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MIRA
INFORM REPORT
|
Report Date : |
15.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
MCCOY SILICONES LIMITED (w.e.f. 26.12.2000) MCCOY 8M (DIVISION OF MCCOY SILICONES LIMITED) |
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Formerly Known :
|
MCCOY SILICONES PRIVATE LIMITED |
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Registered
Office : |
Mccoy Corporate Tower, C-55, Okhla
Industrial Area, Phase-1, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
03.12.1996 |
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Com. Reg. No.: |
55-083597 |
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Capital
Investment / Paid-up Capital : |
Rs.1.204
millions |
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|
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CIN No.: [Company Identification
No.] |
U72200DL1996PLC083597 |
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|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Importer and Trader of Futuristic Building Hardware and Accessories
like Cockspur Handle, Casement
Handle, Sliding Lock and Accessories. |
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|
No. of Employees
: |
30 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 285000 |
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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 company having satisfactory track.
General financial position is good. Trade relations are reported as fair.
Business is active. Payments are reported to be 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
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Gopal |
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Designation : |
Manager |
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Contact No.: |
91-9958003951 |
|
Date : |
14.07.2011 |
LOCATIONS
|
Registered Office : |
Mccoy Corporate Tower, C-55, Okhla
Industrial Area, Phase-1, |
|
Tel. No.: |
91-11-40623344/ 26811896 |
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Mobile No.: |
91-9958003951 (Mr. Gopal) |
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Fax No.: |
91-11-26811896 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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|
|
Plot
No.C-98, 3rd Cross, III Stage, Peenaya Industrial Area, Behind ABB Factory,
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|
Tel. No.: |
91-80-41250637,
40902653 |
|
Mobile No.: |
91-9880290801
(Mr. Chandrashekhar) |
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E-Mail : |
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Mumbai Office : |
Unit No
7, Sector - 19 C, Pranav
Chambers, Plot No - 77-88, Behind SBI, APMC Market, Vashi, New Mumbai – 400 705, Maharashtra,
India |
|
Tel. No.: |
91
22-27801918 |
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Mobile No.: |
91-9325429545 (Mr.
Pradeep Chaudhari) |
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E-Mail : |
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Kolkata Office : |
C - 15, |
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Tel. No.: |
91-33-24264838 |
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Mobile No.: |
91-9831809961
(Mr. Biswanath) |
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E-Mail : |
DIRECTORS
As on 29.09.2010
|
Name : |
Mr. Amit Vinod Kumar Malhotra |
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Designation : |
Director |
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Address : |
B-15, Chirag Enclave, |
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Date of Birth/Age : |
22.02.1974 |
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Date of Appointment : |
03.12.1996 |
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DIN No.: |
00955659 |
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Name : |
Mr. Vinod Kumar Malhotra |
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Designation : |
Director |
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Address : |
B-15, Chirag Enclave, |
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Date of Birth/Age : |
20.06.1941 |
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Date of Appointment : |
03.12.1996 |
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DIN No.: |
00955793 |
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|
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|
Name : |
Mrs. Indra Vinod Kumar Malhotra |
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Designation : |
Director |
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Address : |
B-15, Chirag Enclave, |
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Date of Birth/Age : |
18.12.1943 |
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Date of Appointment : |
03.12.1996 |
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DIN No.: |
00955836 |
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|
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Name : |
Mrs. Kavita Amit Malhotra |
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Designation : |
Additional Director |
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Address : |
B-15, Chirag Enclave, |
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Date of Birth/Age : |
28.09.1977 |
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Date of Appointment : |
01.07.2003 |
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DIN No.: |
01090553 |
KEY EXECUTIVES
|
Name : |
Mr. Gopal |
|
Designation : |
Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Malhotra Amit |
|
40010 |
|
Malhotra Kumar Vinod |
|
60010 |
|
Malhotra Indra |
|
20000 |
|
Malhotra Kavita |
|
100 |
|
Inder Sain Jain |
|
100 |
|
Shakuntla Mahan |
|
100 |
|
Shakti Jain |
|
100 |
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Total |
|
120420 |
As on 29.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Importer and Trader of Futuristic Building Hardware and Accessories
like Cockspur Handle, Casement
Handle, Sliding Lock and Accessories. |
|
|
|
|
Products : |
v
Cockspur
Handle
v
Casement
Handle
v
Sliding
Lock and Accessories v
Mortise
Door Handles and Lock Bodies v
8m
Friction Stay |
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|
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Terms : |
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Selling : |
Cash and Credit (30 days) |
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Purchasing : |
Cash and Credit (30 days) |
GENERAL INFORMATION
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No. of Employees : |
