MIRA
INFORM REPORT
|
Report Date : |
27.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
NITCO LIMITED |
|
|
|
|
Registered
Office : |
Nitco House, Recondo Compound, Inside Municipal Asphalt Compound, S K
Ahire Marg, Worli, Mumbai – 400 030, |
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|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2011 |
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|
|
|
Date of
Incorporation : |
25.07.1966 |
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|
|
|
Com. Reg. No.: |
11-016547 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.321.236 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L26920MH1966PLC016547 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMN09559E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACN1674N |
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|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
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|
|
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Line of Business
: |
Manufacturer of ceramic tiles, cement titles and vitrified tiles, and
processing and distribution of imported marble. |
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|
|
|
No. of Employees
: |
2000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 21000000 |
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|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
|
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Litigation : |
Clear |
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|
Comments : |
Subject is an old established and reputed company having fine track. Financial
position of the company appears to be strong. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered good 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office / Factory 1 : |
Nitco House, Recondo Compound, Inside Municipal Asphalt Compound, S K
Ahire Marg, Worli, Mumbai – 400 030, |
|
Tel. No.: |
91-22-24919922 / 66164555 |
|
Fax No.: |
91-22-66164657 |
|
E-Mail : |
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|
Website : |
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|
Head Office : |
86-A, 8th Floor, Maker Chambers III, Nariman Point, Mumbai
– 400 021, |
|
Tel. No.: |
91-22-67521555 |
|
Fax No.: |
91-22-66608248 |
|
|
|
|
Factory 2 : |
Ceramic tile
division Village Shrigaon, Taluka Alibaug, Post Poynad, District Raigad - 402108, Maharashtra, India |
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|
|
|
Factory 3 : |
Marble division
(Mumbai) Nitco Marble Land, Plot no. 3, Kanjur village Road, Kanjur Marg (East), Mumbai – 400 078, Maharashtra, India |
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|
|
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Factory 4 : |
Marble division
(Silvassa) Survey No. 176, Village Silli, Silvassa – 330 396, Dadra and Nagar Haveli |
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|
|
|
Showrooms : |
Durolite House, Plot No. C-1, Opposite Laxmi Industry Estate, New Link Road, Andheri (West), Mumbai – 400053, Maharashtra, India |
|
Tel No.: |
91-22- 40109350 |
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|
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|
Branch Office : |
Located at · Hyderabad · Secunderabad · Vijaywada · Guwahati · Chandigarh · Panchkula · Raigarh · Raipur · Dadara and Nagar Haveli · Delhi · Margao · Panaji (Panjim) · Ahmedabad · Bardoli · Faridabad · Gurgaon · Sonepat · Hamirpur · Jammu · Jamshedpur · Bangalore · Ernakulam · Kochi · Thrissur · Trivandrum · Bhopal · Chhindwara · Indore · Latur · Mumbai · Nagpur · Nanded · Nasik · Pune · Puducherry · Amritsar · Barnala · Batala · Bhatinda · Jalandhar · Ludhiana · Pathankot · Patiala · Ajmer · Jaipur · Chennai · Coimbatore · Dindigul · Erode · Hosur · Karaikudi · Madurai · Trichy · Udumalpet · Lucknow · Howrah · Kolkata |
DIRECTORS
As on 31.03.2011
|
Name : |
Mr. Pran Nath Talwar |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Vivek Talwar |
|
Designation : |
Managing Director |
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|
|
|
Name : |
Ms. Poonam Talwar |
|
Designation : |
Whole-time Director |
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|
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|
Name : |
Mr. S K Bhardwaj |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Atul Sud |
|
Designation : |
Director |
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|
|
|
Name : |
Gaurav Burman |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. B G Borkar |
|
Designation : |
Chief Finance officer and Company Secretary |
|
|
|
|
Name : |
Mr. Alok Goel |
|
Designation : |
Chief Executive Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2012
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
Individual /
HUF |
7,957,448 |
24.41 |
|
Bodies Corporate |
7,983,652 |
24.49 |
|
|
15,941,100 |
48.90 |
|
|
|
|
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
15.941,100 |
48.90 |
|
|
|
|
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
2,159,203 |
6.62 |
|
|
9,713 |
0.03 |
|
|
3,558,167 |
10.91 |
|
|
5,727,083 |
17.51 |
|
|
|
|
|
|
|
|
|
|
4,275,849 |
13.12 |
|
|
|
|
|
|
|
|
|
|
1,254,172 |
3.85 |
|
|
3,448,094 |
10.58 |
|
|
|
|
|
|
1,953,834 |
5.99 |
|
|
153,890 |
0.47 |
|
Overseas Corporate Bodies |
1,266,352 |
3.88 |
|
Clearing Member |
528,292 |
1.62 |
|
|
5,300 |
0.02 |
|
|
10,931,949 |
33.53 |
|
|
|
|
|
Total
Public shareholding (B) |
16,659,032 |
51.10 |
|
|
|
|
|
Total
(A)+(B) |
32,600,132 |
100.00 |
|
|
|
|
|
(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
|
|
|
|
-- |
-- |
|
|
-- |
-- |
|
|
-- |
-- |
|
|
|
|
|
Total
(A)+(B)+(C) |
32,600,132 |
100.00 |
(1)
Indian
Mutual
Funds / UTI
Individual
shareholders holding nominal share capital up to Rs.0.100 MillionBUSINESS DETAILS
|
Line of Business : |
Manufacturer of ceramic tiles, cement titles and vitrified tiles, and
processing and distribution of imported marble. |
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Products : |
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PRODUCTION STATUS
|
Particulars |
Unit |
31.03.2011 |
|
Ceramic Tiles |
|
|
|
Installed
Capacity |
(MT) |
1.80 |
|
Installed
Capacity |
(Sq. mt) |
80.85 |
|
Actual Production |
(MT) |
0.93 |
|
Actual Production |
(Sq. mt) |
45.63 |
GENERAL INFORMATION
|
No. of Employees : |
2000 (Approximately) |
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Bankers : |
·
Punjab National Bank ·
State Bank of India ·
Syndicate Bank |
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Facilities : |
(Rs.
