MIRA
INFORM REPORT
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Report Date : |
17.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
M. K. PETRO
PRODUCTS INDIA PRIVATE LIMITED |
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Registered Office : |
315 Thaper Chamber-II Opp Kalindi
Colony, Ring Road, Delhi |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
04.03.1985 |
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Com. Reg. No.: |
55-20330 |
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CIN No.: [Company
Identification No.] |
U74899DL1985PTC020330 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELM10204F |
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PAN No.: [Permanent
Account No.] |
AAACM5049G |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturers & Exporters of
Waterproofing Products, Anti Corrosive Products and Pipeline Coatings. |
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 66000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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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 and respectable businessmen. 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. |
INFORMATION PARTED
BY
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Name : |
Mr. Dinesh |
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Designation : |
Office Assistant |
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Date : |
13.09.2008 |
LOCATIONS
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Registered Office : |
180-C, Jeevan Nagar,
New Delhi -110014, India |
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Tel. No.: |
91-11-26349747 |
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Fax No.: |
91-11-26340780 |
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E-Mail : |
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Website : |
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Area : |
800 sq ft (Owned) |
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Head Office : |
315, Thapar Chamber-II, Opposite Kalindi Colony, New
Delhi-110014, India |
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Tel. No.: |
91-11-26343647 / 26341669 / 26340780 |
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Fax No.: |
91-11-26340780 |
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Factory : |
Palwal, Faridabad, Haryana, India |
DIRECTORS
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Name : |
Mr. Sudhir Kumar Jaini |
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Designation : |
Directors |
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Address : |
House # 381, Sector-10, Faridabad-121007, Haryana, India |
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Date of Birth/Age : |
05.04.1965 |
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Qualificaton: |
M.B.A |
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Date of Appointment : |
15.04.2000 |
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Name : |
Mrs. Noopur Jaini |
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Designation : |
Directors |
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Address : |
House # 381, Sector-10, Faridabad-121007, Haryana, India |
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Date of Birth/Age : |
13.12.1970 |
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Qualification: |
B.Com |
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Date of Appointment : |
01.06.2000 |
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Name : |
Mr. Ram Nivas Jain |
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Designation : |
Additional Director |
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Address : |
House No. 381, Sector 15, Faridabad-121007, Haryana, India |
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Date of Birth/Age : |
15.02.1938 |
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Qualification: |
B.E in Mechanical |
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Date of Appointment : |
01.05.2007 |
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Partnership Held In Partnership Firm |
Rishibh Industries, Village Mujeri Road, Ballabgarh, Faridabad-121004,
Haryana, India |
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Name : |
Mr. Vijay Shree Jain |
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Designation : |
Additional Director |
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Address : |
House No. 381, Sector15, Faridabad-121007, Haryana, India |
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Date of Birth/Age : |
08.12.1942 |
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Qualification: |
B.A |
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Date of Appointment : |
01.05.2007 |
KEY EXCUTIVES
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Name : |
M/s. Sudhir Jain and Associates |
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Designation : |
Company Secretary |
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Address: |
B-2, Acharya Niketan, Mayur Vihar Pahse-I, Delhi:110 091 |
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Mobile No: |
91-9811041719 |
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E Mail: |
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Name : |
R Kathuda and Associates |
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Designation : |
Company Secretary |
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Address: |
401, Prabhat Kiran Building, 17, Rajendra Place, New
Delhi-110008, India |
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Tel No: |
91-11-25821236 |
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Fax No.: |
91-11-25823845 |
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E Mail: |
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Name : |
Mr. Dinesh |
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Designation : |
Office Assistant |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 38.09.2005
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Names of Shareholders |
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No. of Shares |
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Sudhir Kumar Jaini |
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9084 |
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Ram Niwas Jain |
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2041 |
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V. S. Jain |
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550 |
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Ritu Jain |
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25 |
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Nupoor Jaini |
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5800 |
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Baby Rishika Jain |
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2000 |
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Master Rishabh Kumar Jaini |
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6000 |
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Secur Telecom Limited |
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2000 |
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Total |
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27500 |
Equity Share Breakup (Percentage of Total Equity)
As on 29.09.2007
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Category |
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Percentage of
Holding |
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Bodies corporate |
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7.27 % |
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Directors of relatives of directors |
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92.73 % |
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Total |
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100.00
% |
BUSINESS DETAILS
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Line of Business : |
Manufacturers & Exporters of
Waterproofing Products, Anti Corrosive Products and Pipeline Coatings. |
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Products : |
Ø
Polymeric Based Products Ø
Pipeline Coatings Ø
Bituminous Compounds Ø
Polynum Reflective Insulation Ø
Thermal Insulation Ø
Water Proofing and Insulation
Materials Ø
Anti-Corrosive Materials Ø
Road and Expansion Joint
Materials |
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Exports : |
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Countries : |
Nepal and Bangladesh |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
65 (Office 15, Factory 50) |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Jain Raj Associates Chartered Accountants |
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Address : |
208, Hans Bhawan, 1 Bahadur Shah Zafar Marg, New
Delhi-110014, India |
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Memberships : |
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CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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30,000 |
Equity Shares |
Rs.
