MIRA
INFORM REPORT
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Report Date : |
14.07.2011 |
IDENTIFICATION
DETAILS
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Name : |
NIPRA INDUSTRIES
PRIVATE LIMITED |
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Registered Office : |
Plot No. 44-126, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
27.07.1999 |
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Com. Reg. No.: |
54 – 00142 |
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Capital
Investment/ Paid-up Capital: |
Rs.15.000 Millions |
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CIN No.: [Company
Identification No.] |
U36900DN1999PLC000142 |
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IEC No.: |
0395008841 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMN06682E |
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PAN No.: [Permanent Account No.] |
AAACN9372K |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturer
of Printed/ Slotted Aluminium Sheets/ M. S. Sheets, P. p. Caps, Metal
Printing and Trading of P. P. Caps. |
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No. of
Employees: |
Approximately 148 (Office 18, Factory 79 and
Branches 51) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 350000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
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
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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 |
INFORMATION PARTED BY
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Name : |
Mr. R Sambhukumar Jain |
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Designation : |
Director |
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Contact No.: |
91-22-26366848/ 50 |
LOCATIONS
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Registered Office : |
Plot No. 44-126, |
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Tel. No.: |
91-250-2642676/ 2673076 |
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Fax No.: |
91-250-2642477 |
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E-Mail : |
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Website : |
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Area : |
50000 sq. ft. |
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Location : |
Owned |
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Head
/Administrative Office : |
35-K, Laxmi Industrial Estate, New Link Road, Andheri
(West), Mumbai – 400053, Maharashtra, India |
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Tel. No.: |
91-22-26366848/ 26366850 |
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Fax No.: |
91-22-26364715 |
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E-Mail : |
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Website : |
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Area: |
Owned |
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Factory 1 : |
Plot No. 43 and 44-126, Amli Industrial Estate, Amli, Silvassa – 396230, Dadra and Nagar Haveli, India |
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Tel No.: |
91-260-3296031 |
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Fax No.: |
91-260-2642477 |
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Email : |
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Location : |
Owned |
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Factory 2 : |
Plot No. A, Khasra No. 119, Village |
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Tel. No.: |
91-1332-321700 |
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Fax No.: |
91-1332-235290 |
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E-Mail : |
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Area : |
Owned |
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Factory 3 : |
Plot No. 5, Phase II, Government Industrial Estate |
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E-Mail : |
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Area : |
Owned |
DIRECTORS
(AS ON
30.09.2010)
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Name : |
Mr. Prakash Gigalal Jain |
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Designation : |
Chairman and Managing
Director |
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Address : |
2301/2302, A Wing, Samarth Aangan – 1, Oshiwara, Building
No.21, Andheri (West), Mumbai – 400053, |
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Date of Birth/Age : |
20.02.1956 |
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Qualification: |
B.Com |
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Experience: |
35 Years |
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Date of Appointment : |
01.11.2009 |
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Email : |
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Name : |
Mr. Nirmal Gigalal Jain |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
24.06.1956 |
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Qualification: |
M.com |
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Experience: |
30 Years |
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Date of Appointment : |
01.11.2009 |
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Name : |
Mr. Sambhu Kumar Rikabchand Jain |
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Designation : |
Director |
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Address : |
C – 112, Dheeraj Kirti CHS, New |
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Date of Birth/Age : |
09.09.1966 |
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Qualification: |
C.A, LLB |
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Experience: |
20 Years |
