MIRA
INFORM REPORT
|
Report Date : |
11.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
NORDSON INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
143-A, Bommasandra Industrial Area, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
05.01.1996 |
|
|
|
|
Com. Reg. No.: |
019559 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 126.410 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U52322KA1996PTC19559 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRN00531G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Supplier, Trader and Manufacturer of Uv Curing Systems, Uv Lamps, Uv
Chambers, Uv Systems with Conveyors Products., etc. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (35) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 630984 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. Trade relations
are reported as fair. Business is active. Payments are reported to be slow
but correct. The company can be considered for small to mediocre 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) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION DECLINED BY
|
Name : |
Mr. Venkatesh |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-80-40213600 |
|
Date : |
24.04.2012 |
LOCATIONS
|
Registered Office : |
143-A, Bommasandra Industrial Area, Bangalore – 560099, Karnataka, India |
|
Tel. No.: |
91-80-40213600 |
|
Fax No.: |
91-80-40213601 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 23.09.2011
|
Name : |
Mr. Gregory Paul Merk |
|
Designation : |
Chairman Cum Managing Director |
|
Address : |
Alameda Ralph 85 Tambore Barueri Sao Paulo Brazil 6460010 |
|
Date of Birth/Age : |
22.12.1971 |
|
Date of Appointment : |
30.03.2007 |
|
Name : |
Mr. Bradley Davis |
|
Designation : |
Director |
|
Address : |
21 Lane 398 Zizhu Road, Shanghai 201203 |
|
Date of Birth/Age : |
11.07.1956 |
|
Date of Appointment : |
27.03.2000 |
|
Name : |
Mr. Suprotik Das |
|
Designation : |
Managing Director |
|
Address : |
332 The Embassy 15 Ali Asker Road Bangalore 560052 Karnataka, India |
|
Date of Birth/Age : |
29.08.1951 |
|
Qualification : |
B.E., M.B.A. |
|
Date of Appointment : |
23.04.1996 |
|
Name : |
Mr. Gregory Thaxton |
|
Designation : |
Director |
|
Address : |
684 Bridgeside drive Avon Lake Ohio 44012 |
|
Date of Birth/Age : |
24.01.1961 |
|
Date of Appointment : |
23.04.1996 |
|
Name : |
Mr. Venkatesh Narayana Anantha |
|
Designation : |
Director |
|
Address : |
383 5th Main Road, 3rd STG 3rd PHS 2nd
BLK, Banashankari, Bangalore – 560085, Karnataka, India |
|
Date of Birth/Age : |
14.08.1961 |
|
Qualification : |
B.Com, ACS, LLB |
|
Date of Appointment : |
30.03.2007 |
|
|
|
|
Name : |
Mr. Hariprasad Narasimhamurthy |
|
Designation : |
Director |
|
Address : |
17 Udaya Darshan, 3rd Cross Nehru Nagar, Bangalore –
560020, Karnataka, India |
|
Date of Birth/Age : |
18.05.1960 |
|
Qualification : |
B.E. |
|
Date of Appointment : |
30.03.2005 |
|
|
|
|
Name : |
Mr. Thiagarajan V. Jerald |
|
Designation : |
Director |
|
Address : |
101 Aishwarya East Woods 24th Main Road, HSR Layout II
Sector, Bangalore – 560034, Karnataka, India |
|
Date of Birth/Age : |
25.11.1967 |
|
Qualification : |
B.E., M.B.A. |
|
Date of Appointment : |
27.06.2007 |
KEY EXECUTIVES
|
Name : |
Mr. Venkatesh N. Anantha |
|
Designation : |
Company Secretary |
|
Address : |
383 5th Main Road, 3rd STG 3rd PHS 2nd
BLK, Banashankari, Bangalore – 560085, Karnataka, India |
|
Date of Birth/Age : |
14.08.1961 |
|
Date of Appointment : |
01.08.1996 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 23.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Nordson Corporation, USA |
|
12641091 |
|
Nordson Pacific Inc, USA |
|
2 |
|
Total |
|
12641093 |
AS ON 30.09.2011
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Supplier, Trader and Manufacturer of Uv Curing Systems, Uv Lamps, Uv
Chambers, Uv Systems with Conveyors Products., etc. |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
|
|
|
|
Bankers : |
Not Divulged |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
A S Rao and Company Chartered Accountant |
|
Address : |
Flat K, Parnali Co-Operative Housing Society Limited, 177, Sir Balachandra
Road, Dadar, Mumbai – 400014, Maharashtra, India |
|
|
|
|
Holding Company : |
Nordson Corporation, USA |
|
|
|
|
Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,50,00,000 |
