MIRA
INFORM REPORT
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Report Date : |
24.03.2011 |
IDENTIFICATION DETAILS
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Name : |
MARUTI KOATSU CYLINDERS LIMITED |
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Registered Office : |
VIP’S Apartment, 2nd Floor, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
09.07.1984 |
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Com. Reg. No.: |
04 - 7064 |
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CIN No.: [Company
Identification No.] |
U23200GJ1984PLC007064 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BRDM01129C |
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PAN No.: [Permanent
Account No.] |
AABCM4108P |
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Legal Form : |
A Closely held Public Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Importer of High Pressure
Seamless Gas Cylinders for Industrial Gases, Compressed Natural Gas and
Cascades |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (48) |
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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 990000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct. The company can be considered normal for business dealings at usual
trade terms and condition. |
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
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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 |
LOCATIONS
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Registered Office : |
VIP’S Apartment, 2nd Floor, |
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Tel. No.: |
91-2676-220900/22900/21647 |
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Mobile No.: |
91-9824027955 |
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Fax No.: |
91-2676-220844 |
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E-Mail : |
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Website : |
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Area : |
23,296 sq. ft. |
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Location : |
Owned |
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Administrative Office : |
307, Swastik Chambers, 3rd Floor, C |
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Tel. No.: |
91-22-25285850 / 51 / 52 |
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Fax No.: |
91-22-25285853 |
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E-Mail : |
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Factory 1 : |
1402 G.I.D.C. Industrial Estate, Halol, District
Panchmahal - 389 560, |
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Tel. No.: |
91-2676-21697 / 20900 / 22900 / 224647 |
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Fax No.: |
91-2676-20844 |
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E-Mail : |
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Branch Office : |
BF-4, Mohan Complex, H-Block Market, Ashok Vihar,
Delhi-110052, Tel No : 91-11-42280002 / 65864979 Fax No : 91-11-42280002 |
DIRECTORS
As On : 30.09.2010
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Name : |
Mr. Nitin Jamnadas Thakkar |
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Designation : |
Director |
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Address : |
1 Shivshakti Bunglow, |
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Date of Birth/Age : |
14.09.1960 |
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Qualification : |
B. Com |
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Date of Appointment : |
09.07.1984 |
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DIN No : |
00808748 |
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Name : |
Mr. Mulraj Thardas Thakkar |
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Designation : |
Director |
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Address : |
101, |
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Date of Birth/Age : |
12.10.1945 |
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Date of appointment : |
09.07.1984 |
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DIN No : |
00487503 |
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Name : |
Mr. Mayur S. Thakkar |
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Designation : |
Managing Director |
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Address : |
D/16, Indraprastha, |
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Date of Birth/Age : |
12.10.1974 |
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Date of Appointment : |
01.02.2008 |
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DIN No : |
01842717 |
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Name : |
Mr. Dinesh Shivlal Kamdar |
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Designation : |
Director |
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Address : |
3 B Trinidhi – Opposite Saulani Estate, |
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Date of Birth/Age : |
06.11.1943 |
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Date of Appointment : |
01.02.2008 |
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DIN No : |
01657591 |
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Name : |
Mr. Bharat Kadayam Ramnathan |
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Designation : |
Director |
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Address : |
Flat 6AB/7AB, Mona Co-op Housing Society, |
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Date of Birth/Age : |
23.06.1962 |
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Date of Appointment : |
01.09.2008 |
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DIN No : |
00584367 |
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Name : |
Mr. Kundan Kumar Dhaneshchandra Bhanawat |
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Designation : |
Director |
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Address : |
A-1, Pratap Nagar, Chittorgarh, Rajasthan – 312 001, |
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Date of Birth/Age : |
30.09.1959 |
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Date of Appointment : |
01.09.2008 |
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DIN No : |
02235905 |
KEY EXECUTIVES
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Name : |
Mr. Sunil Kumar Somani |
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Designation : |
Secretary |
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Address : |
A-203, Barajraj Flat, |
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Date of Birth : |
04.09.1964 |
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Date of Appointment : |
01.03.2009 |
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PAN No : |
AEPPS0508E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Nitin Jamnadas Thakkar |
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549375 |
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Mulraj Thardas Thakkar |
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429750 |
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Mayur S. Thakkar |
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239125 |
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Bharat Kadayam Ramnathan |
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300000 |
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Jamnadas Thakkar |
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522500 |
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Bharti Thakkar |
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417000 |
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Jamnadas Thakkar, Saryu Jamnadas Thakkar |
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35000 |
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Saryu Jamnadas Thakkar, Jamnadas Thakkar |
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40750 |
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Saryu Jamnadas Thakkar |
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270000 |
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Priti Jamnadas Thakkar |
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26500 |
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Priti Jamnadas Thakkar, Jamnadas Thakkar |
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2500 |
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Om Natural Gas Cylinders Private Limited, |
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220500 |
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Advent Adisory Services Private Limited, |
|
1080000 |
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K R Bharat |
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300000 |
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Hitesh H. Ajmera |
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125000 |
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Adit G Mehta |
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125000 |
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Sliver Cross Marketing Private Limited, |
|
150000 |
AS ON 30.09.2010
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Bodies corporate |
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45.38 |
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Directors or relatives of directors |
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36.79 |
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Other top fifty shareholders |
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17.83 |
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Total
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of High Pressure
Seamless Gas Cylinders for Industrial Gases, Compressed Natural Gas and
Cascades |
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Products : |
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PRODUCTION STATUS (As On 31.03.2010)
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Particulars |
Installed
Capacity |
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Cylinders |
15000 |
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GENERAL INFORMATION
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No. of Employees : |
158 (Approximately) |
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Bankers : |
·
Axis Bank Limited, Trishul, 3rd Floor,
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Sheth and Company Chartered Accountants |
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Address : |
Krishna Building, 4th Floor, |
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Tel. No.: |
91-22-22002290 / 22059208 / 26120151 / 26185651 / 23743057 |
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Fax No.: |
91-22 -22059208 / 22002290 |
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Pan No : |
AAAFS4798K |
CAPITAL STRUCTURE
As On : 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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9200000 |
Equity Shares |
Rs. 10/- each |
Rs. 92.000
millions |
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Notes : of above shares 2400000 are allotted as filly
paid up by way of Bonus Shares during the year ended 31.03.1995.
