MIRA
INFORM REPORT
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Report Date : |
11.07.2011 |
IDENTIFICATION DETAILS
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Name : |
CORRTECH INTERNATIONAL PRIVATE LIMITED |
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Registered Office
: |
22, Dhara Centre, Vijay Cross Roads, Navrangpura, Ahmedabad – 380009, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
08.06.1982 |
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Com. Reg. No.: |
04-038664 |
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Capital
Investment / Paid-up Capital : |
Rs.145.450 Millions |
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CIN No.: [Company Identification
No.] |
U29130GJ1982PTC038664 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AHMC00080D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Providing Corrosion Protection Solutions to the Hydrocarbon Industry. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba [51] |
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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 4760000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an Established Company Having Satisfactory track. General
financial position of the company is good. Trade relations are reported as fair.
Business is active. Payments are reported to be regular and as per
commitments. The company can be considered good for normal 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 – June 30, 2010
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Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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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 |
LOCATIONS
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Registered Office : |
22, Dhara Centre, Vijay Cross Roads, Navrangpura, Ahmedabad – 380009, |
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Tel. No.: |
91-79-26563443 / 26420119 / 39873100 |
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Fax No.: |
91-79-26431615 |
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E-Mail : |
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Website : |
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Works 1 : |
51, Mahagujarat Industrial Estate, Opposite Nova Petrochemicals,
Sarkhej – Bavla Highway, Village Moraiya, Changodor, Ahmedabad – 382213,
Gujarat, India |
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Tel. No.: |
91-2717 -304100 to 199 |
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Fax No.: |
91-2717 - 304150 |
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Works 2 : |
Shed No.7, Survey No.407, SP – 3, New Ahmedabad Industrial Estate, Near Sarvoday Hotel, Sarkhej Bavla Road, Village Moraiya, Changodor, Ahmedabad – 382213, Gujarat, India |
DIRECTORS
As on 29.09.2010
|
Name : |
Mr. Amit Indrasen Mittal |
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Designation : |
Managing director |
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Address : |
38,Akashneem,
Opp. Nehru Foundation, Bodakdev, Ahmedabad - 380 054, |
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Date of Appointment : |
20.03.1997 |
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DIN : |
01644010 |
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Name : |
Mr. Sandeep Indrasen Mittal |
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Designation : |
Director |
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Address : |
24,New
Suryanarayan Society, |
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Date of Appointment : |
18.08.1997 |
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DIN : |
01643818 |
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Name : |
Mr. Shailesh Dhirajlal Javia |
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Designation : |
Director |
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Address : |
F-904,
Shilalekh, Opp. Police Stadium, Shahibaug, Ahmedabad - 380 004, |
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Date of Appointment : |
18.08.1997 |
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DIN : |
01643976 |
KEY EXECUTIVE
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Name : |
Mr. Devendra Jaswantsingh Rajput |
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Designation : |
Secretary |
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PAN : |
ABMPR1234J |
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Date of Appointment : |
31.03.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2010
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Names of Shareholders |
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No. of Shares |
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1. Mr. Sandeep Mitta! |
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2393995 |
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2. Mr. Amitmittal |
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2306060 |
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3! Shri
I.S.Mittal Huf |
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121700 |
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4. Smt. Kavita A. Mittal |
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1074370 |
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5. Smt. Harinis. Mittal |
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986435 |
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6. Iec Projects Limited |
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1407000 |
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7. Mr, Shailesh Javia |
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1500 |
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8. Axis Infrastructure Fund 1 |
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3781700 |
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9. In The Joint Name Of Smt.