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Date of Appointment : |
01.04.2008 |
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Email : |
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Name : |
Mrs. Sulbha Prakash Jain |
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Designation : |
Director |
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Address : |
2301/2302, A Wing, Samarth Aangan – 1, Oshiwara, Building
No.21, Andheri (West), Mumbai – 400053, |
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Date of Birth/Age : |
14.06.1954 |
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Qualification: |
B.A |
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Experience: |
30 Years |
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Date of Appointment : |
30.09.2010 |
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Name : |
Mr. Nikhil
Jain |
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Designation : |
Executive Director |
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Email : |
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Name : |
Mr. Mahendra
Solanki |
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Designation : |
Executive Director – Works |
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Email : |
KEY EXECUTIVES
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Name : |
Jitin Prakash and Associates |
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Designation : |
Company Secretary |
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Address : |
A-60/1220 Azadbagar, |
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Tel. No.: |
91-22-26358597 |
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Fax No.: |
91-22-26358598 |
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E-Mail : |
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Name : |
Mr. Jayesh |
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Designation : |
Account Manager |
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Name : |
Mr. G K Pujar |
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Designation : |
Vice-President |
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Email : |
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Name : |
Mr. Mark Perreira |
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Designation : |
Manager Vasai Works |
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Email : |
MAJOR SHAREHOLDERS
(AS ON
30.09.2010)
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Names of
Shareholders |
No. of Shares |
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Prakash Gigalal Jain |
127200 |
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Nirmal Gigalal Jain |
10 |
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Nikhil Jain |
200 |
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Sulabha Jain |
22590 |
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Total |
150000 |
Equity Share
Breakup (Percentage of Total Equity)
(AS ON
30.09.2010)
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Category |
Percentage |
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Directors or relatives of directors |
100.00 |
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BUSINESS DETAILS
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Line of Business : |
Manufacturer
of Printed/ Slotted Aluminium Sheets/ M. S. Sheets, P. p. Caps, Metal
Printing and Trading of P. P. Caps. |
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Products : |
·
ROPP Closures ·
Printed Metal Sheets ·
Flip-Off / Vial Seals ·
Twist-Off Closures ·
Decorative
Metal Products |
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Terms : |
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Selling : |
Credit (45-60-90-120 Days) |
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Purchasing : |
Credit (45 Days) |
PRODUCTION
STATUS (AS ON 31.03.2010)
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Particulars |
Units |
Installed Capacity |
Actual Production |
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Metal Sheet/
Aluminium Sheets |
MT |
3000 |
2466 |
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P. P. Caps |
Nos. |
18000 |
162408 |
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Tin Containers/ Components |
Nos. |
3000 |
-- |
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GENERAL
INFORMATION
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Suppliers : |
§
§
§
§ Indian Aluminium Company Limited § Hindalco Industries Limited § Inks and Coatings § Coates of India Limited §
§ Akzo Nobel Inks § United Inks and Varnish Company Limited § Surface Coatings Limited §
Binny Wads Private Limited §
DIC Coatings India Limited §
Venus Petro Chemicals Private Limited §
United Inks and Varnish Private Limited |
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Customers : |
§ Advance Agriserach Limited § Amstrin Pharma Private Limited § Bhasin Packwell Private Limited § Burroughs Wellcome Limited §
Cap and Seal ( §
Emil Pharmaceuticals Private Limited § Glaxo- Smithkline Beecham Limited § Ipca Laboratories Limited § Larsen and Toubro Limited § Lupin Laboratories Limited § Makers Laboratories Limited § Mohan Meakin Limited § Nicholas Piramal Limited § Ranbaxy Limited § Phone Poulenc Limited § Shaw Wallace Company Limited § The Himalaya Drug Company Limited § Wyeth Lederle Limited § Wockhardt Limited § Zandu Pharmaceuticals Limited |
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No. of Employees : |
Approximately 148 (Office 18, Factory 79 and
Branches 51) |
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Bankers : |
