MIRA
INFORM REPORT
|
Report Date : |
13.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
TYTAN ORGANICS PRIVATE LIMITED |
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Registered Office : |
7, Nowraji Mansion, 31, Wadehouse Road, Mumbai – 400039, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
16.10. 1991 |
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Com. Reg. No.: |
63639 |
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CIN No.: [Company
Identification No.] |
U24100MH1991PTC063639 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMT04611F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
To carry on the business as manufacturers and buyers, importers, exporters, refiners of , suppliers and dealers in and stores of all kinds of chemicals, acids, salts, alkalies, antibiotics, chemicals, preparation, compounds, dyes, colours, paints, pigments, oils, varnishes, resins. |
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 171824 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory track records. Directors are reported as experienced, respectable and having satisfactory means of their own. Their 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 : |
7, Nowraji Mansion, 31, Wadehouse Road, Mumbai – 400039, Maharashtra |
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Tel. No.: |
91-22- 23851825 / 23885129 |
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Fax No.: |
91-22-23851767 |
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E-Mail : |
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Website : |
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Administrative Office : |
Sunama House, 3rd Floor, August Kranti Marg, Mumbai – 400036 |
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Tel. No.: |
91-22-3851825/33 |
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Fax No.: |
91-22-3851767 |
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E-Mail : |
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Overseas Plant Office : |
P.O.Box 41605, Hamriyah Free Zone, Sharjah, UAE |
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Tel. No.: |
91-97150-7145798 |
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Factory 1 : |
C-146, Trans Thane Creek Industrial Area, Thane Belapur Road, Thane – 400613, Navi Mumbai |
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Tel. No.: |
91-22-7670803/7685738 |
DIRECTORS
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Name : |
Mr. Cyrus Maneck Bahadurji |
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Designation : |
Director |
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Address : |
Spenta Apts., 2nd Floor, Gibbs Road, Mumbai – 400006 |
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Date of Birth/Age : |
24.01.1958 |
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Date of Appointment : |
16.10.1991 |
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Name : |
Mrs. Tanaz C. Bahadurji |
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Designation : |
Director |
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Address : |
Spenta Apts., 2nd Floor, Gibbs Road, Mumbai – 400006 |
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Date of Birth/Age : |
27.12.1956 |
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Date of Appointment : |
16.10.1991 |
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KEY EXECUTIVES
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Name : |
Mr. H. R. Thakur |
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Designation : |
Company Secretary |
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Address : |
Mumbai- 400081 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
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|
Cyrus Maneck Bahadurji |
7500 |
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Tanaz C. Bahadurji |
342500 |
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Tytan Combine Middle East (FZE) UAE |
361,767 |
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Equity Share
Breakup |
Percentage
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Foreign holding, foreign institutional investors, foreign companies
foreign financial institutions, Non – resident Indians or overseas corporate
bodies or others |
51.00 |
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Directors or relatives of directors |
49.00 |
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Total |
100
% |
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BUSINESS DETAILS
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Line of Business : |
To carry on the business as manufacturers and buyers, importers, exporters, refiners of , suppliers and dealers in and stores of all kinds of chemicals, acids, salts, alkalies, antibiotics, chemicals, preparation, compounds, dyes, colours, paints, pigments, oils, varnishes, resins. |
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Products : |
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PRODUCTION STATUS
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Particulars |
Unit |
Actual
Production |
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Agro Chemicals |
Kgs. |
115896 |
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Leather Chemicals |
Kgs. |
2376571 |
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Emulsifier |
Kgs. |
93010 |
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Construction Chemicals |
Kgs. |
4784687 |
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GENERAL
INFORMATION
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Bankers : |
Central Bank of India, Chandramukhi, Mumbai – 400021 |
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Facilities : |
