MIRA
INFORM REPORT
|
Report Date : |
08.11.2008 |
IDENTIFICATION
DETAILS
|
Name : |
TYTAN ORGANICS PRIVATE LIMITED |
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Registered Office : |
7, Nowraji Mansion, 31, Wodehouse Road, Mumbai – 400 039, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
16.10.1991 |
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Com. Reg. No.: |
11-63639 |
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CIN No.: [Company
Identification No.] |
U24100MH1991PTC063639 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMT04611F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Chemicals and Intermediates. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 250000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory track. Directors are reported as experienced, respectable and having satisfactory means of their own. Their trade relations are reported as fair. Business is active. Payments are usually correct and as per commitments.
The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
7, Nowraji Mansion, 31, Wodehouse Road, Mumbai – 400039, Maharashtra, India |
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Tel. No.: |
91-22- 23851825 / 23885129 |
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Fax No.: |
91-22-23851767 |
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E-Mail : |
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Website : |
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Corporate Office : |
Sunama House, 3rd Floor, Mumbai – 400 026, Maharashtra, India |
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Tel. No.: |
91-22-23851825 / 23851833 / 23885129 / 23886256 |
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Fax No.: |
91-22-23851767 |
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E-Mail : |
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Overseas Plant Office : |
Post Box 41605, Hamriyah Free Zone, Sharjah, UAE |
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Tel. No.: |
91-971-6-5260433 / 5260435 |
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Factory : |
C-146, Trans Thane Creek Industrial Area, Thane Belapur Road, Thane – 400613, Navi Mumbai |
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Tel. No.: |
91-22-27670803 / 27685738 / 27686685 / 27671839 / 27671744 |
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Fax No.: |
91-22-27676684 |
DIRECTORS
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Name : |
Mr. Cyrus Maneck Bahadurji |
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Designation : |
Director |
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Address : |
Spenta Apts., 2nd Floor, Gibbs Road, Mumbai – 400006, Maharashtra, India |
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Date of Birth/Age : |
24.01.1958 |
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Date of Appointment : |
16.10.1991 |
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Name : |
Mrs. Tanaz C. Bahadurji |
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Designation : |
Director |
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Address : |
Spenta Apts., 2nd Floor, Gibbs Road, Mumbai – 400006, Maharashtra, India |
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Date of Birth/Age : |
27.12.1956 |
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Date of Appointment : |
16.10.1991 |
KEY EXECUTIVES
|
Name : |
Mr. H. R. Thakur |
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Designation : |
Company Secretary |
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Address : |
Mumbai- 400081, Maharashtra. |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders (As on 29.09.2005) |
No. of Shares |
|
Mr.Cyrus Maneck Bahadurji |
7500 |
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Mr. Tanaz C. Bahadurji |
342500 |
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Tytan Combine Middle East (FZE) UAE |
361767 |
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Total |
711767 |
Equity shares Breakup (percentage of total equity)
(As on
30.09.2006)
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Category |
Percentage |
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Foreign holding, foreign institutional investors, foreign companies
foreign financial institutions, Non – resident Indians or overseas corporate
bodies or others |
51.00 |
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Directors or relatives of directors |
49.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Chemicals and Intermediates. |
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Products : |
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GENERAL
INFORMATION
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Bankers : |
Central Bank of India Nariman Point Branch, Chander Mukhi, Ground Floor, Mumbai – 400 021, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Kalyaniwala and Mistry Chartered Accountants |
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Address : |
Kalpataru Heritage, 127, M. G. Road, Mumbai – 400 001, Maharashtra, India |
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Tel. No.: |
91-22-56347640 |
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Holding Company
: |
Tytan Combine FZE Private Limited |
CAPITAL STRUCTURE
(As on 30.09.2006)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
711767 |
Equity Shares |
Rs.10/- each |
Rs.7.117 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
7.117 |
7.117 |
7.117 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
42.796 |
35.839 |
29.146 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
49.913 |
42.956 |
36.263 |
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LOAN FUNDS |
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1] Secured Loans |
149.302 |
115.070 |
87.090 |
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2] Unsecured Loans |
67.462 |
17.021 |
26.012 |
