MIRA
INFORM REPORT
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Report Date : |
30.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
INDIAN OXIDES AND CHEMICALS LIMITED |
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Registered Office : |
Liberty Building, Sir Vithaldas Thackersey Marg, Mumbai – 400 020, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2005 |
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Date of Incorporation : |
07.06.1989 |
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Com. Reg. No.: |
11-52085 |
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CIN No.: [Company
Identification No.] |
U24300MH1989PLC052085 |
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TAN No.: (Tax Deduction & Collection Account No.) |
PNEI04304G |
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PAN No.: (Permanent Account No.) |
AAACU0797M |
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Legal Form : |
Subject is a closely held public limited liability company |
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Line of Business : |
Manufacturer of Masterbatch and Antimony Trioxide. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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STATUS |
PROPOSED
CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable
to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 125000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a part of Neterwala Group, a medium size industrial house. The Group which was not faring well has improved its performances. Trade relations are fair. Payments are reported as slow and delayed by average 30 days. The company can be considered normal business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
Liberty Building, Sir Vithaldas Thackersey Marg, Mumbai – 400 020, Maharashtra, India |
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Tel. No.: |
91-22-22066231 / 22015895 / 22017130 / 6017 |
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Fax No.: |
91-22-22082113 / 22096976 |
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E-Mail : |
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Factory : |
Plot No. 11, F-II Block, MIDC, Pimpri, Pune – 411 018, Maharashtra, India |
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Tel. No.: |
91-20-27475461 / 27470110/27477873 |
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Fax No.: |
91-20-27470110 |
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E-Mail : |
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Website : |
DIRECTORS
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Name |
Mr. Dhunjishaw Maneckji Neterwala |
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Designation |
Chairman |
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Address |
16D, 1L, Palazza Little Gibbs Road, Malabar Hill, Mumbai – 400 006 |
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Date of Birth |
11.10.1919 |
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Date of Appointment
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07.06.1989 |
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Election Commission
Identity Card No. : |
MT/04/024/045842 |
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Name |
Mr. Feroze Dhunjishaw Neterwala |
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Designation |
Director |
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Address |
16D, 1L, Palazza Little Gibbs Road, Malabar Hill, Mumbai – 400 006 |
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Date of Birth |
14.05.1952 |
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Date of Appointment
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07.06.1989 |
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Election Commission
Identity Card No. : |
MT/04/024/042290 |
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Name |
Mr. Dinshaw Shapoorji Anklesaria |
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Designation |
Director |
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Address |
373-A/1-2, North Main Road, Koregaon Park, Pune – 411 001, Maharashtra |
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Date of Birth |
27.06.1932 |
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Date of Appointment
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07.06.1989 |
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Name |
Ms. Shernaz Firoze Vakil |
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Designation |
Director |
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Address |
Flat 301, Shahiana, 67, E & H, Walkeshwar Road, Mumbai – 400 006 |
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Date of Birth |
16.06.1950 |
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Date of Appointment
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07.06.1989 |
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Election Commission
Identity Card No. : |
MT/04/019/261866 |
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Name |
Mr. Homi Kaikhushru Bildodiwala |
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Designation |
Director |
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Address |
6C, Crystal, Altamount Road, Mumbai – 400 026 |
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Date of Birth |
05.11.1928 |
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Date of Appointment
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25.10.1990 |
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Election Commission
Identity Card No. : |
MT/04/024/252331 |
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Name |
Mr. Kawas Dara Patel |
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Designation |
Director |
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Address |
C-33, River Nest, 311, North Main Road, Koregaon Park, Pune – 411 001, Maharashtra |
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Date of Birth |
02.02.1947 |
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Date of Appointment
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27.06.1997 |
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Name |
Mr. Hendrick Joseph Berghmans |
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Designation |
Director |
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Name |
Mr. Friedrick Wilhelm Hempel |
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Designation |
