MIRA
INFORM REPORT
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Report Date : |
02.12.2011 |
IDENTIFICATION DETAILS
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Name : |
JK COIL COATINGS PRIVATE LIMITED (w.e.f 29.04.2009) |
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Formerly Known
As : |
DURA COIL COATINGS PRIVATE LIMITED |
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Registered
Office : |
Neelsiddhi Enclave – Comm. Complex, Plot No.48/9, Sector – 14, Vashi,
Navi Mumbai – 400 703, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
07.08.2006 |
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Com. Reg. No.: |
11 – 163629 |
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Capital
Investment / Paid-up Capital : |
Rs. 50.000 Millions |
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CIN No.: [Company Identification
No.] |
U24222MH2006PTC163629 |
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IEC No.: |
0307032809 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMJ14428B |
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PAN No.: [Permanent Account No.] |
AACCD4445R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Coil Coatings Paints |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 53000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having moderate track.
Profitability of the company appears to be under pressure. There appears to be
some accumulated loses recorded by the company. However trade relations are
reported as fair. Business is active. Payments are reported to be slow. Company can be considered for business dealings with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DECLINED BY
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Name : |
Mr. Rajendra Parab |
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Designation : |
Head in Finance |
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Contact No.: |
91-9819923755 |
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Date : |
29.11.2011 |
LOCATIONS
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Registered Office : |
Neel Siddhi Enclave – Comm. Complex, Plot No.48/9, Sector – 14, Vashi,
Navi Mumbai – 400 703, |
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Tel. No.: |
91-22-2780 0012 / 16 / 40705858 |
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Mobile No.: |
91-9819830338 (Mr. Anand) 91-9819923755 (Mr. Rajendra) |
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Fax No.: |
91-22-2780 0025 |
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E-Mail : |
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Factory : |
Mandad (At Kargaon), Khopoli – |
DIRECTORS
As on 23.09.2010
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Name : |
Mr. Sanjiv Sushilkumar Thakur |
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Designation : |
Director |
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Address : |
2-303, NRI Complex, Seawood Estate, Nerul, Navi Mumbai – 400 706, |
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Date of Birth/Age : |
04.12.1964 |
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Date of Appointment : |
07.08.2006 |
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Din No.: |
01185718 |
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Other
Directorship:
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Name : |
Mr. Sagar P. Ajay |
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Designation : |
Director |
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Address : |
22 – 1002 NRF Complex, Seawood Estate, Nerul, Navi Mumbai – 400 706, |
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Date of Birth/Age : |
11.02.1959 |
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Date of Appointment : |
07.08.2006 |
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Din No.: |
01856339 |
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Other
Directorship:
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Name : |
Mr. Daruvala R. Meherwan |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
13.01.1963 |
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Date of Appointment : |
07.08.2006 |
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Din No.: |
00182710 |
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Other
Directorship:
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KEY EXECUTIVES
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Name : |
Mr. Rajendra Parab |
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Designation : |
Head In Finance |
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E-Mail : |
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Name : |
Mr. Anand |
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Designation : |
Account Department |
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E-Mail : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 23.09.2010
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Names of Shareholders |
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No. of Shares |
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Sanjiv Thakur |
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1124000 |
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Ajay Sagar |
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1124000 |
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Meherawan R Daruwala |
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80800 |
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JK Surface Coatings Private Limited |
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973200 |
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TOTAL |
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3302000 |
As on 31.03.2011
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Names of Allotees |
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No. of Shares
Allotted |
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Sanjiv Thakur |
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716500 |
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Ajay Sagar |
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716500 |
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JK Surface Coatings Private Limited |
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265000 |
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TOTAL |
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1698000 |
Equity Share Break up (Percentage of Total Equity)
As on 23.09.2010
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Category |
Percentage |
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Bodies corporate |
29.47 |