In Millions)
|
|
|
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|
Banking
Relations : |
-- |
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|
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Auditors : |
|
|
Name : |
A Husein Noumanali and Company Chartered Accountants |
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|
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Holding Company : |
Nitco Limited |
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|
|
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Subsidiaries : |
· Nitco Realties Private Limited · Nitco Holdings HK Company Limited · Foshan Nitco Trading Company Limited ·
Keskinkaya Mermer - Turkey |
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|
|
|
Fellow Subsidiaries |
· Maxwealth Properties Private Limited · Meghdoot Properties Private Limited · Roaring - Lion Properties Private Limited · Feel Better Housing Private Limited · Quick-Solution Properties Private Limited · Silver-Sky Real Estates Private Limited · Opera Properties Private Limited · Ferocity Properties Private Limited · Glamorous Properties Private Limited · Nitco IT Parks Private Limited · Nitco Aviation Private Limited |
|
|
|
|
Enterprises over
which Key Managerial Personnel are able to
exercise significant influence |
· Alpine Agro and Dairy Farms Private Limited · Anandshree Bombay (Holding) Private Limited · Aqua-marine Properties Private Limited · Aurella Estates and Investments Private Limited · Cosmos Realtors Private Limited · Delicious Properties Private Limited · Eden Garden Builders Private Limited · Enjoy Builders Private Limited · Lavender Properties Private Limited · Maharashtra Marble Company · Maryland Realtors Private Limited · Melisma Finance and Trading Private Limited · Merino Realtors Private Limited · Nitco Construction Materials Private Limited · Nitco Consultants and Exports Private Limited · Nitco Exports · Nitco Paints Private Limited · Nitco Sales Corporation (Delhi) · Nitco Terrazzo Tiles Private Limited · Nitco Tiles · Nitco Tiles and Marble Industries (A) Private Limited · Nitco Tiles Sales Corporation (Bombay) · Norita Investments Private Limited · Northern India Tiles (Sales) Corporation · Orchid Realtors Private Limited · Prakalp Properties Private Limited · Rangmandir Builders Private Limited · Rejoice Realty Private Limited · Rhythm Real Estates Private Limited · Strength Properties Private Limited. · The Northern India Tiles Corporation (Delhi) · Ushakiran Builders Private Limited · Vivek Talwar (HUF) · Wellwin Properties Private Limited |
CAPITAL STRUCTURE
As on 28.09.2011
Authorised Capital : Rs.500.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.326.001
Millions
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
32123552 |
Equity Shares |
Rs.10/- each |
Rs.321.236
Millions |
|
|
|
|
|
Note:
Out of the above equity shares, 37,03,719 equity shares have been allotted pursuant to court approved schemes of amalgamation for consideration other than cash.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
321.236 |
321.236 |
321.236 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3]Share Capital Suspense |
4.766 |
0.000 |
0.000 |
|
|
4] Reserves & Surplus |
5029.212 |
4772.602 |
4859.670 |
|
|
5] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
5355.214 |
5093.838 |
5180.906 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
4382.013 |
3903.576 |
2011.387 |
|
|
2] Unsecured Loans |
1341.401 |
651.397 |
899.886 |
|
|
TOTAL BORROWING |
5723.414 |
4554.973 |
2911.273 |
|
|
DEFERRED TAX LIABILITIES |
203.483 |
183.005 |
183.005 |
|
|
|
|
|
|
|
|
TOTAL |
11282.111 |
9831.816 |
8275.184 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
5598.155 |
3700.568 |
3662.325 |
|
|
Capital work-in-progress |
778.263 |
1098.879 |
659.554 |
|
|
|
|
|
|
|
|
INVESTMENT |
98.423 |
91.590 |
85.714 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3114.178
|
2689.968 |
2021.459 |
|
|
Inventories - Real Estate |
1976.261
|
391.738 |
0.000 |
|
|
Sundry Debtors |
1119.783
|
924.998 |
1068.201 |
|
|
Cash & Bank Balances |
239.370
|
195.862 |
68.170 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
1644.006
|
2834.352 |
2221.024 |
|
Total
Current Assets |
8093.598
|
7036.918 |
5378.854 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2916.330
|
1887.915 |
1340.437 |
|
|
Other Current Liabilities |
351.054
|
208.224 |
133.243 |
|
|
Provisions |
18.944
|
0.000 |
37.583 |
|
Total
Current Liabilities |
3286.328
|
2096.139 |
1511.263 |
|
|
Net Current Assets |
4807.270
|
4940.779 |
3867.591 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
11282.111 |
9831.816 |
8275.184 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
7118.113 |
4491.037 |
6661.457 |
|
|
|
Other Income |
16.371 |
3.037 |
0.929 |
|
|
|
TOTAL (A) |
7134.484 |
4494.074 |
6662.386 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials Consumed |
