MIRA INFORM REPORT

 

 

Report Date :

28.05.2008

 

IDENTIFICATION DETAILS

 

Name :

MCCOY SILICONES LIMITED

 

 

Registered Office :

8 M. M. Road, Motia Khan, Delhi 110055

 

 

Country :

India

 

 

Financials (as on) :

31.03.2006

 

 

Date of Incorporation :

03.12.1996

 

 

Com. Reg. No.:

083597

 

 

CIN No.:

[Company Identification No.]

L72200DL1996PLC083597

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

DELM05791C

 

 

PAN No.:

[Permanent Account No.]

AAACM8731D

 

 

Legal Form :

Closely held Public Limited Liability Company

 

 

Line of Business :

Importers, Distributors and marketers of silicone products, construction chemicals, silicone sealants, silicone fluids, textiles and construction material automotive - PU mastics, adhesives and paint additive varnishes and amino fluids.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

 

Maximum Credit Limit :

USD 34100

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established and reputed company having satisfactory track.  Trade relations are fair.  Payments are usually correct and as per commitments.

 

The Company is doing well.

 

Nothing adverse reported.  It can be considered good for any normal business dealings at usual trade terms and conditions.

 

 

LOCATIONS

 

Registered Office :

8 M. M. Road, Motia Khan, Delhi 110055, India

Tel. No.:

91-11-23513003

E-Mail :

info@teknosgroup.com

Website :

www.teknosgroup.com

 

 

Corporate Office :

C-55, Okhla Industrial Area, Phase - I, New Delhi - 110020

Tel. No.:

91-11-26811890 to 26811895

Fax No.:

91-11-26811896

Mobile No. :

91-9910128290 / 9910387365

E-mail:

info@teknosgroup.com

 

 

Branches:

+                  502, Costa Belle Apartment, Perry Cross Road, Bandra West, Mumbai,  Maharashtra

Tel. No. 91-22-26408699 / 28504663

E Mail :  info@teknosgroup.com

 

+                  23-A, P. T. Rajan Road, K. K. Nagar, Chennai - 600 078, Tamilnadu

Tel. No. 91-44-24843360

E Mail :  info@teknosgroup.com

 

+                  130-A, East Kodilia P.O., New Barrackpore, North 24 Parganas, West Bengal

Tel No. 91-33-25675714

E Mail :  info@teknosgroup.com

 

+                  104, Musa Residency, 6 Kenchappa Road, Fraser Town, Bangalore, Karnataka

Tel No. 91-80-36773858

Fax: 91-80-51250637

 

 

DIRECTORS

 

Name :

Mrs. Kavita Malhotra

Designation :

Director

Address :

B-15, 1st Floor, Chirag Enclave, New Delhi 110048, India

Date of Birth/Age :

28.09.1977

Date of Appointment :

01.07.2003

 

 

Name :

Mrs. Indra Malhotra

Designation :

Director

Address :

B-15, Chirag Enclave, New Delhi 110048, India

Date of Birth/Age :

18.12.1943

Date of Appointment :

03.12.1996

 

 

Name :

Mr. Vinod Kumar Malhotra

Designation :

Director

Address :

B-15, Chirag Enclave, New Delhi 110048, India

Date of Birth/Age :

20.06.1941

Date of Appointment :

03.12.1996

 

 

Name :

Mr. Amit Malhotra

Designation :

Director

Date of Birth/Age :

22.02.1974

Date of Appointment :

03.12.1996

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

[As on 30.09.2005]

 

Names of Shareholders

 

No. of Shares

Amit Malhotra

 

40010

Vinod Malhotra

 

60010

Indra Malhotra

 

20000

Kavita Malhotra

 

100

Inder Jain

 

100

Shakuntala Manan

 

100

 

 

BUSINESS DETAILS

 

Line of Business :

Importers, Distributors and marketers of silicone products, construction chemicals, silicone sealants, silicone fluids, textiles and construction material automotive - PU mastics, adhesives and paint additive varnishes and amino fluids.

 

 

Products:
  • Silicones and Chemicals: Wacker Metroark Silicone Fluidds, Emulsions, Resins, Paint Additives, Release Agents/ Coating, Water Repellents for Rubber Plastic Leather Papers, Electronics and various industry.
  • Construction Sealants and Specialties
  • Wacker General Purpose Sealants
  • ELASTOSIL
  • C/S Expansion Joint Covers
  • World Foam-PU Expandable Foam
  • MC Bauchemie Construction Chemicals
  • Industrial Adhesives and Sealants
  • Auto Bus and Coach Adhesives
  • Textile Silicones and Auxiliaries
  • Glazing Tools and Building

 

 

Agencies Held:
  • Wacker Chemie, Germany
  • Wacker Chemical, Spain
  • LSF (UK) Limited, England
  • Kamsung Diamond Company Limited, Korea
  • LSF Total Group, France
  • PC Cox Limited, England

 

 

Imports :

 

Countries :

Germany, France, UK, Singapore and Taiwan.