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Directors or relatives of Directors |
70.53 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Coil Coatings Paints |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
R.K. Patni and Company Chartered Accountant |
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Address : |
604, Arenja Corner, Sector 17, Vashi, Navi Mumbai – 400 603, |
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Pan No.: |
AACPP5568J |
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Associates : |
v
JK Surface Coatings Private Limited CIN No: U99999MH1998PTC117291 |
CAPITAL STRUCTURE
After 30.09.2010
Authorised Capital
of Rs. 50.000 Millions
Issued, Subscribed
and Paid up Capital of Rs. 50.000 Millions
As on 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs.10/- Each |
Rs.30.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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3302000 |
Equity Shares |
Rs.10/- Each |
Rs. 33.020
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
33.020 |
22.020 |
12.120 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(19.859) |
(11.642) |
(0.632) |
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NETWORTH |
13.161 |
10.378 |
11.488 |
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LOAN FUNDS |
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1] Secured Loans |
98.765 |
69.635 |
28.580 |
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2] Unsecured Loans |
41.942 |
35.721 |
11.723 |
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TOTAL BORROWING |
140.707 |
105.356 |
40.303 |
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DEFERRED TAX LIABILITIES |
1.327 |
1.049 |
0.033 |
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TOTAL |
155.195 |
116.783 |
51.824 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
102.028 |
99.320 |
42.611 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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Pre Operative Expenses |
0.000 |
0.000 |
4.751 |
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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 |
64.883
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12.057
|
0.000 |
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Sundry Debtors |
42.991
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18.485
|
0.000 |
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Cash & Bank Balances |
1.058
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0.393
|
1.497 |
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Other Current Assets |
3.503
|
2.659
|
1.331 |
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Loans & Advances |
15.784
|
9.814
|
4.140 |
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Total
Current Assets |
128.219
|
43.408
|
6.968 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
72.512
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23.631
|
2.445 |
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Other Current Liabilities |
2.308
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0.339
|
0.132 |
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Provisions |
0.414
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2.217
|
0.232 |
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Total
Current Liabilities |
75.234
|
26.187
|
2.809 |
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Net Current Assets |
52.985
|
17.221
|
4.159 |
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MISCELLANEOUS EXPENSES |
0.182 |
0.242 |
0.303 |
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TOTAL |
155.195 |
116.783 |
51.824 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Turnover |
271.834 |
41.977 |
0.941 |
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Total
Expenditure |
266.466 |
46.242 |
1.037 |
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PROFIT/(LOSS)
BEFORE TAX |
(7.938) |
(9.823) |
(0.451) |
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Less |
TAX |
0.278 |
1.187 |
0.134 |
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PROFIT/(LOSS)
AFTER TAX |
(8.216) |
(11.010) |
(0.585) |
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IMPORTS |
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Raw Materials |
2.187 |
1.859 |
NA |
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Capital Goods |
0.000 |
5.525 |
NA |
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TOTAL IMPORTS |
2.187 |
7.384 |
NA |
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Earnings/loss
Per Share (Rs.) |
(27.12) |
(36.36) |
(0.18) |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(3.45)
|
(6.88) |
(0.91) |
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Return on Investment (ROI) (PBT/Networth) |
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(0.60)
|
(0.95) |
(0.04) |
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Debt Equity Ratio (Total Liability/Networth) |
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16.41
|
3.52 |
3.76 |
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Current Ratio (Current Asset/Current Liability) |
|
1.70
|
1.66 |
2.48 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULT
The account for the year shows a loss after taxation of Rs. 8.216
Millions.
NOTE:
The registered office of the company has been shifted from “762, Ahura No.1, Ground Floor, Joshi Road, Parsee Colony, Dadar (West), Mumbai
– 400 019, Maharashtra, India.” to present w.e.f address 22.04.2009.
FORM 8
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Corporate
identity number of the company |
U24222MH2006PTC163629 |
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Name of the
company |
JK COIL COATINGS
PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in |
Neel Siddhi Enclave – Comm. Complex, Plot No.48/9, Sector – 14, Vashi,
Navi Mumbai – 400 703, Email: info@jksc.in |
|
This form is for |
Modification
of charge |
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Charge
identification (ID) number of the charge to be modified |
10080229 |
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Type of charge |
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Particular of
charge holder |
Andhra Bank, Email: bmmum028@andhrabank.co.in |
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Nature of
instrument creating charge |
composite
agreement dated 21.06.2010 |
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Date of
instrument Creating the charge |
21.06.2010 |
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Amount secured by
the charge |
Rs. 55.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest:
For OCC interest at
the applicable PLR 12% plus/minus spread of 0.50% presently at 12.50% p.a.