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TOTAL BORROWING |
216.764 |
132.091 |
113.102 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
266.677 |
175.047 |
149.365 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
22.129 |
22.072 |
22.545 |
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Capital work-in-progress |
30.230 |
0.000 |
0.000 |
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INVESTMENT |
2.009 |
2.009 |
2.009 |
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DEFERREX TAX ASSETS |
1.329 |
0.865 |
0.214 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
47.361
|
36.189
|
27.518 |
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Sundry Debtors |
127.179
|
114.244
|
114.464 |
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Cash & Bank Balances |
18.126
|
15.646
|
12.020 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
84.682
|
57.776
|
53.951 |
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Total
Current Assets |
277.348
|
223.855
|
207.953 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
60.671
|
69.851
|
78.519 |
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Provisions |
5.697
|
3.903
|
4.837 |
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Total
Current Liabilities |
66.368
|
73.754
|
83.356 |
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Net Current Assets |
210.980
|
150.101
|
124.597 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
266.677 |
175.047 |
149.365 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover (Including Other Income ) |
389.257 |
332.041 |
322.903 |
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Total Income |
389.257 |
332.041 |
322.903 |
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Profit/(Loss) Before Tax |
11.977 |
11.460 |
11.174 |
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Provision for Taxation |
0.000 |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
11.977 |
11.460 |
11.174 |
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Expenditure : |
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Interest |
0.000 |
0.000 |
6.105 |
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Depreciation |
6.602 |
5.873 |
4.587 |
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Other Expenditure |
370.678 |
314.708 |
301.037 |
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Total Expenditure |
377.280 |
320.581 |
311.729 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
3.08
|
3.45 |
3.46 |
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Net Profit Margin (PBT/Sales) |
(%) |
3.08
|
3.45 |
3.46 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.99
|
4.66 |
4.85 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.27 |
0.31 |
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Debt Equity Ratio (Total Liability/Networth) |
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5.67
|
4.79 |
5.42 |
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Current Ratio (Current Asset/Current Liability) |
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4.18
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3.04 |
2.49 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
The company had established a wholly owned subsidiary in Hamriyah Free Zone to set up manufacturing facility to manufacture sodium naphthalene sulphonate formaldehyde condensate (NSFC) on 20th May, 2002.
FIXED ASSETS
· Leasehold land
· Factory building
· Plant and machinery
· Furniture and fixtures
· Vehicles
· Laboratory equipments
· Data processing equipments.
FORM NO. 8
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Name of the company |
TYTAN ORGANICS
PRIVATE LIMITED |
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Presented By |
Central Bank of
India and Tytan Organic Private Limited |
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1) Date and description of instrument creating the change |
Dated : 20th
October, 2005 A) Articles of
Agreement B) Letter of
Hypothecation |
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2) Amount secured by the charge/amount owing on the securities of charge |
Term Loan of
Rs.5.000 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
a) All movable property
comprising inter alia machinery equipment plant and spare part which now or
hereafter from time to time during this security shall belong to the
borrowers wherever the same may be including in transit or brought in or
sorted or be in or about at the premises, warehouses or godowns of the
borrowers at C – 146 Trans Thane Creek Industrial Area, Pawne, Navi Mumbai b) Entire
existing and proposed Block assets of the company |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Repayment : 20
quarterly installments Interest : BPLR +
105 % + 0.50 % Margin : 25 %on
plant and machinery |
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5) Name and Address and description of the person entitled to the charge. |
Central Bank of
India Nariman Point Branch,
Chander Mukhi Building, Gr. Floor, MAriman Point, Mumbai – 400 021 |
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Corporate
identity number (CIN) Foreign company registration number |
U24100MH1991PTC063639 |
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Name of the
Company |
TYTAN ORGANICS PRIVATE LIMITED |
|
Address |
7, Nowraji Mansion, 31, Wadehouse Road, Mumbai – 400039, Maharashtra |
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This form is for |
Modification of
Charge |
|
Type of Charge |
·
Immovable
property ·
Book Debts ·
Movable
Property (not being pledge) ·
Others o
Current
Assts and Fixed Assets |
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Particulars of
the charge holder |
Central Bank of India Nariman Point Branch, Chander Mukhi, Ground Floor, Mumbai
– 400 021, Maharashtra, India |
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Nature or
description of the instruments creating or modifying the charge |
1.
