MIRA
INFORM REPORT
|
Report Date : |
12.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
CIPY POLYURETHANES PRIVATE LIMITED |
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Registered Office : |
T –127, MIDC,
Bhosari Industrial Area, Pune – 411026, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
29.11.1994 |
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Com. Reg. No.: |
11-83328 |
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CIN No.: [Company
Identification No.] |
U24219PN1994PTC083328 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEC00821C |
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PAN No.: [Permanent
Account No.] |
AAACC7264R |
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Legal Form : |
Private Limited
Liability Company. |
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Line of Business : |
To manufacture,
sell, buy, deal in all kind of chemical covasive, paints, poly rethanes,
water proofing and allied items and to invent new techniques, formulas in
manufacturing the same. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
USD 178828 |
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Status : |
Good |
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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 records.
Financial position is good. Payments
are correct and as per commitments. The company is doing well. It can be
considered good for any normal business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered
Office / Corporate
Office / Factory : |
T –127, MIDC, Bhosari
Industrial Area, Pune – 411026, Maharashtra, India |
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Tel. No.: |
91-20-27121706/
27122586/ 27122861 |
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Fax No.: |
91-20-27120491 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Mr. Subhash Panku
Cheralayth |
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Designation : |
Chairman and
Managing Director |
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Address : |
Ritu, 11, Green
Park, Baner, Pune – 411007, Maharashtra, India |
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Date of
Birth/Age : |
16/05/1953 |
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Date of
Appointment : |
29/11/1994 |
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Name : |
Mrs. Sabita
Subhash Cheralayth |
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Designation : |
Director |
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Address : |
Ritu, 11, Green
Park, Baner, Pune – 411007, Maharashtra, India |
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Date of
Birth/Age : |
06/06/1960 |
|
Date of
Appointment : |
29/11/1994 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of
Shareholders [as on
31.03.2007]:- |
No. of Shares |
Percentage |
|
Mr. Subhash Panku
Cheralayth |
18018 |
20.01 % |
|
Mrs. Sabita
Subhash Cheralayth |
72018 |
79.99 % |
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Total |
90036 |
100.00 % |
Equity Shares Breakup (Percentage of Total Equity): [as on 31.03.2007]:-
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Category |
Percentage |
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Directors or relative of directors |
100.00 |
BUSINESS DETAILS
|
Line of
Business : |
To manufacture,
sell, buy, deal in all kind of chemical covasive, paints, poly rethanes,
water proofing and allied items and to invent new techniques, formulas in
manufacturing the same. |
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Product : |
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GENERAL
INFORMATION
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No. of
Employees : |
350 |
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Bankers : |
· Indian Bank Address: 1:Deccan
Gymnkhana, Pune – 411004, Maharashtra, India Address 2:
759/62, Prabhat Road, Deccan Gymkhana, Pune – 411 004, Maharashtra, India · Axis Bank Limited 126/B, Sterling
Plaza, Jangli Maharaj Road, Deccan Gymkhana, Pune – 411 004, Maharashtra,
India |
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Facilities : |
From Indian Bank Cash Credit
against hypothecation of stock and debtors & mortgage of building and
guaranteed by the directors. |
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Banking Relations : |
Satisfactory |
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Auditors : |
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Name : |
Shireesh N. Agte Chartered
Accountants |
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Address : |
461/1, Sadashiv
Peth, Above Dr. Pathak Hospital, Opposite English School, Tilak Road, Pune –
411030, Maharashtra, India |
|
Tel. No.: |
91-20-24455414/
24453592 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
100000 |
Equity shares |
Rs. 100/- each |
Rs. 10.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
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|
90036 |
Equity shares |
Rs. 100/- each |
Rs. 9.003
millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
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SHAREHOLDERS FUNDS |
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|
|
|
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1] Share Capital |
9.003 |
9.003 |
9.004 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
35.704 |
21.432 |
14.653 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
44.707 |
30.435 |
23.657 |
|
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LOAN FUNDS |
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|
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1] Secured Loans |
73.606 |
31.915 |
32.230 |
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2] Unsecured Loans |
5.814 |
6.430 |
6.441 |
|
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TOTAL BORROWING |
79.420 |
38.345 |
38.671 |
|
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DEFERRED TAX LIABILITIES |
1.425 |
1.805 |
1.214 |
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|
|
|
|
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TOTAL |
125.552 |
70.585 |
63.542 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
31.304 |
26.436 |
26.324 |
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Capital work-in-progress |
0.045 |
0.225 |
0.000 |
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|
