MIRA
INFORM REPORT
|
Report Date : |
03.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
NITCO LIMITED |
|
|
|
|
Registered
Office : |
Nitco House, Recondo Compound, Inside Municipal Asphalt Compound, S K
Ahire Marg, Worli, Mumbai – 400 030, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
25.07.1966 |
|
|
|
|
Com. Reg. No.: |
11-016547 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.326.001
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L26920MH1966PLC016547 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMN09559E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACN1674N |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
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|
|
|
Line of Business
: |
Manufacturer of ceramic tiles, cement titles and vitrified tiles, and
processing and distribution of imported marble. |
|
|
|
|
No. of Employees
: |
2000 (Approximately) |
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 19203000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
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|
|
Comments : |
Subject is an established company having moderate track record. The company has incurred heavy loss in the current year. However,
trade relations are reported as fair. Business is active. Payments are reported
to be slow. The company can be considered for business dealings with some
cautions. |
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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 |
A4 - Suspended : Short-Term Bank Facilities |
|
Rating Explanation |
Minimal Degree of Safety. It carry high
credit risk |
|
Date |
09.10.2012 |
|
Rating Agency Name |
CARE |
|
Rating |
B – Suspended : Long-Term Bank Facilities |
|
Rating Explanation |
High risk of default reason for suspended is
not available. |
|
Date |
09.10.2012 |
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.
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 : |
|
|
Website : |
|
|
|
|
|
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 |
|
|
|
|
Corporate Office/Factory 3: |
Marble division
(Mumbai) Nitco Marble Land, Plot no. 3, Kanjur village Road, Kanjur Marg (East), Mumbai – 400 078, Maharashtra, India |
|
|
|
|
Factory 4 : |
Marble division
(Silvassa) Survey No. 176, Village Silli, Silvassa – 330 396, Dadra and Nagar Haveli |
|
|
|
|
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 |
|
|
|
|
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 |
|
|
|
|
Name : |
Ms. Poonam Talwar |
|
Designation : |
Whole-time Director |
|
|
|
|
Name : |
Mr. S K Bhardwaj |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Atul Sud |
|
Designation : |
Director |
|
|
|
|
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 31.12.2012
|
Category of Shareholder |
Total No. of Shares |
% of Total No. of
Shares |
|
|
|
|
|
(A) Shareholding of Promoter and Promoter
Group |
|
|
|
|
|
|
|
|
7957448 |
24.41 |
|
|
7983652 |
24.49 |
|
|
15941100 |
48.90 |
|
|
|
|
|
Total shareholding of Promoter and Promoter
Group (A) |
15941100 |
48.90 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
556000 |
1.71 |
|
|
2585 |
0.01 |
|
|
3492167 |
10.71 |
|
|
4050752 |
12.43 |
|
|
|
|
|
|
4527415 |
13.89 |
|
|
|
|
|
|
1720712 |
5.28 |
|
|
4075247 |
12.50 |
|
|
2284906 |
7.01 |
|
|
131364 |
0.40 |
|
|
1266352 |
3.88 |
|
|
886890 |
2.72 |
|
|
300 |
0.00 |
|
|
12608280 |
38.68 |
|
Total Public shareholding (B) |
16659032 |
51.10 |
|
Total (A)+(B) |
32600132 |
100.00 |
|
(C) 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) |
32600132 |
100.00 |
(1)
Indian
Individuals
/ Hindu Undivided Family
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. |
||||||
|
|
|
||||||
|
Products : |
|
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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|
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|
Bankers : |
·
Punjab National Bank ·
State Bank of India ·
Syndicate Bank |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
A Husein Noumanali and Company Chartered Accountants |
|
|
|
|
Holding Company : |
Nitco Limited |
|
|
|
|
Subsidiaries : |
· Nitco Realties Private Limited · Nitco Holdings HK Company Limited · Foshan Nitco Trading Company Limited ·
Keskinkaya Mermer - Turkey |
|
|
|
|
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 |
·
Delicious
Properties Private Limited ·
Eden Garden
Builders Private Limited ·
Enjoy Builders
Private Limited ·
Prakalp
Properties Private Limited ·
Rangmandir
Builders Private Limited ·
Lavender
Properties Private Limited ·
Ushakiran
Builders Private Limited ·
