MIRA
INFORM REPORT
|
Report Date : |
07.11.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ITCO INDUSTRIES LIMITED |
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Registered Office : |
No.321, Raheja Arcade Koramangala, Bangalore 560095, Karnataka. |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
30.08.1995 |
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Com. Reg. No.: |
08-18672 |
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CIN No.: [Company
Identification No.] |
U85110KA1995PLC018672 |
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|
Legal Form : |
A closely held Public Limited Liability Company. |
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Line of Business : |
Manufacturer of Thixotropic Gels for Fibre Optic Cables. |
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 55010 |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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Comments : |
Subject is a part of ITCO Group. The company has some accumulated
losses. Trade relations are fair. The company can be considered for small to mediocre business dealings.
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LOCATIONS
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Registered Office : |
No.321, Raheja Arcade Koramangala, Bangalore 560095, Karnataka, India. |
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Tel. No.: |
91-80-41216119 / 25539459 |
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Fax No.: |
91-80-25539460 |
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E-Mail : |
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Website: |
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Factory : |
66-C, Sipcot Industrial Complex, Phase I, Hosur 635126, Karnataka,
India. |
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Tel. No.: |
91-4344-277642 / 277133 |
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Fax No.: |
91-4344-400261 |
DIRECTORS
|
Name : |
Mr. Santosh Kumar Bagaria |
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Designation : |
Director |
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Address : |
C-201 Gem Regency, Nirguna Mandir Layout, Koramangala I Block,
Banagalore 560047, Karnataka, India. |
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Date of Birth/Age : |
30.01.1950 |
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Date of Appointment : |
30.08.1995 |
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Name : |
Mr. Anand Krishna Bagaria |
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Designation : |
Director |
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Address : |
321, Raheja Arcade, Koramangala, Bangalore 560095, Karnataka, India. |
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Date of Birth/Age : |
02.12.1966 |
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Date of Appointment : |
30.08.1995 |
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|
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Name : |
Mr. Sandeep Krishna Bagaria |
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Designation : |
Director |
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Address : |
218 st Bed Extn, 6th Main, Koramangala, Bangalore 560034,
Karnataka. |
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Date of Birth/Age : |
02.07.1971 |
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Date of Appointment : |
30.08.1995 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders (As on 29.09.2006) |
|
No. of Shares |
|
Mr. Santosh Kumar Bagaria |
|
353840 |
|
Mr. Anand Krishna Bagaria |
|
197510 |
|
Mr. Sandeep Krishna Bagaria |
|
152510 |
|
Mr. Raghunandan Bagaria |
|
247520 |
|
Mrs. Veena Devi Bagaria |
|
58110 |
|
Mrs. Ganga Devi Bagaria |
|
10010 |
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Mr. Chandra Krishna Bagaria |
|
42000 |
|
ITCO Chem India Private Limited |
|
158500 |
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Mrs. Sunita Bagaria |
|
5000 |
|
Mrs. Shweta Bagaria |
|
5000 |
|
Mr. A K Bagaria (HUF) |
|
55000 |
|
Mr. S K Bagaria (HUF) |
|
55000 |
|
Total |
|
1340000 |
Equity Share Breakup (Percentage of total Equity)
(As on 29.09.2007)
|
Category |
Percentage |
|
Bodies Corporate |
11.83 |
|
Directors or relatives of directors |
88.17 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Thixotropic Gels for Fibre Optic Cables. |
GENERAL
INFORMATION
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No. of Employees : |
1000 |
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Bankers : |
Canara Bank, Town Hall Branch, J C Road, Bangalore 560002, Karnataka,
India. |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
Mr. Radhakrishna Tantry, Chartered Accountant |
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Address : |
No. 379, 3rd Main 7th Cross, CKA Layout, BSK III
Stage, Bangalore 560085, Karnataka. |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