Shashibala Mittal, Mr. Amit Mittal And Smt. Kavita A. Mitta! |
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1236120 |
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10. In The Joint Name Of
Smt. Shashibala Mittal, Mr. Sandeep Mittal And Smt. Harini S. Mittal |
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1236120 |
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Total |
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14545000 |
As on 29.09.2010
|
Category |
Percentage |
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Mutual funds |
26.00 |
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Bodies corporate |
10.51 |
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Directors or relatives of Directors |
63.49 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Providing Corrosion Protection Solutions To The Hydrocarbon Industry. |
GENERAL INFORMATION
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Customers : |
ACE Pipeline Contracts Private Limited Aban Construction Private Limited Adani Energy Limited Artson Engineering Limited Bharat Oman Refineries Limited Bharat Petroleum Corporation Limited CAIRN Energy India Pty. Limited Chennai Petroleum Corporation Limited Chenmical Port Terminal Company Limited Chemplast Sanmar Limited Dodsal Essar GAIL ( GSPC Gas Company Limited Gujarat Gas Company Limited Gujarat State Petronet Limited Gujarat Heavy Chemicals Limited Hazira LNG Private Limited Hindustan Petroleum Corporation Limited Haldia Petrochemicals Limited Indian Farmers Fertilizers Co-operative
Limited Indian Oil Corporation Limited Indian Oil tanking Limited |
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No. of Employees : |
Not Available |
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Bankers : |
·
Kotak Mahindra Bank Limited ·
HDFC Bank Limited ·
Yes Bank Limited -
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Facilities : |
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Banking
Relations : |
-- |
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Financial
Institutions : |
City Corp Finance India Limited, 402-403, |
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Auditors : |
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Name : |
Pipara and Company Chartered Accountant |
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Address : |
Pipara Corporate House, Near Gruh Finance, Netaji Marg, Law Garden,
Ahmedabad – 380006, Gujarat, India |
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Tel. No.: |
91-79-40370370 to 374 |
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Fax No.: |
91-79-40370376 |
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E-Mail : |
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Associates/Subsidiaries : |
Control Plus Oil And Gas Solutions Private Limited U40200GJ2005PTC047122 Corrtech Energy Limited U52330GJ2000PLC037925 Crosstown Power ( U74990GJ2004PTC045060 MJB India Technical Services Private Limited U29197GJ2006PTC047603 MJB India Industrial Repairs Private Limited |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
15,000,000 |
Equity Shares |
Rs.10/-each |
Rs.150.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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14,545,000 |
Equity Shares |
Rs.10/-each |
Rs.145.450 millions |
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OF THE ABOVE
i)
8,902,100 Shares (Previous year
89,02,100 Shares) were allotted as fully paid up Bonus Shares out of Capital
Reserves and Profits
ii) 281,700 Shares (Previous year 2,81,700
Shares) were allotted for consideration other than in Cash
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
145.450 |
145.450 |
135.948 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1044.941 |
923.013 |
657.332 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1190.391 |
1068.463 |
793.280 |
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LOAN FUNDS |
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1] Secured Loans |
1049.546 |
373.615 |
276.816 |
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2] Unsecured Loans |
114.219 |
63.469 |
124.520 |
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TOTAL BORROWING |
1163.765 |
437.084 |
401.336 |
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DEFERRED TAX LIABILITIES |
59.976 |
25.853 |
6.039 |
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TOTAL |
2414.132 |
1531.400 |
1200.655 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1238.724 |
645.746 |
355.644 |
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Capital work-in-progress |
134.948 |
39.310 |
23.354 |
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INVESTMENT |
115.078 |
115.078 |
45.078 |
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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 |
389.240
|
298.863 |
91.692 |
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Sundry Debtors |
694.341
|
422.404 |
351.254 |
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Cash & Bank Balances |
136.433
|
117.174 |
510.569 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
192.026
|
133.309 |
95.584 |
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Total
Current Assets |
1412.040
|
971.750 |
1049.099 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
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Sundry Creditors |
268.057
|
153.685 |
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Other Current Liabilities |
218.455
|
78.605 |
-- |
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Provisions |
0.146
|
8.194 |
40.259 |
|
Total
Current Liabilities |
486.658
|
240.484 |
272.520 |
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Net Current Assets |
925.382
|
731.266 |
776.579 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2414.132 |
1531.400 |
1200.655 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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INCOME
(A) |
2059.951 |
1384.810 |
1243.907 |
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Less |
EXPENSES
(B) |
1871.676 |
1205.778 |
1084.431 |
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PROFIT BEFORE
TAX |
188.275 |
179.032 |
159.476 |
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Less |
TAX (I) |
66.348 |
63.154 |
57.835 |
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PROFIT AFTER TAX
|
121.927 |
115.878 |
101.641 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
289.525 |
173.647 |
125.533 |
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Less |
APPROPRIATIONS |
|
|
|
|
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Transfer to General Reserve |
-- |
-- |
44.238 |
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|
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Dividend |
-- |
-- |
7.940 |
|
|
|
Tax on Dividend |
-- |
-- |
1.349 |
|
|
|
BALANCE CARRIED
TO THE B/S |
411.452 |
289.525 |
173.647 |
|
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|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Contact Receipts |
234.460 |
61.089 |
-- |
|
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TOTAL EARNINGS |
234.460 |
61.089 |
NA |
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IMPORTS |
|
|
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Stores & Spares |
25.435 |
16.924 |
-- |
|
|
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Capital Goods |
325.472 |
124.380 |
-- |
|
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TOTAL IMPORTS |
350.907 |
141.304 |
NA |
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Earnings Per
Share (Rs.) |
8.38 |
7.97 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.92
|
8.37 |
8.17 |
|
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.10
|
11.07 |
11.35 |
|
|
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Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
0.17 |
0.20 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
1.39
|
0.63 |
0.85 |
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|
Current Ratio (Current Asset/Current Liability) |
|
2.90
|
4.04 |
3.85 |
LOCAL AGENCY FURTHER INFORMATION
REVIEW OF
OPERATION :
During the year,
the Company has earned of Rs.2060.000 millions from operations. The net profit
for the year has been Rs.121.900 millions as against Rs.115.900 millions during
the previous financial year. the Directors are continuously looking for avenues
for future growth of the Company.
