MIRA
INFORM REPORT
|
Report Date : |
02.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
CITY CAT OVERSEAS CHEMICALS LIMITED |
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Registered Office : |
City Cat House, 29, Police Court Lane, Fort, Mumbai - 400 001 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
16.07.1998 |
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Com. Reg. No.: |
11-115352 |
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CIN No.: [Company
Identification No.] |
U51900MH1998PLC115352 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC08853F |
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PAN No.: [Permanent
Account No.] |
AAACC8123B |
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Legal Form : |
A closely held public limited liability company |
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Line of Business : |
Manufacturer and Exporter of Reactive Dyes, Direct Dyes, Acid Dyes,
Basic Dyes, Organic Pigment, Flourescent Pigment, Food Colours, Flourescent
Brightening, Textile Auxillaries and Paints. |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 33000 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a small company in its field. It is not much known. Trade
relations are reported as fair. No payment are known. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
City Cat House, 29, Police Court Lane,
Fort, Mumbai - 400 001 - India |
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Tel. No.: |
91-22-22651703 / 22651704 / 22622443 /
56349163 [Extn : 300] |
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Fax No.: |
91-22-22630348 / 22657891 / 22650815 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Ms. Swati Subhash Parab |
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Designation : |
Chairman and Managing Director |
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Address : |
B – 39-Om Sai Prasad Co-operative Housing Society, Mtthaghar Road,
Mulund, Mumbai – 400081, Maharashtra, India
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Date of Birth/Age : |
27.10.1974 |
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Date of Appointment : |
16.07.1998 |
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Name : |
Mr. Anil Shamrao Prabhu |
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Designation : |
Whole Time Director |
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Address : |
303, Sai Apartments, Gen A. K. Vaidya Marg, Panchpakhadi – Thane – 400602,
Maharashtra, India |
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Date of Birth/Age : |
04.10.1955 |
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Date of Appointment : |
16.07.1998 |
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Name : |
Ms. Uma Dinesh Agarwal |
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Designation : |
Director |
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Address : |
25 Premkont Sion Circle, Sion – West, Mumbai – 400022, Maharashtra,
India |
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Date of Birth/Age : |
31.12.1961 |
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Date of Appointment : |
16.07.1998 |
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Name : |
Mr. Saifuddin Katabjiwala |
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Designation : |
Director |
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Address : |
Mamoon Villa – Villa No. 7, Muktand Society, Bairo Banala, Fatima
Nagar, Pune, Maharashtra, India |
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Date of Birth/Age : |
01.03.1942 |
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Date of Appointment : |
20.09.2002 |
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Date of Ceasing : |
30.06.2003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
|
Names of Shareholders |
|
No. of Shares |
|
Parab Subhash Swati |
|
300364 |
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Prabhu Shamrao Anil |
|
258655 |
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Agarwal Dinesh Uma |
|
119238 |
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Parab Subhash Rasna |
|
238 |
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Parab Subhash Neena |
|
238 |
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Prabhu Anil Sneha |
|
238 |
|
Caracara INV and Leasing private Limited |
|
26180 |
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Agarwal Vikas |
|
19040 |
|
Valerion Investment and Leasing Private Limited |
|
29750 |
|
Virani Sally |
|
24752 |
|
Handi Finance and Trading Private Limited |
|
17000 |
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Suvatna Sushila |
|
1802 |
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Agarwal Vinay |
|
1683 |
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Agarwal K. Briju |
|
11050 |
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Total |
|
810228 |
AS ON 29.09.2007
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Equity Share
Breakup |
|
Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Reactive Dyes, Direct Dyes, Acid Dyes,
Basic Dyes, Organic Pigment, Flourescent Pigment, Food Colours, Flourescent
Brightening, Textile Auxillaries and Paints. |
GENERAL
INFORMATION
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No. of Employees : |
About 20 |
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Bankers : |
Punjab National Bank, International Banking Branch, 265, Birya House,
Bazargate Street, Fort, Mumbai – 400001, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Rakesh Agarwal and Associates Chartered Accountants |
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Address : |
