuva |
978 |
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Mr. Chandrakant Indulal Bhuva |
3008 |
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Mrs. Sheela Chandrakant Bhuva |
1004 |
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Mr. Rakesh Chandrakant Bhuva |
2872 |
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Mr. Anirudh Chandrakant Bhuva |
688 |
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Mr. Kunal Chandrakant Bhuva |
166 |
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Mr. Prafull Indulal Bhuva |
33316 |
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Mr. Panna Prafull Bhuva |
2832 |
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Mr. Bhavin Prafull Bhuva |
978 |
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Mr. Mehool Narendra Bhuva |
2374 |
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Total |
200000 |
AS ON 28.09.2010
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Bodies corporate |
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44.22 |
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Directors or relatives of directors |
|
55.78 |
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Total
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Plasticizers |
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Products : |
ITC CODE |
Product
Description |
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291739.00 |
Diethylphthalate (Dep) |
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291739.02 |
Dioctylphthalate (Dop) |
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291739.09 |
Dioctyladipic (Doa) |
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PRODUCTION STATUS
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Plasticizers |
MT |
11600 |
*35000 |
3627.787 |
Note : * Actual Production includes captive
consumption of NIL MT (P.Y. 102357 MT)
GENERAL INFORMATION
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Bankers : |
Industrial Development Bank of India Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Mukund and Rohit Chartered Accountant |
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Address : |
515, Highway Commerce Centre, Laghu Udyog Kendra, I. B. Patel Road,
Goregaon (E), Mumbai-400063, Maharashtra, India |
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Tel. No.: |
91-22-64519899 |
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Fax No.: |
91-22-26855210 |
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E-Mail : |
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Associates : |
· Shreeji Plasticizers · Balaji Polymers |
CAPITAL STRUCTURE
As On : 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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200000 |
Equity Shares |
Rs. 100/- each |
Rs. 20.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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200000 |
Equity Shares |
Rs. 100/- each |
Rs. 20.000
millions |
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Note : of the above 180000 shares are allotted as
bonus shares by way of capitalization of General Reserve.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
20.000 |
20.000 |
20.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
20.380 |
20.380 |
20.380 |
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4] (Accumulated Losses) |
(131.807) |
(160.384) |
(134.426) |
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NETWORTH |
(91.427) |
(120.004) |
(94.046) |
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LOAN FUNDS |
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1] Secured Loans |
106.066 |
123.390 |
94.266 |
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2] Unsecured Loans |
4.279 |
3.394 |
2.100 |
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TOTAL BORROWING |
110.345 |
126.784 |
96.366 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
18.918 |
6.780 |
2.320 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
33.864 |
37.070 |
38.849 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
4.213 |
4.213 |
4.214 |
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DEFERREX TAX ASSETS |
8.802 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
14.039
|
13.071
|
15.329 |
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Sundry Debtors |
18.232
|
20.122
|
20.781 |
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Cash & Bank Balances |
11.126
|
12.770
|
10.485 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
58.174
|
45.465
|
42.895 |
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Total
Current Assets |
101.571
|
91.428
|
89.490 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
95.306
|
89.051 |
85.563 |
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Other Current Liabilities |
19.733
|
26.997
|
34.986 |
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Provisions |
14.492
|
9.883
|
9.684 |
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Total
Current Liabilities |
129.531
|
125.931
|
130.233 |
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Net Current Assets |
(27.960)
|
(34.503)
|
(40.743) |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
18.918 |
6.780 |
2.320 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SALES |
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Income |
273.343 |
290.467 |
228.778 |
|
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Other Income |
29.534 |
15.477 |
47.010 |
|
|
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Dividend |
0.000 |
0.000 |
0.007 |
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Terminal ling Charges |
15.555 |
16.931 |
16.561 |
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Interest |
0.969 |
0.395 |
0.434 |
|
|
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Income of Statement of Due |
0.000 |
0.000 |
104.726 |
|
|
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TOTAL (A) |
319.401
|
323.270
|
397.516
|
|
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Less |
EXPENSES |
|
|
|
|
|