11.05.2005 Rs. 3.250 millions against hypothecation of goods and book debts 27.07.1995 Rs. 15.000 millions: All the borrowers present and future book debts All tangible movable property |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Kalyaniwala and Mistry Chartered Accountants |
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Address : |
Kalpataru Heritage, 127, M. G. Road, Mumbai – 400023 |
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Tel. No.: |
91-22-56347640 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
2,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 20.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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711,767 |
Equity Shares |
Rs. 10/- each |
Rs.7.117 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
7.117 |
7.117 |
7.117 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
35.839 |
29.146 |
22.455 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
42.956 |
36.263 |
29.572 |
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LOAN FUNDS |
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1] Secured Loans |
115.070 |
87.090 |
55.935 |
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2] Unsecured Loans |
17.021 |
26.012 |
0.754 |
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TOTAL BORROWING |
132.091 |
113.102 |
56.689 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
175.047 |
149.365 |
86.261 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
22.072 |
22.545 |
14.590 |
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Capital work-in-progress |
0.000 |
0.000 |
1.257 |
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INVESTMENT |
2.009 |
2.009 |
2.009 |
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DEFERREX TAX ASSETS |
0.865 |
0.214 |
0.187 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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Inventories |
36.189
|
27.518 |
18.943
|
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Sundry Debtors |
114.244
|
114.464 |
65.144
|
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Cash & Bank Balances |
15.646
|
12.020 |
4.277
|
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Other Current Assets |
0.000
|
0.000 |
0.000
|
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Loans & Advances |
57.776
|
53.951 |
19.851 |
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Total
Current Assets |
223.855
|
207.953 |
108.215 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
69.851
|
78.519 |
39.997 |
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Provisions |
3.903
|
4.837 |
0.000 |
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Total
Current Liabilities |
73.754
|
83.356 |
39.997 |
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Net Current Assets |
150.101
|
124.597 |
68.218
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
175.047 |
149.365 |
86.261 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2004 |
|
Sales Turnover (Including Other Income ) |
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|
226.433 |
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Total Income |
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|
226.433 |
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Profit/(Loss) Before Tax |
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|
10.322 |
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Provision for Taxation |
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|
3.293 |
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Profit/(Loss) After Tax |
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|
7.029 |
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Export Value |
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|
96.300 |
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Import Value |
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|
37.842 |
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Total Expenditure |
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|
216.111 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
---
|
--- |
3.10 |
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Net Profit Margin (PBT/Sales) |
(%) |
---
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--- |
4.55 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
---
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--- |
8.40 |
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Return on Investment (ROI) (PBT/Networth) |
|
---
|
--- |
0.35 |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.79
|
5.41 |
3.26 |
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Current Ratio (Current Asset/Current Liability) |
|
3.03
|
2.49 |
2.70 |
LOCAL AGENCY
FURTHER INFORMATION
History
The company had established a wholly owned subsidiary in Hamriyah Free Zone to set up manufacturing facility to manufacture sodium naphthalene sulphonate formaldehyde condensate (NSFC) on 20th May, 2002.
The company’s fixed assets of important value includes leasehold land, factory building, plant and machinery, furniture and fixtures, vehicles, laboratory equipments and data processing equipments.
Form 8
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Name of the company |
TYTAN ORGANICS
PRIVATE LIMITED |
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Presented By |
Central Bank of
India and Tytan Organic Private Limited |
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1) Date and description of instrument creating the change |
Dated : 20th
October, 2005 A) Articles of
Agreement B) Letter of
Hypothecation |
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2) Amount secured by the charge/amount owing on the securities of charge |
Term Loan of
Rs.5.000 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 |
a) All movable
