MIRA
INFORM REPORT
|
Report Date : |
09.06.2011 |
IDENTIFICATION DETAILS
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Name : |
MCCOY SILICONES LIMITED |
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Registered
Office : |
C – 55, Okhla Industrial Area, Phase No 1, New Delhi – 110020, Delhi |
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Country : |
India |
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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.: |
083597 |
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Capital Investment
/ Paid-up Capital : |
Rs.1.204 millions |
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CIN No.: [Company Identification
No.] |
U72200DL1996PLC083597 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELM05791C |
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PAN No.: [Permanent Account No.] |
AAACM8731D |
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Legal Form : |
A Closely held Public Limited Liability Company |
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Line of Business
: |
Trader and Importer of Silicones Products Construction Chemical and Hardware Products |
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No. of Employees
: |
90 Approximately |
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 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 and a reputed company having satisfactory
track. 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 – April 1, 2010
|
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 DECLINED BY
|
Name : |
Mr. Gopal Kumar |
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Designation : |
Customer Care Executive |
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Date : |
07.06.2011 |
LOCATIONS
|
Registered
Office/ Corporate Office : |
C – 55, Okhla Industrial Area, Phase No 1, |
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Tel. No.: |
91-11-23513003 / 40623344 / 26811890 to 26811895 |
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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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Branches: |
Located at:
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DIRECTORS
AS ON 29.09.2010
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Name : |
Mrs. Kavita Malhotra |
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Designation : |
Director |
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Address : |
B-15, 1st Floor, Chirag Enclave, |
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Date of Birth/Age : |
28.09.1977 |
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Qualification : |
Graduate |
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Date of Appointment : |
01.07.2003 |
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Name : |
Mrs. Indra 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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Qualification : |
Graduate |
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Date of Appointment : |
09.03.1999 |
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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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Qualification : |
Graduate |
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Date of Appointment : |
03.12.1996 |
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Name : |
Mr. Amit Malhotra |
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Designation : |
Director |
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Address : |
B-15, Chirag Encalve, |
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Date of Birth/Age : |
22.02.1974 |
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Qualification : |
Graduate |
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Date of Appointment : |
03.12.1996 |
KEY EXECUTIVES
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Name : |
Mr. Ajju Joseph |
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Designation : |
Import Department |
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Name : |
Mr. Gopal Kumar |
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Designation : |
Customer Care Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2010
|
Names of Shareholders |
No. of Shares |
|
Amit Malhotra |
40010 |
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Vinod Malhotra |
60010 |
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Indra Malhotra |
20000 |
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Kavita Malhotra |
100 |
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Inder Jain |
100 |
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Shakuntala Manan |
100 |
|
Jain Shakti |
100 |
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Total |
120420 |
AS ON 29.09.2010
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
|
100.00 |
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Total
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader and Importer of Silicones Products Construction Chemical and Hardware Products |
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Products: |
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Agencies Held: |
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Imports : |
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Products : |
Finished Products |
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Countries : |
v
v
v
v
v
v
v
v
v
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Terms : |
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Selling : |
Credit (30/60/90 days) |
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Purchasing : |
L/C, Credit (30-60-90 days) |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
90 Approximately |
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Bankers : |
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Facilities : |
Rs. In Millions
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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 1: |
301, |
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Pan No : |
AAEPJ0865A |
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Tel No : |
91-11-23231292 |
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E-Mail : |
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Address 2: |
A 407, Ansal Chamber I, Bhikaji Cama Place, New Delhi 110066, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 29.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
500000 |
Equity Shares |
Rs. 10 each |
Rs.5.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
|
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|
120420 |
Equity Shares |
Rs. 10 each |
Rs.1.204 millions |
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 |
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 |
70.108 |
49.599 |
31.542 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
71.312 |
50.803 |
32.746 |
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LOAN FUNDS |
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1] Secured Loans |
3.529 |
2.702 |
0.166 |
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2] Unsecured Loans |
0.945 |
0.945 |
0.392 |
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TOTAL BORROWING |
4.474 |
3.647 |
0.558 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.047 |
0.032 |
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TOTAL |
75.786 |
54.497 |
33.336 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
13.693 |
13.461 |
9.323 |
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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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DEFERREX TAX ASSETS |
0.096 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
48.337
|
28.408 |
24.809 |
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Sundry Debtors |
85.353
|
135.511 |
69.799 |
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Cash & Bank Balances |
30.238
|
24.269 |
13.203 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
16.023
|
4.128 |
5.377 |
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Total
Current Assets |
179.951
|
192.316 |
113.188 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
117.954
|
146.700 |
84.537 |
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Other Current Liabilities |
0.000 |
0.000 |
0.000 |
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Provisions |
0.000
|
4.580 |
4.638 |
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Total
Current Liabilities |
117.954
|
151.280 |
89.175 |
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Net Current Assets |
61.997
|
41.036 |
24.013 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
75.786 |
54.497 |
33.336 |
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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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Sales |
421.289 |
474.038 |
418.667 |
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Other Income |
8.012 |
1.282 |
6.504 |
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TOTAL (A) |
429.301 |
475.320 |
425.171 |
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Less |
EXPENSES |
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Cost of Materials |
345.360 |
368.949 |
327.438 |
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Employees Remuneration |
28.563 |
22.160 |
16.409 |
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|
Increase/(Decrease) in Finished Goods |
(19.928) |
(3.599) |
(6.272) |
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Selling and Distribution Expenses |
12.077 |
23.953 |
30.439 |
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Administrative Expenses |
27.902 |
32.253 |
25.251 |
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TOTAL (B) |
393.974 |
443.716 |
393.265 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
35.327 |
31.604 |
31.906 |
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Less |
FINANCIAL
EXPENSES (D) |
NA |
NA |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
35.327 |
31.604 |
31.906 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4.061 |
3.053 |
1.844 |
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PROFIT BEFORE
TAX (E-F) (G) |
31.266 |
28.551 |
30.062 |
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Less |
TAX (H) |
11.033 |
10.494 |
11.500 |
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PROFIT AFTER TAX
(G-H) (I) |
20.233 |
18.057 |
18.562 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
49.599 |
31.542 |
12.981 |
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IMPORTS |
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Capital Goods |
283.901 |
241.810 |
NA |
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|
Earnings Per
Share (Rs.) |
168.02 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
4.71
|
3.79 |
4.36 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
7.42
|
6.02 |
7.18 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.14
|
13.87 |
24.53 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.43
|
0.56 |
0.91 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.71
|
3.05 |
2.74 |
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|
Current Ratio (Current Asset/Current Liability) |
|
1.52
|
1.27 |
1.26 |
LOCAL AGENCY FURTHER INFORMATION
NOTE:
The Registered office of the company has been shifted from 8 M M Road,
Motia Khan, New Delhi – 110055, Delhi, India to the present 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 years comparison to previous year. The company expects better results in
coming years.
FIXED ASSETS:
·
Computer
·
Office Equipment
·
Motor Car
·
Furniture and Fixtures
·
Motor car
·
Air Conditioner
·
Generator
·
UPS
·
Refrigerator
Form 8
|
Name of the company |
MCCOY SILICONES
LIMITED |
|
Presented
By |
The Federal Bank
Limited E-13/29, Harsha
Bhavan, |
|
1) Date and description of instrument creating the change |
26.05.1999.
Registered on 23.06.1999. Letter of credit
Agreement. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 2.500
Millions |
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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-13/29, Harsha Bhavan, |
|
6) Date and brief description of instrument modifying the charge |
06.01.2003 Letter of credit
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. or such interest
as may be prescribed |
Milestones:
1980
Current Chairman
established teknos
1980 – 88
Established a
Silicone trading house with Wacker Metroark chemicals
1990
Tied up with MC Bauchemie
1999
Became distributor
for wacker silicone sealant in
2000
Became Distributors
for LJF for totalseal range of products used in automobile industries for
2001
Became Distributors
for Wacker Textile Silicones.
2003
- Tied up with CS group
- McCoy established 1st regional office in
- McCoy Co-Promotes Zak Glasstech,
2004
- McCOy 8m first private label, sealant
applicator guns.
- Tied up with of Sika AG for Engineering
Silicone Sealants.
2005
Regional office in
Mumbai becomes Operational, obtained TUV certification.
2006
Became Distributors
for srp for Glass scratch removal systems. Regional offices in Kolkata, Chennai
and Pune becomes operational
2007
- McCoy Glasspro begun with ekangtech,
- Regional offices with ware house becomes
operational in
2008
McCoy Glasspro add
Hleima and Cool temper and macotec,
2010
McCoy Signs up a
joint venture with Soudal for manufacturing, sealants and adhesives covering
all applications
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.44.61 |
|
|
1 |
Rs.73.28 |
|
Euro |
1 |
Rs.65.47 |
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 |
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.