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|
Cost of Materials |
205.496 |
218.641 |
169.805 |
|
|
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Manufacturing Expenses |
52.054 |
52.370 |
0.000 |
|
|
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Employees Remuneration |
11.934 |
10.777 |
12.739 |
|
|
|
Increase/(Decrease) in Finished Goods |
(1.258) |
2.156 |
2.625 |
|
|
|
Stock of DEPB Licenses |
(0.190) |
0.213 |
0.865 |
|
|
|
Selling and Distribution Expenses |
19.359 |
30.025 |
0.000 |
|
|
|
Capital Expenditure W. Off |
0.000 |
(0.050) |
0.090 |
|
|
|
Shares of Loss in Partnership Firm |
0.866 |
0.468 |
0.000 |
|
|
|
Office Expenses |
0.000 |
0.000 |
43.653 |
|
|
|
Other Expenses |
0.000 |
0.000 |
23.439 |
|
|
|
Hire Purchased Finance Charges |
0.000 |
0.000 |
0.037 |
|
|
|
Bad Debts W. Off |
0.000 |
0.000 |
0.016 |
|
|
|
Director Fees |
0.000 |
0.000 |
0.004 |
|
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TOTAL (B) |
288.261 |
314.600 |
246.119
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
31.140 |
8.670 |
151.397 |
|
|
|
|
|
|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
2.063 |
29.135 |
21.930 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
29.077 |
(20.465) |
129.467 |
|
|
|
|
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|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4.895 |
5.179 |
5.712 |
|
|
|
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|
|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
24.182 |
(25.644) |
123.755 |
|
|
|
|
|
|
|
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|
Less |
TAX (H) |
(5.079) |
0.288 |
0.000 |
|
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
(G-H) (I) |
29.261 |
(25.932) |
123.755 |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(160.384) |
(134.426) |
(253.152) |
|
|
|
|
|
|
|
|
|
Add |
Profit
for the year |
(0.682) |
(0.027) |
(5.030) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(131.805) |
(160.384) |
(134.426) |
|
|
|
|
|
|
|
|
|
|
EXPORT VALUE |
93.295 |
128.083 |
110.567 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
9.16
|
(8.02) |
31.13 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.85
|
(8.83) |
54.09 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.77
|
(19.96) |
(22.95) |
|
|
|
|
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.26
|
(0.21) |
(0.08) |
|
|
|
|
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
2.62
|
2.11 |
0.53 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.78
|
0.73 |
0.61 |
LOCAL AGENCY FURTHER INFORMATION
OPERATION AND
SALES:
The Sales during
the year was 3636 M.T for an aggregate
of Rs. 290.600 millions as compared to 4139 -M.T for an aggregate of Rs. 310.300 millions of the previous
year. The production of Plasticizers including processing for other was Nil M.T (Previous Year 88 M.T).
EXPORTS
During the year
Company has exported goods worth Rs. 117.000
millions against Rs. 138.000
millions in the Previous Year.
TERMINALING CHARGES:
The Company has
earned terminal ling charges of Rs. 15.600
millions as compared to Rs. 16.900 millions of the previous year.
FIXED ASSETS
- Land (Freehold)
- Premium
on
- Road and Site Development
- Buildings
- Ownership Premises
- Plant and Machinery
- Lab and Research Equipment
- Furniture and fixture
- Electric Installations
- Vehicles
WEB SIDE DETAILS
HISTORY:
July 1961 - Started its
plant to manufacture DOP/DIOP/DBP with a capacity of 1000 MT/year at Ghatkopar
in
Aug. 1964 - Expanded DOP/DIOP/DBP plant to 3500 MT/year and also introduced additional range of products DMP/DEP with a capacity of 1000 MT/year.
Sept. 1971 - Put up
additional plant to manufacture DOP/DIOP using latest technology and with a
continuous processing at Nandesari Industrial Estate, Dist. Vadodara,
Jan. 1981 - Expanded plants capacity at Nandesari to 8000 MT/year.
July 1982 - Promoted
by Indo-Nippon, Oxo alcohol plant of Indu Nissan Oxo Chemical Inds. Ltd.
started production with a capacity of 12500 MT/year at Bajwa, Dist Vadodara,
April 1985 - Production of plasticizers centralised at Nandesari.
March 1988 - Commissioned chemical storage terminal for handling liquid chemicals at Kandla.
Oct. 1992 - Promoted Associate Company M/s Shreeji Plasticizers for carrying out special processing of plasticizers.
March 1994 -
Commissioned windmill operation for electricity generation at Village Lamba,
Kalyanpur Jamnagar,
Dec. 1994 - Promoted Associate Company M/s Balaji Polymers for
additional capacity for special processing of plasticizers.
March 1995 - Expanded plasticizer plant capacity to 35000 TPA.
January 2001 - Developed
products for highly specialized applications to meet the technological developments
in various industries
November 2002 - Units of power generated by wind mills sold to
Gujarat Electricity Board
April 2003 - Export business expanded to a great extent and amount to
approximately 50% of production
April 2006 – Introduced new non-phthalate plasticizers such as
Citrates.
April 2008 – Introduced new non-phthalate plasticizers such as
Di Capryl Sebacate and Others.
Feb 2009 – Pre-Registered for REACH for products exported to Europe.
COMPANY
Indo-Nippon has
become a leading manufacturer and supplier of plasticizers to various
industries and still continues to be in pursuit of excellence.
They are able to
serve their customers in markets across the globe and their mission is to have
a presence in all continents around the world in order to reach out to their
customers.
Their mission is also to anticipate the current and future challenges
and to deliver sustainable progress for their customers, employees and
shareholders by ways of innovation, technology, experience and performance over
the long term.
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.57 |
|
|
1 |
Rs.72.50 |
|
Euro |
1 |
Rs.62.46 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
19 |
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 |
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 |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.