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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 |
22.097
|
18.015 |
17.436 |
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Sundry Debtors |
121.671
|
69.287 |
52.964 |
|
|
Cash & Bank Balances |
30.383
|
9.749 |
6.956 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
13.853
|
3.212 |
2.271 |
|
Total
Current Assets |
188.004
|
100.263 |
79.627 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
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|
|
|
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Current Liabilities |
85.106
|
55.117 |
41.382 |
|
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Provisions |
8.695
|
1.222 |
1.027 |
|
Total
Current Liabilities |
93.801
|
56.339 |
42.409 |
|
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Net Current Assets |
94.203
|
43.924 |
37.218 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
125.552 |
70.585 |
63.542 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Sales Turnover [including other income]
|
344.039 |
237.454 |
181.936 |
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|
|
|
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Profit/(Loss) Before Tax
|
23.617 |
13.268 |
10.546 |
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Provision for Taxation
|
0.000 |
5.188 |
2.639 |
|
Profit/(Loss) After Tax
|
23.617 |
8.080 |
7.907 |
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Export Value
|
NA |
0.132 |
NA |
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Expenditures:
|
|
|
|
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Depreciation |
1.883 |
1.637 |
0.000 |
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Other Expenditure |
318.539 |
222.549 |
171.391 |
|
Total Expenditure |
320.422 |
224.186 |
171.391 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total
Income |
(%) |
6.86
|
3.40
|
4.35 |
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Net Profit Margin (PBT/Sales) |
(%) |
6.86
|
5.59
|
5.80 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
10.77
|
10.47
|
9.95 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.53
|
0.44
|
0.45 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.87
|
3.11
|
3.43 |
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Current Ratio (Current Asset/Current Liability) |
|
2.00
|
0.78
|
1.88 |
LOCAL AGENCY
FURTHER INFORMATION
|
Corporation identity number or foreign company registrations number of
the company |
U24219PN1994PTC083328 |
|
Name of the company |
CIPY POLY URETHANES PRIVATE LIMITED |
|
Address |
T -127 MIDC Bhosari Industrial Area, Pune – 411 026,
Maharashtra, India |
|
This Form is for |
Creation of Charge |
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Type of Charges |
Movable property |
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Particular of the charge holder
|
Axis Bank Limited 126/B, Sterling Plaza, Jangli Maharaj Road, Deccan Gymkhana, Pune –
411 004, Maharashtra, India Email: sachni.Deo@utibank.co.in |
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Nature or description of the instrument creating charge |
Composite hypothecation deed (current
assets, movables and receivables) |
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Date of the instrument creating charge |
10.03.2007 |
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Amount Secure by the charge |
Rs. 94.932 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Terms of repayment: Repayable on Demand Extent and operation of the Charge: First charge Others: Facility : Cash credit Rs. 60.000 millions EPC / FBN / FBP Rs. 10.000 millions Term Loan I (Take over) Rs. 1.532
millions) Corporate loan (TL III) Rs. 10.000 millions Letter of Credit Rs. 15.0000 millions Short Term Loan (Sub Limit of LC ) (Rs. 7.400 millions) Bank Guarantee (Rs. 5.000 millions) Total Rs. 94.932 millions |
|
Name of the
company |
CIPY
POLYURETHANES PRIVATE LIMITED |
||||||||
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Presented By |
Mr. Subhash
Panku Cheralayth Chairman and
Managing Director |
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1) Date and
description of instrument creating the change |
Agreement of
hypothecation of moveable dated 29.03.1996 |
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2) Amount secured
by the charge/amount owing on the securities of charge |
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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 |
Hypothecation of
Stocks, Plant and Machinery and Book Debts
|
||||||||
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4) Gist of the
terms and conditions and extent and operation of the charge. |
Rate of Interest @ 20.75 % p.a. Repayable on Demand |
||||||||
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5) Name and
Address and description of the person entitled to the charge. |
Indian Bank Deccan Gymkhana Branch Pune – 411004 |
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6) Date and brief description of instrument
modifying the charge |
Agreement of
hypothecation of movables dated 17.08.2002
|
||||||||
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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. |
Agreement of
hypothecation of Moveable, Stocks, Hypothecation of Book debts and
Hypothecation of Plant and Machinery
or company dated 28.10.1999 and Extension of EM Rol 16.83 % Margin 25 % on
Stock Margin 50 % on
Book debts less than 60 days First
modification was made on 30.03.1996 which was registered on 18.06.1996 at S.
No. 10, whereby the charge by way of EM of Plot No. J 446, MIDC, Bhosari,
Pune has been registered to cover the total limit of Rs. 6.000 Millions Second
modification was made on 31.12.1996 which was registered on 03.04.1998 at S.
No. 14, whereby the CC limit of Rs. 1.5 Millions to Rs. 2.00 Millions Third
modification was made on 18.05.1998 which was registered on 16.06.1998 at S.
No. 1173 covering the OD limit of Rs. 1 Millions against hypothecation of
Book debts. Forth
modification was made on 18.05.1998 which was registered on 21.09.1998 at S.
No. 4335,thereby the OD limit was raised from Rs. 1 millions to 2 millions Fifth
modification was made on 06.01.1999 which was registered on 02.02.1999 and
registered on 02.06.1999 at S. No. 20, thereby fresh MTL limit given for Rs.
