MIRA
INFORM REPORT
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Report Date : |
23.05.2007 |
IDENTIFICATION DETAILS
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Name : |
MACCOY SILICONES LIMITED |
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Registered Office : |
8 M M Road Motia Khan, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
03.12.1996 |
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Com. Reg. No.: |
083597 |
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CIN No.: [Company
Identification No.] |
L72200DL1996PLC083597 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELM05791C |
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PAN No.: [Permanent
Account No.] |
AAACM8731D |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business : |
Importers, Distributors and Traders of Silicones and Chemicals. |
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 : |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Satisfactory |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Directors are reported as experienced 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 : |
8 M M Road Motia Khan, |
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Tel. No.: |
91-22-23513003 / 23513001 (6 Lines) |
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Fax No.: |
91-11-23513007 / 23683003 |
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E-Mail : |
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Website : |
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Branches : |
Located at : 502, Costa Belle Apartment, Tel. No. 91-22-26408699 E Mail : info@teknosgroup.com 23-A, Tel. No. 91-44-24843360 E Mail : info@teknosgroup.com 130-A, East Kodilia P.O., New
Barrackpore, North 24 Parganas, Tel No. 91-33-25675714 E Mail : info@teknosgroup.com 104, Musa Residency, Tel No. 91-80-36773858 Fax: 91-80-51250637 |
DIRECTORS
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Name : |
Mr. Amit Malohtra |
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Designation : |
Director |
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Address : |
B-15, Chirag Enclave, |
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Date of Birth/Age : |
22.02.1974 |
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Date of Appointment : |
03.12.1996 |
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Name : |
Mr. Vinod Kr. Malhotra |
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Designation : |
Director |
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Address : |
B-15, Chirag Enclave, |
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Date of Birth/Age : |
20.06.1941 |
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Date of Appointment : |
03.12.1996 |
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Name : |
Mrs. Indra Malhotra |
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Designation : |
Director |
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Address : |
B-15, Chirag Enclave, |
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Date of Birth/Age : |
18.12.1943 |
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Date of Appointment : |
09.03.1999 |
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Name : |
Mrs. Kavita Malhotra |
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Designation : |
Director |
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Address : |
B-15, Chirag Enclave, |
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Date of Birth/Age : |
28.09.1977 |
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Date of Appointment : |
01.07.2003 |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Amit Malhotra |
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40010 |
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Vinod Kr Malhotra |
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60010 |
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Indra Malhotra |
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20000 |
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Shakti Jain |
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100 |
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Kavita Malhotra |
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100 |
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Inder Sain Jain |
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100 |
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Shakuntla Mahan |
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100 |
BUSINESS DETAILS
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Line of Business : |
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Agencies Held : |
Wacker Wacker LSF ( Kamsung Diamond Company Limited, LSF Total Group, France PC Cox Limited, |
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Exports : |
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Products : |
Construction Sealants & Specialties
Industrial Adhesives and Sealants
Textile Silicones & Auxiliaries |
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Countries : |
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Imports : |
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Products : |
Waclar Silicone Sealants of Total Seop Polyrethore Sealants of U.K K-Star Glass Usters saucers Cox Oppliantors of U.K Aeryla and Polyster Foam Leaflets of |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit (30 days) terms |
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Purchasing : |
Cash / CAD and L/C terms. |
GENERAL INFORMATION
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Suppliers : |
+
+ Wacken Chemie, Berghausen +
Wacken Chemie +
LSF UK Limited, +
PC Cox Limited, +
MC |
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Customers : |
wholesalers, retailers, manufacturers and government bodies. |
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No. of Employees : |
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Bankers : |
The Federal Bank Limited, Overseas Branch, Citi Bank N.A., ABN Amro Bank (Car Loan) |
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Facilities : |
The subject has availed Secured Loan from The Federal Bank Limited secured against Hypothecation of Stocks and Securities and Personal Guarantee of Directors. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Purushottam Jain & Associates Chartered Accountants |
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Address : |
1/18-B, |
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Tel. No.: |
91-11-23231292 |
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E-Mail : |
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Associates/Subsidiaries : |
Teknos |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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120420 |
Equity Shares |
Rs.10/- each |
Rs.1.204
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 |
1.204 |
1.204 |
1.204 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
7.332 |
4.200 |
