MIRA
INFORM REPORT
|
Report Date : |
12.01.2008 |
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
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 27184 |
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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
|
Registered Office/Factory : |
E – 9, Nand Dham Industrial Estate, Marol Maroshi Road, Marol, Andheri
[East], Mumbai 400059, Maharashtra, India |
|
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
|
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 |
|
Gargi Shah |
|
1595 |
|
Tushar Shah |
|
140855 |
|
Devansh Shah |
|
223925 |
|
Yash Shah |
|
75925 |
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Total |
|
450000 |
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Equity Share
Breakup |
|
Percentage of
Holding |
|
Directors or relatives of the Directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Exporters of Lubricants |
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Products : |
·
Automotive Lubricants ·
Industrial Lubricants ·
Industrial Speciality Oils ·
Waxes ·
Metal Working Oils ·
Rubber Processing Oils ·
Cable Compounds ·
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 |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
550000 |
Equity Shares |
Rs.10/- each
|
Rs.5.500
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 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
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1] Share Capital |
|
5.500 |
4.500 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
1.296 |
0.351 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
6.796 |
4.851 |
|
|
LOAN FUNDS |
|
|
|
|
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1] Secured Loans |
|
20.612 |
8.613 |
|
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2] Unsecured Loans |
|
4.291 |
4.771 |
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TOTAL BORROWING |
|
24.903 |
13.384 |
|
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DEFERRED TAX LIABILITIES |
|
0.782 |
0.425 |
|
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|
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|
|
|
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TOTAL |
|
32.481 |
18.660 |
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|
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|
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
15.110 |
8.645 |
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Capital work-in-progress |
|
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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|
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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Inventories |
|
15.969 |
8.950 |
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Sundry Debtors |
|
8.149 |
3.920 |
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Cash & Bank Balances |
|
0.215 |
0.312 |
|
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
2.272 |
0.826 |
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Total
Current Assets |
|
26.605 |
14.008 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
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Current Liabilities |
|
8.658 |
3.683 |
|
|
Provisions |
|
0.576 |
0.311 |
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Total
Current Liabilities |
|
9.234 |
3.994 |
|
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Net Current Assets |
|
17.371 |
10.014 |
|
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|
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.001 |
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|
|
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|
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TOTAL |
|
32.481 |
18.660 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
52.795 |
39.280 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
52.795 |
39.280 |
|
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|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
1.568 |
0.576 |
|
|
Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
1.568 |
0.576 |
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Export Value |
|
N.A. |
N.A. |
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Import Value |
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N.A. |
N.A. |
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Expenditures : |
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|
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Interest |
|
1.940 |
1.414 |
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Insurance Expenses |
|
0.000 |
0.000 |
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Power & Fuel |
|
0.000 |
0.000 |
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Depreciation & Amortization |
|
0.459 |
0.311 |
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Other Expenditure |
|
48.827 |
36.978 |
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Total Expenditure |
|
51.226 |
38.703 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
2.97 |
1.47 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
|
2.97 |
1.47 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
3.76 |
2.54 |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.23 |
0.12 |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
5.02 |
3.58 |
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Current Ratio (Current Asset/Current Liability) |
|
|
2.88 |
3.50 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
Bankers Charges
Report as per Registry
|
This Form is for |
Modification of charge |
|
Charge
identification number of the charge to be modified |
90141385 |
|
Corporate
identity number of the company |
U23209MH2002PTC134821 |
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Name of the
company |
ICCONOL PETROLEUMS PRIVATE LIMITED |
|
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 |
Book Debts Movable Property |
|
Particular of
charge holder |
Bank of India SSI, Andheri
(East) Branch, Mathuria Apartments, M. Vasanji Road, Andheri (East), Mumbai
400069, Maharashtra, India |
|
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 |
|
Amount secured by
the charge |
Rs.17.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
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. Terms of
Repayment : On Demand 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] 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 others 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 : C/C,
Hypothecation stocks and Book Debts
Rs.15.000 Millions EPC Rs.2.500
Millions Foreign Bills
Purchase Rs.2.500 Millions – Max Rs.15.000 Millions L/C and Guarantee
Rs.2.000 Millions, Total Rs.17.000 Millions
|
|
Short particulars
of the property charged |
All tangible movable
machineries and plant both present and future 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 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. |
|
Date of latest
modification prior to the present modification |
10.08.2005 |
|
Particulars of
the present modification |
2nd
Modification : The limits
revised as above and aggregate charged increased to Rs.17.000 Millions |
|
Name of the company |
ICCONOL PETROLEUMS
PRIVATE LIMITED |
|
Presented By |
Bank of India SSI, Andheri
(East) Branch, Mathuria Apartments, M. Vasanji Road, Andheri (East), Mumbai 400069,
Maharashtra, India |
|
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 |
|
2) Amount secured by the charge/amount owing on the securities of
charge |
Rs.4.000 Millions
|
|
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 |
|
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. |
|
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 |
|
6) Date and brief description
of instrument modifying the charge |
NA |
|
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 and 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 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.39.29 |
|
UK Pound |
1 |
Rs.77.02 |
|
Euro |
1 |
Rs.58.16 |
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 |
|