MIRA
INFORM REPORT
|
Report Date : |
29.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
NISSAN COPPER LIMITED |
|
|
|
|
Registered
Office : |
168/2/1, Rudana, Khanvel, Silvassa - 396230, Dadar Nagar Haveli |
|
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Country : |
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|
|
Financials (as
on) : |
31.03.2012 |
|
|
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|
Date of
Incorporation : |
01.12.1989 |
|
|
|
|
Com. Reg. No.: |
54-000377 |
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|
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|
Capital
Investment / Paid-up Capital : |
Rs. 628.559
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L36939DN1989PLC000377 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
SRTN01025D |
|
|
|
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PAN No.: [Permanent Account No.] |
AABCN0105B |
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|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
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|
Line of Business
: |
Manufacturer of Copper Rods/ Section/ flats, Copper Ingots/Billets
Bars, Copper Wire Bars, Copper Strips and Copper Pipes catering to FMCG, OEMs
and Construction industry. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 8800000 |
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|
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|
Status : |
Moderate |
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|
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. There
appears loss in the current year. And external borrowing of the company is
huge. However, trade relations are reported to be fair. Business is active.
Payments are reported to be slow but correct. The company can be considered for business dealings with some
caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village farming,
modern agriculture, handicrafts, a wide range of modern industries, and a
multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities : (CARE) D |
|
Rating Explanation |
This rating are in default or are expected to
be in default soon. |
|
Date |
April 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED
MANAGEMENT NON CO-OPERATIVE
LOCATIONS
|
Registered Office/ Factory 1 : |
168/2/1, Rudana, Khanvel, Silvassa - 396230, Dadar Nagar Haveli, India
|
|
Tel. No.: |
91-260-2677892 / 3299523 / 3299524 /
3209906 |
|
Fax No.: |
91-260-2677909 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Marketing Office : |
8, Badrika Ashram, 1st |
|
Tel. No.: |
91-22-23822077 / 23892782 |
|
Fax No.: |
91-22-23873889 |
|
E-Mail : |
|
|
|
|
|
Corporate Office : |
903-906, 9th Floor, Raheja Chambers, Nariman Point, Mumbai-
400021, Maharashtra, India |
|
Tel. No.: |
91-22-32522077 / 32522080 |
|
Fax No.: |
91-22-22833889 |
|
|
|
|
Factory 2 : |
J/20, G. I. D. C, Umbergaon - 396171, Gujarat,
India |
|
Tel. No.: |
91-260-2562020/ 3299521 |
|
Fax No.: |
91-260-2563300 |
|
|
|
|
Factory 3 : |
Survey No. 168/2/2/1, Rudana
Village, Khanvel, Silvassa – 396230, Dadra and Nagar Haveli, India |
DIRECTORS
AS ON 31.03.2012
|
Name : |
Mr. Sanjay Mardia |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Ratanlal Mardia |
|
Designation : |
Managing Director |
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|
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|
Name : |
Mr. Atul Mardia |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. Nitin Mehta |
|
Designation : |
Independent Director (upto 03.10.2011) |
|
Date of Birth/Age : |
24.09.1963 |
|
Qualification : |
Textile Engineering |
|
|
|
|
Name : |
Mr. Praveen H. Shah |
|
Designation : |
Independent Director |
|
Date of Birth/Age : |
20.04.1962 |
|
Qualification : |
S.S.C |
|
|
|
|
Name : |
Mr. Sailesh H Shah |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Vijay Dutt Vyas |
|
Designation : |
Independent Director (w.e.f. 03.10.2011
upto 27.06.2012) |
KEY EXECUTIVES
|
Name : |
Mr. Hiresh S.