3946.123 |
2300.040 |
3867.823 |
|
|
|
Cost of land and Constructed Properties |
161.994 |
0.000 |
0.000 |
|
|
|
Stores Consumed |
55.979 |
48.597 |
52.896 |
|
|
|
Power and Fuel |
263.614 |
301.065 |
282.465 |
|
|
|
Personnel Cost |
353.649 |
310.709 |
292.084 |
|
|
|
Manufacturing and Other Expenses |
253.960 |
257.754 |
253.586 |
|
|
|
Selling & Distribution Expenses |
1307.604 |
995.155 |
1160.307 |
|
|
|
TOTAL (B) |
6342.923 |
4213.320 |
5909.161 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
791.561 |
280.754 |
753.225 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
280.911 |
156.464 |
235.564 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
510.650 |
124.290 |
517.661 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
227.128 |
211.358 |
144.099 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
283.522 |
(87.068) |
373.562 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
20.478 |
0.000 |
123.881 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
263.044 |
(87.068) |
249.681 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1129.143 |
1216.211 |
1104.113 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
100.000 |
0.000 |
100.000 |
|
|
|
Dividend |
16.300 |
0.000 |
32.124 |
|
|
|
Tax on Dividend |
2.644 |
0.000 |
5.459 |
|
|
BALANCE CARRIED
TO THE B/S |
1273.243 |
1129.143 |
1216.211 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
91.150 |
36.068 |
1846.42 |
|
|
|
Revenue from Carbon Credits |
3.979 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
95.129 |
36.068 |
1846.42 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Goods for Resale |
1664.051 |
885.879 |
1306.252 |
|
|
|
Raw Material |
236.225 |
126.020 |
399.078 |
|
|
|
Capital Goods |
204.753 |
271.520 |
659.738 |
|
|
|
Spare Parts & Components |
54.087 |
35.072 |
23.027 |
|
|
TOTAL IMPORTS |
2159.116 |
1318.491 |
2388.095 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
8.19 |
(2.71) |
7.77 |
|
|
|
Diluted |
8.07 |
(2.71) |
7.77 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
31.03.2012 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4TH
Quarter |
|
Net Sales |
1854.890 |
2071.970 |
2635.760 |
1836.390 |
|
Total Expenditure |
1608.250 |
1786.660 |
2300.530 |
1912.580 |
|
PBIDT (Excl OI) |
246.640 |
285.310 |
335.230 |
(76.190) |
|
Other Income |
9.240 |
1.370 |
2.300 |
0.830 |
|
Operating Profit |
255.880 |
286.680 |
337.530 |
(75.360) |
|
Interest |
100.660 |
140.520 |
156.050 |
290.61 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
(344.750) |
|
PBDT |
155.220 |
146.160 |
181.480 |
(710.720) |
|
Depreciation |
77.650 |
78.65 |
78.930 |
91.350 |
|
Profit Before Tax |
77.57 |
67.510 |
102.550 |
(802.070) |
|
Tax |
13.670 |
15.000 |
49.200 |
(77.870) |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
63.890 |
52.510 |
53.350 |
(724.200) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
63.890 |
52.510 |
53.350 |
(724.200) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
3.69
|
(1.938) |
3.75 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.98
|
(1.94) |
5.61 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.07
|
(0.81) |
6.95 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
(0.02) |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.68
|
1.31 |
0.85 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.46
|
3.36 |
3.56 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
No |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
No |
FLOOR TILES
Overview
Nitco offers a wide range of ceramic and vitrified tiles across various sizes, designs and price points
Ceramic tiles: The Company manufactures ceramic tiles (at Alibaug) in five different sizes (300x300 mm, 600x150mm, 445x445 mm, 600x300 mm and 600x600 mm) including gloss and matt, wood, metal, stone and rustic finishes. It increased annual manufacturing capacity to 1.80 lakh sq. mt.
Vitrified tiles: It outsources vitrified tiles from several leading Gujarat players and markets them under the Nitco brand, assuring product quality. It also has arrangements with several Chinese partners for outsourcing premium vitrified tiles for sale through Nitco outlets. Its vitrified tiles are abrasion and stainresistant, finding applications in high footfall areas like upermarkets, shopping arcades, banks, restaurants, hotel lobbies and entrance halls.
Naturoc tiles: It shifted focus from mass to premium tiles by launching value-added full-body porcelain tiles under the Naturoc brand. These tiles offer both matt and gloss finish and address specific customer needs like natural look and finish, anti-skid properties, easy-to-clean surface and rich colour, texture and strength. These tiles are made across a range of over 41 natural designs and textures as they combine the beauty of nature with the strength of rock and are made using Roto technology, enabling the retention of natural beauty.
