MIRA
INFORM REPORT
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Report Date : |
15.01.2011 |
IDENTIFICATION DETAILS
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Name : |
MALDEEP CATALYSTS PRIVATE LIMITED |
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Registered Office : |
Hari Kunj, |
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Country : |
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Financials (as on) : |
31.03.2009 |
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Date of Incorporation : |
04.04.1990 |
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Com. Reg. No.: |
04-13582 |
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CIN No.: [Company
Identification No.] |
U24119GJ1990PTC013582 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
SRTM00403E |
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PAN No.: [Permanent Account No.] |
AABCM6306M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and Exporters of Drying Catalysts. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (49) |
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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 180000 |
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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 an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
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 – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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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 PARTED BY
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Name : |
Mr. Devang Naik |
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Designation : |
Chief Accountant |
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Date : |
13.01.2011 |
LOCATIONS
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Registered Office : |
Hari Kunj, |
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Tel. No.: |
91-261-2278333/ 2270297 |
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Fax No.: |
91-261-2278441 |
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E-Mail : |
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Website : |
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Area: |
3000 sq. ft. |
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Location : |
Owned |
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Factory : |
Plot No.2101 – 2, GIDC, Panoli Industrial Estate, Ankleshwar – 394116,
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Tel. No.: |
91-2646-272325/ 6 |
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E-Mail : |
DIRECTORS
As on 14.08.2010
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Name : |
Mr. Pravinbhai Narsinghbhai Patel |
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Designation : |
Whole Time Director |
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Address : |
S – 77, Someshwar Enclave, |
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Date of Birth/Age : |
18.11.1946 |
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Date of Appointment : |
01.04.2008 |
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Name : |
Mr. Kirtibhai Shantilal Desai |
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Designation : |
Director |
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Address : |
5 – C, Dr Mansukhlal Tower, Chowpati, |
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Date of Birth/Age : |
05.11.1948 |
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Date of Appointment : |
01.04.2008 |
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Name : |
Mr. Mayankkumar Ambalal Patel |
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Designation : |
Whole Time Director |
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Address : |
C/O Al Shola Transport Company, LLC Al Quoze Industrial Area, Al Quoze
Industrial Area, |
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Date of Birth/Age : |
30.10.1956 |
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Date of Appointment : |
01.04.2008 |
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Name : |
Mrs. Krishnaben P. Patel |
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Designation : |
Director |
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Address : |
S – 77, Someshwar Enclave, |
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Date of Birth/Age : |
20.11.1952 |
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Date of Appointment : |
01.04.1999 |
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Name : |
Mr. Suryakant Ambalal Patel |
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Designation : |
Director |
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Address : |
13, Haribhakti Colony, |
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Date of Birth/Age : |
16.05.1937 |
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Date of Appointment : |
31.03.1998 |
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Name : |
Mr. Pallav S. Patel |
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Designation : |
Whole Time Director |
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Address : |
C/O Al Shola Transport Company, LLC Al Quoze Industrial Area, Al Quoze
Industrial Area, |
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Date of Birth/Age : |
03.03.1980 |
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Date of Appointment : |
01.04.2008 |
KEY EXECUTIVES
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Name : |
Mr. Devang Naik |
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Designation : |
Chief Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 14.08.2010
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Names of Shareholders |
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No. of Shares |
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Pravinbhai Narsinghbhai Patel |
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7500 |
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Kirtibhai Shantilal Desai |
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8000 |
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Suryakant Ambalal Patel |
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23750 |
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Pallav S. Patel |
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15000 |
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Mayanbhai Patel |
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10000 |
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Jyotsnaben Patel |
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11250 |
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Krishnaben P. Patel |
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5000 |
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Malhar Patel |
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7500 |
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Sarlaben Desai |
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7000 |