Luhar |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. Vidit Narsana |
|
Designation : |
Company Secretary (w.e.f.03.10.2011) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2012
|
Category
of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
11365483 |
18.08 |
|
|
5800000 |
9.23 |
|
|
17165483 |
27.31 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
17165483 |
27.31 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
200 |
0.00 |
|
|
1800001 |
2.86 |
|
|
1800201 |
2.86 |
|
|
|
|
|
|
12969677 |
20.63 |
|
|
|
|
|
|
8628319 |
13.73 |
|
|
6935175 |
11.03 |
|
|
15357050 |
24.43 |
|
|
555337 |
0.88 |
|
|
48571 |
0.08 |
|
|
3142 |
0.00 |
|
|
14750000 |
23.47 |
|
|
43890221 |
69.83 |
|
Total Public shareholding (B) |
45690422 |
72.69 |
|
Total (A)+(B) |
62855905 |
100.00 |
|
© Shares held by Custodians and against which Depository Receipts have
been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
62855905 |
0.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 millionShareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Promoter and Promoter Group
|
Sl. No. |
Name of the
Shareholder |
Details of Shares held |
|
|
|
|
No. of Shares held |
As a % of grand total (A)+(B)+(C) |
|
1 |
Danial Investment Private Limited |
58,00,000 |
9.23 |
|
2 |
Ratanlal Mardia |
55,55,271 |
8.84 |
|
3 |
Sanjay Kumar |
24,19,258 |
3.85 |
|
4 |
Sunita Ratan Mardia |
23,77,962 |
3.78 |
|
5 |
Bela Sanjay Mardia |
9,00,400 |
1.43 |
|
6 |
Atul Kumar Mardia |
53,000 |
0.08 |
|
7 |
Atul Mardia |
4,000 |
0.01 |
|
8 |
Shantilal Mardia |
40,400 |
0.06 |
|
9 |
Madhulika Mardia |
15,192 |
0.02 |
|
|
Total |
1,71,65,483 |
27.31 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Public and holding more than
1% of the total number of shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
|
1 |
The Bank of New York Mellon |
14750000 |
23.47 |
|
2 |
Mangalchand Property and Investment Private Limited |
2000000 |
3.18 |
|
3 |
Hallmark Commerce Private Limited |
2000000 |
3.18 |
|
4 |
Albula Investment Fund Limited |
1800000 |
2.86 |
|
5 |
Darshan Barter Private Limited |
1428000 |
2.27 |
|
6 |
Lectrodryer Marketing Private Limited |
1325000 |
2.11 |
|
7 |
Zenco Advisory Services Private Limited |
1303000 |
2.07 |
|
8 |
Balasaria Holdings Private Limited |
1232423 |
1.96 |
|
9 |
Twinkle Vanijya Private Limited |
1208082 |
1.92 |
|
10 |
Chakradhara Rao Potluri |
633369 |
1.01 |
|
|
Total |
27679874 |
44.04 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons (together with PAC) belonging to the category “Public”
and holding more than 5% of the total number of shares of the company
|
Sl. No. |
Name(s) of the shareholder(s)
and the Persons Acting in Concert (PAC) with them |
No. of Shares |
Shares as % of
Total No. of Shares |
|
1 |
The Bank of New York Mellon |
14750000 |
23.47 |
|
|
Total |
14750000 |
23.47 |
Details of Locked-in Shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares |
|
1 |
Bela Mardia |
4,81,000 |
|
2 |
Ratanlal Mardia |
35,00,000 |
|
3 |
Sanjay Mardia |
15,00,000 |
|
4 |
Danial Investment Pvt Ltd |
54,00,000 |
|
5 |
Atul Mardia |
33,000 |
|
6 |
Madhulika Mardia |
10,000 |
|
|
Total |
1,09,24,000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Copper Rods/ Section/ flats, Copper Ingots/Billets
Bars, Copper Wire Bars, Copper Strips and Copper Pipes catering to FMCG, OEMs
and Construction industry. |
||||
|
|
|
||||
|
Products : |
Ø
Copper for ref and Air conditioning Ø
High Conductivity Copper Tubes Ø
Copper Tubes for Genl Engineering Ø
High Conductivity Copper Rods Ø
70/30 Cupro Nickel Tubes Ø
90/10
Cupro Nickel Tubes Ø
63/37 Brass Tubes Ø
70/30 Brass Tubes Ø
Billets Ø
Strips Ø
Ingots Ø
Flats
|
PRODUCTION STATUS AS ON 31.03.2011
|
Particulars |
|
Unit |
Installed
Capacity |
Actual
Production |
|
Copper Pipes |
|
MT |
15000 |
1928.575 |
|
Copper Section/ Mother Tube/
Flats/ Rod/ Strips/ wire Bars |
|
MT |
5400 |
2278.007 |
|
Copper Ingots/ Billet Bars |
|
MT |
10800 |
3525.303 |
|
Other Products |
|
MT |
-- |
87.768 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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|
Bankers : |
Ø State Bank of
India Ø Indian Overseas
Bank Ø State Bank of
Patiala Ø Union Bank of
India |
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Facilities : |
|
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|
Banking
Relations : |
-- |
|
|
|
|
Statutory Auditors 1 : |
|
|
Name : |
R.C. Jain and
Associates Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Statutory Auditors 2 : |
|
|
Name : |
KSI Shah and
Associates Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Internal Auditors : |
|
|
Name : |
Kothawade and
Laddha Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Enterprises in which key management
personnel & their relatives are interested : |
Ø Danial Investment Private Limited Ø NC Middle East FZE |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7,00,00,000 |
Equity Shares |
Rs. 10/- each |
Rs. 700.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6,28,55,905 |
Equity Shares |
Rs.10/- each |
Rs. 628.559
Millions |
|
|
|
|
|
a. Reconciliation of the number of shares outstanding at the beginning
and at the end of the reporting period
|
Equity Shares |
31.03.2012 |
|
|
|
No. of Shares |
Amount |
|
Share
Outstanding at the begining of the year |
628,559,050 |
628.559 |
|
Share
Issued during the year |
-- |
-- |
|
Share
bought back during the year |
-- |
-- |
|
Share outstanding at the end of the year |
628,559,050 |
628.559 |
Face Value per share at the beginning of the F Y 2010-11 was Rs. 10/-.