Duracottura tiles: It manufactures Duracottura tiles using high-grade raw material and cutting-edge technology to achieve excellent product finish and structural strength. It offers these tiles in various cuts, patterns, designs and textures, sporting an elegant appeal, and are especially designed to beautify floors, counter tops and walls.
Highlights, 2010-11
· Registered 53% and 21% sales growth of vitrified and ceramic tiles respectively
· Launched three new tile ranges under Naturoc (Napoli, Oregon and Latina) in 600x600 mm size across a variety of colours and designs at a price range of Rs. 1,110-1,800 per sq. mt
· Enhanced average vitrified tile sales realisation from Rs. 482 per sq. mt in 2009-10 to Rs. 617 per sq. mt
· Introduced fully polished and coloured glazed porcelain tiles
Road ahead
· Enhance share of value-added vitrified tiles, using newer technologies like double charge and nano finish
· Introduce new ceramic and vitrified tiles in various sizes and designs
MARBLE
Overview
The Company imports fine marble blocks; it processes and refines these blocks through polishing and waxing at its Kanjurmarg and Silvassa facilities. It provides marble designed for interior and exterior flooring for bathrooms, entryways, fireplaces as well as living and dining areas.
Natural marble: The Company is one of India’s largest natural marble importers from Italy, Spain, Turkey, Egypt and China. Its marble varieties are available pan-India in over 200 shades.
Engineered marble: Engineered marble is a cost-effective alternative to natural marble slabs; it bridges the gap between nature and technology by preserving the look and feel of marble with improvised properties, while eliminating flaws typically found in natural marble. In engineered marble, 95% of the material is natural marble, the remainder being resins, pigments and additives which impart consistency and durability. The Company’s engineered marble is available at more than 60 shades and two standard sizes. It has a state-of-the-art marble processing facility at Silvassa, deploying Breton technology (integrated automated plant available with only a handful of companies in the world).
Highlights, 2010-11
· Registered 124% sales growth over 2009- 10, contributing 24% to total revenues
· Introduced technology to fill marble with epoxy resin through vacuum suction with a unique netting system, strengthening durability
· Introduced UV polishing, providing superior glossiness designed to withstand the ravages of time
· Opened an exclusive marble showroom in Kanjurmarg, showcasing the widest collection of exclusive marble and mosaic; customers can choose sheets or blocks from the large warehouse
· Protected marble sheets with wax and polymer films, leading to better storage and sheen retention
Road ahead
· Increase quality marble block imports from new geographies
· Introduce technology and innovative varieties (marble and mosaic)
· Enhance revenue contribution from marble through exclusive marble showrooms
REAL ESTATE
Overview
The Company ventured into real estate development through Nitco Realities (100% subsidiary) to unlock the value of its real estate assets at prime locations in Mumbai, Thane and Alibaug. Nitco and its subsidiary is engaged in developing residential and commercial properties.
It inaugurated its first premium project (Nitco Biz Park) at Thane, a six-storey building spread across 200,000 sq. ft, with a threestorey landscaped atrium. The environment friendly building is equipped with modern amenities comprising hi-tech security surveillance, dedicated security control room and an intelligent building management system with 100% power backup. The environment-friendly and energy-efficient focus resulted in a LEED (leadership in energy and environmental design) pre-certification.
Pursuant to approval of Honourable Bombay High Court, Particle Boards India Limited (PBIL) was amalgamated with Nitco Limited PBIL has a plot measuring 4.01 acres at Kanjurmarg (Mumbai) which can be developed after approvals from appropriate uthorities.
OPERATIONAL
EXCELLENCE
In the ceramic tile industry, successful manufacture is achieved through an ability to enhance throughput, operate plants efficiently, maximise productivity, reduce energy consumption and optimize asset utilisation.
Over the years, the Company distinguished itself through an investment in best-available technology, state-of-theart assets and fully-automated manufacture, enabling it to emerge among India’s few companies to offer internationallybenchmarked products.
The Company’s tile manufacturing unit is located at Alibaug (installed annual capacity 1.80 lakh mt). It produces ceramic, vitrified and Naturoc tiles, highlighters and mosaic. It has two marble processing units at Kanjurmarg and Silvassa, where imported marble is cut, polished and processed
Highlights 2010-11
· Commissioned a 5.5 MW-captive power plant at Alibaug, resulting in a 18% energy cost reduction from Rs. 5.8 per kWh to Rs. 4.76 per kWh
· Commenced the consumption of waste heat generated from the gas turbine in spray driers, resulting in a daily RLNG saving of 405 MMBTU
· Established a new KEDA polishing line with rough head, helping maintain quality and tile flatness
· Utilised waste gas (from gas turbine) in the replacement of natural gas, reducing gas cost
· Added three automatic palletisers in the sorting line and one in the finishing line to reduce manual errors and improve efficiency
· Started shrink wrapping tiles stacked on pallets with thermo shrink film to protect from water, dust and sunlight and prevent transit breakage
· Optimised continuous ball mill running hours
· Improved the insulation of hot surfaces to reduce heat loss; provided additional translucent roof sheets to avail of natural daylight and reduce energy consumption
Road ahead
· Introduce the tintometric system for mixing colours to facilitate basic material reduction, rationalise inventory, improve colour-related product quality and strengthen waste material recovery
· Increase proportion of value-added products like Naturoc and polished glazed vitrified tiles
· De-bottleneck production to enhance output and improve average plant capacity utilisation
· Introduce energy-efficient kilns with built-in heat recovery systems
MARKETING AND
DISTRIBUTION
In a competitive business environment, success is derived from providing quality products with cost-effective speed.