property comprising inter alia machinery equipment plant and spare part which
now or hereafter from time to time during this security shal belong to the
borrowers wherever the same may be including in transit or brought in or
sotred or be in or about at the premises, warehouses or godowns of the
borrowers at C – 146 Trans Thane Creek Industrial Area, Pawne, Navi Mumbai b) Entire
existing and proposed Block assets of the company |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Repayment : 20
quarterly installments Interest : BPLR +
105 % + 0.50 % Margin : 25 %on
plant and machinery |
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5) Name and Address and description of the person entitled to the charge. |
Central Bank of
India Nariman Point
Branch, Chander Mukhi Building, Gr. Floor, MAriman Point, Mumbai – 400 021 |
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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. |
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Corporate
identity number (CIN) Foreign company registration number |
U24100MH1991PTC063639 |
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Name of the
Company |
TYTAN ORGANICS PRIVATE LIMITED |
|
Address |
7, Nowraji Mansion, 31, Wadehouse Road, Mumbai – 400039, Maharashtra |
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This form is for |
Modification of
Charge |
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Type of Charge |
Book Debts Movable Property
(not being pledge) |
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Particulars of
the charge holder |
Central Bank of
India Nariman Point
Branch, Chander Mukhi Building, Gr. Floor, Nariman Point, Mumbai – 400 021 Email : sborase@gmail.com |
|
Nature or description
of the instruments creating or modifying the charge |
Letter of
hypothecation of bills dated 09.06.2007 Composite
hypothecation deed dated 09.06.32007 Term loan
agreement dated 09.06.2007 Deed of guarantee
dated 09.06.2007 Comprehensive pre
and post – Shipment agreement dated 09.06.2007 |
|
Amount secured by
the charge |
Rs.232.662
Millions |
|
Brief of the
principal terms and conditions |
1 ) Rate of
Interest : BPLR + 1.25 % (Presently BPLR is 13 % and effective rate 14.25 % 2 ) Term of
Repayment : Working capital facility – On Demand Term loan
repayment – 20 quarterly installment of Rs.3.125 millions April 2008 Onwards. 3 ) Margin : CC
25 % OD against book
debts 40 % Packing credit 10
% 4 ) Extent and operation
of the charge : Hypothecation of entire stocks, raw materials, finished
goods, packing materials etc. and hypothecation of book debts, documents
under LC and first charge of entire block assets of the company to secure the
enhanced facilities of Rs.232.662 millions |
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Short particulars
of the property charged |
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Charge
identification |
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Brif description
of the instrument modifying the charge under section |
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Date of
Instrument |
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Particular of the
present modification |
Present modification
the aggregate facilities have been increased from Rs.156.354 millions to
Rs.232.662 millions as details in hypothecation agreement. |
Website Details Attached:
About Tytan:
Tytan is a group of two operating companies with controlling interests held by
a global investment arm. Located in two geographies, the Tytan companies have
grown to be important suppliers of speciality performance chemicals and
intermediates with worldwide markets.
Tytan
Organics Pvt.Ltd.(TOPL), the flagship company, commenced manufacturing
operations for speciality emulsifiers for agrochemcials in 1987.
Following
a rapid growth path, TOPL grew to dominate its field and soon became the
largest maufacturer of its lead product. From a modest beginning as a single
product company with one reactor, TOPL with its manufacturing facilities at
Thane Belapur, India is a market leader in leather chemicals & construction
chemicals and has acquired a greenfield site for the manufacture of fine
chemicals and contract manufacturing in Chiplun, India.
TOPL's
ISO 9001: 2000 certification from BVQ1 stands as testimony to its commitment
towards maintaining the highest standards in production and quality management,
demonstrating its dedication to foster good partnerships with its customers.
Another
landmark achievement to TOPL's credit is the "Export House" status
that has been conferred on it by the Gvt. of India, in recognition of its
performance in exports. The global markets of the US, Europe, Middle East and
the Far East account for a majority of its revenues.
Tytan
Organic Chemicals (Middle East) FZE (TOC), located at Hamriyah Free Zone in the
UAE was incorporated in 2002 for the manufacture of construction chemicals. TOC
is the pioneer and sole producer in the region with facilities for the actual
chemical synthesis of construction chemicals for concrete.
Overseas Expansion
In
line with Tytan's international focus, a new grassroots plant for the
manufacture of construction chemicals is being set up at Hamriyah Free Zone in
the UAE. This state-of-the-art facility will not onlyincorporate the latest
process technology, but will also be ideally positioned to meet the increasing
demand of this rapidly developing geography.
Quality Policy
"QUALITY IS EVERYTHING"
"Tytan's Quality focus must impart a rewarding
experience to all its stake holders at every touchpoint with continual
enhancement. At Tytan, Quality is expected to be a driver for creating an
upbeat and rewarding environment to work and deal in, for personal
enrichmentand economic fulfillment. Tytan is committed to ensure a safe and
ecofriendly environment."