100/- each |
Rs.
3.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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27,500 |
Equity Shares |
Rs.
100/- each |
Rs.
2.750 millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
2.750 |
2.750 |
2.750 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
10.567 |
7.997 |
7.302 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
13.317 |
10.747 |
10.052 |
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LOAN FUNDS |
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1] Secured Loans |
17.229 |
9.661 |
7.934 |
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2] Unsecured Loans |
0.543 |
0.833 |
1.136 |
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TOTAL BORROWING |
17.772 |
10.494 |
9.070 |
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DEFERRED TAX LIABILITIES |
0.953 |
1.176 |
1.269 |
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TOTAL |
32.042 |
22.417 |
20.391 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
6.636 |
5.862 |
5.706 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
18.324
|
15.262 |
16.884 |
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Sundry Debtors |
17.657
|
13.683 |
9.441 |
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Cash & Bank Balances |
1.087
|
0.914 |
0.957 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
6.278
|
8.987 |
5.656 |
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Total
Current Assets |
43.346
|
38.846 |
32.938 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
16.251
|
21.565 |
17.792 |
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Provisions |
1.689
|
0.727 |
0.463 |
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Total
Current Liabilities |
17.940
|
22.292 |
18.255 |
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Net Current Assets |
25.406
|
16.554 |
14.683 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.001 |
0.002 |
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TOTAL |
35.042 |
22.417 |
20.391 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
99.758 |
63.793 |
52.194 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
99.758 |
63.793 |
52.194 |
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Profit/(Loss) Before Tax |
4.367 |
1.328 |
1.189 |
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Provision for Taxation |
1.483 |
0.633 |
0.590 |
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Profit/(Loss) After Tax |
2.884 |
0.695 |
0.599 |
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Expenditures : |
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Financial charges |
2.121 |
1.591 |
1.369 |
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Depreciation & Amortization |
0.575 |
0.608 |
0.534 |
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Increase or decrease in Stock |
[5.830] |
0.000 |
0.000 |
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Other Expenditure |
98.525 |
58.067 |
47.199 |
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Total Expenditure |
95.391 |
60.266 |
49.102 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
2.89
|
1.08 |
1.14 |
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Net Profit Margin (PBT/Sales) |
(%) |
4.38
|
2.08 |
2.27 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
8.73
|
2.97 |
3.07 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.33
|
0.12 |
0.11 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.68
|
3.05 |
2.72 |
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Current Ratio (Current Asset/Current Liability) |
|
2.42
|
1.74 |
1.80 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
- Airport
Authority of India
- Dharwad Power
Project
- Military
Engineering Services
Bankers Charges
Report as per Registry
|
Name of the company |
M. K. PETRO
PRODUCTS INDIA PRIVATE LIMITED |
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Presented By |
UNION BANK OF INDIA AND M. K. PETRO PRODUCTS INDIA PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
Memorandum of
deposit of title deed dated 15.05.2000 Hypothecation
agreement of goods, debts and assets dated 15.05.2000 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 7.800
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 |
Hypothecation of
stock, book dents, plant and machinery and all other fixed and current assets