The Company possesses a strong pan- India distribution network (1,096 dealers, 4,380 sub-dealers, 28 sales and marketing offices and 73 exclusive sales and display counters). It invested in showrooms and display centres with 16 Le Studio (company-owned) outlets located nationwide and 57 Le Studio Express (franchised) outlets situated in large metro and major Tier-I and II cities to extensively display its tile and marble range.
The Company’s institutional business finds acceptance among leading conglomerates like Reliance Industries, Larsen and Toubro, DLF, Shapoorji Pallonji, Unitech, Godrej Properties, Ramky Infrastructure and Prestige Group, among others.
The Company provides a compelling price-value proposition across sizes and designs. It also offers pre- and post-sale services to retail customers and conducts guidance programmes for institutional customers (builders), transforming one-off transactions into enduring relationships.
Highlights, 2010-11
· Established regular dealer meetings to understand ground-level realities
· Added 296 new dealers, 1,188 subdealers and 10 marketing offices across India, deepening geographic footprint
· Added around 23 showrooms, augmenting presence in various states
Road ahead
· Launch 300 showrooms across the country
· Strengthen distribution by adding 295 new dealers and around 1,180 sub-dealers across 450 towns
· Increase retail revenues to 75% of turnover
· Enhance the proportion of high-end tiles by expanding the distribution network across India’s districts
· Cement relationships to enhance institutional offtake
INDUSTRY OVERVIEW
Global economy
The global economy is reported to have grown by 4.9% in 2010 on the back of a negative growth of 0.6% in 2009. It is forecast to grow at a lower rate of 4.2% in 2011, on account of increasing commodity and oil prices and the European debt crisis (Source: Economic Times, May 25, 2011).
Global ceramic tiles
industry
Consequent to a resurgence in growth, global tile production and consumption increased robustly in 2010. Global production declined marginally to 8,515 mn sq. mt in 2009 compared with 8,520 mn sq. mt in 2008. Italy, which is a large tile producer, reported an output growth of 5.3% and a turnover growth of 2.7%. 2010 witnessed particularly positive signs in increased consumption in the markets of the Far East and Asia (around +17%), the Gulf region (+7.7%), Eastern Europe (+5%) and Latin America (+4%). By contrast, a slight fall was reported in Western Europe (-0.6%). India continued to remain the world’s third-largest producer and consumer of ceramic tiles (Source: Ceramic World Review).
Outlook: Global economy recovery is still fragile. Due to heavy investment in infrastructure in BRIC (Brazil, Russia, India, and China) economies, tile consumption growth is expected to be robust in these countries. BRIC economies contributed around 36.3% to world GDP (at PPP) in 2010. It is expected that they will contribute almost twice as much to global growth as the G3 is in the next decade. The global ceramic tile industry is expected to touch 9,278 mn sq. mt by 2015 (Source: prweb.com, September 3, 2010, Goldman Sachs Research, May 2010).
Indian economy
The Indian economy sustained a healthy 8.6% growth in 2010-11. India’s per capita income increased 17.9% from Rs. 46,492 in 2009-10 to Rs. 54,835 in 2010-11.
The Indian tile demand is estimated to be
around 550 mn sq. mt in 2010 in terms of volume and around Rs. 15,000 cr in
terms of revenue.
The organised sector is estimated at Rs.70000.000 Millions, accounting for 47% of the total industry and fairly consolidated with a few players accounting for an 80% market share. The Rs. 8,000-crore unorganized sector is located primarily in Gujarat and accounts for 53% of the total industry size.
There is a decline in capacity addition growth by some unorganised sector companies, indicative of evolving consumer preferences. While there is a robust demand for quality products, unorganized players failed to invest significantly in highquality products. The organised players continue to invest in capacity addition, exceeding the industry’s growth rate. By 2015, 750-900 mn sq. mt of space will be added every year. (Source: McKinsey Global Institute report on Urbanization)
Increased capacity additions already witnessed in developments:
Commercial space: Commercial space demand across major cities is estimated at 160 million sq. ft over the next four years (Source: Economic Times, April 4, 2011).
Residential: Residential real estate demand is most active in India with smaller towns and cities, witnessing heightened construction activity and it is estimated to grow at 20% CAGR by 2014 to 3.67 million units (Source:
Economic Times, April 4, 2011).
Housing shortage: India’s urban housing shortage is forecast to escalate from 19.3 million units in 2008 to 21.7 million units by 2014. Shortage in rural areas is expected to decline from 26.7 million units in 2008 to 19.7 million units by 2014 (CRISIL Research, December 2010).
Retail: India is the world’s third-most attractive retail destination with an estimated size of USD 395 billion in 2011
(Source: IBEF, June 2011). Over the next four years, it is expected to grow to USD 785 billion, fuelled by robust economic growth, high disposable incomes and rapid organised retail infrastructure construction.
