MIRA
INFORM REPORT
|
Report Date : |
07.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ICCONOL PETROLEUMS PRIVATE LIMITED |
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Registered Office : |
E – 9, Nand Dham Industrial Estate, Marol Maroshi Road, Marol, Andheri
[East], Mumbai 400059, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
07.02.2002 |
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Com. Reg. No.: |
134821 |
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CIN No.: [Company
Identification No.] |
U23209MH2002PTC134821 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and Exporters of Lubricants |
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 27000 |
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Status : |
Small Company |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small Company. Directors are reported as
experienced and respectable businessmen.
Trade relations are fair. Payments are reported as usually correct and
as per commitments. The Company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
LOCATIONS
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Registered Office/Factory : |
E – 9, Nand Dham Industrial Estate, Marol Maroshi Road, Marol, Andheri
[East], Mumbai 400059, Maharashtra, India |
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Tel. No.: |
91-22-29250658 / 29250177 / 40260204 / 28508801 |
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Fax No.: |
91-22-29207672 / 28527672 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Tushar Hasmukhlal Shah |
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Designation : |
Director |
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Address : |
25, Gitanjali, 73/75, Walkeshwar Road, Mumbai 400006, Maharashtra,
India |
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Date of Birth/Age : |
10.05.1960 |
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Date of Appointment : |
12.05.2004 |
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Name : |
Mr. Dhiraj Pratap Shardapratap Singh |
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Designation : |
Director |
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Address : |
86/Room No. 84, Navarang Co-operative Housing Society, Tilak Nagar,
Chembur 400089, Maharashtra, India |
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Date of Birth/Age : |
24.11.1956 |
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Date of Appointment : |
15.05.2003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Tushar Shah |
|
7700 |
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Gargi Shah |
|
1595 |
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Tushar Shah |
|
140855 |
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Devansh Shah |
|
223925 |
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Yash Shah |
|
75925 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Directors or relatives of the Directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Lubricants |
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Products : |
Ø Automotive
Lubricants Ø Industrial
Lubricants Ø Industrial Speciality
Oils Ø Waxes Ø Metal Working
Oils Ø Rubber
Processing Oils Ø Cable Compounds Ø Jellies |
GENERAL
INFORMATION
|
Bankers : |
Bank of India SSI, Andheri
[East] Branch, Mathuria Apartments, M. Vasanji Marg, Andheri [East], Mumbai 400069,
Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Rajendra and Company Chartered Accountants |
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Address : |
1311, Dalamal Tower, 211, Nariman Point, Mumbai 400021, Maharashtra,
India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
750000 |
Equity Shares |
Rs. 10/- each |
Rs. 7.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
550000 |
Equity Shares |
Rs. 10/-
each |
Rs. 5.500
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 |
|
5.500 |
4.500 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
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1.296 |
0.351 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
6.796 |
4.851 |
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LOAN FUNDS |
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1] Secured Loans |
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20.612 |
8.613 |
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2] Unsecured Loans |
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4.291 |
4.771 |
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TOTAL BORROWING |
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24.903 |
13.384 |
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DEFERRED TAX LIABILITIES |
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0.782 |
0.425 |
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TOTAL |
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32.481 |
18.660 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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15.110 |
8.645 |
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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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15.969 |
8.950 |
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Sundry Debtors |
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8.149 |
3.920 |
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Cash & Bank Balances |
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0.215 |
0.312 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
|
2.272 |
0.826 |
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Total
Current Assets |
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26.605 |
14.008 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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8.658 |