Director |
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Name |
Mr. Richard Probert Pearson |
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Designation |
Director |
KEY EXECUTIVES
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Name : |
Mr. H. J. Gazdar |
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Designation : |
President |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
Percentage of
holding |
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Bodies Corporate |
59.99% |
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Directors or relatives of directors |
40.01% |
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Total |
100.00% |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Masterbatch and Antimony Trioxide. |
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Products : |
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PRODUCTION STATUS
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Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
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Antimony Trioxide |
Mts. |
N.A. |
1000 |
646.34 |
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Antimony
Compounds and Blends |
Mts. |
N.A. |
0 |
11.44 |
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Master Batch
Products & Compounds |
Mts. |
N.A. |
1200 |
52.68 |
GENERAL
INFORMATION
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No. of Employees : |
Around 50 |
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Bankers : |
The Zoroastrian Co-operative Bank Limited, Pune Branch, Modern House, 634, Sachapir Street, Pune – 411 001, Maharashtra State Bank of India Industrial Finance Branch, Pimpri, Pune, Maharashtra |
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Facilities : |
(As on 31.03.2005) Secured Loans : Cash Credit and Packing Credit Facilities : Rs. 21.456 millions Unsecured Loans : From Chemical and Ferro Alloys Private Limited : Rs.3.000 millions |
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Banking Relations
: |
Satisfactory |
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Auditors : |
Jagtiani & Naik Chartered Accountants |
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Address : |
12-13, Esplanade, 3rd Floor, 3, Amrit Keshav Nayak Marg, Fort, Mumbai-400001, Maharashtra, India |
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Ultimate Holding Company : |
Chemical Ferro & Allied Chemicals Private Limited |
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Associates : |
Dai Ichi Karkaria Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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3000000 |
Equity shares |
Rs. 10/- each |
Rs. 30.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2160000 |
Equity shares |
Rs. 10/- each |
Rs. 21.600 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF
FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS
FUNDS |
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1] Share Capital |
21.600 |
21.600 |
21.600 |
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2] Reserves &
Surplus |
14.493 |
11.723 |
10.910 |
NETWORTH
|
36.093 |
33.323 |
32.510 |
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LOAN FUNDS |
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1] Secured Loans |
20.299 |
21.456 |
20.075 |
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2] Unsecured
Loans |
12.691 |
3.000 |
3.970 |
TOTAL BORROWING
|
32.990 |
24.456 |
24.045 |
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DEFERRED TAX
LIABILITIES |
0.000 |
4.108 |
6.007 |
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TOTAL
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69.083 |
61.887 |
62.562 |
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APPLICATION OF
FUNDS |
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FIXED ASSETS [Net
Block] |
23.721 |
25.726 |
30.981 |
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Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENTS |
0.100 |
0.100 |
0.105 |
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CURRENT ASSETS,
LOANS & ADVANCES |
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Inventories |
20.568 |
21.634 |
17.326 |
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Sundry Debtors |
40.256 |
31.720 |
25.292 |
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Cash & Bank
Balances |
18.568 |
11.610 |
3.496 |
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Other Current
Assets |
0.199 |
0.915 |
0.677 |
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Loans &
Advances |
8.525 |
4.669 |
5.625 |
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Total Assets |
88.116 |
70.548 |
52.416 |
Less:
CURRENT LIABILITIES & PROVISIONS
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Current
Liabilities |
31.460 |
28.275 |
16.340 |
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Provisions |
11.394 |
6.212 |
4.600 |
Total Current Liabilities
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42.854 |
34.487 |
20.940 |
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Net Current Assets |
45.262 |
36.061 |
31.476 |
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TOTAL
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69.083 |
61.887 |
62.562 |
PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
183.882 |
138.263 |
119.928 |
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Other Income |
3.226 |
2.526 |
4.798 |
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Total Income |
187.108 |
140.789 |
124.726 |
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Profit/(Loss) Before Tax |
10.145 |
8.781 |
1172.657 |
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Provision for Taxation |
3.682 |
3.081 |
496.539 |
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Profit/(Loss) After Tax |
6.463 |
5.700 |
676.118 |
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Earnings in
Foreign Currency : |
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Export Earnings |
NA |
34.574 |
13.432 |
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Commission Earnings |
NA |
1.147 |
0.868 |
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Other Earnings |
NA |
0.990 |
0.000 |
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Total Earnings |
NA |
36.711 |
14.300 |
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Imports : |
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Raw Materials |