 

 

Terms :

 

Selling :

Cash and Credit (30 days)

 

 

Purchasing :

Cash / CAD and L/C

 

 

GENERAL INFORMATION

 

Customers :
  • Wacker Chemie Gmbh, Germany
  • Le Joint Francais, France
  • PC Cox Limited, U.K.
  • MC Bauchemie [India] Private Limited
  • Emmegigroup, Italy

 

 

No. of Employees :

180

 

 

Bankers :
  • The Federal Bank Limited

E-13/29, Harsha Bhavan, Connaught Place, New Delhi 110001, India

  • Citi Bank N.A., New Delhi - 110 001
  • ABN Amro Bank (Car Loan)

 

 

 

 

Banking Relations :

----

 

 

Auditors :

 

Name :

Purushottam Jain Associates

Chartered Accountants

Address :

301, Dream Land House, 1/18-B, Asaf Ali Road, New Delhi 110002, India

 

 

Associates/Subsidiaries :

Teknos India & Company Private Limited (dealing in Silicones Oils and Waterproofing Chemicals)

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

500000

Equity Shares

Rs. 10/- each

Rs. 5.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

120400

Equity Shares

Rs. 10/- each

Rs. 1.204 Millions

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2006

31.03.2005

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

1.204

1.204

2] Share Application Money

 

0.000

0.000

3] Reserves & Surplus

 

7.332

4.200

4] (Accumulated Losses)

 

0.000

0.000

NETWORTH

 

8.536

5.404

LOAN FUNDS

 

 

 

1] Secured Loans

 

1.225

1.211

2] Unsecured Loans

 

1.130

1.830

TOTAL BORROWING

 

2.355

3.041

DEFERRED TAX LIABILITIES

 

0.000

0.000

 

 

 

 

TOTAL

 

10.891

8.445

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

3.300

3.009

Capital work-in-progress

 

0.000

0.000

 

 

 

 

INVESTMENT

 

0.000

0.000

DEFERREX TAX ASSETS

 

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

6.749

4.802

 

Sundry Debtors
 

35.939

31.979

 

Cash & Bank Balances
 

8.401

1.782

 

Other Current Assets
 

0.000

0.000

 

Loans & Advances
 

2.551

1.486

Total Current Assets
 

53.640

40.049

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

46.049

34.613

 

Provisions
 

0.000

0.000

Total Current Liabilities
 

46.049

34.613

Net Current Assets
 

7.591

5.436

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.000

0.000

 

 

 

 

TOTAL

 

10.891

8.445

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

31.03.2006

31.03.2005

Sales Turnover

 

222.644

165.737

Other Income

 

2.832

1.879

Total Income

 

225.476

167.616

 

 

 

 

Profit/(Loss) Before Tax

 

5.552

3.292

Provision for Taxation

 

2.420

1.292

Profit/(Loss) After Tax

 

3.132

2.000

 

 

 

 

Expenditures :

 

 

 

 

Raw Material Consumed

 

188.915

137.511

 

Increase/(Decrease) in Finished Goods

 

[1.947]

[1.339]

 

Salaries, Wages, Bonus, etc.

 

3.724

3.811

 

Managerial Remuneration

 

1.920

0.960

 

Payment to Auditors

 

0.108

0.063

 

Interest

 

0.031

0.074

 

Insurance Expenses

 

0.106

0.091

 

Depreciation & Amortization

 

0.902

0.752

 

Other Expenditure

 

26.165

22.401

Total Expenditure

 

219.924

164.324

 

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2006

31.03.2005

PAT / Total Income

(%)
 

1.39

1.19

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
 

2.49

1.99

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

9.75

7.64

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

0.65

0.60

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

5.67

6.96

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

1.17

1.16

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Note:

The Situation of the Registered office of the company was changed from E-188, Greater Kailash, Part II, New Delhi to 8 M. M. Road, Motia Khan, Delhi 110055, India w.e.f. 18.09.2000.

 

 

HISTORY

 

Subject was incorporated on 3rd December, 1996 at New Delhi as a private limited liability company having Company Registration Number 83597.

 

It was converted into a deemed public limited liability company with effect from 18th January, 2001.

 

Subject is a part of Teknos Group.

 

Teknos Group, established in 1978, is a very widely diversified group of companies in India, representing the leading companies  from around the world in the field of auxillaries and softeners. 

 

 

 

Form 8

 

Bankers Charges Report as per Registry

 

 

Name of the company

MCCOY SILICONES LIMITED

Presented By

The Federal Bank Limited

E-13/29, Harsha Bhavan, Connaught Place, New Delhi 110001, India

1) Date and description of instrument creating the change

26.05.1999. Registered on 23.06.1999.

Letter of credit Agreement.

 

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 2.500 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

Pledge of Followings:

Pledge upon all goods and documents of title to goods and other document covered under the respective L/C and DPN and FDR.

4) Gist of the terms and conditions and extent and operation of the charge.

The interest shall be charged @ 16.5% p.a. or such other interest as may be prescribed.

5) Name and Address and description of the person entitled to the charge.

The Federal Bank Limited

E-13/29, Harsha Bhavan, Connaught Place, New Delhi 110001, India

6) Date  and brief description of instrument modifying the charge

06.01.2003

Letter of credit for Rs. 10.000 Millions revival letter – Letter of credit agreement dated 06.01.2003 previously modified on 12.07.2000 and 19.10.2001 to enhance the limit from 2.500 Millions to 6.500 Millions and the modified charge registered on 13.11.2001

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.

Letter of credit limit stands enhanced to Rs. 10.000 Millions.  The rate of interest shall now be charged @ 16.5% p.a. or such interest as may be prescribed

 

 

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. 42.89

UK Pound

1

Rs. 84.84

Euro

1

Rs. 67.61

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

6

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--RESERVES

1~10

6

--CREDIT LINES

1~10

6

--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

 

54

 

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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions