MIRA
INFORM REPORT
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Report Date : |
27.07.2011 |
IDENTIFICATION DETAILS
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Name : |
AP COATINGS LIMITED |
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Registered
Office : |
6A, Shantinagar, Santacruz (East), Mumbai – 400055, Maharashtra |
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Country : |
India |
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Date of
Incorporation : |
30.11.2010 |
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Com. Reg. No.: |
210449 |
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Capital
Investment / Paid-up Capital : |
Rs. 650.500 Millions |
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CIN No.: [Company Identification
No.] |
U24100MH2010PLC210449 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
MUMA39156F |
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PAN No.: [Permanent Account No.] |
AAJCA1006G |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business
: |
Manufacturer, dealers, importers, exporters, agents and sellers of
paints for auto and other industrial applications, automotive refinishes,
booth chemicals and water treatment chemicals and other items connected with
the business of oil and coloured coatings and paints. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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- |
NB |
New Business |
- |
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Status : |
New Company |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Asian Paints Limited, India. it is a new company
and yet to complete its one full year of operation. Business is active.
Payments terms are unknown. The 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 – June 30, 2010
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Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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India |
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 : |
6A, Shantinagar, Santacruz (East), Mumbai – 400055, Maharashtra, India
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Tel. No. : |
Not Available |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Jeyamurugan Ramalingam Jeyapandiyan |
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Designation : |
Director |
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Address : |
Madhuban, B-402, Near Upvan Towers, Upper Govind Nagar, Malad (East),
Mumbai – 400097, Maharashtra, India |
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Date of Birth/Age : |
02.10.1965 |
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Name : |
Mr. Jayesh Tulsidas Merchant |
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Designation : |
Director |
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Address : |
4 Sai Manjil, 18 Altamount Road, Mumbai – 400026, Maharashtra, India |
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Date of Birth/Age : |
27.11.1957 |
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Name : |
Mr. Krishnaswamy Swaminathan |
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Designation : |
Director |
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Address : |
1801, Sovereign Hiranandi Gardens, Powai, Mumbai – 400076,
Maharashtra, India |
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Date of Birth/Age : |
31.03.1950 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 19.11.2010
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Names of Shareholders |
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No. of Shares |
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P M Murty |
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49994 |
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R. J. Jeya Murgan |
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1 |
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Jayesh Merchant |
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1 |
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K. B. S. Awawd |
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1 |
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Manish Choksi |
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1 |
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Jaloy D. |
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1 |
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Pangulury Mohan Murty |
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1 |
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Total |
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50000 |
List of Allottee as on 04.07.2011
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Names of Allottee |
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No. of Shares |
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Asian Paints Limited, Mumbai |
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15000000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, dealers, importers, exporters, agents and sellers of paints
for auto and other industrial applications, automotive refinishes, booth
chemicals and water treatment chemicals and other items connected with the
business of oil and coloured coatings and paints. |
GENERAL INFORMATION
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Bankers : |
·
HDFC Bank, HDFC Bank House, Senapati Bapat Marg,
Lower Parel West, Mumbai – 400013, Maharashtra, India |
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Banking
Relations : |
-- |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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75000000 |
Equity Shares |
Rs. 10/- each |
Rs. 750.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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65050000 |
Equity Shares |
Rs. 10/- each |
Rs. 650.500
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
New Company
LOCAL AGENCY FURTHER INFORMATION
Form 8
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Corporate
identity number of the company |
U24100MH2010PLC210449 |
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Name of the
company |
AP COATINGS LIMITED |
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Address of the
registered office or of the principal place of business in |
6A, Shantinagar, Santacruz (East), Mumbai – 400055, Maharashtra, India |
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This form is for |
Creation of
charge |
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Type of charge |
Book debts Movable property Floating charge |
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Particular of
charge holder |
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Nature of
instrument creating charge |
Letter of
Hypothecation of Stocks and Book Debts |
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Date of
instrument Creating the charge |
06.06.2011 |
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Amount secured by
the charge |
Rs. 300.000
Millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest ROI as may be
stipulated by the bank from time to time Terms of
Repayment ON DEMAND Margin 25% on Book Debts
or such other margin as may be stipulated by the bank from time to time Extent and
Operation of the charge First Exclusive
Charge on all stocks & book debts both present & future. Others nil |
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Particulars of
the property charged |
First Exclusive
Charge on all stocks & book debts both present & future |
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 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.28 |
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1 |
Rs.72.36 |
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Euro |
1 |
Rs.64.16 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.