NA |
77.356 |
55.256 |
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Stores & Spares |
NA |
1.585 |
0.000 |
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Capital Goods |
NA |
10.151 |
11.006 |
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Total Imports |
NA |
89.092 |
66.262 |
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Expenditures : |
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Cost of Goods Sold |
NA |
NA |
17.248 |
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Manufacturing Expenses |
NA |
NA |
17.316 |
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Raw Material Consumed |
130.861 |
98.017 |
82.576 |
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Purchases made for re-sale |
17.462 |
14.945 |
NA |
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Increase/(Decrease) in Finished Goods |
NA |
NA |
(0.817) |
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Salaries, Wages, Bonus, etc. |
7.881 |
6.583 |
NA |
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Payment to Auditors |
0.157 |
0.140 |
NA |
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Interest |
5.444 |
4.458 |
4.430 |
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Insurance Expenses |
0.284 |
0.444 |
NA |
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Power & Fuel |
2.468 |
1.955 |
NA |
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Depreciation & Amortization |
NA |
NA |
2.801 |
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Other Expenditure |
12.404 |
5.464 |
NA |
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Total
Expenditure |
176.962 |
132.008 |
9821.867 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total
Income |
(%) |
3.45
|
4.05 |
542.08 |
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Net Profit Margin (PBT/Sales) |
(%) |
5.42
|
6.24 |
940.186 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
9.07
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9.12 |
1406.114 |
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Return on Investment (ROI) (PBT/Networth) |
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0.28
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0.26 |
36.07 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.10
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1.77 |
1.38 |
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Current Ratio (Current Asset/Current Liability) |
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2.06
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2.04 |
2.50 |
LOCAL AGENCY
FURTHER INFORMATION
The company is engaged in manufacturing of masterbatch and antimony trioxide.
Subject also acts as traders of brominated compounds.
The company’s trademark is “IND-STAR”.
The company’s fixed assets of important value include leasehold land, buildings, plant & machinery, computers and furniture, fixtures and equipments, Research Capital Equipments, Technical Know how Fees and Motor Car.
Form 8 Particular for
creation or modification of charges
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Corporation identity number or foreign
company registrations number of the company
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U24300MH1989PLC052085 |
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Name of the company |
INDIAN OXIDES AND CHEMICALS LIMITED |
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Address |
Liberty Building, Sir Vithaldas Thackersey Marg, Mumbai –
400 020, Maharashtra |
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This Form is for |
Creation of charge |
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Type of Charges |
Hypothecation |
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Particular of the charge holder |
The Zoroastrian Co-operative Bank Limited Pune Branch, Modern House, 634, Sachapir
Street, Pune Camp, Pune – 411001, Maharashtra, India E – mail : zoropune@yahoo.com |
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Nature or description of the instrument
creating charge |
Agreement Hypothecation of vehicles |
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Date of the instrument creating charge |
17.04.2006 |
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Amount Secure by the charge |
Rs. 0.530 million |
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Brief of the principal terms and conditions
and extent and operation of the charge |
Loan of Rs. 0.530 million repayable in 36 equal
monthly installments & shall carry interest @9.00% p.a. with monthly
rests |
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Description of the property charge whether
it is a charge on |
Vehicles |
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Particulars of the Property charged |
Maruti Esteem VXI BS – III / ICY BLUE
METALLIC, ENGINE NO. : 282675; CHESIS NO. : MA3EBE41500455317; REG. NO. : MH – 14/AM - 7376 |
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Name of the company |
INDIAN OXIDES
AND CHEMICALS LIMITED |
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Presented By |
INDIAN OXIDES
AND CHEMICALS LIMITED |
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1) Date and description of instrument creating the change |
Hypothecation agreement dated 09.03.2004. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.50.000 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Stocks and Book debts of Trading division pf the company. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Margin 30% of Trading stocks 40% on trading book debts Under 90 days Interest @ 12.5% p.a. |
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5) Name and Address and description of the person entitled to the charge. |
The Zeroastrian Co-operative Bank 634, Sechapir Street, Pune-411001, Maharashtra |
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6) Date and brief description of instrument modifying the charge |
N.A. |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
N.A. |
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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 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.42.90 |
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UK Pound |
1 |
Rs.84.69 |
|
Euro |
1 |
Rs.57.21 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
46 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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