30 (Approximately) |
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Bankers : |
The Federal Bank Limited, Overseas Branch, E-13-29, |
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Facilities : |
Credit Limit –
From The Federal Bank Limited
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Purushottam Jain Associates Chartered Accountants |
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Address : |
A - 407, Ansal Chamber - I, |
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Tel. No.: |
91-11-26161364 |
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Mobile No.: |
91-9312274166 |
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E-Mail : |
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Income-tax
PAN of auditor or auditor's firm : |
AAEPJ0865A |
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Associates/Subsidiaries : |
Mccoy Soudal Sealants
Adhesives and Foams Private Limited Address: Mccoy Corporate Tower, C-55, Okhla
Industrial Area, Phase-1, Teknos Address: Mccoy Corporate Tower, C-55, Okhla
Industrial Area, Phase-1, |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
120420 |
Equity Shares |
Rs.10/- each |
Rs.1.204
millions |
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|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1.204 |
1.204 |
1.204 |
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|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
70.109 |
49.599 |
31.542 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
71.313 |
50.803 |
32.746 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3.530 |
2.702 |
0.166 |
|
|
2] Unsecured Loans |
0.945 |
0.945 |
0.393 |
|
|
TOTAL BORROWING |
4.475 |
3.647 |
0.559 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.048 |
0.033 |
|
|
|
|
|
|
|
|
TOTAL |
75.788 |
54.498 |
33.338 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
13.693 |
13.461 |
9.324 |
|
|
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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|
DEFERRED TAX ASSETS |
0.096 |
0.000 |
0.000 |
|
|
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
48.337
|
28.409 |
24.809 |
|
|
Sundry Debtors |
85.354
|
135.511 |
69.800 |
|
|
Cash & Bank Balances |
30.238
|
24.269 |
13.204 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
16.024
|
4.129 |
5.377 |
|
Total
Current Assets |
179.953
|
192.318 |
113.190 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
117.954
|
146.701 |
84.538 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
0.000
|
4.580 |
4.638 |
|
Total
Current Liabilities |
117.954
|
151.281 |
89.176 |
|
|
Net Current Assets |
61.999
|
41.037 |
24.014 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
75.788 |
54.498 |
33.338 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
421.290 |
474.039 |
418.668 |
|
|
|
Other Income |
8.012 |
1.282 |
6.504 |
|
|
|
TOTAL |
429.302 |
475.321 |
425.172 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases |
345.361 |
368.949 |
327.439 |
|
|
|
Employee Cost |
28.563 |
22.161 |
16.409 |
|
|
|
Administrative/ Interest Expenses |
27.902 |
32.253 |
25.251 |
|
|
|
Selling Expenses |
12.078 |
23.954 |
30.439 |
|
|
|
(Increase)/
decrease in Stock |
(19.929) |
(3.599) |
(6.272) |
|
|
|
TOTAL |
393.975 |
443.718 |
393.266 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
35.327 |
31.603 |
31.906 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
4.071 |
3.051 |
1.844 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
31.256 |
28.552 |
30.062 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
10.746 |
10.495 |
11.501 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
20.510 |
18.057 |
18.561 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
49.599 |
31.542 |
12.981 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
70.109 |
49.599 |
31.542 |
|
|
|
|
|
|
|
|
|
|
IMPORT VALUE |
283.901 |
241.810 |
201.900 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
170.32 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
4.78
|
3.80 |
4.37 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.42
|
6.02 |
7.18 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.14
|
13.88 |
24.54 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.44
|
0.56 |
0.92 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.72
|
3.05 |
2.74 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.53
|
1.27 |
1.27 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The registered office of the company has been shifted from 8, M.M. Road,
Motia Khan, New Delhi – 110 055 to the present address w.e.f.
14.05.2007.
OPERATIONS:
The Company has not achieved the same sales level during the year in
comparison to previous year. The Company has earned the better profit during the
year in comparison to previous year. The Company expects better results in the
coming years.
FORM 8:
|
Name of the company |
MCCOY SILICONES LIMITED |
|
Presented By |
The Federal Bank Limited, E-13/39, Harsha Bhavan, |
|
1) Date and description of instrument creating the change |
26.05.1999,
/Registered on 23.06.199. Letter of Credit
Agreement |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.2.500 millions
|
|
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 |
Pledge of
followings: Pledge upon all
goods and documents of title to goods and other document Covered under the
respective L/C and DPN and FDR. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The interest
shall be charged @ 16.5% p.a. or such other interest as may be prescribed. |
|
5) Name and Address and description of the person entitled to the charge. |
The Federal Bank Limited, E-13/39, Harsha Bhavan, |
|
6) Date and brief description of instrument modifying the charge |
06.01.2003-Letter
of Credit (Agreement) for Rs.10.000 millions revival letter – Letter of
Credit agreement dated 06.01.2003. Previously modified on 12.07.2000 and
19.10.2001 to enhance the limit from 2.500 millions to 6.500 millions and the
modified charge registered on 13.11.2001. |
|
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. |
Letter of Credit
limit stands enhanced to Rs.10.000 millions. The rate of interest shall now
be charged @ 16.5% p.a. such interest as may be prescribed. |
FIXED ASSETS:
v
Air Conditioner
v
Car
v
Computer
v
Furniture and Fixtures
v
Office Equipment
v
Refrigerator
v
Television
v
UPS
v
Generator
v
Computer Software
v
Building Furnish. Work
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.44.53 |
|
|
1 |
Rs.71.80 |
|
Euro |
1 |
Rs.63.15 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
|
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.