M-2, Sharada Chamber No. 2, Keshaviji Naik Road, Bhat Bazar, Mumbai –
400009, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2250000 |
Equity Shares |
Rs. 10/- each |
Rs. 22.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
828278 |
Equity Shares |
Rs. 10/- each |
Rs. 8.283
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
8.283 |
8.102 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
0.019 |
0.019 |
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4] (Accumulated Losses) |
|
[0.100] |
[0.111] |
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NETWORTH |
|
8.202 |
8.010 |
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LOAN FUNDS |
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1] Secured Loans |
|
14.154 |
10.942 |
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2] Unsecured Loans |
|
0.013 |
0.439 |
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TOTAL BORROWING |
|
14.167 |
11.381 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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DUTIES AND TAXES |
|
0.000 |
0.010 |
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TOTAL |
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22.369 |
19.401 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1.557 |
1.912 |
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Capital work-in-progress |
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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 |
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0.000 |
7.433 |
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Sundry Debtors |
|
14.747 |
7.579 |
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Cash & Bank Balances |
|
0.822 |
0.144 |
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Other Current Assets |
|
6.312 |
0.804 |
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Loans & Advances |
|
3.455 |
3.288 |
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Total
Current Assets |
|
25.336 |
19.248 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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4.524 |
1.759 |
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Provisions |
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Total
Current Liabilities |
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4.524 |
1.759 |
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Net Current Assets |
|
20.812 |
17.489 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
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22.369 |
19.401 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
46.099 |
26.716 |
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Other Income |
|
0.780 |
0.626 |
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Total Income |
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46.879 |
27.342 |
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Profit/(Loss) Before Tax |
|
0.117 |
0.008 |
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Provision for Taxation |
|
-- |
-- |
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Profit/(Loss) After Tax |
|
0.117 |
0.008 |
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Expenditures : |
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Purchases made for re-sale |
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28.372 |
19.594 |
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Salaries, Wages, Bonus, etc. |
|
0.470 |
0.329 |
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Managerial Remuneration |
|
0.356 |
0.406 |
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Interest |
|
1.585 |
1.257 |
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Insurance Expenses |
|
0.059 |
0.036 |
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Depreciation & Amortization |
|
0.355 |
0.453 |
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Other Expenditure |
|
15.566 |
5.259 |
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Total Expenditure |
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46.763 |
27.334 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2007 |
31.03.2006 |
|
PAT / Total
Income |
(%) |
|
0.25 |
0.03 |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.25 |
0.03 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.44 |
0.04 |
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Return on Investment (ROI) (PBT/Networth) |
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|
0.01 |
0.00 |
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Debt Equity Ratio (Total Liability/Networth) |
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|
2.28 |
1.64 |
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Current Ratio (Current Asset/Current Liability) |
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|
5.60 |
10.94 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
CITY CAT
OVERSEAS CHEMICALS LIMITED |
|
Presented By |
Punjab National
Bank, IBB, Maker F Cuffee Parade, Mumbai – 400005 and Director of the company
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1) Date and description of instrument creating the change |
15.11.2001,
Hypothecation agreement of Fixed Assets 15.11.2001,
Hypothecation of agreement for packing Credit |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 7.500
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 |
Stocks of dyes
chemical, auto spare parts, Engg, goods etc fixed assets. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
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5) Name and Address and description of the person entitled to the charge. |
Punjab National Bank International Banking Branch, 265, Birya House, Bazargate Street,
