MIRA
INFORM REPORT
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Report Date : |
05.05.2011 |
Note:
The Registered Office has been shifted from
204 and 205,
IDENTIFICATION DETAILS
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Name : |
JOTUN INDIA PRIVATE LIMITED |
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Registered Office : |
502, 5th Floor, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
10.03.2006 |
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Com. Reg. No.: |
11-160431 |
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CIN No.: [Company
Identification No.] |
U24224MH2006PTC160431 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMJ12022D |
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PAN No.: [Permanent
Account No.] |
AABCJ6665J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Importer of Decorative and Industrial Paints.
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RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 1000000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be under severe pressure. There appears to be huge
accumulated losses recorded by the company. Trade relations are reported as
fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
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NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY
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Name : |
Mr. Ram Kelkar |
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Designation : |
Manager - Credit Contract |
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Date : |
04.05.2011 |
LOCATIONS
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Registered Office : |
502, 5th Floor, |
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E-Mail : |
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Website : |
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Factory : |
D- 280, MIDC, Ranjangaon, Shirur, Pune – 419204, |
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Tel. No.: |
91-260-2242603 |
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Fax No.: |
91-260-2241027 |
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Website : |
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Warehouse : |
Located at:
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DIRECTORS
As on 25.09.2010
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Name : |
Mr. Esben Hersve |
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Designation : |
Director |
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Address : |
Ornevejen 17, |
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Date of Birth : |
27.06.1960 |
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Date of Appointment : |
31.03.2006 |
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Name : |
Mr. Erik Reinholt Aaberg |
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Designation : |
Director |
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Address : |
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Date of Birth : |
18.08.1951 |
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Date of Appointment : |
31.03.2006 |
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Name : |
Mr. Martin Al Leng Chew |
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Designation : |
Additional Director |
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Address : |
The Meadows 5, Villa, 40, Street- II, |
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Date of Birth : |
02.09.1967 |
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Date of Appointment : |
24.09.2008 |
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Name : |
Mr. Liang Hoong Wong |
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Designation : |
Additional Director |
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Address : |
33, Hindhede Walk Apartment-07-11, |
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Date of Birth : |
03.11.1958 |
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Date of Appointment : |
30.09.2010 |
KEY EXECUTIVES
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Name : |
Mr. Ram Kelkar |
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Designation : |
Manager in Credit Contract |
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Name : |
Ms. Harshita Chhabra |
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Designation : |
Company Secretary |
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Address : |
3/256, Basant
Building, Sher-e-Punjab Colony, Andheri (East), Mumbai - 400 093, |
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Date of Birth : |
18.09.1985 |
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Date of Appointment : |
09.03.2010 |
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Name : |
Mr. Liang Hoong Wong |
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Designation : |
General Manager |
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Name : |
Percy N. Jijina |
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Designation : |
General Manager – Deco |
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Name : |
Mr. Kumar Gopalan |
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Designation : |
Manager Finance and IT |
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Name : |
Mr. Bijoy Kumar Mukherjee |
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Designation : |
General Manager Sales and Service |
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Name : |
Mr. Sairam R. Iyer |
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Designation : |
Operations Manager |
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Name : |
Mr. Shovan Das |
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Designation : |
Divisional Marketing Support Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 25.09.2010
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Names of Shareholders |
No. of Shares |
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84349999 |
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Jotun |
1 |
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Total |
84350000 |
As on 30.09.2010
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Names of Allottees |
No. of Shares |
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Jotun A/S, |
10339000 |
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Total |
10339000 |
As on 25.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Decorative and Industrial
Paints. |
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Products : |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash, Credit: 30/60/90 Days |
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Purchasing : |
L/C, Cash, Credit: 30/60/90 Days |
PRODUCTION STATUS (As on 31.03.2010)
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Particulars |
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Unit |
Installed
Capacity |
Actual
Production |
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Paint |
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Liters |
20000000 |
8690328 |
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Powder |
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Kgs. |
5000000 |
2602496 |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
300 (Approximately) |
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Bankers : |
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Facilities : |
* Interest Rs. 332.225 millions which is against comfort letter issued
by holding company. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S.R. Batliboi and Company Chartered Accountants |
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Address : |
