BUSINESS INFORMATION REPORT
1. Summary Information
|
|
|
Country |
|
|
Company Name |
TITAN PAINTS AND CHEMICALS LIMITED |
Principal Name 1 |
Mr. |
|
Status |
Satisfactory |
Principal Name 2 |
Ms. Uttara Ravi |
|
|
|
Registration # |
18-222 |
|
Street Address |
114-A, Senthottam, Sowripalayam. |
||
|
Established Date |
26.07.1945 |
SIC Code |
-- |
|
Telephone# |
91-422-2319841/2319861 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-422-2317005 |
Business Style 2 |
- |
|
Homepage |
Product Name 1 |
Liquid paints/ Thinners |
|
|
# of employees |
- |
Product Name 2 |
Powder Paints |
|
Paid up capital |
Rs.1,900,000/- |
Product Name 3 |
Bobbin Holders |
|
Shareholders |
Directors or
relatives of Directors- 99.50% Other top fifty shareholders- 0.50% |
Banking |
Indian Bank |
|
Public Limited Corp. |
NO |
Business Period |
65 Years |
|
IPO |
NO |
International Ins. |
- |
|
Public |
NO |
Rating |
Ba (50) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Joint Venture and
Associates: |
|
Titan HMG Paints India Limited |
- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
85,818,000 |
Current Liabilities |
41,362,000 |
|
Inventories |
26,287,000 |
Long-term Liabilities |
47,211,000
|
|
Fixed Assets |
51,447,000 |
Other Liabilities |
9,401,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
97,974,000 |
|
Invest& other Assets |
17,628,000 |
Retained Earnings |
81,306,000 |
|
|
|
Net Worth |
83,206,000 |
|
Total Assets |
181,180,000 |
Total Liab. & Equity |
181,180,000 |
|
Total Assets (Previous Year) |
158,379,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
173,275,000 |
Net Profit |
11,956,000 |
|
Sales(Previous yr) |
157,610,000 |
Net Profit(Prev.yr) |
3,038,000 |
MIRA
INFORM REPORT
|
Report Date : |
18.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
TITAN PAINTS AND CHEMICALS LIMITED |
|
|
|
|
Registered
Office : |
114-A, Senthottam, Sowripalayam. |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
26.07.1945 |
|
|
|
|
Com. Reg. No.: |
18-222 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24222TZ1945PLC000222 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CMBT03133E |
|
|
|
|
Legal Form : |
A closely held public limited liability company |
|
|
|
|
Line of Business
: |
Manufacturer of paints and powder coatings |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 330000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
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|
|
Litigation : |
Clear |
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|
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|
Comments : |
Subject is an old and 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
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
114-A, Senthottam, Sowripalayam. |
|
Tel. No.: |
91-422-2319841/2319861 |
|
Fax No.: |
91-422-2317005 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Works: |
305/191A, |
|
Tel. No.: |
91-422-2672897/2672493 |
|
Fax No.: |
91-422-2674490 |
|
E-Mail : |
|
|
|
|
|
Branches: |
Located At: ·
·
Chennai |
DIRECTORS
As on 26.08.2010
|
Name : |
Mr. |
|
Designation : |
Director |
|
Address : |
190, Vankatasamy road, Coimbatore-641 002, |
|
Date of Birth/Age : |
31.03.1956 |
|
Date of Appointment : |
29.01.1987 |
|
|
|
|
Name : |
Ms. Uttara Ravi |
|
Designation : |
Director |
|
Address : |
190, Vankatasamy road, Coimbatore-641 002, |
|
Date of Birth/Age : |
15.03.1966 |
|
Date of Appointment : |
26.02.1999 |
|
|
|
|
Name : |
Mr. Nagaraj R. |
|
Designation : |
Whole time director |
|
Address : |
No.8, Maniakarathotyam Peelamedupudur, Coimbatore-641 002, |
|
Date of Birth/Age : |
02.11.1952 |
|
Date of Appointment : |
24.04.2005 |
|
|
|
|
Name : |
Mr. Swarna K. Reddy |
|
Designation : |
Director |
|
Address : |
No.15, Circuit House, Road, Coimbatore-641 018, |
|
Date of Birth/Age : |
06.09.1964 |
|
Date of Appointment : |
24.01.2009 |
|
|
|
|
Name : |
Mr. Ramesh Rudrapppan |
|
Designation : |
Director |
|
Address : |
No.1/1, |
|
Date of Birth/Age : |
03.03.1955 |
|
Date of Appointment : |
24.01.2009 |
|
|
|
|
Name : |
Ms. Arya Sam |
|
Designation : |
Additional Director |
|
Address : |
190, |
|
Date of Birth/Age : |
28.03.1992 |
|
Date of Appointment : |
