MIRA
INFORM REPORT
|
Report Date : |
17.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
JOTUN POWDER COATINGS INDIA PRIVATE LIMITED |
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Registered Office : |
Village Kachigam, Near Zari Causeway, Kachigam, Daman – 396 210, Union
Territory |
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Country : |
India |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
10.12.2004 |
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Com. Reg. No.: |
56-3731 |
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CIN No.: [Company
Identification No.] |
U24229DD2004PTC003731 |
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IEC No.: |
0304083593 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
SRTJ01208E |
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Legal Form : |
Private limited liability company |
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Line of Business : |
Thermosetting Powders for Coatings. |
RATING &
COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
Poor |
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Payment Behaviour : |
Unknown |
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Litigation : |
Unknown |
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Comments : |
Mr. Ram Kelkar, Finance Manager denied business and financial details. Financial position of the company can be regarded as poor having been
wiped off paid up capital. Trade relations are fair. No payment are
available. The company can be regarded for any business dealings on safe and
secured trade terms and conditions. |
INFORMATION PARTED
BY (GENERAL DETAILS)
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Name : |
Mr. Deepak |
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Designation : |
IMP Department |
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Date : |
11.07.2008 |
LOCATIONS
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Registered Office : |
Village Kachigam, Near Zari Causeway, Kachigam, Daman-396210, Union Territory, India |
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Tel. No.: |
91-260-2242603 / 3954512 |
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Mobile No.: |
91-9820912296 |
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Fax No.: |
91-260-2241027 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Shishir Sharma |
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Designation : |
Director |
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Address : |
1503, Beverly Park, Gurgaon, Haryana |
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Age: |
45 Years |
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Date of Appointment : |
10.12.2004 |
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Name : |
Mr. Sunil K. Malik |
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Designation : |
Director |
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Address : |
2342, Sector C, Vasant Kunj, New Delhi |
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Date of Appointment : |
10.12.2004 |
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Name : |
Mr. Larry Mcneely |
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Designation : |
Director |
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Address : |
P. O Box. 51033, UAE |
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Date of Appointment : |
14.12.2004 |
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Name : |
Mr. Bruce Gordon C Mcneely |
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Designation : |
Director |
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Address : |
Lakeside Villa-1, No. 756, Sumitprakan, Thailand Skyline Plaza |
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Date of Appointment : |
14.12.2004 |
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Name : |
Mr. Vijay Kumar |
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Designation : |
Director |
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Address : |
Skyline Plaza, 6 C And D, Vellayambalam, Trivendrum |
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Name : |
Mr. Bhupendra Shah |
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Designation : |
Director |
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Address : |
601 A, Mithila Apartment, Opp. Syndicate Bank, S. V. Road, Kandivali (W), Mumbai – 400067 |
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Date of Appointment : |
26.10.2005 |
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Name : |
Mr. Knut Divind Malmin |
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Designation : |
Director |
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Address : |
Village Kachigam, Near Zari Causeway, Kachigam |
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Date of Appointment : |
21.10.2005 |
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Name : |
Mr. Colin Wanless |
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Designation : |
Director |
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Address : |
Village Kachigam, Near Zari Causeway, Kachigam |
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Date of Appointment : |
20.10.2005 |
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Name : |
Mr. Bent Andersen |
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Designation : |
Director |
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Address : |
601 A, Mahila Apartment, Opp. Syndicate Bank, S.V. Road, kandivali (West), Mumbai – 400067 |
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Date of Appointment : |
26.10.2005 |
MAJOR
SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Mr. Shishir Sharma |
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5000 |
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Mr. Sunil K. Malik |
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5000 |
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Total |
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10000 |
AS ON 31.03.2006
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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|
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Bodies corporate |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Thermosetting Powders for Coatings. |
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Imports from : |
Korea, Thailand and
Taiwan |
GENERAL
INFORMATION
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No. of Employees: |
4750 |
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Bankers : |
Citibank N. A., Fort, Mumbai, Maharashtra, India |
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Banking
Relations : |
Unknown |
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Auditors : |
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Name : |
KPMG Chartered Accountant |
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Address : |
Kamla Mill Compound, Lower Parel, Mumbai, Maharashtra,
India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7000000 |
Equity shares |
Rs. 10.00 each |
Rs. 70.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6860000 |
Equity shares |
Rs. 10.00 each |
Rs.68.600 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.12.2006 |
31.12.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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68.600 |
18.600 |
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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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0.000 |
0.000 |
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4] (Accumulated Losses) |
|
(45.438) |
(19.358) |
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NETWORTH |
|
23.162 |
(0.758) |
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LOAN FUNDS |
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1] Secured Loans |
|
23.060 |
23.061 |