150000 |
Equity Shares |
Rs. 100/- Each |
Rs.15.000Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
134000 |
Equity Shares |
Rs. 100/-
Each |
Rs.13.400
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
13.400 |
13.400 |
13.400 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1.635 |
1.635 |
1.635 |
|
|
4] (Accumulated Losses) |
(4.033) |
(4.236) |
(4.713) |
|
|
NETWORTH |
11.002 |
10.799 |
10.322 |
|
|
LOAN FUNDS |
|
|
|
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1] Secured Loans |
9.746 |
1.958 |
5.743 |
|
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2] Unsecured Loans |
15.726 |
14.718 |
12.680 |
|
|
TOTAL BORROWING |
25.472 |
16.676 |
18.423 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
36.474 |
27.475 |
28.745 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
11.346 |
9.400 |
10.303 |
|
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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INVESTMENT |
0.005 |
0.005 |
0.005 |
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DEFERREX TAX ASSETS |
1.369 |
1.857 |
3.423 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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Inventories |
17.344
|
11.824 |
9.049 |
|
|
Sundry Debtors |
7.340
|
7.913 |
8.911 |
|
|
Cash & Bank Balances |
1.178
|
1.267 |
0.460 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
2.922
|
0.423 |
0.547 |
|
Total
Current Assets |
28.784
|
21.427 |
18.967 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
4.595
|
4.451 |
2.873 |
|
|
Provisions |
0.438
|
0.772 |
1.095 |
|
Total
Current Liabilities |
5.033
|
5.223 |
3.968 |
|
|
Net Current Assets |
23.751
|
16.204 |
14.999 |
|
|
|
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|
|
|
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MISCELLANEOUS EXPENSES |
0.003 |
0.009 |
0.015 |
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|
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|
|
|
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TOTAL |
36.474 |
27.475 |
28.745 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
68.494 |
59.107 |
|
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Other Income |
|
0.043 |
0.086 |
|
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Total Income |
|
68.537 |
59.193 |
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|
|
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Profit/(Loss) Before Tax |
|
0.008 |
2.321 |
|
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Provision for Taxation |
|
0.006 |
2.317 |
|
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Profit/(Loss) After Tax |
|
0.002 |
0.004 |
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IMPORT VALUE |
|
11.119 |
NA |
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|
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EXPORT VALUE |
|
21.649 |
NA |
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Expenditures : |
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|
|
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Miscellaneous Expenditure written off |
|
0.006 |
0.006 |
|
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Depreciation & Amortization |
|
1.308 |
1.288 |
|
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Other Expenditure |
|
67.278 |
55.498 |
|
Total Expenditure |
|
68.529 |
56.872 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
0.00
|
0.00 |
--- |
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|
Net Profit Margin (PBT/Sales) |
(%) |
0.01
|
3.93 |
--- |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.02
|
7.53 |
--- |
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Return on Investment (ROI) (PBT/Networth) |
|
0.00
|
21.49 |
---- |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.77
|
2.02 |
2.17 |
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|
Current Ratio (Current Asset/Current Liability) |
|
5.72
|
4.10 |
4.78 |
LOCAL AGENCY
FURTHER INFORMATION
Other Details:
Operations and
Future Plans:
The overall performance of The company during the year 2006-2007 was
satisfactory inspite of some sales decline as compared to the previous year.
This impact on sales was mainly due to the possibility of Zero duty imports as
per ITA (WTO). During the year, The Company Could earn a net profit (before
tax) of Rs. 0.821 Millions.
The growth of telecom network due to the higher broadband application
and bandwidth demand continues to be good and should accelerate during the
current year 2007-08. This would generate good demand for Optical fiber cables
and hence would also help the company to improve the sales of its products. The
company expects a minimum growth of 60% in its business during the current
year. However, the overall profitability shall also depend on the actual
volatility in petroleum based raw materials due to the high crude oil prices
which still remain a risk factor.