with monthly/quarterly rests. Terms of
Repayment: Repayable on
demand Margin: 25% on stocks and
30% on book debts Extent and
operation of charge: The Charge Shall Operate On 1) Movable and Immovable
Property In Gut No.213,214,243,244,252 And 277 At Mandad 2) Gala No-7,8
and 12 In Gayatri Building at Navi Mumbai Belonging to J K Surface Coating
Private Limited 3) Extension Of Charge
Over Unit No-607 of Arneja Corner, Gala No-1 To 6, Office No-101 and Shop
No-12 In Gayatri Centre, Office Bldg. At Neelsidhi Enclave, Flat
No.1002,303 and 403, At Seawood Estate
at Navi-Mumbai and N. A. S. No. 55/S
and |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
The Charge Shall
Operate On 1) Movable and Immovable Property In Gut
No.213,214,243,244,252 And 277 At Mandad Gala No-7,8 and 12 In Gayatri
Building at Navi Mumbai Belonging to J K Surface Coating Private Limited Extension Of
Charge Over Unit No-607 of Arneja Corner, Gala No-1 To 6, Office No-101 and
Shop No-12 In Gayatri Building Office Building at Neelsidhi Enclave, Flat
No1002,303 and 403, at Seawood Estate
at Navi-Mumbai and N. A. S. No. 55/S
and 55/T Land at Mandad all Belonging to JK Surface Coating Private Limited |
|
Date of
instrument modifying the charge |
05.01.2010 |
|
Particulars of the
present modification |
Enhancement of
OCC Facility from Rs. 35.000 Millions to Rs. 55.000 Millions thereby Making
the total facilities Up to Rs. 140.500 millions. 1) Cash Credit-
Rs. 55.000 Millions 2) Letter Of
Credit – Rs. 40.000 Millions 3) Term Loan- Rs.
45.500 Millions |
FIXED ASSETS:
v
v
Vehicles-Motor Car
v
Computers
v
v
Plant and Machinery
v
Furniture and Fixtures
AS PER WEBSITE
PROFILE:
Subject has build up a state-of-art manufacturing unit and R and D center in Khopoli- Maharashtra for manufacturing coil coatings Paints.
Their Company's vision is “Colours of
Protection”
They are ISO 9001 : 2008 certified company.
Their technology partner Chem-Jet International,
A full time technical team is in our Khopoli plant for all the technical support.
They have a wide range of Superdurable coil products (SDP) with (10Yr., 20Yr.,30Yr and 40Yr.)
warrantee. Their company is having complete range of Coil coating paints including
high end products like PVDF/ SDP/ SMP/ PU/ Epoxy Primers and Backing Coats.
Presently they are manufacturing and designing the coil
coatings to the leading coil coaters in
Group Companies
Their Group Companies
include:
JK Surface Coatings
Private Limited
JKSC is a world-class paint application company dedicated to
reducing corrosion on industrial surfaces. For over 10 years, JKSC has
delivered cutting edge surface management solutions to leading Indian companies
like ONGC, Indian Oil Corporation, Reliance Industries Limited and TATA Steel.
JKSC is the only Indian company to offer vessel based blasting and painting
services to offshore customers. Today, JKSC are the leading corrosion-resistant
coatings applicator in
JKSC has vast experience in tackling corrosion and underwater marine growths on offshore structures. They are the only Indian company to offer both, platform based and vessel based surface treatment to customers. Their tie ups with vessel owners allow them to maintain their standards of service and paint application even on unmanned structures in the deep seas.
Chem-Jet International Inc. designs, manufactures, and markets environmentally friendly industrial paints and coatings for the protection of metal substrate. Founded by experienced technical professionals, Chem-Jet specializes in Coil Coatings and Mill Applied Protective Coatings.
Chem-Jet supplies a full line of coating and metal treating technologies including:
- Polyesters
- Acrylics
- Epoxies
- Urethanes
- Fluorocarbons
- Alkaline
Cleaners
- Chrome
Treatments and Passivations
- Trivalent
Passivations
- Chrome-Free
Pretreatments
Chem-Jet technology is being manufactured and supplied globally
by licensed chemical and coatings companies including the rapidly growing
DCC.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.51.62 |
|
|
1 |
Rs.81.06 |
|
Euro |
1 |
Rs.69.51 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
-- |
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--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
-- |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.