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 |
92.000 |
92.000 |
92.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
156.260 |
155.571 |
132.986 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
248.260 |
247.571 |
224.986 |
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LOAN FUNDS |
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1] Secured Loans |
280.656 |
300.055 |
103.227 |
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2] Unsecured Loans |
43.449 |
20.536 |
26.269 |
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TOTAL BORROWING |
324.105 |
320.591 |
129.496 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
572.365 |
568.162 |
354.482 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
193.930 |
92.339 |
56.755 |
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Capital work-in-progress |
0.000 |
66.223 |
35.438 |
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INVESTMENT |
0.591 |
0.591 |
0.591 |
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DEFERREX TAX ASSETS |
4.590 |
7.398 |
6.855 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
314.189
|
174.607 |
130.512 |
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Sundry Debtors |
146.090
|
243.560 |
110.175 |
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Cash & Bank Balances |
48.966
|
116.978 |
48.831 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
126.554
|
99.557 |
80.936 |
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Total
Current Assets |
635.799
|
634.702 |
370.454 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
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Sundry Creditors |
222.753
|
187.781 |
95.614 |
|
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Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
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Provisions |
40.935
|
47.024 |
22.282 |
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Total
Current Liabilities |
263.688
|
234.805 |
117.896 |
|
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Net Current Assets |
372.111
|
399.897 |
252.558 |
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MISCELLANEOUS EXPENSES |
1.142 |
1.714 |
2.285 |
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TOTAL |
572.365 |
568.162 |
354.482 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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|
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Income |
602.695 |
577.645 |
423.747 |
|
|
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Other Income |
4.215 |
3.463 |
1.040 |
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|
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TOTAL (A) |
606.910 |
581.108 |
424.787 |
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|
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Less |
EXPENSES |
|
|
|
|
|
|
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Raw Material Consumed |
396.755 |
343.232 |
271.693 |
|
|
|
Reimport of Export and Domestic Goods |
113.928 |
0.000 |
0.000 |
|
|
|
Manufacturing and Operating Expenses |
65.044 |
73.051 |
45.666 |
|
|
|
Payments to and Provisions for Employees |
38.090 |
26.825 |
25.125 |
|
|
|
Increase/(Decrease) in Finished Goods |
(129.447) |
22.258 |
(5.196) |
|
|
|
Sales and Administrative Expenses |
44.819 |
25.155 |
27.582 |
|
|
|
Share Issue Expenses Written off |
0.571 |
0.571 |
0.571 |
|
|
|
Prior period Income / (expenses) |
(0.009) |
(0.042) |
(0.108) |
|
|
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Excess provision written back |
(0.038) |
(1.368) |
(5.971) |
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|
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TOTAL (B) |
529.713 |
489.682 |
359.362 |
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
77.197 |
91.426 |
65.425 |
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Less |
FINANCIAL
EXPENSES (D) |
51.425 |
26.787 |
14.434 |
|
|
|
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|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
25.772 |
64.639 |
50.991 |
|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
20.875 |
17.123 |
14.753 |
|
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|
|
|
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PROFIT BEFORE
TAX (E-F) (G) |
4.897 |
47.516 |
36.238 |
|
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|
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Less |
TAX (H) |
(4.208) |
15.599 |
7.507 |
|
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PROFIT AFTER TAX
(G-H) (I) |
0.689 |
31.917 |
28.731 |
|
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
36.005 |
11.623 |
(17.108) |
|
|
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|
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend on Equity Shares |
0.000 |
6.440 |
0.000 |
|
|
|
Corporate Dividend Tax |
0.000 |
1.095 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
36.694 |
36.005 |
11.623 |
|
|
|
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EXPORT VALUE |
63.864 |
135.001 |
196.851 |
|
|
|
|
|
|
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
222.173 |
277.991 |
185.830 |
|
|
|
Stores & Spares |
1.944 |
1.489 |
15.389 |
|
|
TOTAL IMPORTS |
224.117 |
279.480 |
201.219 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.11
|
5.49 |
6.76 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.81
|
8.23 |
8.55 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.59
|
6.47 |
8.35 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.19 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.37
|
2.24 |
1.10 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.41
|
2.70 |
3.14 |
LOCAL AGENCY FURTHER INFORMATION
REVIEW OF OPERATIONS AND OUTLOOK FOR CURRENT YEAR
During the period,
the turnover of the company has marginally gone up to Rs. 649.600 millions form
Rs.628.800 millions in the previous Financial Year. The profitability has also
been adversely affected due to increase competition the market with many new
players entering the market which has reduced the average realization per
cylinder.