Pursuant to the Shareholders approval on 16th Day of September, 2010, the
Company subdivided its equity share of the Face Value of Rs. 10/- (Rupees Ten)
each into Ten Equity Shares of Re.1/- (Rupee One) each, which was effected from
the record date 28th September, 2010. The shares issued during the F Y 2010-11,
consists of 2,50,00,000 shares of Rs.10 per share allotted against GDR and
8,87,90,000 Equity Shares allotted on conversion of Equity Warrants. During the
FY2011-12, your Company has consolidated 10 Equity shares of face value of Re.
1/- (Rupee One) each into One Equity share of the face value Rs.10/- (Rupees
Ten) each. pursuant to Shareholders approval on 16th Day of September 2011, and
was effected from the Record Date i.e. 3rd Day of October 2011.
b. Terms/ Rights attached to Equity Shares
The Company has only one class of Equity shares having par value of Rs.
10 per share. Each holder of Equity shares is entitled to one vote per share.
The company declares and pays dividends in Indian Rupees.
c. Details of shareholders holding more than 5% shares in the company
|
Equity Shares |
31.03.2012 |
|
|
Name of the Shareholder |
No. of Shares |
% of holding |
|
The Bank of New York Mellon |
14750000 |
23.47 |
|
Danial Investments Private Limited |
6500000 |
10.34 |
|
Ratanlal Mardia |
7118000 |
11.32 |
d. During the financial year 2010-11, Company issued GDR's of Rs.1000.000
Millions and listed the same at Luxembourg Stock Exchange. The said proceeds of
GDR was invested in NC Middle East FZE, wholly owned foreign subsidiary of
Nissan Copper Ltd partly in the form of Equity and partly in the form of loans.
During the year 2011-12, the entire proceeds of GDR was remitted as mentioned
in the offer circular
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
628.559 |
628.559 |
289.769 |
|
|
2] Share Application Money |
0.000 |
0.000 |
43.939 |
|
|
3] Reserves & Surplus |
1575.932 |
1412.877 |
538.336 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2204.491 |
2041.436 |
872.044 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1728.972 |
1272.586 |
811.414 |
|
|
2] Unsecured Loans |
71.160 |
52.118 |
16.456 |
|
|
TOTAL BORROWING |
1800.132 |
1324.704 |
827.870 |
|
|
DEFERRED TAX LIABILITIES |
8.570 |
1.235 |
0.932 |
|
|
|
|
|
|
|
|
TOTAL |
4013.193 |
3367.375 |
1700.846 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1154.397 |
483.517 |
235.563 |
|
|
Capital work-in-progress |
0.000 |
555.395 |
290.203 |
|
|
|
|
|
|
|
|
INVESTMENT |
2.284 |
2.284 |
2.500 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
604.708
|
508.257 |
407.988 |
|
|
Sundry Debtors |
1472.856
|
1133.007 |
597.866 |
|
|
Cash & Bank Balances |
65.818
|
304.795 |
57.169 |
|
|
Other Current Assets |
57.946
|
162.413 |
0.000 |
|
|
Loans & Advances |
1751.321
|
1282.060 |
600.245 |
|
Total
Current Assets |
3952.649
|
3390.532 |
1663.268 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
661.310
|
411.031 |
336.160 |
|
|
Other Current Liabilities |
304.876
|
496.475 |
94.933 |
|
|
Provisions |
129.951
|
156.847 |
72.308 |
|
Total
Current Liabilities |
1096.137
|
1064.353 |
503.401 |
|
|
Net Current Assets |
2856.512
|
2326.179 |
1159.867 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
12.713 |
|
|
|
|
|
|
|
|
TOTAL |
4013.193 |
3367.375 |
1700.846 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2814.816 |
2848.972 |
1887.959 |
|
|
|
Other Income |
54.213 |
46.290 |
11.136 |
|
|
|
TOTAL (A) |
2869.029 |
2895.262 |
1899.095 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
766.188 |
|
|
|
|
|
Purchase of Stock-in-Trade |
1880.715 |
1303.761 |
|
|
|
|
Manufacturing & Operating Costs |
52.009 |
42.394 |
|
|
|
|
Increase or Decrease in inventories of finished goods, work-in-progress and Stock-in-Trade |
(269.688) |
9.181 |
|
|
|
|
Employee benefit expense |
38.952 |
38.529 |
|
|
|
|
Other expenses |
62.900 |
79.045 |
|
|
|
|
TOTAL (B) |
2531.076 |
2564.572 |
1657.195 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
337.953 |
330.690 |
241.900 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