Hospitality: India’s hospitality sector is expected to see investments of over USD 11 billion by 2012, with the proposed entry of 40 international brands (Source: IBEF, April 2011). An estimated 20,500 rooms are expected to be completed by 2015 across 12 major Indian cities of which 60% will be budget-class, and the remaining luxury (Source: Financial Express, May 11, 2011).
Healthcare: India’s healthcare sector is likely to see an increase in investment from USD 34.2 billion in 2006 to USD 78 billion by 2012. (Source: Indianivesh research, March 4, 2011). The government plans to establish around 300 medical colleges in five years.
Airport modernisation: The Indian government pledged an investment of around USD 7.5 billion to develop airport infrastructure under the revised Eleventh Plan (Source: Emkay Research). The government plans to modernise, redevelop and upgrade 80 airports. Additionally, AAI (Airports Authority of India) plans to upgrade 35 non-metro airports at a projected cost of USD 1 billion and upgrade various metro city airports.
Further, rising urbanisation and increasing
prosperity is expected to translate to the Indian middle-class, growing by
almost 100 million in the next 20 years. This prosperity coupled with a younger
population base will see the middle-class and rich households grow tenfold – up
from 5% in 2000 to 53% in 2030
Low per capita consumption: Indian per capita tile consumption of 0.42 sq mt is one of the world’s lowest (China 2.26 sq. mt and world average 1.24 sq. mt). Disposable income growth and urbanisation are expected to enhance
Indian tile consumption (CRISIL Research, December 2010).
REVIEW OF OPERATIONS
During the year, the Company has performed reasonably well. The Company registered an increase of 56% growth in sales. Income from operations increased from Rs. 4653.300 Millions to Rs. 7285.500 Millions. Earnings before interest, depreciation and tax (EBIDTA) grew by 181% to Rs. 791.600 Millions from Rs. 280.800 Millions in the previous year due to higher sales. Profit after tax (PAT) was Rs. 263.100 Millions as compared with a loss of Rs. 87.100 Millions in the previous year.
Highlights 2010-11
The gross revenue for the year ended March 31, 2011 grew 56% to reach Rs. 728.55 crores, driven by increased sales in :
· Vitrified tiles sales up 53% to Rs. 3087.600 Millions
· Ceramic tiles sales up 21% to Rs. 2227.500 Millions
· Marble sales up 124% to Rs. 1762.800 Millions
· Real estate sales at Rs. 207.700 Millions
Real Estate Foray
Biz Park at Thane (Maharashtra) admeasuring around 2 lakhs sq. ft. completed and around 0.41 lakhs sq. ft. was
sold for Rs. 207.700 Millions. Pursuant to the approval of honourable Bombay High Court, Particle Boards India Limited (PBIL) has been amalgamated with Nitco Limited. PBIL has a plot admeasuring 4.01 acres at Kanjurmarg (Mumbai) which will be developed after approvals of appropriate authorities.
CONTINGENT LIABILITIES
Rs. In Millions
|
Particular |
31.03.2011 |
31.03.2010 |
|
Guarantees / Counter Guarantees given by the Company / by banks on behalf of company |
518.761 |
521.927 |
|
Letter of credits opened for which the Company is contingently liable |
1413.868 |
684.654 |
|
Export Bills discounted / purchased with the banks |
21.907 |
6.826 |
|
Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) |
45.250 |
115.039 |
|
Demands against the Company not acknowledged as debts and not provided for against which the Company is in appeal |
|
|
|
Excise Duty |
2.737 |
2.604 |
|
Custom Duty |
74.200 |
158.952 |
Fixed Assets
· Freehold Land
· Leasehold Land
· Buildings
· Office Equipment
· Plant and Machinery
· Electrical Installations
· Furniture and Fixtures
· Motor Vehicles
· Windmill
STATEMENT OF STANDALONE AUDITED RESULT FOR THE QUARTER AND YEAR ENDED
31.03.2012
Rs. In Millions
|
|
|
Quarter ended |
Nine Months ended |
||||
|
Sl. No |
Particulars |
31.03.2012 Unaudited |
31.12.2011 Unaudited |
31.03.2012 Audited |
|||
|
1 |
Income from Operation |
|
|
|
|||
|
|
(a) |
Gross Sales |
2130.066 |
2965.592 |
9585.196 |
||
|
|
(b) |
Net Sales/ Income from Operation |
1829.531 |
2635.819 |
8388.733 |
||
|
|
|
(Net of Excise Duty & Sales Tax) |
|
|
|
||
|
|
(c) |
Other Operating Income |
6.864 |
1.519 |
11.856 |
||
|
|
Total Income from Operation (Net) |
1836.395 |
2637.338 |