2.200 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
8.536 |
5.404 |
3.404 |
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LOAN FUNDS |
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1] Secured Loans |
1.225 |
1.211 |
0.724 |
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2] Unsecured Loans |
1.130 |
1.830 |
3.480 |
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TOTAL BORROWING |
2.355 |
3.041 |
4.204 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
10.891 |
8.445 |
7.608 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.300 |
3.009 |
1.633 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
6.749
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4.802 |
3.462 |
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Sundry Debtors |
35.939
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31.979 |
22.048 |
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Cash & Bank Balances |
8.401
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1.782 |
4.984 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
2.551
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1.486 |
1.614 |
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Total
Current Assets |
53.640
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40.049 |
32.108 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
46.049
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34.613 |
26.133 |
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Provisions |
0.000
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0.000 |
0.000 |
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Total
Current Liabilities |
46.049
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34.613 |
26.133 |
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Net Current Assets |
7.591
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5.436 |
5.975 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
10.891 |
8.445 |
7.608 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
222.644 |
165.737 |
122.063 |
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Other Income |
2.832 |
1.879 |
0.000 |
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Total Income |
225.476 |
167.616 |
122.063 |
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Profit/(Loss) Before Tax |
5.552 |
3.292 |
1.651 |
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Provision for Taxation |
2.420 |
1.292 |
0.600 |
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Profit/(Loss) After Tax |
3.132 |
2.000 |
1.051 |
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Expenditures : |
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Raw Material Consumed |
188.915 |
137.511 |
0.000 |
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Increase/(Decrease) in Finished Goods |
(1.947) |
(1.339) |
0.000 |
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Salaries, Wages, Bonus, etc. |
3.724 |
3.811 |
0.000 |
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Managerial Remuneration |
1.920 |
0.960 |
0.000 |
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Payment to Auditors |
0.108 |
0.063 |
0.000 |
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Interest |
0.031 |
0.074 |
0.000 |
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Insurance Expenses |
0.106 |
0.091 |
0.000 |
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Power & Fuel |
0.000 |
0.000 |
0.000 |
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Depreciation & Amortization |
0.902 |
0.752 |
0.000 |
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Other Expenditure |
26.165 |
22.401 |
120.412 |
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Total Expenditure |
219.924 |
164.324 |
120.412 |
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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 |
(%) |
1.38
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1.19 |
1.80 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.49
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1.98 |
1.38 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
9.75
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7.64 |
4.89 |
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Return on Investment (ROI) (PBT/Networth) |
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0.65
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0.60 |
0.49 |
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Debt Equity Ratio (Total Liability/Networth) |
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5.67
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6.96 |
8.91 |
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Current Ratio (Current Asset/Current Liability) |
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1.16
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1.15 |
1.23 |
LOCAL AGENCY FURTHER INFORMATION
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Name of the company |
MCCOY SILICONES
LIMITED |
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Presented By |
The Federal Bank
Limited., E-13/9, |
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1) Date and description of instrument creating the change |
26.5.199/ Registered on 23/6/199 Letter of Credit agreement. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.2.500 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 |
Pledge of
Followings: Pledge upon all
goods and documents of title to goods and other documents Cover under the
respective L/C and DPN and FDR |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The Interest
shall be charged @16.5% p.a or such or such other interest as may be
prescribed |
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5) Name and Address and description of the person entitled to the charge. |
The Federal Bank
Limited E-13/39, Harsha Bhavan |
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6) Date and brief description of instrument modifying the charge |
06.01.2003 Letter
of credit (agreement ) for Rs.10.000 Millions revival letter of credit
agreement dt. 06.01.2003 Previously modified on 12.07.2003. Previously modified
on |
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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. |
Letter of Credit
limits stands enhanced to Rs.10.000 Millions The rate of Interest shall now
be charged @16.5% p.a or such interest as may be prescribed. |
Dealers &
Distributors At
Hyderabad, Vishakhapatnam, Vijayawada, Ahmedabad, Baroda, Surat, Rajkot, Bangalore, Belgaum, Hubli, Mangalore, Udipi, Indore, Bhopal, Gwalior, Jabalpur, Aurangabad, Mumbai, Pune, Nagpur, Satara, Sangli, Jalandhar, Ludhiana, Chandigarh, Amritsar, Jaipur, Udaipur, Jodhpur, Kochi, Calicut, Trivandrum, Chennai, Coimbatore, Madhepura, Kanpur, Agra, Lucknow, Varanasi, Allahabad, Dehradun, Haldwani, Kolkata, Sikkim, Guwahati, Siliguri, Nepalganj, Kathmandu, Shimla, Parwanoo, Kalenamb, Mandi, Jammu & Kashmir, Bhubaneshwar, Cuttack, Gurgaon, Faridabad, Karnal, Ambala, Patna, Jamshedpur, Ranchi and Bokaro.