1.1 millions against hypothecation of imported Machinery and CC limit raised
from Rs. 2 millions to Rs. 3 Millions Sixth
modification to cover the CC limit of Rs. 10 Millions as a substitute for OCC
limit of Rs. 3 Millions ODBO Limit of Rs. 2 millions Bill purchased limit of
Rs. 3 millions. Total limit Rs. 8 millions enhanced by Rs. 2 millions against
hypothecation of RM, WIP, FG and Book debts. The coverage under LC and
guarantee has been retained at Rs. 1 millions each respectively. The overall
limit charge is raised from Rs. 11.1 millions to Rs. 13.1 millions. This
modification was registered with the register of the companies on 01.12.1999. Seventh was
modification dated 06.06.2000 making modification from Rs. 13.1 millions to
Rs. 13.805 millions Term loan limit
reduced to Rs. 0.805 millions Guarantee limit
raised to Rs. 0.2 millions Hence the present
limits are as under : OCC : Rs. 10.000
Millions MTL Rs. 80.5
Millions LC Rs. 1.000 Millions
Guarantee : Rs.
2.000 Millions Against
furniture, lights, colours, cabins, tables, chairs, A/c etc. Rate of Interest
PLR 3 % For OCC Margin
Money 25 % For MTL Margin
Money 25 % For Book Debts 20
% This modification
was made on dated 17.08.2002 making modification from Rs. 13.805 millions to
Rs. 29.8 millions Which include
modification of OCC limit from Rs. 10 millions to Rs. 24 millions so
modification by Rs. 10 millions, guarantees limit modifying from Rs. 2.000
millions to Rs. 3.00 millions so modification by Rs. 1.00 millions and
additional Int LC / DA Rs. 5.00 millions and MTI 1 & 2 there was no
change. For OCC limit
against stock, Book debts and receivables WIP, Finished goods including
present and future Rate of interest
PLR + 3 % Maximum 18 % Margin 25 % |
WEBSITE DETAILS
ATTACHED:
OVERVIEW
The company, the pioneer in urethane and epoxy
coating in India, was founded with a vision “Innovation and Versatility” in mid
70’s.
Headquartered in
Pune, India, this technology driven company was the first to introduce
polyurethane coatings in India. Cipy, with more than 100 products and brands,
now stands at the forefront of technology, with the latest addition of hybrid
epu, water borne urethanes and epoxies to their product portfolio.
Subject “Coatings
from Cans” are being supplied to major Asian countries for a wide variety of
applications.
Products introduced in the current millennium include
Rust-O-Thane, moisture curing urethane coating for corrosion control, Durathane
100, 100% elastomeric, solventless PU coating, PUD based coatings, EPU hybrid
system, the chemical combination of epoxy and urethane among the various
others. They stand to put their three decades of rich
experience and expertise to work, to set highest standards in surface care.
Established
in 1976, Subject has over the last few decades expanded its product portfolio
to institute new trends in C.A.S.E (Coatings, Adhesives, Sealants, and
Elastomers) segments.
An ISO 9001
accredited company since 1998, their philosophy is to produce urethane, epoxy
and acrylic coatings in solvented, solventless and aqueous media to conform to
true international standards for use across a wide range of application areas.
The unique
combination of world class manufacturing facilities focused technical
expertise, flexible and responsive service, inventive research and development
and zeal to create value addition for their customers puts company in a class
of its own.
The
company pioneered the development of polyurethane technology more than 29 years
ago to provide a new breed of coatings- from glass hard to rubbery, elastomeric
coatings.This innovative research led to a new coating market segment based on
the synergy of toughness and flexibility to cater to varied surface coating requirements
such as floor coatings, spray applied coatings, adhesives, sealants, membranes,
wall coatings, metal coatings, wood coatings.
Achievements:
1976: The
first baby of Cipy : ‘U-Coat’, the two component PU clear coating
1978: Introduction
of second product, now obscure, Urelac.
1980: The
launch of the first MCU of the country : Duraseal
1982: The
commission of the first plant at J-62 in MIDC , Pune
1984: The
take off of complete range of PU anti corrosive systems.
1985: The
very first product of Floor coat was emerged.
1988: Flocking
adhesives were launched
1991: The
firm became a Corporate entity
1995: The
second plant at J-446, MIDC was commissioned
1996: The
continuous R&D brought in novel products: Adhesives, sealants and OEM
paints
1998: Became
an ISO 9001 accredited company.
1999: Ventured
in to complete range of epoxy based coatings under the brandname : Cipoxy
2000: The emergence of India’s first hybrid
epoxy-pu system: EPU. Protective coatings got approval from Engineers India
2001: Silver
jubilee year. The launch of spray applied, elastomeric PU coatings, water
dispersible epoxy and PU, ESD floorings,, MCU’s
2002: Shifted
to the current location, T-127, MIDC, Bhosari, Pune
2003: Completes
25 million sq.ft. Of Floor coat installations
2004: Developed
PU based self levelling floorings: Floor coat SL
2005: Developed
hybrid polyurea coatings; three component waterborne PU self levelling
floorings.
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.39.94 |
|
UK Pound |
1 |
Rs.78.81 |
|
Euro |
1 |
Rs.63.05 |
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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--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 |
|