both present and future. Equitable
mortgage of factory land and building situated at village Softa Harfali,
Palwal together with land and building constructed or to be constructed. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
First charge on
above assets is to secure the following credit facility :
Interest is
chargeable at 16.85 % p.a. + interest tax or at such other rates as may be
fixed by the bank from time to time. Margin 25 % |
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5) Name and Address and description of the person entitled to the charge. |
Union Bank of India, Moti Bagh Branch, New Delhi – 110066,
India |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
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This form is for |
Modification of
charge |
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Charge identification
number of the charge to be modified |
90035894 |
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Corporate
identity number of the company |
U74899DL1985PTC020330 |
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Name of the
company |
M. K. PETRO
PRODUCTS INDIA PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
180-C, Jeevan Nagar,
New Delhi -110014, India |
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Type of charge |
Immovable Property Book Debts Movable Property |
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Particular of
charge holder |
Union Bank of India, Moti Bagh Branch, New Delhi – 110066,
India |
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Nature of
description of the instrument creating or modifying the charge |
Composite
Hypothecation Deed |
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Date of
instrument Creating the charge |
15.02.2008 |
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Amount secured by
the charge |
Rs33.500 Millions
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest On Cash Credit of
Rs. 17.500 Millions @ BPLR + 0.75% On CP of Rs.
1.000 Millions @ BPLR +3.50% + Usual Commission On Import LC
(DA120 Days) of Rs. 15.000 Millions W/W LG Rs. 3.000 Million @Usual Commsion Terms of
repayment Repayment on
demand with interest thereon Margin On Cash Credit of
Rs. 10 Millions @ 25 % On CP of Rs. 0.5
Millions @ Nil On LC of Rs. 7.5
Millions @ 10 % on issue of LC & 15 % on receipt of documents On LG of Rs. 2.5
Millions @ 10 % Extent and
operation of the charge Cash Credit was
secured against the hypothecation of stocks of Brown Bituman, Water proofing
material, Polymer and anti corrosive material etc. and Book debts, current
assets and Fixed Assets of the company both present and future at company’s
premises 180 C, Jeewan Nagar, New Delhi – 110014 or at any other place, LC
and LG were secured against the pledge of FDR CP was secured against the
outstation Cheques in favour of the party. Others The Stock of the
company lying at:
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Short particulars
of the property charged |
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Date of latest
modification prior to the present modification |
10.03.2007 |
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Particulars of
the present modification |
Credit facilities
have been increased from Rs. 26.000 Millions to Rs. 33.500 Millions |
AS PER
WEBSITE
Subject are manufacturers, exporters
and suppliers of waterproofing products, anti corrosive products, pipeline
corrosion coatings, polymer based products, bituminous compounds, polynum
refluctive insulation, super thermal insulation and more. They export most
advance polynum / thermal insulation globally today. They are approved by the
Iinternational Standards like USA (Such as ASTM C236, ASTM E-84-97a), ANSI/NEPA
# 255, UK (BS 476 Part 6 & 7), Singapore (PSB class 0 & 1) IS 429.
Introducing Polymeric Based Products - Revolutionary advancement of technology.
- Makpoly
Bitumen : Polymer Modified Bitumen - Modified With SBS /EVA / Crumb Rubber
Polymer For Roads / Express Highways / Highways / Airfields.
- Makpoly
Plasty : (Polymerized Polyethylene / Polyester Based Felt In Different
Grades. Modified With App / Sbs Polymer (Waterproofing Membranes).
- Makpoly
Primer (P20 Liters Packing - (Polymeric Bituminous Primer).
- Waterproofing
Membrane : Polyester Base - SB5/APP ( International Standard ).