Jalan Mill Compound, 95 Ganpataran Madan Marg, Lower Parel, Mumbai –
400 021, |
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Tel No. : |
91-22-40356300 |
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Fax No. : |
91-22-40356400 |
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Holding Company : |
Line of Business: Manufacturer and Importer of Decorative and
Industrial Paints. |
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Fellow Subsidiaries/ Associates : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000000 |
Equity Shares |
Rs.10/- each |
Rs.1000.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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84350000 |
Equity Shares |
Rs.10/- each |
Rs.843.500 Millions |
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Note:
84349999 (previous year 51762499) equity share
of Rs. 10/- each are held by
After 25.09.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
125000000 |
Equity Shares |
Rs.10/- each |
Rs.1250.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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111181667 |
Equity Shares |
Rs.10/- each |
Rs.1111.817 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 (15 Months) |
31.12.2008 (12 Months) |
31.12.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
843.500 |
517.625 |
131.000 |
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2] Share Application Money |
0.000 |
0.000 |
101.500 |
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3] Reserves & Surplus |
310.740 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(838.768) |
(433.831) |
(107.130) |
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NETWORTH |
315.472 |
83.794 |
125.370 |
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LOAN FUNDS |
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1] Secured Loans |
330.782 |
332.750 |
50.259 |
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2] Unsecured Loans |
987.450 |
849.655 |
383.620 |
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TOTAL BORROWING |
1318.232 |
1182.405 |
433.879 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1633.704 |
1266.199 |
559.249 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
808.570 |
862.299 |
76.672 |
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Capital work-in-progress including capital advances |
6.687 |
1.387 |
493.894 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
469.093
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386.776
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22.013 |
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Sundry Debtors |
723.600
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302.835
|
37.361 |
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Cash & Bank Balances |
51.808
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18.915
|
7.617 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
153.690
|
164.198
|
35.966 |
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Total
Current Assets |
1398.191
|
872.724
|
102.957 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
430.462
|
410.353 |
103.385 |
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Other Current Liabilities |
131.385
|
55.954
|
8.681 |
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Provisions |
17.897
|
3.904
|
2.208 |
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Total
Current Liabilities |
579.744
|
470.211
|
114.274 |
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Net Current Assets |
818.447
|
404.513
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(11.317) |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1633.704 |
1266.199 |
559.249 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 (15 Months) |
31.12.2008 (12 Months) |
31.12.2007 |
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SALES |
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Income |
2100.856 |
464.637 |
112.144 |
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Other Income |
6.611 |
63.758 |
NA |
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TOTAL |
2107.467 |
528.395 |
NA |
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Less |
EXPENSES |
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Expenses including Depreciation |
2507.813 |
850.731 |
NA |
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Prior Period Adjustment for communication expenses |
3.373 |
0.000 |
NA |
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TOTAL |
2511.186 |
850.731 |
NA |
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PROFIT BEFORE
TAX |
(403.719) |
(322.336) |
(71.948) |
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Less |
TAX |
1.218 |
4.365 |
2.059 |
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PROFIT AFTER TAX
|
(404.937) |
(326.701) |
(74.007) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(433.831) |
(107.130) |
NA |
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BALANCE CARRIED
TO THE B/S |
(838.768) |
(433.831) |
NA |
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EARNINGS IN
FOREIGN CURRENCY |
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Sales Support Fee |
0.000 |
59.132 |
43.005 |
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Exports |
21.469 |
1.611 |
0.000 |
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TOTAL EARNINGS |
21.469 |
60.743 |
43.005 |
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IMPORTS |
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Capital Goods |
26.700 |
44.319 |
3.296 |
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Raw Materials |
672.779 |
230.350 |
0.000 |
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Traded Goods |
200.738 |
258.519 |
49.589 |
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TOTAL IMPORTS |
900.217 |
533.188 |
52.885 |
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Earnings Per
Share (Rs.) |
(4.80) |
NA |
NA |
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Particulars |
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31.03.2011 |
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Sales Turnover |
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2500.000 |
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Expected Sales (2011-12) : Rs. 3000.000 Millions
The above information has been parted by Mr. Ram Kelkar
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 (15 Months) |
31.12.2008 (12 Months) |
31.12.2007 |
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PAT / Total Income |
(%) |
(19.17)
|
(61.83)
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NA |
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Net Profit Margin (PBT/Sales) |
(%) |
(19.22)
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(69.37)
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(64.16) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(18.29)
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(18.58)
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(40.05) |
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Return on Investment (ROI) (PBT/Networth) |
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(1.28)
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(3.85)
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(0.57) |
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Debt Equity Ratio (Total Liability/Networth) |
|
6.02
|
19.72
|
4.37 |
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Current Ratio (Current Asset/Current Liability) |
|
2.41
|
1.86
|
0.90 |
LOCAL AGENCY FURTHER INFORMATION
BACKGROUND:
Subject was incorporated on 10.03.2006 as a 99.99% subsidiary of
The Details of
sundry creditors:
Rs.
