MIRA
INFORM REPORT
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Report Date : |
31.12.2008 |
IDENTIFICATION DETAILS
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Name : |
MYK LATICRETE INDIA PRIVATE LIMITED |
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Formerly Known As : |
LATICRETE INDIA PRIVATE LIMITED |
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Registered Office : |
6-3-569/2, 1ST Floor, Kamedhenu Complex, Rockdale Compound,
Somajiguda, Hyderabad-500082, Andhra Pradesh. |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
04.05.1999 |
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Com. Reg. No.: |
031624 |
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CIN No.: [Company
Identification No.] |
U99999AP1999PTC031624 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDL00422C |
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PAN No.: [Permanent
Account No.] |
AAACL5557E |
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Legal Form : |
Private Limited Liability Company
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Line of Business : |
Manufacturer of Ceramic Tiles Adhesives. |
RATING & COMMENTS
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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 219260 |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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Comments : |
Subject is almost a decade old company having moderate track. The
company has not filed any financials after 2006 with the Government departments
and the management declined to part with any details. However, no complaints
have been heard. The company can be considered for business dealings with slight
caution, initially. |
LOCATIONS
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Registered Office/Corporate Office : |
6-3-569/2, 1ST Floor, Kamedhenu Complex, Rockdale Compound,
Somajiguda, Hyderabad-500082, |
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Tel. No.: |
91-40-30413100 |
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Fax No.: |
91-40-23378784 |
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Factory 1 : |
C-21, Sotanala Industrial Area, Behror-301701, Alwar District. |
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Tel. No.: |
91-8455-220119 |
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Factory 2 : |
Survey No. 314 and 316, |
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Tel. No.: |
91-8455-220119 |
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Fax No.: |
91-8455-220424 |
DIRECTORS
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Name : |
Mr. Rothberg Allen David |
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Designation : |
Director |
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Address : |
30, |
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Date of Birth/Age : |
16.02.1954 |
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Date of Appointment : |
22.03.2000 |
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Name : |
Mr. Mr. Muni Krishna Papagari |
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Designation : |
Director |
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Address : |
Plot No. 762, Kamalapuri Colony, Phase II, Hyderabad-500073, |
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Date of Birth/Age : |
01.02.1944 |
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Date of Appointment : |
21.10.1999 |
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Name : |
Mr. Murlidhar Yadama |
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Designation : |
Managing Director |
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Address : |
101, Naimisam Apartments, |
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Date of Birth/Age : |
16.04.1972 |
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Date of Appointment : |
04.05.1999 |
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Name : |
Mr. Brujin De Erno |
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Designation : |
Director |
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Address : |
3, Kensett Ridge, Norwalk, Connecticut-06851, |
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Date of Birth/Age : |
08.03.1962 |
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Date of Appointment : |
22.03.2000 |
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Name : |
Mr. |
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Designation : |
Director |
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Address : |
101, Naimisam Apartments, |
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Date of Birth/Age : |
28.09.1974 |
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Date of Appointment : |
11.12.2000 |
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Name : |
Mr. Marinez Will |
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Designation : |
Director |
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Address : |
1, |
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Date of Appointment : |
01.08.2003 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On : 29.09.2006
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Names of Shareholders |
No. of Shares |
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Mr. Y. Muralidhar |
699200 |
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Laticrete Int. Inc., |
1630200 |
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Mr. P. Munikrishna |
56000 |
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Subhadra Investments Private Limited |
95000 |
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Shree Sai Gardens Private Limited |
250000 |
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Turbovent industries Private Limited |
235000 |
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MKA Engineering Private Limited |
90000 |
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Mr. Y. Kirthi Krishna |
130000 |
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Mr. D. Sree Leelavathi |
20000 |
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Mr. P. Sashi Krishna |
55000 |
Equity share breakup (percentage of total equity)
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Sr. No. |
Category |
Percentage |
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1 |
Foreign holdings (Foreign
institutional investor(s), Foreign companie(s), Foreign financial
institution(s), Non-resident indian(s) or Overseas corporate bodies or others |
50.00 |
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2 |
Bodies Corporate |
20.55 |
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3 |
Directors or relatives of directors |
28.83 |
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4 |
Other top fifty (50) shareholders |
0.62 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Ceramic Tiles Adhesives. |
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Products : |
·
Adhesives ·
Grouts ·
Waterproffing ·
Sealants ·
Latafinish ·
Where to buy |
GENERAL INFORMATION
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Bankers : |
Andhra Bank R. P. Road Branch, |
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Facilities : |
Secured Loan From Andhra Bank ·
Term Loan
Of Rs.0.312 millions ·
Cash Credit
Of Rs.7.994 millions Unsecured Loans ·
Interest Free Sales Tax Loan Rs.10.054 ·
Hire Purchase Loan Rs.0.152 |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
C. Ramachandram And Company Chartered Accountant |
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Address : |
606, Lingapur House, Himayathnagar, Hyderabad-500029, |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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3500000 |
Equity Shares |
Rs.10/- each |
Rs.35.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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3260400 |
Equity Shares |
Rs.10/- each |
Rs.32.604 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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32.604 |
32.604 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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11.248 |
6.676 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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43.852 |
39.280 |
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LOAN FUNDS |
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1] Secured Loans |
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8.306 |