Strength
Properties Private Limited ·
Nitco Paints
Private Limited ·
Norita
Investments Private Limited ·
Aurella Estates
and Investments Private Limited ·
Nitco Tiles and
Marble Industries (Andhra) Private Limited ·
Nitco Terrazzo
Tiles Private Limited ·
Orchid Realtors
Private Limited ·
Rhythm Real Estates
Private Limited ·
Anandshree Bombay
(Holding) Private Limited ·
Merino Realtors
Private Limited ·
Cosmos Realtors
Private Limited ·
Alpine Agro and
Dairy Farms Private Limited ·
Rejoice Realty
Private Limited ·
Melisma Finance
and Trading Private Limited ·
Aqua-marine
Properties Private Limited ·
Wellwin
Properties Private Limited ·
Nitco Consultants
and Exports Private Limited ·
Brighton
Properties Private Limited ·
Kshamta
Properties Private Limited ·
Ekalinga
Properties Private Limited ·
Hunar Developers Private
Limited ·
Kavivarya
Properties Private Limited ·
Tanvish
Properties Private Limited ·
Aileen Properties
Private Limited ·
Maryland Realtors
Private Limited ·
Strongbase
Properties Private Limited ·
Firstlife
Properties Private Limited ·
Blue-Whale
Properties Private Limited ·
Nitco Tiles ·
Nitco Tiles Sales
Corporation (Bombay) ·
The Northern
India Tiles Corporation (Delhi) ·
Northern India
Tiles (Sales) Corporation ·
Maharashtra
Marble Company ·
Nitco Exports ·
Nitco
Construction Materials Private Limited ·
Nitco Sales
Corporation (Delhi) ·
Vivek Talwar
(HUF) |
CAPITAL STRUCTURE
AS ON 31.03.2012
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 |
|
|
|
|
|
|
32600132 |
Equity Shares |
Rs.10/- each |
Rs.326.001
Millions |
|
|
|
|
|
Note:
Out of the above equity shares,
4,180,283 equity shares have been allotted pursuant to court approved schemes
of amalgamation / merger for consideration other than cash.
Details of shareholders holding more that 5% of issued share capital of
the company.
(Rs. In Millions)
|
Sr. No. |
Name of the shareholder |
As on 31.03.2012 |
As on 31.03.2011 |
||
|
No. of Shares held |
Shares as a percentage of total number of issued
share capital |
No. of Shares held |
Shares as a percentage of total number of issued
share capital |
||
|
1 |
Vivek Prannath Talwar |
6,323,669 |
1.940 |
6,323,669 |
1.940 |
|
2 |
Aurella EstatesAnd
Investments Private Ltd |
3,577,743 |
1.097 |
3,577,743 |
1.097 |
|
3 |
Reliance CapitalTrustee Co
Ltd-Reliance Longterm Equity Fund |
2,159,203 |
0.662 |
2,159,203 |
0.662 |
|
4 |
Cim Asset Management Ltd
A/C Tusk Investments Fund 2 |
1,937,747 |
0.594 |
|
|
|
5 |
PrasamTrading And Finance
Pvt Ltd |
1,740,042 |
0.534 |
2,140,042 |
0.656 |
|
6 |
Promethean Investments Lip
A/C Tusk Investments Fund 2 |
|
|
1,937,747 |
0.594 |
|
|
Total |
15,738,404 |
|
16,138,404 |
|
Share
Capital Suspense represented 476,580 Equity shares of Rs. 10/- each to be
issued to shareholders of Particle Boards India Private Limited pursuant to scheme
of amalgamation sanctioned by the Honourable Mumbai High Court. The allotment
of the said shares was done on August 12, 2011.
The
reconciliation of number of shares outstanding is as below:
|
Particulars |
31.03.2012 |
31.03.2011 |
|
Equity
shares at the beginning of the year |
32123552 |
32123552 |
|
Add:
Shares issued on account of Merger |
476580 |
0.000 |
|
Equity shares at the end of the year |
32600132 |
32123552 |
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 |
326.001 |
321.236 |
321.236 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3]Share Capital Suspense |
0.000 |
4.766 |
0.000 |
|
|
4] Reserves & Surplus |
4474.749 |
5029.212 |
4772.602 |
|
|
5] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
4800.750 |
5355.214 |
5093.838 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
5281.725 |
4937.535 |
3903.576 |
|
|
2] Unsecured Loans |
522.753 |
16.562 |
651.397 |
|
|
TOTAL BORROWING |
5804.478 |
4954.097 |
4554.973 |
|
|
DEFERRED TAX LIABILITIES |
203.484 |
203.483 |
183.005 |
|
|
|
|
|
|
|
|
TOTAL |
10808.712 |
10512.794 |
9831.816 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
7375.801 |
5598.155 |
3700.568 |
|
|
Capital work-in-progress |
33.829 |
753.564 |
1098.879 |
|
|
|
|
|
|
|
|
INVESTMENT |
119.408 |
98.446 |
91.590 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3893.651
|
3114.178
|
2689.968 |
|
|
Inventories - Real Estate |
1929.075
|
1976.261
|
391.738 |
|
|
Sundry Debtors |
722.436
|
1091.929
|
924.998 |
|
|
Cash & Bank Balances |
386.884
|
239.370
|
195.862 |
|
|
Other Current Assets |
1014.878
|
551.990
|
0.000 |
|
|
Loans & Advances |
1664.176
|
1124.396
|
2834.352 |
|
Total
Current Assets |
9611.100
|
8098.124
|