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Deep Desai |
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5000 |
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Total |
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100000 |
As on 14.08.2010
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Category |
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Percentage
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Directors or relatives of directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Drying Catalysts. |
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Products: |
·
Paint Driers ·
Cobalt Octoate ·
Lead Octoate ·
Manganese Octoate ·
Zirconium Octoate ·
Zinc Octoate ·
Calcium Octoate ·
Cerium Octoate ·
Metal Carboxylate
Stabilzers ·
Copper Naphthanate |
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Exports : |
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Products : |
Drying Catalysts |
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Countries : |
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·
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Imports : |
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Products : |
Raw Materials |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash and Credit (30 to 60 to 90 days) |
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Purchasing : |
L/C, Cash and Credit (30 to 60 to 90 days) |
GENERAL INFORMATION
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Customers : |
·
End Users ·
OEM’s |
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No. of Employees : |
65 (Approximately) |
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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 : |
DSI and Company Chartered Accountants |
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Address : |
MF/14-26, Nariman point, Shopping Centre, Near Raghuvir Bunglows, City
Light Road, Surat-395 007, |
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Tel. No.: |
91-261-3992929/3994747 |
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Fax No.: |
91-261-3053838 |
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E-Mail : |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 Millions |
NOTE:
55500 Equity Shares have been allotted as
fully paid – up bonus shares by capitalisation of the reserves of the company
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
10.000 |
8.325 |
8.325 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
36.098 |
24.995 |
16.561 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
46.098 |
33.320 |
24.886 |
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LOAN FUNDS |
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1] Secured Loans |
66.888 |
18.148 |
40.472 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.732 |
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TOTAL BORROWING |
66.888 |
18.148 |
41.204 |
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DEFERRED TAX LIABILITIES |
2.785 |
2.073 |
1.777 |
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TOTAL |
115.771 |
53.541 |
67.867 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
25.264 |
17.889 |
13.253 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
1.375 |
1.375 |
1.374 |
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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 |
37.811
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13.785
|
16.709
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Sundry Debtors |
57.373
|
31.200
|
52.679
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Cash & Bank Balances |
10.056
|
1.734
|
3.638
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Other Current Assets |
0.000
|
0.000
|
0.000
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Loans & Advances |
13.120
|
10.538
|
7.124
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Total
Current Assets |
118.360
|
57.257
|
80.150
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
23.888
|
17.362 |
19.925 |
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Other Current Liabilities |
0.548
|
0.543
|
1.903
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Provisions |
4.792
|
5.075
|
5.082
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Total
Current Liabilities |
29.228
|
22.980
|
26.910
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Net Current Assets |
88.132
|
34.277
|
53.240
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
115.771 |
53.541 |
67.867 |
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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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SALES |
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Income |
224.670 |
219.315 |
171.862 |
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Other Income |
0.255 |
0.058 |
0.157 |
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TOTAL (A) |
224.925 |
219.373 |
172.019 |
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Less |
EXPENSES |
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TOTAL (B) |
209.089 |
205.035 |
155.735 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
15.836 |
14.338 |
16.284 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.451 |
1.110 |
0.688 |
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PROFIT BEFORE
TAX (E-F) (G) |
14.385 |
13.228 |
15.596 |
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Less |
TAX (H) |
4.957 |
4.795 |
5.903 |
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PROFIT AFTER TAX
(G-H) (I) |
9.428 |
8.433 |
9.693 |
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EARNINGS IN
FOREIGN CURRENCY |
20.372 |
5.040 |
3.552 |
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IMPORTS |
87.817 |
56.044 |
52.674 |
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Earnings Per
Share (Rs.) |
94.28 |
101.36 |
- |
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Expected Sales (2010-2011) : Rs.250.000 millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
4.19
|
3.84
|
5.63 |
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Net Profit Margin (PBT/Sales) |
(%) |
6.40
|
6.03
|
9.07 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
10.02
|
17.60
|
16.70 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.31
|
0.40
|
0.63 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.09
|
1.23
|
2.74
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Current Ratio (Current Asset/Current Liability) |
|
4.05
|
2.49
|
2.98
|
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
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For Goods |
17.181 |
9.438 |
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For Expenses |
7.255 |
8.437 |
19.925 |
PERFORMANCE DURING THE YEAR:
During the period
Company’s turnover has increased to Rs.224.670 millions compared to last year turnover
of Rs.219.315 millions. These results are encouraging looking to the fact that
the chemical industry is facing very tough competition and various odds faced
by the whole industry. The company has earned net profit of Rs.9.428 millions.