Fixed Assets:
·
Land (Leasehold)
·
Factory Building
·
Plant and Machinery
·
Vehicles
·
Furniture and Fixture
·
Office Equipment
·
Computers
Form 8:
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified
|
90197262 |
|
Corporate
identity number of the company |
U64210KA1995PLC018672 |
|
Name of the
company |
ITCO INDUSTRIES LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
No.321, Raheja Arcade Koramangala, Bangalore 560095, Karnataka, India. |
|
Type of charge |
·
Book Debts ·
Movable
Property ·
Immovable
Property |
|
Particular of
charge holder |
Name: Canara Bank Address: Town
Hall Branch, JC Road, Bangalore 560002, Karnataka. E-Mail: krishnamurthyn@gmail.com |
|
Nature of description
of the instrument creating or modifying the charge |
Supplemental
Common Hypothecation Agreement Pronote Letter Evidencing
Deposit of Title Deeds. |
|
Date of
instrument Creating the charge |
05.02.2008 |
|
Amount secured by
the charge |
Rs.32.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
Interest @14.25% P.A. (OCC/ODBD/BE/PC-Rs.17.000
Millions /FLC (DA/DP)- Rs. 12.500 Millions / BG-Rs. 0.500 Millions/Term
Loan-Rs. 2.500 Millions) Terms of
Repayment :Repayable on Demand Margin : Margin
25% for OCC/BE/PC/FDB/FBE 40% for ODBD, 25% for FLC and 25% for BG Extent and
Operation of the charge : 100 % till the Closure of the Loan. |
|
Short particulars
of the property charged |
Hypothecation of
all the Present and Future Stock of Raw Materials, Finished and Semi finished
Goods etc. Plant and Machineries are stored at Company’s Premises and Bood
Debts, Outstanding Monies receivables etc. belonging to the Company. |
|
Date of latest
modification prior to the present modification |
20.06.2007 |
|
Particulars of
the present modification |
Limit increased
from Rs. 20.000 Millions to Rs.32.500 Millions (OCC/ODBD/BE/PC-Rs.17.000 Millions/FLC
(DA/DP)- Rs. 12.500 Millions /BG- Rs. 0.500 Millions/ Term Loan-Rs. 2.500
Millions.) Interest @14.25% p.a. Extension of Equitable Mortgatge of Property
at sy No. 22 Revenue Dt Tamil Nadu Given. All other Terms, Conditions and
Securities including Equitable Mortgage of Property Continues for the
increased Limit of Rs. 32.500 Millions. |
|
Name of the company |
ITCO INDUSTRIES LIMITED |
|
Presented By |
ITCO INDUSTRIES LIMITED |
|
1) Date and description of instrument creating the change |
·
Hypothecation
Deed Dtd:15.10.1997 for Cash Credit of Rs.7.000 Millions ·
Hypothecation
Deed Dtd: 15.10.1997 for ODBD of Rs. 3.500 Millions. ·
Hypothecation
Deed Dtd: 15.10.1997 for FLC (DA/DP) of Rs. 5.500 Millions (Regd. No. 18/01.12.1997) |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 16.000
Millions. (OCC- Rs. 7.000
Millions, ODBD of Rs. 3.500 Millions FLC (DA/DP) – Rs. 5.500 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 |
In whole of the
company’s present and future stocks of Raw materials, Goods in process of
manufacture and all finished and manufactured goods and articles such as
components for jelly filled cables and optical fibre cables together with all
stores components and spares stored in company’s factory situated at Plot
No.66C, SIPCOT Industrial Complex, Phase I, Hosur- 635126, Tamilnadu and all
Book debts, Outstandings, Money Receivables, Bills Claims and Outstandings
for less than 3 months. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Repayment of Rs.16.000
Millions as and when due. Interest @ 7.25%
p.a. over and above RBI rate with a minium of 17.25% p.a. compounded
quarterly on the daily debit balance, provided the interest payable shall be
subject to the changes in the interest rates made by RBI from time to time. |
|
5) Name and Address and description of the person entitled to the charge. |
Canara Bank, Town Hall Branch,
51, Stock Exchange Towers, I Cross, J C Road, Bangalore 560027. |
|
6) Date and brief description of instrument modifying the charge |
18.10.2002 Common
Hypothecation Agreement. |
|
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. |
Limites increased
from Rs.12.200 Millions to Rs. 16.600 Millions. (OCC-Rs.10.000 Millions (Sub
Limit-ODBD-30; BE-10; PC-15; FDB/FBE-25) ; FLC (DA/DP) – Rs.6.000 Millions
and BG – Rs.0.600 ). Interest @14% p.a. Collateral Security of II Charge on
Plant and Machinery as per list enclosed to the agreement and II charge on
Land and Buildings situated at Plot No.66-C, SIPCOT Industrial Complex, Phase
I, Housur, Tamilnadu State etc. belonging to the Company. All other terms, conditions and securities continues. |
Website Details Attached:
Company Profile:
Subject a part of the ITCO group having diverse
business activities, was incorporated in 1995 to exclusively develop and
manufacture thixotropic gels for fibre optic cables.