· The Shamrao Vithal Co-operative Bank Limited, Branches :- Mumbai, Nashik, Silvassa, Goa and · Corporation Bank, SME Marol Branch, Sahar Bonanza Plaza Complex, Andheri Kurla Road, Andheri East, Mumbai – 400059, Maharashtra, India · Times Bank, Silvassa Branch, Silvassa · The Centurian Bank Limited, Mumbai · HDFC Bank Limited, Mumbai |
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Facilities : |
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Banking Relations : |
Satisfactory |
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Auditors : |
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Name : |
Jain and Kothari Chartered Accountant |
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Address : |
43, |
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Tel. No.: |
91-22-22663342 |
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Fax No.: |
91-22-22660267 |
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Email : |
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Associates/Subsidiaries : |
§
Jain Packaging Private Limited 35-K, Laxmi Industrial Estate, New Line of Business: Printed Aluminium Sheets §
Oscar Industries Address: 35-K, Laxmi Industrial Estate, New Activity: PP Caps §
Orbit Packaging Private Limited Address: 35-K, Laxmi Industrial Estate, New Activity: Trading of PP Caps § Pramukh Closures Private Limited SA-12,
Cuncolim Industrial Estate, Salcete,
Goa-403703, Tel No :- 91-832-2764762 §
Nipra Export Private Limited §
Vendhara Resorts Private Limited §
Kaygee Laparox Private Limited §
Cosmos Machinery Company §
Vandana Resorts Private Limited §
Sharp Packaging |
CAPITAL
STRUCTURE
AS ON 31.03.2010
Authorised
Capital:
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No. of Shares |
Type |
Value |
Amount |
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150000 |
Equity Shares |
Rs.100/- each |
Rs.15.000 Millions |
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Issued,
Subscribed & Paid-up Capital:
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No. of Shares |
Type |
Value |
Amount |
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150000 |
Equity Shares |
Rs.100/- each |
Rs.15.000 Millions |
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NOTE:
(Out
of above 45000 shares (Oct.-99) were issued for consideration other than cash
and 105000 shares (Mar.02) were issued as bonus shares by capitalisation of
accumulated surplus)
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
15.000 |
15.000 |
15.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
72.339 |
62.706 |
58.684 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
87.339 |
77.706 |
73.684 |
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LOAN FUNDS |
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1] Secured Loans |
65.695 |
120.477 |
137.347 |
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2] Unsecured Loans |
4.248 |
0.286 |
0.333 |
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TOTAL BORROWING |
69.943 |
120.763 |
137.680 |
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DEFERRED TAX LIABILITIES |
1.129 |
1.271 |
1.459 |
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TOTAL |
158.411 |
199.740 |
212.823 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
56.294 |
59.985 |
49.092 |
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Capital work-in-progress |
0.000 |
1.972 |
14.060 |
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INVESTMENT |
0.250 |
0.250 |
0.250 |
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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 |
31.097
|
22.889 |
55.295
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Sundry Debtors |
157.448
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148.072 |
148.279
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Cash & Bank Balances |
3.177
|
7.158 |
24.344
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Other Current Assets |
0.000
|
0.000 |
0.000
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Loans & Advances |
17.340
|
12.139 |
12.806
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Total Current Assets |
209.062
|
190.258 |
240.724
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Less
: CURRENT LIABILITIES & PROVISIONS |
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Sundry
Creditors |
96.315
|
47.152 |
88.596
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Other Current Liabilities |
8.475
|
4.827 |
3.800
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Provisions |
2.405
|
0.746 |
(1.087)
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Total Current Liabilities |
107.195
|
52.725 |
91.309
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Net Current Assets |
101.867 |
137.533 |
149.415
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.006 |
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TOTAL |
158.411 |
199.740 |
212.823 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income (Sales and Services) |
567.598 |
631.569 |
584.100 |
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Other Income |
6.778 |
0.497 |
4.118 |
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TOTAL (A) |
574.376 |
632.066 |
588.218 |
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Less |
EXPENSES |
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Material Cost and Inventory Adjustment |
483.556 |
557.007 |
520.489 |
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Personnel cost |
26.661 |
17.242 |
14.980 |
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Manufacturing and other Expenses |
18.215 |
16.941 |
17.469 |
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Selling and Administrative Expenses |
12.737 |
11.337 |
11.696 |
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|
541.169 |