8400.589 |
|||
|
2 |
Expenses: |
|
|
|
|||
|
|
|
Cost of materials consumed |
597.436 |
510.341 |
1757.798 |
||
|
|
|
Purchases of Stock-in-Trade |
459.097 |
2141.872 |
4689.914 |
||
|
|
|
Changes in inventories of finished goods work-in-progress and Stock-in- |
246.841 |
(948.765) |
(962.235) |
||
|
|
|
Trade |
|
|
|
||
|
|
|
Power & Fuel |
123.410 |
103.565 |
382.518 |
||
|
|
|
Employee benefits expense |
126.925 |
113.877 |
466.509 |
||
|
|
|
Depreciation and amortization expense |
91.353 |
78.934 |
326.587 |
||
|
|
|
Freight, Forwarding & Distribution Expenses |
137.197 |
153.923 |
483.204 |
||
|
|
|
Other expenses |
221.671 |
194.025 |
718.507 |
||
|
|
Total Expenses |
2003.930 |
2347.772 |
7862.802 |
|||
|
3 |
|
Profit / (Loss) from Operations before other income, finance costs and |
(167.535) |
289.566 |
537.787 |
||
|
|
|
exceptional item (1-2) |
|
|
|
||
|
4 |
|
Other Income |
0.825 |
0.720 |
3.636 |
||
|
5 |
|
Profit / (Loss) from ordinary activities before finance costs and |
(166.710) |
290.286 |
541.423 |
||
|
|
|
exceptional items (3 ± 4) |
|
|
|
||
|
6 |
|
Finance Cost |
290.615 |
187.745 |
751.139 |
||
|
7 |
|
Profit / (Loss) from ordinary activities after finance costs but before |
(457.325) |
102.541 |
(209.716) |
||
|
|
|
exceptional items (5 ± 6) |
|
|
|
||
|
8 |
|
Exceptional items |
344.748 |
- |
344.748 |
||
|
9 |
|
Profit / (Loss) from ordinary activities before tax (7 ± 8) |
(802.073) |
102.541 |
(554.464) |
||
|
10 |
|
Tax expense |
(77.874) |
49.203 |
- |
||
|
11 |
|
Net Profit / (Loss) from ordinary activities after tax (9 ± 10) |
(724.199) |
53.338 |
(554.464) |
||
|
12 |
|
Extraordinary items (net of tax expense ) |
- |
- |
|
||
|
13 |
|
Net Profit / (Loss) for the period (11 ± 12) |
(724.199) |
53.338 |
(554.464) |
||
|
14 |
|
Share of Profit / (Loss) of associates |
- |
- |
- |
||
|
15 |
|
Minority interest |
- |
- |
- |
||
|
16 |
|
Net Profit / (Loss) after taxes, minority interest and share of profit / |
(724.199) |
53.338 |
(554.464) |
||
|
|
|
(loss) of associates (13 ± 14 ± 15) |
|
|
|
||
|
17 |
|
Paid-up equity share capital (Face Value Rs. 10 per share) |
326.001 |
326.001 |
326.001 |
||
|
18 |
|
Reserve excluding Revaluation Reserves as per balance sheet of previous |
|
|
4474.749 |
||
|
|
|
accounting year |
|
|
|
||
|
19. i |
|
Earnings per share (before extraordinary items) (of Rs. 10/- each) (not |
|
|
|
||
|
|
|
annualised): |
|
|
|
||
|
|
(a) |
Basic |
(22.21) |
1.64 |
(17.01) |
||
|
|
(b) |
Diluted |
(22.21) |
1.64 |
(17.01) |
||
|
19. ii |
|
Earnings per share (afer extraordinary items) (of Rs. 10/- each) (not |
|
|
|
||
|
|
|
annualised): |
|
|
|
||
|
|
(a) |
Basic |
(22.21) |
1.64 |
(17.01) |
||
|
|
(b) |
Diluted |
(22.21) |
1.64 |
(17.01) |
||
1. The above financial results were reviewed by the Audit committee and thereafter taken on record by the Board of Directors at their meeting held on 3rd May, 2012 and audited by the Statutory auditors.
2. Power and Fuel figures are after netting off sale of power generated through windmill of Rs. 6.141 Millions and Rs. 54.456 Millions for the quarter and year ended March 31, 2012 respectively (corresponding quarter and year ended March 31, 2011 Rs. 4.638 Millions and Rs. 51.836 Millions respectively ) and sale of power generated through Gas Turbine of Rs. 12.820 Millions and Rs. 61.716 Millions respectively for the quarter and year ended March 31, 2012 (corresponding quarter and year ended March 31, 2011 Rs. 11.031 Millions).
3. The performance for the quarter was adversely impacted due to depreciation of rupee against US dollar. This has resulted in lower sales in imported vitrified tiles and marble.
4. The management has identified obsolete, slow moving and defective inventory of Rs. 344.747 Millions (previous period Rs Nil) and the same has been written off as exceptional items.
5. The Company has entered into a Memorandum of Understanding for acquiring 51% of equity shares in New Vardhman Vitrified Private Limited. The said company is setting up a tile plant with a capacity to manufacture of 8.70 million square meter (approx.) per annum of vitrified and wall Tiles which is expected to commence production within six months. With this arrangement,the Company will mitigate the risk of foreign exchange as well as dependency on imported products.