The Company has
taken steps to control costs and the results will be reflected in the working
of current financial year. With the development of CNG infrastructure in the
country, the future prospects are good and the performance of the company is
expected to improve substantially in the coming years.
OPERATIONS AND FUTURE PLANS
1.
The company managed to sustain its lead in the
cascade business and secured repeal orders from IGL and MGL respectively. In
all the company will supply more than 300 cascades in the current year and play
a vital role in the growth of CNG infrastructure in the country.
2.
The company is regularly supplying CNCG cylinders
to OEM's like Eicher and JCBL. Scooters India Limited. and also catering to the
retrofitting 111arket.
3.
The company has also started warehousing facilities
in Mumbai and
4.
They are also exporting their cylinders and
cascades to markets in
5.
The company has also switched to GSPC pas from LDO
and LPG and converted its furnaces to use GSPC gas in place of other fuels.
This will result in substantial savings in coming years.
With all these
measures the company expects to substantially improve its performance in the coming
years.
FORM 8
|
Corporate
identity number of the company |
U23200GJ1984PLC007064 |
|
Name of the
company |
MARUTI KOATSU
CYLINDERS LIMITED |
|
Address of the
registered office or of the principal place of business in |
VIP’S Apartment, 2nd Floor, |
|
This form is for |
Creation of
charge |
|
Type of charge |
Movable property
(not being pledge) |
|
Particular of
charge holder |
Axis Bank Limited, Trishul, 3rd Floor, |
|
Nature of
instrument creating charge |
Loan cum
hypothecation agreement |
|
Date of
instrument Creating the charge |
25.03.2010 |
|
Amount secured by
the charge |
Rs. 1167.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest 8.75% Terms of repayment In 60 monthly
installments Margin usual Extent and operation of the charge Hypothecation of Vehicle
viz G M Cruze 2.0 LTZ- Power Drive |
|
Short particulars
of the property charged (Including location of the property) |
Hypothecation of
Vehicle viz G M Cruze 2.0 LTZ- Power
Drive |
FIXED ASSETS:
v
v
v Building – Factory
v Building – others
v Plant and Machinery
v Dies and Tools Pattern
v Office Equipment
v Computers
v Furniture and Fixtures
v Vehicles
v
WEB SIDE DETAILS
PROFILE
Subject is one of the
leading Indian and international players in the field of high pressure seamless
cylinders for Industrial gases, CNG and Cascades.
Subject is also
playing a vital role in the development of CNG infrastructure in
These cylinders are
manufactured in water capacities ranging from 1 to 160 liters, OD from 108
mm to 356 mm and working pressure from 150 Kgf/cm˛ to 400 Kgf/cm˛. Their
products are manufactured using the latest technology and manufacturing
practices and conform to relevant Indian and export standards for domestic and
International markets. They are an ISO 9001:14001 company certified by
QSI and also accredited by ANAB.
Their state of the art
manufacturing facility is located at Halol near Vadodara (Baroda) in Gujarat
(India) and their manufacturing range includes cylinders for Industrial
Oxygen, Argon, Nitrogen, Helium, Hydrogen, Carbon Dioxide, Medical
Oxygen, Nitrous Oxide, Compressed Natural Gas (CNG) for Onboard use
in vehicles ( as fuel tanks) and Cascades. Their cylinders are also
widely used in specialized fire fighting systems for large power plants and
refineries by leading Indian and international EPC companies.
Their cylinders are
inspected/certified by Bureau of Indian Standard – (B.I.S) and are approved by
the Chief Controller of Explosives, Dept. of Explosives, Government of India.
For export, their cylinders are inspected and approved by 3rd party inspection
agencies such as BVQI/TUV or SGS.
They have recently
completed their expansion project to manufacture higher diameter cylinders and
today, they are well placed to cater to the changing industrial trends and
preferences of their most demanding customers.
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.44.96 |
|
|
1 |
Rs.73.56 |
|
Euro |
1 |
Rs.63.68 |
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 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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.