3.683 |
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Provisions |
|
0.576 |
0.311 |
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Total
Current Liabilities |
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9.234 |
3.994 |
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Net Current Assets |
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17.371 |
10.014 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.001 |
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TOTAL |
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32.481 |
18.660 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Debt Equity Ratio (Total Liability/Networth) |
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5.02 |
3.58 |
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Current Ratio (Current Asset/Current Liability) |
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2.88 |
3.50 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
Bankers Charges
Report as per Registry
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This Form is for |
Modification of charge |
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Charge
identification number of the charge to be modified |
90141385 |
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Corporate
identity number of the company |
U23209MH2002PTC134821 |
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Name of the company
|
ICCONOL
PETROLEUMS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
E – 9, Nand Dham Industrial Estate, Marol Maroshi Road, Marol, Andheri
[East], Mumbai 400059, Maharashtra, India |
|
Type of charge |
Ø Book Debts Ø Movable Property
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Particular of
charge holder |
Bank of India SSI, Andheri
[East] Branch, Mathuria Apartments, M. Vasanji Marg, Andheri [East], Mumbai
400069, Maharashtra, India |
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Nature of description
of the instrument creating or modifying the charge |
Supplemental Deed
of Hypothecation |
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Date of
instrument Creating the charge |
31.10.2006 |
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Amount secured by
the charge |
Rs. 17.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of
Interest Cash Credit BPLR
+ 0.50% presently 12% with monthly rests, EPC : 7.75% , L/C and Guarantee :
as per extant guide lines. The Bank
shall be entitled to change the rate/s of interest and/or commission in
respect of the said facilities which shall be as notified by the Bank. [b] Terms of
Repayment On Demand [c] Margin Margin 25%
against raw material, finished goods, 40% against Book Debts outstanding of 3
months or as fixed by Bank from time to time [i.e. as per original agreement] [d] Extent and
operation of the charge The security and
charge hereby created shall be a security by way of first charge on all the
said hypothecated machinery, hypothecated goods and the said debts
[hereinafter for brevity’s sake collectively referred to as ‘the hypothecated
assets’] for the due payment as provided in this deed of all moneys.
Including the principals sums, interest/commission, costs, charge and
expenses and all other moneys, whatsoever due owing continuing in [e] others [e] Others and payable by
the Borrower to the Bank under or in respect of or connection with or in
anywise concerning or relating to the said facilities agreed to be granted
and/or granted by the Bank to the Borrower as aforesaid. Limits : 1, C/C,
Hypothecation stocks and Book Debts
Rs. 15.000 Millions 2. EPC Rs. 2.500
Millions 3. Foreign Bills Purchase Rs. 2.500 Millions
– Max Rs. 15.000 Millions 4. L/C and Guarantee
Rs. 2.000 Millions, Total Rs. 17.000 Millions |
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Short particulars
of the property charged |
[a] All tangible
movable machineries and plant both present and future [b] All tangible
movable properties and assets of whatsoever nature of the Borrower [both
present and future] both situated at Village Honad, Khopoli or whatever else c] All the
present and future book debts, outstanding, moneys receivables, claims, bill
which are now due and owing or which may at any time hereafter during the
continuance of this security become due and owing to the Borrower details as
per Agreement. |
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Date of latest
modification prior to the present modification |
10.08.2005 |
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Particulars of
the present modification |
2nd Modification
: The limits revised as above and aggregate charged increased to Rs. 17.000
Millions |
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Name of the company |
ICCONOL
PETROLEUMS PRIVATE LIMITED |
|
Presented By |
Bank of India SSI, Andheri [East]
Branch, Mathuria Apartments, M. Vasanji Marg, Andheri [East], Mumbai 400069,
Maharashtra, India |
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1) Date and description of instrument creating the change |
04.11.2004 No Instrument Equitable mortgage by deposit of title deeds copy of
memorandum of entry/Oral Assent attached |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 4.000
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 |
Plot of land and
building and other structures and fixed machineries and plant and fixtures
and fittings erected or installed thereon situate at Mouje Honad, Taluka
Khalapur, District Raigad bearing Survey No. 59, Hissa No. 7A/5A 1/4A
admeasuring R 53, 16, 12 P - 5,9,7 |
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4) Gist of the terms and conditions and extent and operation of the
charge. |
Facilities Cash Credit Rs.