Extension of
Memorandum of deposit of title deeds 2.
Packing
Credit advance under the liberalized scheme of Reserve Bank of India 3.
Letter of
Hypothecation 4.
Agreement of
Hypothecation to secure demand packing credit against goods. (All the above
agreement constitute a songle charge) |
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Date of
instrument Creating the charge |
23.11.2007 |
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Amount secured by
the charge |
Rs.242.662
Millions |
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Brief of the
principal terms and conditions |
·
Rate of
interest As stipulated by Bank from time to time ·
Terms of
repayment As stipulated by Bank from time to time ·
Margin As stipulated by Bank from time to time ·
Extent and
operation of the charge First charge (present and future ) = Total limit Rs.242.662 millions Fund Based (Working Capital – Rs.105.000 millions, Fresh Term Loan –
Rs.62.500 millions, Term Loan Existing – Rs.51.162 millions = Total Fund
Based limit Rs.218.662 millions) Non Fund Based – Rs.14.000 millions, ADHOC Packing Credit EBP –
Rs.10.000 millions ·
Others As stipulated by Bank from time to time and as per agreement |
|
Short particulars
of the property charged |
First charge (present and future) 1. EMG of land known as Plot No. C-146 in the trans Thane Creek Indl. Area, Pawane, Dist. Thane with building and Structures thereon and fixtures and fittings 2. EMG of land known as Plot No. T-29 and T-29 Taloja Indl. Area, Vill Ghot and Tandare Tal. Pavel Dist Raigad 3. Hyp. of all stock / inventory/ goods inc. brought under L.C./PCL/Bank Finance 4. Hyp. of all book debts and receivabvles inc. export Doc. Bills 5.
Hyp. of all current, movable, fixed assets and assets
purchased out of Bank Finance |
|
Particular of the
present modification |
By this
modification total limit enhanced from Rs.232.662 millions to Rs.242.662
millions (ADHOC Packing Credit EBP/EBD of Rs.10.000 millions has been
granted) Continued
security as given by original charge as well as by modifications. |
WEBSITE DETAILS ATTACHED:
Subject is a group
of two operating companies with controlling interests held by a global investment
arm. Located in two geographies, the companies have grown to be important
suppliers of speciality performance chemicals and intermediates with worldwide
markets.
Subject the
flagship company, commenced manufacturing operations for speciality emulsifiers
for agrochemcials in 1987.
Following a rapid
growth path, Subject grew to dominate its field and soon became the largest
manufacturer of its lead product. From a modest beginning as a single product company
with one reactor, Subject with its manufacturing facilities at Thane Belapur,
India is a market leader in leather chemicals and construction chemicals and
has acquired a greenfield site in Taloja, India and is in the process of
expanding its capacity in its current product ranges as well as for the
manufacture of Fine chemicals and contract manufacturing. This facility will be
fully operational by August 2008.
Subject’s ISO
9001: 2000 certification from BVQI accreditation stands as testimony to its commitment
towards maintaining the highest standards in production and quality management,
demonstrating its dedication to foster good partnerships with its customers.
Another landmark
achievement to Subject's credit is the "Export House" status that has
been conferred on it by the Gvt. of India, in recognition of its performance in
exports. The global markets of the US, Europe, Middle East and the Far East
account for a majority of its revenues.
Tytan Organic
Chemicals (Middle East) FZE (TOC), located at Hamriyah Free Zone in the UAE was
incorporated in 2002 for the manufacture of construction chemicals. TOC is the
pioneer and sole producer in the region with facilities for the actual chemical
synthesis of construction chemicals for concrete.
Overseas Expansion
In line with
subject's international focus, a new grassroots plant for the manufacture of
construction chemicals had been set up at Hamriyah Free Zone in the UAE.
Subject’s UAE plant which has been operational for more than a year now is one
of the key producers to many large companies in UAE. Subject has expanded its
capacity at UAE and the new plant is on stream since January 2008.
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.47.76 |
|
UK Pound |
1 |
Rs.74.87 |
|
Euro |
1 |
Rs.60.81 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
|