MIRA
INFORM REPORT
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Report Date : |
18.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
PREMIUM COATING AND CHEMICAL PRIVATE LIMITED |
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Registered Office : |
No.119 SIDCO Industrial Estate, Ambattur, Chennai – 600098, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
22.02.1996 |
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Com. Reg. No.: |
034591 |
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CIN No.: [Company
Identification No.] |
U24222TN1996PTC034591 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEP05581C |
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PAN No.: [Permanent
Account No.] |
AABCP7636F |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturer of all kinds of Coating Materials like Paints, Lacquers Thinners,
Putties, Scalers |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
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 33000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory track.
Directors are reported as experience and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
No.119 SIDCO Industrial Estate, Ambattur, Chennai – 600098, Tamilnadu |
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Tel. No.: |
91-44-26247040 |
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Fax No.: |
91-44-26253530 |
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E-Mail : |
premiumcoatings@mailcity.com |
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Branch Office : |
A – 3, Ashok Nandaki, 42, Mc Nichols Road, Chetpet, Chennai – 600 031,
Tamilnadu |
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Tel. No.: |
91-44-28365462 / 28363591 |
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Fax No.: |
91-44-28363204 |
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E-Mail : |
premiumcoating@mailcity.com |
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Branch Office : |
C – 42, Ganesh NAgar, Pandav Nagar Complex, Delhi – 110092 |
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Tel. No.: |
91-11-22487133 / 22486213/ 22487862/ 32473676 |
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Fax No.: |
91-11-22486126 |
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E-Mail : |
vndubey@vsnl.net |
DIRECTORS
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Name : |
Mr. N.K. Bhatia |
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Designation : |
Director |
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Address : |
No – 2 A, Vaikunth 19, Rutland Gate, 4th Street,
Nungambakkam, Chennai – 600 006 |
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Date of Appointment : |
01.07.1998 |
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Name : |
Ms. Amitha Bhatia |
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Designation : |
Director |
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Address : |
No – 2 A, Vaikunth 19, Rutland Gate, 4th Street,
Nungambakkam, Chennai – 600 006 |
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Date of Appointment : |
01.04.1996 |
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Name : |
Mr. V.N. Dubey |
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Designation : |
Director |
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Address : |
Flat No. 102, Express Apartments, Plot No. 17, Sector4, Vaishali
Ghaziabad. |
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Date of Appointment : |
01.04.1999 |
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Name : |
Ms. Meena Dubey |
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Designation : |
Director |
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Address : |
Flat No. 102, Express Apartments, Plot No. 17, Sector4, Vaishali
Ghaziabad. |
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Date of Appointment : |
01.04.1999 |
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Name : |
Mr. Vivek Bhatkashi |
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Designation : |
Managing Director |
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Address : |
Abirani fleur-de-lis, New No. 19, K. Block, 13th Street,
Anna Nagar (E) Chennai - 102 |
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Date of Appointment : |
01.04.1996 |
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Name : |
Ms. Vidya Bhatkashi |
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Designation : |
Director |
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Address : |
Abirani fleur-de-lis, New No. 19, K. Block, 13th Street,
Anna Nagar (E) Chennai - 102 |
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Date of Appointment : |
01.04.1996 |
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MAJOR SHAREHOLDERS
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Names of Shareholders |
No. of Shares |
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1. Mr. N.K. Bhatia |
30000 |
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2.Ms. Menna Dubey |
70000 |
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3. Mr. V.N. Dubey |
10000 |
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4. Mr. Vivek Bhatkashi |
67000 |
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5.Ms. Amitha Bhatia |
70000 |
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6. Ms. Vidya Bhatkashi |
33000 |
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Equity Share Capital Breakup
(Percentage of total equity )
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Category |
Percentage |
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1. Directors /
Relatives of Directors |
100 % |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of all kinds of Coating Materials like Paints, Lacquers
Thinners, Putties, Scalers. |
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Products : |
NIC Code Name 24000 Chemical
and Chemical Products |
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GENERAL
INFORMATION
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No. of Employees : |
Around 20 |
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Bankers : |
State Bank of
Travancore Chennai Main Branch,
United India Building, Esplande, Chennai – 600 108, Tamilnadu Email : Chennai@sbt.co.in |
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Facilities : |
---- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
P. Rajagopalan And Company |
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Address : |
No.32, Second Cross Street, West Cit Nagar, Chennai – 600035,
Tamilnadu |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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300000 |
Equity Share |
Rs.10/- Each |
Rs.3.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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300000 |
Equity Share |
Rs.10/- Each |
Rs.3.000 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
3.000 |
2.800 |
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2] Share Application Money |
0.000 |
0.000 |
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3] Reserves & Surplus |
5.479 |
4.424 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
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NETWORTH |
8.479 |
7.224 |
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LOAN FUNDS |
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1] Secured Loans |
5.959 |
0.807 |
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2] Unsecured Loans |
6.646 |
7.662 |
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TOTAL BORROWING |
12.605 |
8.469 |
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DEFERRED TAX LIABILITIES |
0.634 |
0.550 |
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TOTAL |
21.718 |
16.243 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
10.391 |
5.250 |
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Capital work-in-progress |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
8.322
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8.940 |
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Sundry Debtors |
14.439