6. The results for the quarter ended March 31, 2012 are the balancing figures in respect of the full financial year ended March 31, 2012 and the published figures upto December 31,
7. The figures have been regrouped/restated/reclassified/rearranged, wherever necessary, to make them comparable
SELECT INFORMATION FOR THE QUARTER AND YEAR
Rs. In Millions
|
|
|
Quarter ended |
Nine Months ended |
|||
|
Sl. No |
Particulars |
31.03.2012 Unaudited |
31.12.2011 Unaudited |
31.03.2012 Audited |
||
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
|
|
- Number of Shares |
16,659,032 |
16,659,032 |
16,659,032 |
|
|
|
|
- Percentage of shares (as a % of the total |
51.10% |
51.10% |
51.10% |
|
|
|
|
|
|
|
|
|
|
|
|
Promoters and Promoter group shareholding |
|
|
|
|
|
|
|
(a) Pledged / Encumbered |
|
|
|
|
|
|
|
- Number of Shares |
416,194 |
911,000 |
416,194 |
|
|
|
|
- Percentage of shares (as a %
of the total share capital of the company) |
2.61% |
5.71% |
2.61% |
|
|
|
|
|
|
|
|
|
|
|
|
(b) Non-Encumbered |
|
|
|
|
|
|
|
- Number of Shares |
15,524,906 |
15,030,100 |
15,524,906 |
|
|
|
|
- Percentage of shares (as a %
of the total share capital of the company) |
97.39% |
94.29% |
97.39 |
|
|
Rs. In Millions
|
|
|
Quarter ended |
Nine Months ended |
|
|
Sl. No |
Particulars |
31.03.2012 Unaudited |
31.12.2011 Unaudited |
31.03.2012 Audited |
|
1 |
Net Sales / Income from Operations |
|
|
|
|
|
-Tiles & Other related products |
1726.837 |
2636.475 |
8292.259 |
|
|
-Real Estate |
110.383 |
1.583 |
111.966 |
|
|
Total Revenue |
1837.220 |
2638.058 |
8404.225 |
|
|
|
|
|
|
|
2 |
Segment Results |
|
|
|
|
|
-Tiles & Other related products |
(545.987) |
289.454 |
170.682 |
|
|
-Real Estate |
34.529 |
0.832 |
25.993 |
|
|
Total Segment
Profit before Interest & Tax |
(511.458) |
290.286 |
196.675 |
|
|
Less : Interest & Other financial charges |
252.937 |
156.051 |
650.168 |
|
|
Foreign Exchange Loss/(Gain) |
37.678 |
31.694 |
100.971 |
|
|
Profit Before Tax |
(802.073) |
102.541 |
(554.464) |
|
|
|
|
|
|
|
3 |
Capital Employed (Segment assets - Segment liabilities) |
|
|
|
|
|
-Tiles & Other related products |
8150.434 |
8949.595 |
8150.434 |
|
|
-Real Estate |
3446.724 |
3525.043 |
3446.724 |
|
|
-Unallocated/ Corporate |
197.327 |
11.842 |
197.327 |
|
|
Total Capital
Employed |
11794.485 |
12486.480 |
11794.485 |
|
STANDALONE STATEMENT OF ASSETS AND
LIABILITIES |
YTD for Current period ended 31/03/2012 |
||
|
I. |
EQUITY AND
LIABILITIES |
|
|
|
1 |
Shareholders' funds |
|
|
|
|
(a) |
Share capital |
326.001 |
|
|
(b) |
Reserves and surplus |
4474.749 |
|
Total Shareholders'
Funds |
4800.750 |
||
|
3 |
Non-current
liabilities |
|
|
|
|
(a) |
Long-term borrowings |
3006.165 |
|
|
(b) |
Deferred tax liabilities (Net) |
203.484 |
|
|
(c) |
Other Long term liabilities |
136.066 |
|
Total Non-Current
Liabilities |
3345.715 |
||
|
4 |
Current liabilities |
|
|
|
|
(a) |
Short-term borrowings |
2798.313 |
|
|
(b) |
Trade payables |
4930.718 |
|
|
(c) |
Other current liabilities |
1264.642 |
|
|
(d) |
Short-term provisions |
- |
|
Total Current
Liabilities |
8993.673 |
||
|
|
|
||
|
TOTAL - EQUITY AND
LIABILITITES |
17140.138 |
||
|
II. |
ASSETS |
|
|
|
|
Non-current assets |
|
|
|
1 |
(a) |
Fixed Assets |
|
|
|
|
(i) Tangible assets |
7375.801 |
|
|
|
(ii) Capital work-in-progress |
33.829 |
|
Total Fixed Assets |
7409.630 |
||
|
|
(b) |
Non-current investments |
118.408 |
|
|
(c) |
Long-term loans and advances |
1565.546 |
|
|
(d) |
Other Non-Current Assets |
230.879 |
|
Total Non-Current
Assets |
9324.463 |
||
|
2 |
Current Assets |
|
|
|
|
(a) |
Current investments |
1.000 |
|
|
(b) |
Inventories |
3893.651 |
|
|
(c) |
Inventories - Real Estate |
1929.075 |
|
|
(d) |
Trade receivables |
722.436 |
|
|
(e) |
Cash and cash equivalents |
386.884 |
|
|
(f) |
Short-term loans and advances |
98.630 |
|
|
(g) |
Other current assets |
783.999 |
|
Total Current
Assets |
7815.675 |
||
|
|
|
||
|
TOTAL - ASSETS |
17140.138 |
||
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.57.07 |
|
|
1 |
Rs.88.96 |
|
Euro |
1 |
Rs.71.40 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
6 |
|
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 |
YES |
|
--LISTED |
YES/NO |
YES |
|
--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 |
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.