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TOTAL (B) |
|
602.527 |
564.634 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
33.207 |
29.539 |
23.584 |
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Less |
FINANCIAL
EXPENSES (D) |
10.731 |
15.796 |
12.769 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
22.476 |
13.743 |
10.815 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
7.495 |
7.623 |
6.413 |
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PROFIT BEFORE
TAX (E-F) (G) |
14.981 |
6.120 |
4.402 |
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Less |
TAX (H) |
5.348 |
2.098 |
1.475 |
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PROFIT AFTER TAX
(G-H) (I) |
9.633 |
4.022 |
2.927 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2.706 |
3.684 |
10.757 |
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Less |
APPROPRIATIONS |
|
|
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Transfer to General Reserve |
7.500 |
5.000 |
10.000 |
|
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BALANCE CARRIED
TO THE B/S |
4.839 |
2.706 |
3.684 |
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IMPORTS |
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Raw Materials |
21.192 |
110.719 |
16.972 |
|
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Capital Goods |
0.000 |
1.784 |
0.000 |
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TOTAL IMPORTS |
21.192 |
112.503 |
16.972 |
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|
|
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|
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Earnings Per
Share (Rs.) |
64.22 |
27.00 |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.68
|
0.64 |
0.50
|
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Net Profit Margin (PBT/Sales) |
(%) |
2.64
|
0.97 |
0.75
|
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Return on Total
Assets (PBT/Total Assets} |
(%) |
5.65
|
2.45 |
1.52
|
|
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Return on
Investment (ROI) (PBT/Networth) |
|
0.17
|
0.08 |
0.06
|
|
|
|
|
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|
Debt Equity Ratio (Total
Liability/Networth) |
|
2.03
|
2.23 |
3.11
|
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|
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|
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|
Current Ratio (Current
Asset/Current Liability) |
|
1.95
|
3.61 |
2.64
|
LOCAL AGENCY
FURTHER INFORMATION
FIXED ASSETS:
§
§
§
Plant
and Machinery
§
Electrical
Fitting
§
Weighing
Scale
§
Dies
and Tools
§
Furniture
and fixture
§
Office
Equipment
§
Tools
and Equipment
§
Computers
§
Materials
Handling Equipment
§
Motor
Car
§
Motor
Cycle
§
Office
Premises
§
Fire
Fighting Equipment
§
Air
Conditioner
§
Gas
Pipe Line and Fittings
§
Tempo
§
Generator
WEBSITE DETAILS:
PROFILE
Nipra group is engaged in the business of (manufacturing) aluminium
ROPP closures, printed aluminium sheets and printed tinplate sheets. The
business was setup in 1982. Over the years the business has grown to 5 plants
in west and 1 plant in north
§
The largest aluminium closure stock
converter in the Indian sub-continent - Nipra converts 3600 tons of aluminum
closure stock per year
§
The largest metal printer in the Indian
sub-continent - Nipra Group has 9 printing and coating lines in production
In the Indian domestic market, they provide packaging
solutions to various industry sectors such as spirits (distilleries), wineries,
pharmaceuticals and food (olive oil). The products provide a good value proposition
for their clients as a result of which they have been increasing the global
reach. At present, they supply products to countries in Africa, Europe, Middle
East and
The other companies in Nipra group are;
1. Jain Packaging Private Limited
2. Orbit Packaging Private Limited
3. Oscar Industries
MANAGEMENT TEAM
1. Mr. Prakash Jain
(Founder and Managing Director) prakash@nipra.co.in
Mr. Prakash Jain started the group operations in 1982 after
a 7-year stint in the can-maker 'Trapu Cans'. Mr. Jain is a commerce graduate
from
2. Mr. Nikhil Jain
(Executive Director) nikhil@nipra.co.in
Mr. Nikhil Jain is the son of the Founder, Mr. Prakash Jain.
Mr. (Nikhil) Jain joined the group in 2002. He is a commerce graduate from
3. Mr. Sambhukumar
Jain (Executive Director) sambhu@nipra.co.in
Mr. Sambhukumar Jain is a Chartered Accountant and also
holds a degree in Law (LLB) from Mumbai university. He joined the group in 1993
and has risen in ranks over the years. He has over 17 years experience and
heads the finance and purchase in the group.
4. Mr. G K Pujar
(Vice-President) pujar@nipra.co.in
Mr. G K Pujar is an Engineer with over 40 years experience
in metal decoration business. Before joining Nipra, he was working L and T (Larsen
and Toubro) packaging division for years. He heads domestic marketing of
aluminium ROPP closures in the group.
5. Mr. Mahendra
Solanki (Executive Director – Works) ms@nipra.co.in
Mr. Mahendra Solanki is a commerce graduate having 26 years
experience in the production units of the group. He has in-depth technical
knowhow of the 3 SBU’s that the group in engaged in (aluminium ROPP closures,
printed aluminium sheets and printed tinplate sheets). He heads the production
facilities for the group.
6. Mr. Mark Perreira
(Manager Vasai Works) mark@nipra.co.in
Mr. Mark Perreira hails from a family of metal decoration
experts. He has over 35 years experience in metal printing. He heads the
printing factory at Vasai (outskirts of Mumbai). He has been with the groups
since year 2000.
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.44.59 |
|
|
1 |
Rs.71.07 |
|
Euro |
1 |
Rs.62.39 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.