In Millions
|
Particulars |
31.03.2010 (15 Months) |
31.12.2008 (12 Months) |
31.12.2007 |
|
Sundry Creditors |
|
|
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Total outstanding due of micro and small enterprise |
1.805 |
0.680 |
0.423 |
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Total outstanding due of creditors other than micro and small
enterprise |
428.657 |
409.673 |
102.962 |
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Total |
430.462 |
410.353 |
103.385 |
FINANCIAL YEAR:
The Company was following Calendar year as its statutory financial year
under the Companies Act, 1956, while for the Income Tax Act, 1961, they used to
get the audit of accounts done on tax financial year basis, i.e. April to
March. So, to assure uniformity and save the duplicity, the statutory financial
year was changed from January-December to April-March. Accordingly, the
financials are made for period from 01.01.2009, to 31.03.2010.
PERFORAMNCE:
The operation of the plant are improving at a steady rate and they are
deploying the resources in the best possible way to increase the business
volumes.
Form
8
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U24224MH2006PTC160431 |
|
Name of the
company |
JOTUN INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
204 and 205, Ascot Centre, |
|
Type of charge |
Book Debts |
|
Particular of
charge holder |
Citi Bank N.A. Citi Group Centre, Bandra Kurla Complex, Bandra (East), Mumbai – 400
051, |
|
Nature of description
of the instrument creating or modifying the charge |
Deed of
Hypothecation |
|
Date of
instrument Creating the charge |
04.08.2008 |
|
Amount secured by
the charge |
Rs. 350.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As determined by
the bank from time to time Terms of Repayment As determined by
the bank from time to time Margin As stipulated by
the bank from time to time Extent and Operation of the charge First charge Others
|
|
Short particulars
of the property charged |
All present and
future book debts, outstanding moneys, etc in respect of and / or relating to
the Project which are now due and owing and / or which may at any time
hereafter during the continuance if the security become due and owing to the
company. |
|
Corporate identity
number of the company |
U24224MH2006PTC160431 |
|
Name of the
company |
JOTUN INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
204 and 205, Ascot Centre, |
|
This form is for |
Creation of
charge |
|
Type of charge |
Book Debts |
|
Particular of
charge holder |
Citi Bank N.A. Citi Group Centre, Bandra Kurla Complex, Bandra (East), Mumbai – 400
051, |
|
Nature of
instrument creating charge |
Deed of
Hypothecation |
|
Date of
instrument Creating the charge |
04.08.2008 |
|
Amount secured by
the charge |
Rs.350.000
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
·
Rate
of interest As determined by the Bank from time to time. ·
Terms
of repayment As determined by the Bank from time to time. ·
Margin As stipulated by the Bank from time to time ·
Extent
and operation of the charge First charge ·
Others 1.
Citibank
as its sole discretion may, at request of the company vary or diversify the
facilities. 2.
Term
Loan Agreements dated 10.12.2007 and 28.03.2008 along with amendatory
agreements dated 12.09.2008 and 22.09.2008 respectively shall always be
deemed to form part of this Deed of Hypothecation. |
|
Particulars of
the property charged |
All present and
future book-debts, outstanding moneys, receivables, claims, bills, chooses in
action, contracts, engagements and securities in respect of and / or relating
to the Project which are now due and owing and / or which mat at any time
hereafter during the continuance of this security become due and owing to the
Company. |
Contingent
Liabilities:
Rs.
In Millions
|
Particulars |
31.03.2010 (15 Months) |
31.12.2008 (12 Months) |
|
Income Tax for Assessment year 2007-08 in respect of which company has
gone in appeal |
-- |
2.063 |
|
Custom Duty on pending export obligation on EPCG |
21.906 |
18.941 |
|
Capital Commitments |
1.078 |
0.000 |
Fixed Assets
·
·
Building
·
Leasehold Improvements
·
Office Equipment
·
Computer / EDP Equipment
·
Plant and Machinery
·
Motor Vehicles
·
Furniture and Fixture
·
Software
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.44.59 |
|
|
1 |
Rs.73.42 |
|
Euro |
1 |
Rs.66.04 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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.