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2] Unsecured Loans |
|
42.750 |
46.515 |
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TOTAL BORROWING |
|
65.810 |
69.576 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
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88.972 |
68.818 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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31.364 |
34.528 |
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Capital work-in-progress |
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|
0.220 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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32.435 |
18.685 |
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Sundry Debtors |
|
36.630 |
12.903 |
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Cash & Bank Balances |
|
15.140 |
5.939 |
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Deposits |
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|
7.458 |
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Loans & Advances |
|
7.639 |
9.758 |
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Total
Current Assets |
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91.844 |
54.743 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
|
33.022 |
20.776 |
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Provisions |
|
1.214 |
0.321 |
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Total
Current Liabilities |
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34.236 |
21.097 |
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Net Current Assets |
|
57.608 |
0.424 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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88.972 |
68.818 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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|
01.12.2005 |
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Sales Turnover |
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|
18.462 |
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Other Income |
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0.539 |
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Total Income |
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19.001 |
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Profit/(Loss) Before Tax |
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(28.992) |
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Provision for Taxation |
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(9.634) |
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Profit/(Loss) After Tax |
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(19.358) |
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Expenditures : |
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Raw Materials |
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10.887 |
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Purchases |
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|
3.771 |
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Personnel Expenses |
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|
6.478 |
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Administrative Expenses |
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|
24.935 |
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Financial charges |
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|
1.922 |
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Depreciation |
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|
3.749 |
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Total Expenditure |
|
|
51.742 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
10.12.2004 TO
01.12.2005 |
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PAT / Total Income |
(%) |
|
- |
(101.88) |
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Net Profit Margin (PBT/Sales) |
(%) |
|
- |
(157.04) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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- |
(32.48) |
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Return on Investment (ROI) (PBT/Networth) |
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- |
38.25 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.31 |
(119.62) |
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Current Ratio (Current Asset/Current Liability) |
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2.68 |
2.59 |
LOCAL AGENCY
FURTHER INFORMATION
The main objects of the company is to manufacture, process, convert,
formulate, develop powder coating paints, thermosetting powder, specialty coatings
for pipelines, Protective and fire coatings for airports, shopping centers,
high-rise Buildings, sports studio etc.
Trade References
Jotun Powder Coatings (Thailand) Limited
Sudhir Genset Limited – (Delhi)
Hindal Company – (Mumbai)
Powerika – (Mumbai)
Form No. 8
|
Name of the company |
M/s. Jotun Powder Coatings (India) Private
Limited |
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Presented By |
Mr. Kersi F. Kapadia - Director |
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1) Date and description of instrument creating the change |
Hypothecation
Deed Dated 21.07.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Term loan of
Rs.22.900 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 |
Plant and
Machinery and Equipments – As Per Annexure :
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest –
8.25% p.a., Period of Loan – 3 Years, Repayment Schedule – Payment at the end
of 3rd year. |
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5) Name and Address and description of the person entitled to the charge. |
Citibank N.A.
Mumbai |
Website details
attached:
Subject is one of the world's major manufacturers of
paints, coatings and powder coatings.
Jotun is a global group with 61 companies and 36 production
facilities on five continents. The Group had in 2004 a sales income of USD 901
mill (NOK 6 billion), and 4750 employees. They develop, produce and sell
cost-effective paint and coatings products, and provide customer service and
technical support, to residential, marine and industrial markets worldwide.
Headoffice is located in Sandefjord, Norway.
ORGANISATION
Marine coatings, cathodic protection, and protective coatings worldwide.
Decorative paints outside the Scandinavian market
Decorative paints in Scandinavia
Thermosetting powder coatings for cost-efficient decoration and
protection of mass-produced articles
World Network
Jotun's worldwide network
The Jotun Group has factories and offices in more than 50
countries.
In recent years it has demonstrated major growth with the creation of a
significant international network and can proudly claim to be a truly worldwide
organization. Their group is built up of people who are committed to excellence
in the research, development and production of quality products which offer
value and performance. Contact the nearest Jotun office and benefit from local
service.
Corporate Identity
A well defined corporate identity is a daily reminder
of their products
First impressions are crucial to success in their business. Therefore,
one of the necessary conditions for establishing customer loyalty to their
products is a visually inviting and memorable identity through all their
marketing efforts; products, packaging, communication materials, advertising,
plants and rolling stock. They want the customer to remember Jotun by their
attention to the values of their company and their products.
A consistent Jotun identity presentation should always emphasize important
customer values. It has to support their marketing efforts by effectively
communicating specific qualities expected by customers in all their markets
worldwide. It makes purchasing their products faster, easier and more convenient.
It contributes to Jotun being perceived in a more attractive way and increases
their position as one of the world’s leading companies in their trade.