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11.374 |
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Cash & Bank Balances |
1.283
|
1.500 |
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Other Current Assets |
0.000
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0.000 |
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Loans & Advances |
2.567
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2.535 |
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Total
Current Assets |
26.611
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24.349 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
13.657
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12.315 |
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Provisions |
1.631
|
1.045 |
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Total
Current Liabilities |
15.288
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13.360 |
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Net Current Assets |
11.323
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10.989 |
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MISCELLANEOUS EXPENSES |
0.004 |
0.004 |
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TOTAL |
21.718 |
16.243 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
---
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---- |
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Net Profit Margin (PBT/Sales) |
(%) |
----
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----- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
----
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------ |
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Return on Investment (ROI) (PBT/Networth) |
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------
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------- |
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Debt Equity Ratio (Total Liability/Networth) |
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3.28
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3.02 |
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Current Ratio (Current Asset/Current Liability) |
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1.74
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1.82 |
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LOCAL AGENCY FURTHER
INFORMATION
Form 8
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Name of the company |
Premium Coating
And Chemicals Private Limited |
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Presented By |
State Bank of
Travancore, Chennai Main Branc, United India Building, Esplanade, Chennai –
600 108 |
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1) Date and description of instrument creating the change |
1. Terms Loan
Agreement 2. Hypothecation
Agreement for Term Loan 3. Memorandum of
deposit of title deeds All dated 06.06.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Medium Term Loan
(Building) Rs.3.500 Millions Medium Term Loan
(Machinery) Rs.0.800 Million Total
_________ Rs.4.300
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 |
The loan is
secured by the immovable property measuring 7920 Sqft. Land at plot No.19 (North
Phase) Bhansali Avenue Road, SIDCO Industrial Estate under Survey no.
136(part) & 137 (part) of Ambattur Village, Ambattur, Chennai – 600 098
and building construction out of finance. Machinery to be
purchased and installed at above said premises Also collaterally
secured by hypothecation of company’s moveable and immoveable assets, both
present and future |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Medium Term Loan
(Building) Rate of interest
at 1% above State Bank of Travancore prime lending rate with a minimum of 12
% p.a. with monthly rests Repayable in 60
months EMI of Rs.0.077 Millions with moratorium of 12 Months. Medium Term Loan
(Machinery) Rate of Interest at
1% above State Bank of Travancore prime lending rate with a minimum of 12 %
p.a. with monthly rests. Repayable in 60
months EMI of Rs.0.017 million with moratorium of 12 months. And personal
guarantee of all directors. The other terms
and conditions remains as per the agreements enclosed herewith. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of
Travancore Chennai Main
Branch, United India Building, Esplande, Chennai – 600 108 |
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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. |
Form
8
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Corporate
identity number (CIN) Foreign company registration number |
U24222TN1996PTC034591 |
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Name of the
Company |
Premium Coatings
And Chemicals Private Limited |
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Address |
No. 119 SIDCO
Industrial Estate Ambattur, Chennai – 600098, Tamilnadu |
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This form is for |
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Type of Charge |
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Particulars of
the charge holder |
Name : State Bank
of Travancore Address : Chennai
Main Branch, United India Building, Esplanade, City :Chennai State :Tamilnadu ISO Country Code
: IN Pin code : 600108
Email ID :
Chennai @sbt.co.in |
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Nature or
description of the instrument(s) creating or modifying the charge (copy to be
attached) |
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Date of the
instrument creating or modifying the charge |
23.02.2007 |
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Amount secured by
the charge |
Rs.12.300
Millions |
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Brief of the
principal terms and conditions |
a) Rate of
Interest cash credit - 1 % below the SBT PLR at 11.50 % P.A. Minimum
for the time being penal interest @ 2% b) Terms of
Repayment Cash Credit –
Repayable of Demand In respect of
medium term loan of Rs.4.300 Millions, there is no change in terms and
conditions. c) Margin As stipulated by
the Bank In respect of medium
term loan of Rs.4.300 Millions, there is no change in terms and conditions. d) Extent and
Operation of the charge the charge
operates as security for repayment of enhanced limit of Rs.12.300 Millions
together with interest, additional interest, costs and sums payable to the
Bank. e) Other Other terms and
conditions as contained in the agreement |
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Description of
the property charged indicating |
Stock in Trade
Viz raw materials, Stock in process & finished Goods, Book Debts of 90 days
and below. Land measuring 7920 Sq. ft @plot no. 19, north phase SIDCO
Industrial Estate, Survey No. 136 (part)/ 137 (part), Ambattur village
Ambattur, Chennai – 600098 and building constructed out of finance. Machinery
to be purchased and installed at the above premises. Collaterally
secured by hypothecation of company’s movable and immovable assets, both
present and future. |
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Particular of the
present modification |
In addition to
the existing medium term loan (BLDG) Rs.3.500 Millions and medium term loan
(machinery) of rs.0.800 Million, the bank has sanctioned cash credit under
mortgage loan scheme to SSIs rs.8.000 Millions. The aggregate
amount of loan stand increased from Rs.4.300 Millions to Rs.12.300 Millions
the equitable mortgage on the immovable property as per para (14) above
stands extended to cover the enhanced limits. |
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 records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.41.64 |
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UK Pound |
1 |
Rs.83.11 |
|
Euro |
1 |
Rs.56.46 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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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 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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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 |
|
45 |
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 |
|