Quality Accreditations
Tytan
is the proud achiever of ISO 9001:2000 accreditation certification from Bureau
Veritas Quality International (BVQI), an internationally recognized Quality
Standard.
Manufacturing
Facilities:
The
Tytan plant, located 35 km outside Mumbai, India, has top of the line and
comprehensive production equipment which include glass-lined, stainless steel,
lead-bonded and mild steel reactors; spray-dryer; filtration equipment; dry
blending/grinding equipment; storage tanks and ancillary equipment like
boilers, thermopacks, compressors and generator. The manufacturing processes
being conducted in this plant include sulphation, sulphonation, condensation,
polymerization, emulsion polymerization, distillation, spray drying, blending
and grinding amongst others.
A
sophisticated PLC (Programmable Logic Controller) based system controls the
critical reactions.
Technology and R&D
Tytan
has always maintained its focus on technology and new product development. Its
laboratory, well equipped with chromatographs and spectrophotometers amongst
other instruments and augmented with a pilot plant and pilot tannery, has been
the foundation for its highly successful and aggressive new product launches.
It continues to remain the focus for Tytan's latest endeavour in the
manufacture of fine organic chemicals.
Manpower
The
Tytan manufacturing site employs dedicated and competent staff of approximately
100 workers and professionals whose goal remains to offer outstanding products
and excellent service. Qualified PhD's lead the technical team with their
specialization's in core technologies.
Overseas Expansion
In
line with Tytan's international focus, a new grassroots plant for the
manufacture of construction chemicals is being set up at Hamriyah Free Zone in
the UAE. This state-of-the-art facility will not onlyincorporate the latest
process technology, but will also be ideally positioned to meet the increasing
demand of this rapidly developing geography.
Fine Organic Chemicals Division
Fired
by the challenge to leverage Tytan's key strength, technology management, a
compelling business plan has been developed to drive forward the twin
opportunities of custom manufacturing and fine chemicals manufacturing and
selling. Key relationships have been established and Tytan has already
undertaken the development of specific molecules for contract manufacturing.
Similarly, a launch product family has been identified.
A
new manufacturing site along with a residential locale has been acquired in an
industrial area approximately 250 kms. from Mumbai. This division will leverage
Tytan's core competencies and add growth and stability to its business
portfolio.
News
Flash:
Tytan participates in
Chemspec India 05 held in February
Chemspec India 05, opened its doors to a total number of
4,974 unique visitors and a total visitor attendance, including return visitors,
of 7,015. India's international exhibition on fine and specialty chemicals held
at the HITEX exhibition centre in Hyderabad on 23-24 February 2005 attracted
1,842 exhibitor stand personnel present with total attendance of 8,947.
ChemSpec India 2005 was busy from the outset, in all, about
30 companies from Europe, the US and Japan were present as exhibitors, via
their international offices, a local one or personnel at the stand of an Indian
distributor. SCM carried out an informal survey of these companies, speaking to
one or more representatives of each during the course of the second day
Tytan participates in India Chem 2004 held in
November.
INDIA
CHEM 2004 - 3rd International Exhibition and Conference On Chemicals,
Petrochemicals, Pharmaceuticals and Technologies Process Plant Machinery
Control and Automation System.
The Department of Chemicals, and Petrochemicals in association with Federation
of Indian Chamber of Commerce and Industry organized India Chem events in 2000
and 2002. The next event India Chem 2004 and International Exhibition and
Conference on Chemicals, Petrochemicals, Pharmaceuticals and Process &
Plant machinery is proposed to be organized from November 3 to 5, 2004 at NSE
Complex, Mumbai.
230 companies participated as exhibitors of which 79 were from foreign
countries including Germany (33), USA (16), China (14), Italy (7), Sweden,
Denmark, UAE, Iran, Japan, U.K., Switzerland, the Netherlands and South Africa.
Drug Regulators from 18 countries also attended the exhibition.
The
International conference had 95 speakers including 25 from other countries. The
events provide a platform to the Indian chemicals industry to project its
strength and an opportunity to interact with international chemical industry.
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.39.28 |
|
UK Pound |
1 |
Rs.80.87 |
|
Euro |
1 |
Rs.57.68 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
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. |
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 |
|