Taking care of their corporate identity is an ongoing process. It must
therefore be managed, justified, developed and strengthened at all levels in
all regions, where they are in competition with alternatives to their product
lines. In all their communications the message should be crystal clear: ’This
is us – this is a Jotun product’.
Knut Almestrand
President and CEO
Jotun Group Worldwide
Milestones
1926 Odd Gleditsch
establish Jotun
1931 Commercial breakthrough - Arcanol
1953 Fenom, technological leap in decorative paints
1962 First paint
factory abroad (Libya)
1968 Jotun enters powder coatings
1968 First factory in the Far East (Thailand)
1972 Merger of the four leading Norwegian producers
1975 First factory in
Middle East (Dubai)
1976 The big fire in Sandefjord
1991 Inauguration of new factory in Sandefjord
1995 Merger of Scandia and Nodest into Scanox
2004 The Jotun Group has sales of NOK 6 075 mill and 4750 employees, 61
companies in 37 countries and 36 factories in 22 countries
World Network
Distributor
Park View, III Floor, 85 G.N. Chetty Road. Nagar, Chennai 600 017, India
Tel No. : 91-44-8281918
Fax No. : 91-44-8283964
Email: lalithan@eth.net
New Group Executive Vice
President at Jotun Powder Coatings
2005-08-03
- Knut Řivind Malmin (50) is appointed as new Group Executive Vice President –
Jotun Powder Coatings.
Malmin has a formal educational background within both
engineering and business administration and has gained varying experience
during his 19 years in Jotun.
He has been Marketing Manager and Marketing Director in division Jotun
Dekorativ Scandinavia, Managing Director in Jotun Thailand, and is currently
holding position as Group Vice President - Purchasing.
He will be located in Dubai, and will start up his new position 1st of
September.
Jotun Paints fly high as airport
construction boosts business
2005-06-27 - Jotun UAE took part in the Airport Build &
Supply exhibition in Dubai organized by the Dubai Civil Aviation Authority
(DCA). Inaugurated by H.H. Sheikh Ahmed Bin Saeed Al Maktoum, President,
Department of Civil Aviation, Dubai and Chairman of Emirates Group, the show
was the fifth of its kind in the UAE.
Initiated in response to the huge investment currently being
poured into airport construction in the region, the show took place on the 23
-25th May and attracted more than 200 suppliers and 5000 visitors. H.H. Sheikh
Ahmed Bin Saeed Al Maktoum, President, Department of Civil Aviation, Dubai and
Chairman of Emirates Group, along with DCA officials, V.I.P’s and dignitaries
took the time to visit the Jotun Paints stand which provided Jotun with an
opportunity to showcase their position as the ultimate Single Source Solution
provider in the Middle East.
Recent figures report that Middle Eastern airport development is worth in
excess of US$20 billion (b). Dubai and Doha alone constitute in excess of US$9
b with each spending an estimated US$4.5b and US$5.5b respectively on new
airport facilities. Several new projects were showcased at the exhibition
including a new international airport for Abu Dhabi costing over US$6.8 b,
whilst projects in Nagpur India, Lagos, Yemen and Fujairah UAE were also
exhibited.
Venkat Krishnan Regional Manager (Brand Marketing) from Jotun Paints commented,
“The sheer scale of the airport projects is creating a whole host of new
commercial opportunities for suppliers and manufacturers in the region. Jotun
Paints has proven experience in the airport construction industry and their
ability to provide a wide range of materials from Steelmaster Intumescent
coatings right through to decorative paint makes us a natural choice for many.
Jotun Paints provides clients with a one stop shop approach whilst offering the
highest levels of professionalism and expertise.”
The exhibition catered for a wide and varied range of companies, suppliers and
manufacturers. From consultancy and construction to the supply and maintenance
of existing facilities, the show highlighted some 40 new terminal buildings, 8
airport hotels, 11 cargo complexes and over 30 other aviation related buildings
including shopping malls, office complexes, and VIP lounges, aviation colleges,
catering and parking facilities.
Jotun Paint’s chief objective for attending the show was to emphasize their
ability to be a single provider of a wide range of products and services. With
enormous steel and concrete structures being a prerequisite of most airport
projects, Jotun was well poised to talk about their 'Steelmaster' Intumescent
Coatings. Providing passive fire protection of steel structures for up to 2
hours the product enables the public to evacuate safely. Jotafloor
'TrafficDeck', another of Jotun’s innovations was also featured - a third
generation glassflake epoxy system for floors and car parks.
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. 43.17 |
|
UK Pound |
1 |
Rs. 86.46 |
|
Euro |
1 |
Rs. 68.68 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
- |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
- |
|
--LEVERAGE |
1~10 |
- |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
- |
|
--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 |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
NO |
|
TOTAL |
|
09 |
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/normal. |
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 |
|