28.07.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 26.08.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
99.50 |
|
Other top fifty shareholders |
0.50 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of paints and powder coatings |
||||||||||||
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Products : |
|
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Liquid Paints / Thinners |
Ltrs. |
600000 |
- |
|
Powder Paints |
Kgs. |
1300000 |
1273749 |
|
Textile Bobbin Holders |
Nos. |
2300000 |
- |
|
Wind Mill |
Unit |
350 KVA |
629609 |
GENERAL INFORMATION
|
Bankers : |
·
Indian Bank, ·
ICICI
Bank Limited |
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Facilities : |
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Banking
Relations : |
- |
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|
|
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Auditors : |
|
|
Name : |
G. Ramaswamy and Company Chartered Accountants |
|
Address : |
GR Chambers, 66, Logamanya Street, R. S. Puram, Coimbatore-641 002,
Tamilnadu, India |
|
|
|
|
Joint Venture and Associates: |
Titan HMG Paints India Limited |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300000 |
Equity Shares |
Rs.10/- Each |
Rs.3.000 Millions |
|
700000 |
Preference Shares |
Rs.10/- Each |
Rs.7.000 Millions |
|
|
Total |
|
Rs.10.000
Millions |
To be redeemed in 2 equal installments in 9th
and 10th year from the date of allotment.
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
190000 |
Equity Shares |
Rs.10/- Each |
Rs.1.900
Millions |
Out of this 90000 shares allotted as fully paid
in private placement during the year 1999-2000
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 |
1.900 |
5.200 |
8.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
81.306 |
69.729 |
67.532 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
83.206 |
74.929 |
76.032 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
47.211 |
55.716 |
61.937 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
47.211 |
55.716 |
61.937 |
|
|
DEFERRED TAX LIABILITIES |
1.810 |
2.299 |
1.433 |
|
|
|
|
|
|
|
|
TOTAL |
132.227 |
132.944 |
139.402 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
51.447 |
56.031 |
59.663 |
|
|
Capital work-in-progress |
0.836 |
0.835 |
3.691 |
|
|
|
|
|
|
|
|
INVESTMENT |
16.792 |
16.969 |
10.257 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
26.287
|
21.227 |
34.684 |
|
|
Sundry Debtors |
68.166
|
47.178 |
66.035 |
|
|
Cash & Bank Balances |
3.686
|
3.701 |
6.850 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
13.966
|
12.438 |
18.695 |
|
Total
Current Assets |
112.105
|
84.544 |
126.264 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
34.540
|
14.146 |
39.356 |
|
|
Other Current Liabilities |
6.822
|
6.114 |
7.117 |
|
|
Provisions |
7.591
|
5.175 |
14.000 |
|
Total
Current Liabilities |
48.953
|
25.435 |
60.473 |
|
|
Net Current Assets |
63.152
|
59.109 |
65.791 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
132.227 |
132.944 |
139.402 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
173.275 |
157.610 |
223.862 |
|
|
|
Other Income |
5.667 |
5.921 |
5.080 |
|
|
|
TOTAL (A) |
178.942 |
163.531 |
228.942 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption of Raw Material |
107.739 |
96.300 |
140.733 |
|
|
|
Manufacturing Expenses |
4.586 |
2.504 |
5.227 |
|
|
|
Employees Cost |
12.908 |
12.593 |
14.320 |
|
|
|
Whole time director remuneration |
1.598 |
1.027 |
0.000 |
|
|
|
Repairs and Maintenance |
5.933 |
6.238 |
6.716 |
|
|
|
Administrative Expenses |
6.908 |
7.980 |
8.085 |
|
|
|
Selling Expenses |
5.071 |
4.842 |
7.710 |
|
|
|
Auditors Remunerations |
0.100 |
0.100 |
0.000 |
|
|
|
Loss on Shares |
0.494 |
0.295 |
0.007 |
|
|
|
Stock Adjustment |
(0.611) |
4.699 |
(3.841) |
|
|
|
Prior Year Adjustments |
(0.037) |
(0.013) |
(0.053) |
|
|
|
TOTAL (B) |
144.689
|
136.565 |
178.904 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
38.029 |
26.966 |
50.038 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
7.215 |
8.684 |
6.231 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
30.814 |
18.282 |
43.807 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
8.180 |
10.005 |
8.563 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