Fort, Mumbai – 400001, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
Packing Credit
Agreement dated 14.11.2002 for Rs. 3.000 Millions packing credit agreement
dated 01.09.2003 for the additional products hypothecation of Dyes and
Chemicals, Engineering goods, Auto parts 2-3 wheelers, stainless steel
vessels. FOBP / FOYBP /
FOBNLC / Limit dated 14.11.2002 for Rs. 8.000 Millions. Increased to Rs. 10
Millions by agreement dated 01.09.2003
|
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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. |
The original
charge dated 15.11.2001 for Rs. 7.500 Millions has been modified and the
amount of charge has been increased to Rs. 6.000 Millions Packing credit
agreement dated 14.11.2002 for Rs. 3.000 Millions. Now enhanced to Rs. 5.000
Millions by Packing credit agreement for the additional products
hypothecation of dues and chemicals, engineering goods, auto parts 2-3
wheelers stainless steel vessels. FOBP / FOYBP /
FOBNLC / Limit dated 14.11.2002 for Rs. 8.000 Millions. Increased to Rs. 10
Millions by agreement dated 01.09.2003
|
|
This form is for |
Modification of
charge |
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Charge identification
number of the modified |
90143650 |
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Corporate
identity number of the company |
U51900MH1998PLC115352 |
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Name of the
company |
CITY CAT OVERSEAS CHEMICALS LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
City Cat House, 29, Police Court Lane, Fort, Mumbai - 400 001 –
India |
|
Type of charge |
Book Debts |
|
Particular of
charge holder |
Punjab National Bank International Banking Branch, 265, Birya House, Bazargate Street,
Fort, Mumbai – 400001, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
All the
agreements constitute single charge. |
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Date of
instrument Creating the charge |
30.07.2007 |
|
Amount secured by
the charge |
Rs. 40.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest BPLR – 3.25 % and
BPLR 3.25 % p.a. and other credit facilities as per sanction letter. Terms of
Repayment Working capital
credit facilities are subject to renewal every annum Margin Margins are
levied differently as per respective facilities and are mentioned in the
respective sanction letter. Extent and
Operation of the charge Rs. 40.000
Millions |
|
Short particulars
of the property charged |
Book Debts and
Stocks, Letter of credit etc. |
|
Particulars of
the present modification |
By this modification,
the Bank has enhanced the credit facilities from Rs. 20.000 Millions to Rs.
40.000 Millions as detailed under : Packing credit Rs. 9.000 Millions
[Enhanced from Rs. 5.000 Millions to Rs. 9.000 Millions] Post shipment Rs.
30.000 Millions [Enhanced from Rs. 10.000 Millions to Rs. 30.000 Millions,
FOBNLC Limit Rs. 30 Millions FOUBP sublimit Rs. 3.000 Millions, FOUBP sub
limit Rs. 12.500 Millions OD against duty
draw back Rs. 1.000 Million FLC Rs. 4.000
Millions B. G. Rs. 2.000 Millions Total ceiling of
credit facilities of Rs. 40.000 Millions |
As Per Website
History
CITY CAT
INTERNATIONAL LIMITED is part of the CITY CAT GROUP of companies, which is as diverse as it is
innovative. CITY CAT INTERNATIONAL
was floated in 1985 as a partnership firm.Soon as the client list showed an
Up-Trend and began to climb steadily, the company was forcibly converted into a
limited company. This sudden development became possible because of the
company's philosophy, which is to put the customer first. All the company's
actions are built on the cornerstone of this philosophy, which has enhanced the
reputation and standing of CITY CAT
INTERNATIONAL LIMITED as well as made the company dear to all its
clients and trade associates. It is a matter of great pride to the company to
be known as one of the most trust worthy and efficient company's to do business
with.
The company is more than 15 years
old and has grown to be a force to reckon with in the field of Dyestuffs. City
Cat owes most of its success for the continuous evaluation and implementation
of the latest innovations to foster speedier growth.
With City Cat, the customer comes first. All the Company's actions revolve
around this philosophy, which has made City Cat dear to all its clients and
trade Associates.
The Management
The entire group is managed by
highly qualified personnel having vast experience in the field of manufacturing
of dyestuffs/ ornamental ironware art decorative items/ fasteners/ bearings/
auto / tractor & diesel engine spares. The management tree comprising of
young, dynamic and dedicated executives at all levels to squeeze opportunities
whenever arise for growth of the company. The delegation of responsibilities
and accountability given to every autonomous division of the company has achieved
their pre-set target easily. This shows proper co-ordination, co-operation and
harmonious relation amongst the management, executives and employees of the
company.
Manufacturing Unit
City Cat boasts of 4
state-of-the-art factories situated near the border of Maharashtra State.
Dyestuff is manufactured under vigilant supervision and strict Quality Control
checks are imposed on the material at every stage.
City Cat also implements
innovations perfected and patented by its research and development department.
This is why all our clients consider us as long time partners and look to us to
supply Quality Dyestuff at competitive rates.
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.39.97 |
|
UK Pound |
1 |
Rs.79.53 |
|
Euro |
1 |
Rs.63.09 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
36 |
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 |
|