7036.918 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
4930.718
|
2430.879
|
1887.915 |
|
|
Other Current Liabilities |
1400.708
|
1585.672
|
208.224 |
|
|
Provisions |
0.000
|
18.944
|
0.000 |
|
Total
Current Liabilities |
6331.426
|
4035.495
|
2096.139 |
|
|
Net Current Assets |
3279.674
|
4062.629
|
4940.779 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
10808.712 |
10512.794 |
9831.816 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
8400.589 |
6410.257 |
4491.037 |
|
|
|
Other Income |
3.636 |
11.152 |
3.037 |
|
|
|
TOTAL (A) |
8404.225 |
6421.409 |
4494.074 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials Consumed |
1757.798 |
2001.259 |
2300.040 |
|
|
|
Purchases of Stock in trade |
4689.914 |
2510.148 |
0.000 |
|
|
|
Increase/(Decrease) in Finished Goods |
(962.235) |
(403.290) |
0.000 |
|
|
|
Stores Consumed |
0.000 |
0.000 |
48.597 |
|
|
|
Employees Remuneration |
466.509 |
353.649 |
0.000 |
|
|
|
Power and Fuel |
0.000 |
0.000 |
301.065 |
|
|
|
Exceptional items |
344.748 |
0.000 |
0.000 |
|
|
|
Personnel Cost |
0.000 |
0.000 |
310.709 |
|
|
|
Manufacturing and Other Expenses |
1584.229 |
1168.082 |
257.754 |
|
|
|
Selling & Distribution Expenses |
0.000 |
0.000 |
995.155 |
|
|
|
TOTAL (B) |
7880.963 |
5629.848 |
4213.320 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
523.262 |
791.561 |
280.754 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
751.139 |
280.911 |
156.464 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(227.877) |
510.650 |
124.290 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
326.587 |
227.128 |
211.358 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(554.464) |
283.522 |
(87.068) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
20.478 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(554.464) |
263.044 |
(87.068) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
1129.143 |
1216.211 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
100.000 |
0.000 |
|
|
|
Dividend |
NA |
16.300 |
0.000 |
|
|
|
Tax on Dividend |
NA |
2.644 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
1273.243 |
1129.143 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
83.527 |
91.150 |
36.068 |
|
|
|
Revenue from Carbon Credits |
1.329 |
3.979 |
0.000 |
|
|
TOTAL EARNINGS |
84.856 |
95.129 |
36.068 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Goods for Resale |
3320.054 |
1664.051 |
885.879 |
|
|
|
Raw Material |
234.028 |
236.225 |
126.020 |
|
|
|
Capital Goods |
2.833 |
204.753 |
271.520 |
|
|
|
Spare Parts & Components |
44.149 |
54.087 |
35.072 |
|
|
TOTAL IMPORTS |
3601.064 |
2159.116 |
1318.491 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
(17.01) |
8.19 |
(2.71) |
|
|
|
Diluted |
(17.01) |
8.07 |
(2.71) |
|
QUARTERLY RESULTS
|
PARTICULARS |
31.03.2012 |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
1836.400 |
2021.900 |
2064.700 |
1798.100 |
|
Total Expenditure |
1912.600 |
2321.300 |
2126.000 |
1946.800 |
|
PBIDT (Excl OI) |
(76.200) |
(299.400) |
(61.300) |
(148.700) |
|
Other Income |
0.800 |
01.700 |
38.100 |
01.100 |
|
Operating Profit |
(75.400) |
(297.700) |
(23.200) |
(147.600) |
|
Interest |
290.600 |
387.700 |
405.600 |
400.200 |
|
Exceptional Items |
(344.800) |
0.000 |
0.000 |
0.000 |
|
PBDT |
(710.700) |
(685.400) |
(428.800) |
(547.900) |
|
Depreciation |
91.400 |
100.300 |
101.100 |
102.100 |
|
Profit Before Tax |
(802.100) |
(785.700) |
(529.900) |
(650.000) |
|
Tax |
(77.900) |
0.000 |
0.000 |
0.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(724.200) |
(785.700) |
(529.900) |
(650.000) |
|
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 |
(724.200) |
(785.700) |
(529.900) |
(650.000) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(6.59)
|
4.09
|
(1.938) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(6.60)
|
4.42
|
(1.94) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(3.26)
|
2.07
|
(0.81) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.11)
|
0.05
|
(0.02) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.21
|
0.92
|
1.31 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.52
|
2.00
|
3.36 |
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 |
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 |
Yes |
|
31)
PAN of Proprietor/Partner/Director, if available |
No |
|
32) Passport No of Proprietor/Partner/Director,
if available |
No |
|
33) Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34) External Agency Rating, if available |
No |
FINANCIALS
Review of operations
The
company registered 32% growth in gross sales. There is a net loss of Rs.