18.858 |
8.277 |
35.244 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
6.902 |
5.239 |
11.946 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
11.956 |
3.038 |
23.298 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
66.319 |
67.422 |
45.051 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to Capital Redumption Reserve |
3.300 |
3.300 |
0.000 |
|
|
|
Preference Dividend |
0.324 |
0.719 |
0.792 |
|
|
|
Tax on Distributed Profits |
0.055 |
0.122 |
0.135 |
|
|
BALANCE CARRIED
TO THE B/S |
74.596 |
66.319 |
67.422 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
60.93 |
11.56 |
- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
6.68
|
1.86 |
10.18 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.88
|
5.25 |
15.39 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.53
|
5.89 |
18.96 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.06 |
0.46 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.13
|
1.08 |
1.61 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.29
|
3.32 |
2.09 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U24222TZ1945PLC000222 |
|
Name of the
company |
TITAN PAINT AND
CHEMICALS LIMITED |
|
Address of the
registered office or of the principal place of business in |
114-A, Senthottam, Sowripalayam. |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
80029235 |
|
Type of charge |
Book Debts Movable Property Floating Charge Immovable
Property Any interest in immovable property |
|
Particular of
charge holder |
Indian Bank, |
|
Nature of
description of the instrument creating or modifying the charge |
1. Letter from
party to bank confirming extension of equitable mortgage 2. Application and
agreement for forward exchange contract 3. Agreement for
Bills Purchased 4. Agreement for
hypothecation of goods received under advance payment guarantees/LCs 5. Agreement of
Hypothecation of Movables 6. Agreement for
Irrevocable Letter of Credit/Authority for Payment 7. Medium Term
Loan Agreement 8. Agreement for
Open Cash Credit (Stock/Book debts) 9.Application-cum-Agreement
for Packing Credit Advance |
|
Date of
instrument Creating the charge |
14.08.2010 |
|
Amount secured by
the charge |
Rs.166.491 Millions
|
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Nature of
facility, Limits, Margin, Rate of interest and Terms Terms of
Repayment Nature of
facility, Limits, Margin, Rate of interest and Terms Margin Nature of
facility, Limits, Margin, Rate of interest and Terms Extent and
Operation of the charge Total Limits have
been increased from Rs.86.823 millions to Rs.166.491 millions by availing
Fresh Term loan III and Forward contract limits of Rs.14.000 millions and
Rs.45.000 millions respectively and OCC, Term Loan I, Term loan II, LC and
Guarantee limits have been changed as per details of modification |
|
Short particulars
of the property charged |
Hypothecation of
Powder Coating paints (Raw materials, process stock, finished goods) and
Goods, Produce, Merchandise, Stock stored or to be stored in Premises in
Sundarapuram, Industrial estate, Coimbatore. Book debts value
as on 31.07.2010 Rs.60. 800 millions. EM over the land
property, extent of 3.22 acres of Land together with the building constructed
thereon with all appurtenances attached thereto situated at RS No.202/3 of 1.00 acre of Land
with wind mill of 350 KW at SF No.193/2A, |
|
Date of latest
modification prior to the present modification |
25.04.2010 |
|
Particulars of
the present modification |
Total Limits have
been increased from Rs.8,68,23,497/- to Rs.16,64,91,469/- by availing Fresh
Term loan III and Forward contract limits of Rs.14.000 millions and Rs.45.000
millions respectively and OCC, Term Loan I, Term loan II, LC and Guarantee
limits have been changed as per details of modification |
Fixed Assets:
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fittings
·
Office Equipments
·
Vehicles
·
Fire Fighting
·
Air Conditioner
·
Computer
·
Power House
·
Trade Mark
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.45.09 |
|
|
1 |
Rs.72.82 |
|
Euro |
1 |
Rs.63.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
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 |
|
50 |
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.