Equity Shares |
Rs.10/- each |
Rs. 150.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,26,41,093 |
Equity Shares |
Rs.10/- each |
Rs. 126.410
Millions |
|
|
|
|
|
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 |
126.411 |
126.411 |
66.411 |
|
|
2] Share Application Money |
0.000 |
0.000 |
60.000 |
|
|
3] Reserves & Surplus |
31.335 |
15.618 |
20.200 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
157.746 |
142.029 |
146.611 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
3.173 |
2.408 |
2.605 |
|
|
|
|
|
|
|
|
TOTAL |
160.919 |
144.437 |
149.216 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
97.169 |
100.626 |
109.111 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.010 |
0.010 |
0.010 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
20.559
|
18.871 |
23.256 |
|
|
Sundry Debtors |
27.891
|
26.630 |
20.963 |
|
|
Cash & Bank Balances |
52.134
|
52.681 |
13.549 |
|
|
Other Current Assets |
8.962
|
2.913 |
2.714 |
|
|
Loans & Advances |
24.532
|
17.694 |
12.023 |
|
Total
Current Assets |
134.078
|
118.789 |
72.505 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
31.106
|
13.401 |
10.236 |
|
|
Other Current Liabilities |
20.254
|
25.620 |
20.689 |
|
|
Provisions |
18.978
|
36.043 |
1.690 |
|
Total
Current Liabilities |
70.338
|
75.064 |
32.615 |
|
|
Net Current Assets |
63.740
|
43.725 |
39.890 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.076 |
0.205 |
|
|
|
|
|
|
|
|
TOTAL |
160.919 |
144.437 |
149.216 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
207.216 |
169.912 |
|
|
|
Other Income |
|
24.172 |
33.119 |
|
|
|
TOTAL (A) |
239.570 |
231.388 |
203.031 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials |
|
107.411 |
86.714 |
|
|
|
Expenses |
-- |
86.546 |
103.326 |
|
|
|
TOTAL (B) |
-- |
193.957 |
190.040 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
-- |
37.431 |
12.991 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
-- |
0.062 |
0.052 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
NA-- |
37.369 |
12.939 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
-- |
7.647 |
5.694 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
-- |
29.722 |
7.245 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
-- |
10.720 |
0.039 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
-- |
19.002 |
7.206 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
--- |
20.200 |
12.994 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
-- |
20.225 |
0.000 |
|
|
|
Corporate Dividend Tax |
-- |
3.359 |
0.000 |
|
|
|
Transfer to General Reserve |
-- |
1.425 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
-- |
14.193 |
20.200 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
-- |
12.375 |
20.161 |
|
|
|
Other Earnings |
-- |
22.387 |
33.005 |
|
|
TOTAL EARNINGS |
-- |
34.762 |
53.166 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
-- |
73.697 |
56.150 |
|
|
|
Capital Goods |
-- |
0.328 |
2.102 |
|
|
|
Others |
-- |
0.937 |
1.802 |
|
|
TOTAL IMPORTS |
-- |
74.962 |
60.054 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
--
|
8.21 |
3.54 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
---
|
14.34 |
4.26 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
--
|
13.54 |
3.13 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
--
|
0.20 |
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.44
|
0.52 |
0.22 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.90
|
1.58 |
2.22 |
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 |
Yes
|
|
8)
No. of employees |
No
|
|
9)
Name of person contacted |
Yes |
|
10)
Designation of contact person |
Yes |
|
11)
Turnover of firm for last three years |
Yes (2 years) |
|
12)
Profitability for last three years |
Yes (2 years) |
|
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 involved in |
-- |
|
23)
Banking Details |
No
|
|
24)
Banking facility details |
No |
|
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 |
Yes
|
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.53.64 |
|
|
1 |
Rs.86.42 |
|
Euro |
1 |
Rs.69.28 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
NLM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
35 |
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 |
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This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.