554.500 millions as compared to PAT of Rs. 263.000 millions in the previous
year.
Highlights 2011-12
The
gross revenue for the year ended March 31, 2012 grew 32% to reach Rs. 9585.200
millions driven by increased sales in:
·
Vitrified
tiles sales up 71% to Rs. 5281.800 millions
·
Ceramic
tiles sales up 24% to Rs. 2762.800 millions
·
Marble
sales however decreased by 18% to Rs. 1436.600 millions
·
Real
estate sales at Rs. 104.000 millions
TILES
OVERVIEW
The segment represents
three products – ceramic tiles, vitrified tiles and naturoc tiles. The total
tiles production capacity stood at 8 mn sq m as on 31st March 2012.
Ceramic tiles: The total manufacturing capacity stood at 5.5 mn sq m across five sizes
at the Alibaug plant. The wide portfolio comprised tiles with gloss, matt,
wood, metal, stone and rustic finishes
Vitrified tiles: The Company has abrasionresistant and stain-resistant vitrified tiles,
enhancing portfolio strength
Naturoc tiles: A gradual shift towards premium full-body porcelain tile under the
Naturoc brand was a one of its kind launch by Nitco in 2010. The Company
produced gloss and matt finishes coupled with superior tile strength and
anti-skid quality.
Duracottura tiles: These tiles were manufactured using high-grade raw materials and
cutting-edge technology.
With excellent product
finish, high tensile strength and a large number of patterns and designs, these
tiles were preferred in a competitive marketplace
KEY HIGHLIGHTS, 2011-12
·
Registered
24% and 71% growth in ceramic and vitrified tiles respectively.
·
Introduced
600x600 mm glazed vitrified tiles (GVT) in matt and rustic finishes. Introduced
dirt free, scratch-resistant antibacterial (nano-coated) super glossy floor
tiles. Also introduced wood strip tiles in rectangular sizes, which resembles
natural wood, produced in different textures and sizes.
·
Enhanced
averages realisation for ceramic and gres porcelain tiles from Rs. 404 per sq m
to Rs. 437 per sq m.
OUTLOOK
·
Enhance
share of value-added vitrified tiles using new technologies (double charge and
nano-finish).
·
Introduce
new ceramic and vitrified tiles in various sizes and designs.
MARBLE
OVERVIEW
The
Company’s polishing and waxing unit at Kanjurmarg and Silvassa facilities
refine imported marble blocks. The marble comprising superior designs and high
quality is used for interior and exterior flooring solutions.
PRODUCT
TYPES
Natural
marble: Nitco is one of India’s largest natural marble importers from Italy,
Spain, Turkey, Egypt and China. The Company’s high-end marble variants are
available in more than 200 different shades
Engineered
marble: The Company is one of the world’s few to possess an integrated plant at
Silvassa using Breton technology. A cost-effective alternative to natural
marble (comprising resins, pigments and additives), this marble ensures
consistency and durability
KEY
HIGHLIGHTS, 2011-12
·
Sale
of marble contributed to round 15% of total revenues.
·
State-of-the-art
marble processing plant at Silvassa commenced commercial operations.
·
Introduced
technology to fill marble with epoxy resin through vaccum suction with a unique
netting system
OUTLOOK
·
Procure
quality marble blocks from new geographies.
·
Introduce
techonology and innovative varieties
·
Enhance
revenue contribution from marble through exclusive marble showrooms.
REAL ESTATES DEVELOPMENT
OVERVIEW
The Company ventured into
real development through Nitco Realties (100% subsidiary) to unlock the value
of its real estate assets at prime locations in Mumbai, Thane and Alibaug.
The Company completed its
first premium project in 2011 (Nitco Biz Park) at Thane, a six storey building
spread across 200,000 sq. ft. with a three storeyed 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 a 100% power backup. The
environment friendly and energy efficient focus resulted in LEED (Leadership in
Energy and Efficient Design) precertification. Following the amalgamation with
Particle Boards India Ltd., the Company possessed a plot measuring 4.01 acres
at Kanjurmarg (Mumbai), which will be developed following approvals from
appropriate authorities.
Nitco and its subsidiaries
will enhance their exposure in the development of residential and commercial
projects.
Fixed Assets
· Freehold Land
· Leasehold Land
· Buildings
· Office Equipment
· Plant and Machinery
· Electrical Installations
· Furniture and Fixtures
· Motor Vehicles
· Windmill
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.54.33 |
|
|
1 |
Rs.82.72 |
|
Euro |
1 |
Rs.69.82 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
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.