5.105 |
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2] Unsecured Loans |
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10.206 |
6.902 |
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TOTAL BORROWING |
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18.512 |
12.007 |
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DEFERRED TAX LIABILITIES |
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3.885 |
2.808 |
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TOTAL |
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66.249 |
54.095 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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26.938 |
23.932 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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14.940 |
14.086 |
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Sundry Debtors |
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35.678 |
26.715 |
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Cash & Bank Balances |
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6.294 |
2.678 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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8.062 |
3.837 |
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Total
Current Assets |
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64.974 |
47.316 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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21.724 |
15.124 |
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Provisions |
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3.939 |
2.049 |
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Total
Current Liabilities |
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25.663 |
17.173 |
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Net Current Assets |
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39.311 |
30.143 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.020 |
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TOTAL |
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66.249 |
54.095 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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129.421 |
84.338 |
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Other Income |
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0.437 |
0.105 |
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Total Income |
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129.858 |
84.443 |
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Profit/(Loss) Before Tax |
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8.853 |
7.107 |
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Provision for Taxation |
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4.281 |
2.738 |
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Profit/(Loss) After Tax |
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4.572 |
4.369 |
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Expenditures : |
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Increase/(Decrease) in Finished Goods |
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(0.457) |
3.836 |
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Depreciation |
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1.801 |
1.705 |
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Other Expenditure |
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119.661 |
71.795 |
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Total Expenditure |
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121.005 |
77.336 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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3.52 |
5.17 |
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Net Profit Margin (PBT/Sales) |
(%) |
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6.84 |
8.43 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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9.63 |
9.98 |
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Return on Investment (ROI) (PBT/Networth) |
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0.20 |
0.18 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.00 |
0.74 |
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Current Ratio (Current Asset/Current Liability) |
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2.53 |
2.75 |
LOCAL AGENCY FURTHER INFORMATION
Note : The registered office
of the company has been shifted from 401/ Diamond Blocklumbini Rockdale
Compound Somajiguda, Hyderabad-500082 to present w.e.f. 01.11.2007
Operations :
During the year the Company recorded total
revenue of Rs.129.402 millions compromising sales income of Rs.129.421 millions
and other income of Rs.0.437 million and posted net profit of Rs.4.572
millions.
Future Outlook :
The situation of the construction industry
seems to be very bright
With growing dealer and distributor across the
country, trained team, established brand and projects behind it, Their
directors are confident that the future is prospective.
The company is coming up with its second
Sotanala. Their company is trying to educate the consumers of the performance
parameters to tackle the competition of unorganized players
Form 8
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This form is for |
Modification of
charge |
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Charge
identification number of the modified |
90128096 |
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Corporate
identity number of the company |
U99999AP1999PTC031624 |
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Name of the company
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LATICRETE INDIA
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
401, Diamond
Blocklumbini Rockdale, Somajiguds, Hyderabad-500082, |
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Type of charge |
Book Debts Immovable
Property Movable Property Others |
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Particular of
charge holder |
Andhra Bank |
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Nature of
description of the instrument creating or modifying the charge |
Composite
Agreement |
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Date of
instrument Creating the charge |
07.07.2007 |
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Amount secured by
the charge |
Rs.43.955
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest OCC BPLR-1%
Presentaly12% Term Loan
BPLR-0.75% Presently 12.25% Terms of
Repayment TL :20 Quarterly
Installments with Gestation Period of 6 months. Margin Stocks -25% Book Debts-50% Extent and
Operation of the charge As Per Agreement Others |
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Short particulars
of the property charged |
-- |
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Date of latest
modification prior to the present modification |
20.07.2006 |
Website Details
Attached :
Subject is a joint
venture between LATICRETE International,
Subject is the first and only company in the industry of tile and stone
installation materials to have obtained the prestigious ISO 9001:2000 Company
Certification, which exemplifies its commitment to provide the customers with
products of highest quality and standards.
Subject is expanding its operations into Indian sub continents countries like
For over 50 years and in more than 120 countries, Subject has been the world
leader in high- strength, shock and weather resistant installation systems for
ceramic tiles, pavers, brick and stone.
Subject’s history of successful installations internationally is a testimony of
its efficiency. The company’s long record of product quality par excellence has
ensured international success in a wide range of project areas facades,
swimming pools, residential, commercial, industrial floors and renovation
works.
The range of products manufactured at its facility at Rudraram, Patancheru in
Andhra Pradesh adhere to strict quality standards. Now, to cater to its
increasing consumer base in north
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.48.56 |
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|
1 |
Rs.70.02 |
|
Euro |
1 |
Rs.67.95 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
32 |
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 |
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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 |
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