Situated in the industrial town of Hosur (40 Km from Bangalore in India) with
world class manufacturing and R and D facilities, ITCO pioneered the quality
manufacture of Thixotropic Gels (thixotropic cable filling & flooding
compounds) in India and remains a key player in the market. The present yearly
production capacity is 7200 metric tons.
The ITCO group started its activities in 1938 as a manufacturer and exporter of
Mica and Mica products for use in electrical appliances and later diversified
into handling other products for Telecom Cables and Power Capacitors
industry.
Subject also represents Alcan Packaging Kreuzlingen AG, Switzerland (condensor
aluminium foils) and Bollore, France (polypropylene films).
Aiming to be an important supplier of speciality raw materials, Subject today
has a presence in the key Infrastructure areas like Telecom, Power and
Mining.
The Sales volume handled by Subject is continuously increasing and is currently
exceeding 30 million US Dollars per annum
Subject has the right solution when longitudinal water barrier becomes
necessary. ITCOGEL protects fibres from moisture and mechanical stress. Subject
products meet the exacting standards set by today's cable manufacturing and joining
techniques. Their product line incorporates synthetic and aliphatic
hydrocarbons having proven compatibility with a wide variety of fibre coatings,
inks and tube construction materials including PBTP, Nylon 12, Polypropylene,
etc.
Their versatile Gels are being successfully used in a wide variety of cable
designs, including Loose Tube, Central Tube, Ribbon Construction and Slotted
Core.
The ITCOGEL range combining features like non-toxicity, stability at a wide
temperature range and well-defined flow characteristics, is available
commercially mainly under ITCOGEL T and ITCOGEL C series for filling and
flooding applications respectively. The basic difference is in their degree of
softness and rheological properties as measured by viscosity at various shear
rates. These products are highly pure, non-melting, thixotropic gels that can
be used for extrusion at high temperatures above 200°C while remaining pliable
even at temperatures below – 50°C.
ITCOGEL T series products
exhibit a high degree of thixotropicity. They are specifically designed to pass
the drip test at 80°C while maintaining an excellent softness even at – 60°C,
allowing stress-free radial and tangential movement of the fibres. Besides
having good cone penetration values, they also have significant rheological
characteristics of Gel, especially the yield stress and recovery time, which
affect performance during processing and service lift. These Gels remain fluid
for sufficient time to allow correct fibre overfeed into the tube, which is essential
for loose tube and central tube design.
ITCOGEL C series also includes
interesting options of water absorbent thixotropic gels, which ensure 100 %
water tightness of the cables. This product range also offers options for
applications requiring hot melt jelly (Current grades – ITCOGEL C 500 and C
510)
The categories of products:
·
Filling Gels
·
Flooding Gels
·
Specility Gels
Innovation with them is a continuous process. Their drive to provide
options that increase productivity is the key to their association with value
demanding and satisfied customers.
Their research lab has a unique pilot plant which gives them the added
advantage of being able to provide optimal solutions for any process equipment
by consolidating all technical aspects. It also gives them the necessary
freedom and expertise to attempt making futuristic gels for the
telecommunications industry. Their light weight and low density gels under the
ITCOGEL LF series, in commercial use for the past several years, are a testimony
to this.
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.47.67 |
|
UK Pound |
1 |
Rs.75.47 |
|
Euro |
1 |
Rs.61.19 |
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 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
|