Contingent Liabilities
Contingent Liabilities not provided
for :
Rs. in millions
|
Particulars |
31.03.2010 |
31.03.2009 |
|
Bank Guarantee given by the company_ |
850.049 |
492.706 |
|
Letter of Credit given by the company_ |
45.411 |
90.675 |
|
Corporate Guarantees given by the company on behalf of subsidiaries |
247.300 |
247.300 |
|
Demand notice of Income Tax on regular assessment for FY 2006-07 |
2.900 |
0.000 |
|
Penalty for Service Tax for FY
2005-06_" |
21.029 |
21.029 |
|
Demand notice for Sales Tax/Vat and penalty etc for various years in
different states |
54.625 |
54.625 |
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U29130GJ1982PTC038664 |
|
Name of the
company |
CORRTECH INTERNATIONAL
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
51 Mahagujarat,
Ind Estate, Opp Nova Petrochemicals, Sarkhej-Bavla Highway, Village Moraiya,
Changodor, Ahmedabad – 382213, Gujarat, India |
|
This form is for |
Modification
of Charge |
|
Charge
identification (ID) number of the charge to be modified |
10129267 |
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Type of charge |
|
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Particular of
charge holder |
Uco Bank, Mid Corporate Branch, Uco Bhavan, Near Sanyas Ashram, Ashram
Road, Ahmedabad - 380009, Gujarat, India |
|
Nature of
instrument creating charge |
Supplemental
Working Capital Consortium Agreement Dated 22/03/2011 and supplemental Joint deed
of Hypothecation dated 22/03/2011 |
|
Date of
instrument Creating the charge |
22.03.2011 |
|
Amount secured by
the charge |
Rs.2700.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
– UCO bank CC :
Base Rate Plus 3.50% i.e. Presently 13.00% p.a. Axis Bank CC Base Rate plus
3.75% i.e. 12.50% p.a. WCDL : at the time of disbursement and IDBI Bank Base
Rate plus 300 bps i.e.,12.50% p.a Terms of
Repayment - Payable on Demand. Margin – UCO Bank Cash
Credit : Stocks 25 and, Book Debts ( up to 120 days) 30% Bank Guarantee :
10 % in the form of FDR under Bank's Lien ( up to NFB Limit Rs. 500.000
millions) and 15 % ( over and above NFB Limit of 500.000 millions) Letter of
Credit : As per BG Limit Axis Bank CC
Stock 25 and , Book Debts (cover period of 150 days) 25%, Letter of
Credit and BG: 5% IDBI Bank :
CC - Stock 25%, Receivables 25%, WCDL
- Stock 25%, Receivables 25% Extent and
Operation of the charge - Supplemental Working Capital Consortium Agreement
Dated 22/03/2011 to increase the Limits from Existing limit of Rs.2000.000
millions to Rs.2700.000 millions Others - as per
joint deed of hypothecation dated 22/03/2011 with an intention to create
joint security thereon by all the banks namely, uco bank , Axis Bank limited
and IDBI Bank Limited ranking paripassu with each other for due re-payment of
the various working capital limits aggregating to Rs. 2700.000 millions. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
All that plot of
land admeasuring 4881.54 sq. Mts with super structure standing thereon
Forming part of survey no. 427 paiki sub plot no. 51 (354) at mouje moriya,
taluka sanand Bunglow no. 24 measuring 426 sq. Yd together with cellar
measuring 60 sq yds, ground Floor 147 sq. Yd.,first floor 147 sq. Yd, and 2nd
floor 36 sq. Yd at village - ghatlodia, Ahmedabad. Land bearing sub
plot no. 2+3 and old survey no. 94/1, 95 and 109/1 and final plot no. 195+196
Of tps no. 19 of mouje sheikhpur- khanpur of city taluka and unit no.2 on 2nd
floor mea. 2252 sq. Mts All that pieces
or parcels of freehold non agricultural industrial use land bearing Survey
no. 407 paiki admeasuring 16723.50 sq. Mtrs. Mouje moraiya of sanand taluka Land bearing sub
plot no. 2+3 and old survey no. 94/1, 95 and 109/1 and final plot no. 195+196
Of tps no. 19 of mouje sheikhpur- khanpur of city taluka and unit no.1 on 3rd
floor mea. 1019 sq. Ft. |
|
Date of
instrument modifying the charge |
23.03.2011 |
|
Particulars of
the present modification |
Supplemental
Working Capital Consortium Agreement Dated 22/03/2011 to increase the Limits
from Existing limit of Rs.2000.000 millions to Rs.2700.000 millions |
FIXED ASSETS :
·
Land
·
·
Plant and Machinery
·
Furniture and Fixtures
·
Computer
·
·
Office Equipment
·
Know-how
·
Motor Car
·
Scooters and Motor Cycles
·
Cycles
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.44.32 |
|
|
1 |
Rs.70.74 |
|
Euro |
1 |
Rs.63.64 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
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 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
51 |
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.