- Waterproofing
Membrane : GlassFibre Base - SB8/APP ( International Standard.
The combination of special
grades of above products ensures a life of at least 20 years whether it is
Basement, Concrete or sheeted roofs.
All pipe line installations whether over head or under ground are required to
be protected from the corrosion by way of wrapping them with the products like
:
- Mak Outer
Wrap : Manufactured by them as per IS - 14695 and AWWA C - 203-91
(AMERICAN STANDARD). Its a fibre glass tissue impregnated with coat
tar used for wrapping the under ground pipelines.
- Glass Fibre
Tissue : Used as innerwrapping the pipes.
- Mak Polykote : 2mm and 4mm
Anti Corrosive Coal Tar based tapes used for wrapping the underground
piplines.
- Mak Cut Back (Bitumen
Primer for roads)
- Mak Kote (Insulating
Compound for Boilers etc.)
- Mak Primer (Water &
Oil Based Primers for waterproffing base on roofs )
- Mak Mastic (Anti
Corrosive Black Paint )
- Mak Silver (Aluminium Silver
Paint)
- Mak Sealing
Compounds (for Expansion Joints expansion joints in buildings,runways,roads)
- Mak Fill
Expansion Joint Filler Boards ( for Expansion Joints in
building,runways,roads).
- Mak Bond (Cold Applied
Bituminous Adhesive Compounds for sticking of felt on the concrete
surface / sheets)
- Mak S.R.B. (Cold Applied
Rubberised Bituminous Adhesive for sticking of Thermocole to ceillings for
insulation Purposes.)
POLYNUM
REFLECTIVE INSULATION / THERMAL INSULATION
The most advance polynum / thermal Insulation in the world
today. The Products are approved by the Iinternational Standards like USA (Such
as ASTM C236, ASTM E-84-97a), ANSI/NEPA # 255, UK (BS 476 Part 6 & 7),
Singapore (PSB class 0 & 1) IS 429, and many more.
- Polynum Big: 9-9.5mm
thick insulation assembly consisting of a single strong Polyethylene
bubble layer with a Pure (99.4%) high resistanceAluminium Foil backing on
both sides promising product durability and high resistance to humidity
and corrosion. It reflects 97.4% of radiant heat.
- Super Polynum: 4.0 to
4.5mm thick with same as above assembly.
- Polynum 1: 4.0 to
4.5mm thick assembly consisting of a bubble layer with aluminium foil
backing on one side & white, or clear polyethylene closing sheet on
the other.
- Polynum
Closing Tape: Strong MET-PET Silver Tape, Comply with UL 181, chemical
resistance.
- Super Thermal
Insulation : Used for Tiled Roof House/ Livestock Structures/ Industrial
Buildings / Plaster Walls
Features of Polynum insulation :
Easy to install & environment friendly.
Superior to fiberglass or foam insulation
Does not store heat
Water, moisture and pest-proof
ISO 9002 manufacturing unit.
Easy to install.
Non-carcinogenic, non-toxic
Environment friendly
No itch
- Asphaltic Membrane (Mak Felt Hessian Based IS : 1322-1993 )
TYPE- 3 GR. I 20 M X IM ROLL X 46 KG
TYPE- 3 GR. II 10 M X IM ROLL X 37.10 KG - Asphaltic Membrane (Mak Felt Glass Fibre Base IS : 7193-1994 )
GR. I 20 M X IM ROLL X 36 KG
GR. II 10 M X IM ROLL X 25 KG - Asphalt (Mak Phalt Industrial Gr. Bitume)
IS : 702-1988, GRADES 85/25, 90/15, 115/15 - Mak Primer ( For priming the surface to be waterproof )
IS : 3384-1986 - Mak Sealing Compound (For sealing the expansion joints in
buildings,roads & airports)
IS : 1834-1984 - Mak Fill Expansion Joint Filer Boards ( For buildings & roads )
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.46.63 |
|
UK Pound |
1 |
Rs.83.76 |
|
Euro |
1 |
Rs.66.49 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
|
46 |
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 |
|