The subject is authorised Distributors for the following companies:
|
Sr. No. |
Name of the Company |
Products |
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1. |
Wacker Chemie |
Elastosil Sealant country distributor specialty for Automotive, Glass, Structural Glazing, Curtain Wall, Cladding (ACP) and Other Construction and Industrial Applications. |
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2. |
Wacker Metroark Chem. Private Limited A Joint Venture between Wacker Chemie |
Fliuds, Emulsions, Resins and Elastomers specialty silicone for Rubber Plastic, Paint, Paper, Electronics and Textiles |
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3. |
Le Joint |
Manufactures of Products for the Insulating Glass
Industries and Automotive Bus and Coach PU Sealants (Totalseal) for |
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4. |
Kum Sung Diamond Company Limited, |
Glass Cutting Tools, Machinery and Vaccum Holders for |
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5. |
P C Cox, U. K. |
Hand held sealant applicators |
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6. |
Hamil Salena Company Limited |
World Foam One Component Polyurethane Expandanble Foam |
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7. |
MC Bauchemie India Private Limited |
Manufacturers of Wide range of Building Construction and
Water Proofing Chemicals for |
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8. |
BTB Auto Glass and Body Shop Tools, |
Glass Removal Tools |
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9. |
Hernon Manufacturing Inc., |
High Performance Adhesives and Sealants |
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10. |
C/S Group, |
Solution for expansion and Joint in buildings |
As Per Web Site:
LEADERSHIP VALUES
No mission or goal can be ever reached without certain values.
They aspired for leadership in their field and identified core values essential for any leadership-mission; they share them as printed in the background.
Their Mission Leadership couldn't be achieved without believing, imbibing and practicing these.
The endless zeal towards them has led them in today's status of professional leadership
in the field of; Silicones, Sealants, Adhesives, Building Hardware, Textile Silicone, Chemicals & Auxiliaries.
They are sharing these, because they believe that an organization's success depends on those,
that are associates with it.
Therefore Be creative, use unconventional thinking and have the guts to carry it out.
They are today One of India’s Oldest & largest Silicones and adhesives Business Trading House.
They introduced to
They have developed the biggest chain of Distributors and Channel Partners for
their products in
Almost 40 % of Each New High Rise Commercial/Residential and
They Introduced to
They sell their Adhesives and Sealants to all major Leading Business Industries
like Reliance Industries , Essar , CEL , BHEL , BEL , RCF , Indian Railways ,
DLW , TATA Motors , Ashok Leyland , NTPC , Swaraj Mazda , Eicher , Honda ,
Bajaj Temp , Hero Honda, Blue Star , Moser Baer to name a few.
Having Started their Textile Amino Silicones Business only in Year 1999-2000 ,
today they have more than 40 % Market Share in these products with all major
Fabric Processors and Garment Exporters like SPL , Shahi Group , Palmprint ,
TCNS , Orient Craft , Knit craft , VNS to name a few are using their products
in large volumes and with complete satisfaction.
All these Milestones have been achieved due to the commitment of their team and
dedication of their principles, associates and business and channel partners
within and outside
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.60 |
|
|
1 |
Rs.80.65 |
|
Euro |
1 |
Rs.54.55 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
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 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
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DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--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 |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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 |
|