3.000 Millions L/C Rs. 1.000 Millions --------------------------- Rs. 4.000 Millions
------------------------------ Interest BPLR + 1%
presently 11.75% p.a. or at such other rate/s of interest as may be notified
by the bank form time to time. The security in
favour of the Bank is for the due repayment of any advances of any nature now
due or pending or that may be made or become due hereafter from time to time
either in the said cash credit
facility and/or L/C or Guarantees facilities whether at SSI, Andheri [East]
branch or any other branch or office of the Bank and or for any indebtedness
or liability whatsoever or in any other account or accounts. |
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5) Name and Address and description of the person entitled to the
charge. |
Bank of India SSI, Andheri
[East] Branch, Mathuria Apartments, M. Vasanji Marg, Andheri [East], Mumbai
400069, Maharashtra, India |
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6) Date and brief description
of instrument modifying the charge |
NA |
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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. |
NA |
AS PER WEBSITE
DETAILS:
PROFILE
Subject is an established name in the Indian Petroleum Scene, today ranks
amongst the Country's leading Manufacturers of Lubricants and Specialities
confirming to high quality standards.
Subject has the
most modern facilities and infrastructure at it's plant located at Khopoli
which uses sophisticated technology to produce an impressive range of premium
quality products from Industrial, Automotive Oils and Petroleum Specialities,
to Waxes and Jellies for a host of uses. ICCON's products meet the strongest of
the requirements of the customers. Liberalisation has taught them to operate in
a global economy in which parameters of quality, delivery, cthemtomer
satisfaction and other operating factors are indicators of success.
Subject is an ISO
9001 approved company. From its very inception ICCONOL has been committed
to a total quality culture. It owes it's success to this philosophy which it
has inculcated in its personnel with a missionary zeal. Drawing on its
invaluable experience dealing with multinationals, ICCON has laid a firm
foundation for quality and service.
A significant fact
and a matter of the jthemtifiable pride is that the Oils produced by ICCONOL
confirm to the highest quality meeting national and international standards and
specifications such as API, SAE & BIS. ICCONOL's in-hotheme R&D facility
is providing impetthem for growth by developing several new products for a wide
range of specified applications.
ICCONOL's Marketing
division is manned by highly qualified and experienced Personnel. The products
are sold through a nation wide network. ICCONOL's own Representatives
are stationed over major centers, backed by a highly competent before-and-after
sales service team, which provides accurate technical information for selecting
the right type of product.
ICCONOL then is
"blending excellence" transformed into "Total Reliability".
It has earned country wide reputation for its products, an enviable track
record of consistently high performance in service everywhere.
WHY ICCONOL:
Motto: For
providing value for money Focused –Fast –Friendly
Flexible
Manufacturing Base: Over the years
the marketing expertises have been complimented with manufacturing capabilities
with the result they have been able to make innovative tailor made products for
highly specialized applications
Customer Base: Thousands of
satisfied customers. (Representative List available on request)
Commitment to
Industry: Core competitiveness being focused to Lube Industry for more than 25
years.
Competitiveness: With the policy
of providing value for money to customers has attributed large orders /
contracts on a regular basis.
Approvals: The Plant bears
the approval from the Ministry of Energy, Department of Petroleum. ICCONOL
products are approved by recognized institutes and customers.
Quality: Products
marketed are always guaranteed for quality and reliability. They are an ISO
9001approved company.
Inventory: Their staggered
deliveries at fixed rates suit customers' production planning saving the cost
as well as botheration substantially.
People : Company is
managed by qualified, experienced and highly motivated personnel.
Service Option: Whenever
required, Pre and Post sales services are offered. They provide prompt response
and execution of orders. These services are rendered through Sales Co-ordinator
and Sales Team.
Reliability: Products are
always guaranteed for quality. Customers catered locally and internationally.
R & D : Complete
infrastructure and experience for design and, development by the in-house
R&D Department to develop special products to customers' specifications and
requirements.
Network: Nationwide
several hundred Dealers / Distributors and Stockists.
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 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. 39.32 |
|
UK Pound |
1 |
Rs. 77.53 |
|
Euro |
1 |
Rs. 57.91 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--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 |
|