246.195 |
111.791 |
80.348 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
91.758 |
218.899 |
161.552 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
103.621 |
47.087 |
40.692 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(11.863) |
171.812 |
120.860 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
7.334 |
46.386 |
29.595 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(19.197) |
125.426 |
91.266 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
169.261 |
130.483 |
96.168 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
|
50.000 |
40.000 |
|
|
|
Proposed Dividend on Equity Shares |
|
31.428 |
14.488 |
|
|
|
Corporate Tax on Proposed Dividend |
|
5.220 |
2.462 |
|
|
BALANCE CARRIED
TO THE B/S |
N.A. |
169.261 |
130.483 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Interest receivable on Loan to NC Middle
East FZE |
26.721 |
6.161 |
0.000 |
|
|
|
Export at FOB Value |
5.256 |
13.922 |
0.398 |
|
|
TOTAL EARNINGS |
31.977 |
20.083 |
0.398 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
90.162 |
199.234 |
|
|
|
|
Stores & Spares |
8.370 |
2.649 |
|
|
|
|
Capital Goods |
0.185 |
317.132 |
|
|
|
TOTAL IMPORTS |
98.717 |
519.015 |
93.759 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(0.31) |
2.32 |
0.60 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
|
|
1st Quarter |
2nd Quarter |
|
Sales Turnover |
126.730 |
114.120 |
|
Total Expenditure |
227.260 |
157.180 |
|
PBIDT (Excl
OI) |
(100.530) |
(43.060) |
|
Other Income |
10.500 |
11.610 |
|
Operating
Profit |
(90.030) |
(31.450) |
|
Interest |
90.720 |
105.570 |
|
Exceptional
Items |
0.000 |
0.000 |
|
PBDT |
(180.750) |
(137.020) |
|
Depreciation |
39.010 |
39.440 |
|
Profit
Before Tax |
(219.760) |
(176.460) |
|
Tax |
(1.010) |
41.130 |
|
Provision and Contingencies |
0.000 |
0.000 |
|
Reported PAT |
(218.750) |
(217.600) |
|
Extraordinary Items |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
|
Net Profit |
(218.750) |
(217.600) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(0.67) |
4.33 |
4.81 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(0.42) |
6.03 |
6.40 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.23) |
4.43 |
6.36 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.01) |
0.08 |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.31 |
1.17 |
1.53 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.61 |
3.19 |
3.30 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
Sundry Creditors for Goods |
653.952 |
|
|
|
Sundry Creditors for Expenses |
7.358 |
5.477 |
|
|
Total |
661.310 |
411.031 |
336.160 |
|
Sr. No. |
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 |
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 involved in |
-- |
|
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 |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
Note: The registered
address of the company has been shifted from Shed No. J.20, GIDC, Umbergaon,
Valsad - 396171, Gujarat, India to the present
CORPORATE INFORMATION
Subject was established during 1989 as a private limited company. The Company was issued a fresh Certificate of Incorporation ensuing upon change of name on conversion to a public limited company on 8 December 2005 with the name Nissan Copper Limited. Its shares are listed on Bombay stock exchange. National stock exchange and Luxembourg Stock Exchange. The company started its first copper pipe unit at Umergaon in September, 1991. Its second manufacturing unit is situated at Silvassa. The main products manufactured by Nissan are Copper Rods/Section/flats, Copper Ingots/Billets Bars, Copper Wire Bars, Copper Strips and Copper Pipes catering to FMCG, OEMs and Construction industry. As on date, Nissan has already started a new ACR Copper Tube project to manufacture Copper Level wound coils in Plain and Innergrooved Tubes, Copper Pancake coils with "Cast and Roll Technology".
FINANCIAL PERFORMANCE:
During the year, the Revenue from operations of the Company has decreased by 1.20 % from Rs.2848.972 Millions to Rs.2814.816 Millions.