These results are endeavored to the efforts made by the company in development
of quality to the satisfaction of its customers and control over the cost. The
directors are making efforts to maintain the growth rate and increase the same
further and assured that results will improve in future and shareholders will
reap the benefit of the same for their immense faith in the management of the
company.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U24119GJ1990PTC013582 |
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Name of the
company |
Maldeep Catalysts Private Limited |
|
Address of the
registered office or of the principal place of business in |
Hari Kunj, |
|
This form is for |
Modification of charge |
|
Charge
identification number of the modified |
10122926 |
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Type of charge |
Book Debts Movable Property Floating Charge |
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Particular of
charge holder |
The Royal Bank of
Scotland N V , 74, Sakhar Bhavan, 7th Floor, Nariman Point, Mumbai
– 400021, Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Supplemental Deed
of Hypothecation of Movable Assets |
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Date of
instrument Creating the charge |
01.09.2010 |
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Amount secured by
the charge |
Rs.87.500
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Credit Facilities:
Interests/ Commission – At negotiated Rates Terms of
Repayment As agreed by and
with the Bank from time to time Margin As Applicable, if
any Extent and
Operation of the Bank: The Bank is having
exclusive charge on the security offered by the company Others Name of the Bank
has been changed from "ABN Amro Bank N.V." to "The Royal Bank
of Scotland N.V.", w.e.f. 19March2010. |
|
Short particulars
of the property charged |
Hypothecation by
way of A) first exclusive charge over entire movable fixed assets of the
borrower, both present and future B) first exclusive charge over entire
current assets of the borrower, both present and future |
|
Date of latest modification
prior to the present modification |
23.08.2010 |
|
Particulars of
the present modification |
The existing
charge of Rs.87.500 millions is also now secured with hypothecation by way of
A) first exclusive charge over entire movable fixed assets of the borrower,
both present and future B) first exclusive charge over entire current assets
of the borrower, both present and future. |
Trade Reference:
·
Bombay Paints Limited
·
Kansai Netrolac Paints Limited
·
Berger Paints Limited
FIXED ASSETS:
·
Plant and Machinery
·
Land
·
·
Laboratories Equipment
·
Vehicles
·
Computers
·
Generator
·
Digital Camera
·
Equipments
·
·
Building
·
Electric Fittings
·
Furniture and Fixture
·
Motor Car
·
Office Equipment
WEBSITE DETAILS:
Subject is established
in the year 1991, is one of the distinguished manufacturers and exporters of
drying catalysts. The wide range of the gamut is extensively used in the paint
industries. They have always focused on upgrading their facilities, technologies
and products in order to remain ahead from their competitors.
The quality of the drying catalysts is inspected by the experts for maintaining
the quality. It is always ensured that all the consignments are completed one
time and all the Catalysts are manufactured in accordance of requisite norms
and standards.
The quality gamut comprises of Cobalt, Lead, Manganese, Zirconium, Zinc,
Calcium, Cerium, Copper, Barium, Iron and Potassium Octoates and Metal
Carboxylate Stabilizers. Under the motivated leadership of their directors Mr.
P.N. Patel and Mr. K.S. Desai they have been consistent in their growth for
almost two decades.
Their instructions have been proved fruitful for the organization and due to
their dynamic policy of reviewing their unit regularly it has improved their
status as a modern production unit.
INFRASTRUCTURE:
They have the advanced manufacturing facilities which permit them to offer wide
range of the Drying catalysts, calcium octoate, drying agents. Their well built
manufacturing plant having the installation capacity of 300 MT of the
consolidated driers per month .It is fully equipped with all the advanced
machinery which helps them to fulfill the orders of their valued clients within
the specified period of time.
The organization is completely prepared to deliver the best
quality of the gamut and world class services. They have in house design unit
for the benefit of their valued clients and also have the provision of
customization according to requisite client demand.
TEAM:
They have been able to attain highest customer contentment because they are
backed by well qualified and the expert personnel. The well knowledgeable team
of the engineers has the vast understanding of the process and having deep
acquaintance of the industrial requirements.
The workforce consists of the following members
·
Technicians
·
Quality controllers
·
Marketing analysts
·
Administrators
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.45.30 |
|
|
1 |
Rs.71.73 |
|
Euro |
1 |
Rs.60.40 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.