The profit before Depreciation, Finance Cost and taxation has gone up to Rs.337.955 Millions as compared to Rs.330.691 Millions during the preceding year, registering a growth of over 2.20%. The current year has witnessed a net loss after tax of Rs. 19.197 Millions. The Company has incurred loss during the year due to increase in depreciation on Plant and Machinery which are installed in Company's new plant and due to Capital Expenditure. However, the new plant is now fully operational and the Board is hopeful of better results in upcoming years.
The Company has also taken measures to adopt innovative
strategies to increase the turnover and profitability of the Company. The
Company is continuing its efforts to improve productivity and curtail costs.
During the year under review, the Company's plants at Umbergaon and Silvassa
have performed satisfactorily. The plants at Silvassa continue to be eligible
for tax holidays pursuant to Section 80 IB of the Income Tax Act, 1956. The
operation of the Company is carried in a single segment i.e. manufacturing and
marketing of Copper Products.
OPERATIONAL PERFORMANCE:
Copper Mother Tubes/ Flats/sections are semi-finished goods which are used further for the production of final product i.e. Copper Pipes. During the year, the Company has reduced the sale of these semi- finished as the operation of new plant was started which allowed the Company to manufacture Copper Pipes directly. Hence, there is a decrease in its variance.
Further, there was an increase in sales of Copper
pipes/tubes mentioned in the table due to which you could see increase in
variances of these products
MANAGEMENT DISCUSSION AND ANALYSIS
INDUSTRY STRUCTURE AND DEVELOPMENTS:
Copper is one of the most widely used industrial metal. It is best conductor of electricity with high electrical and thermal conductivity, high strength, malleability, corrosion resistance, precision castability. Because of its high ability to form alloys with other metals, it is used in wide range of industries including engineering, electrical etc. According to the International Energy Agency, India's power production is expected to rise by 15-20% annually and to meet that, India needs to invest $1.25 trillion by 2030 into energy infrastructure. This will lead to more than double increase in India's annual copper demand.
Further the Building and Construction activities are increasing, which in turn will also escalate usage of copper wires. The most favorable factors of the growth of Indian copper industry includes changes in global usage, industrial development in India, domestic increase in construction, power, telecommunication and automobile sectors. The total size of Indian Copper Industry is 4,00,000 tones which is 3% of the world Industry (source researchmarkets.com) with an expected growth in near future.
PERFORMANCE:
During 2011-12, the Company sold 6541.254 tonnes of Copper & other related Products as against 7389.928 tonnes in 2010¬11.
FACTORS INFLUENCING COPPER MARKET AND PRICES:
Ø Copper prices in India are fixed on the basis of the rates that rule on LME and Rupee & US Dollar exchange rate. The fluctuation in US Dollar is a major issue.
Ø Economic growth of the major consuming countries such as China, USA, Japan, Germany, India, etc.
Ø Growth and development in the Infrastructure, Power Sector, Real-estate, Telecom and Electrical Industry.
Ø Natural calamities such as earthquakes and floods affect the production in mines and transportation thereby affecting the supply.
Ø Quality of ores.
FUTURE OUTLOOK:
The Indian Economy is unstable but showing signs of revival in near future, with the increase in building and construction industry and increase in demand of luxury items and also with increase in demand of electric consumption both in domestic as well as industry levels. The company with availability of funds through CDR will opt for National as well as International arenas.
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
|
Bank guarantees |
69.635 |
145.992 |
|
Sales Bill factoring |
183.675 |
0.000 |
|
Excise Duty FY 2006-07 Excise Duty FY 2006-07 (Penalty) Income Tax Appeal AY 04-05 AY 05-06 AY 06-07 AY 07-08 AY 08-09 AY 09-10 Income Tax Appeal AY 06.07 (Penalty) |
85.904 85.904 0.761 -- -- -- -- -- 0.330 |
85.904 -- 0.656 31.158 130.274 38.800 43.255 6.206 -- |
|
Total Statutory Disputed Dues |
172.900 |
336.235 |
|
Total Contingent
Liabilities |
426.211 |
482.227 |
FIXED ASSETS:
Ø Leasehold Land
Ø Freehold Land
Ø Factory Building/
Sheds
Ø Plant and Machinery
Ø Electrical
Installation
Ø Dies and Tools
Ø Furniture and
Fixture
Ø Laboratory
Equipments
Ø Computers, Printers
Ø Office Equipments
Ø Vehicles
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 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 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. 55.70 |
|
|
1 |
Rs. 89.34 |
|
Euro |
1 |
Rs. 72.35 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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.