MIRA
INFORM REPORT
|
Report Date : |
21.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
IONBOND COATINGS PRIVATE LIMITED |
|
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|
Registered
Office : |
F-11 Block, Plot No.48, MIDC, Pimpri, Pune-411018, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
17.03.2005 |
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|
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|
Com. Reg. No.: |
11-020424 |
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Capital
Investment / Paid-up Capital : |
Rs.78.262
Millions |
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|
|
CIN No.: [Company Identification
No.] |
U28920pn2005ptc020424 |
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|
|
Legal Form : |
Private Limited Liability Company
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|
Line of Business
: |
The company offers various types of coating services such as Physical
Vapor Deposition (PVD), Chemical Vapor Deposition (CVD), and Chemical Vapor
Aluminizing (CVA) a Plasma Assisted Chemical Vapor Deposition (PaCVD). |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 67000 |
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|
|
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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|
Comments : |
Subject is a subsidiary of Ionbond Ag, Olten. It is a company having
moderate track. There appears some accumulated losses recorded by the
company. However, trade relations are reported as fair. Business is active.
Payments are reported to be slow but correct. The company can be considered for normal business dealings with some
caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
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 : |
F-11 Block, Plot No.48, MIDC, Pimpri, Pune-411018, Maharashtra, India |
|
Tel. No.: |
91-20-65104438 / 30621110 / 65104439 |
|
Fax No.: |
91-20-27462392 / 65104439 |
|
E-Mail : |
DIRECTORS
As on 29.09.2011
|
Name : |
Mr. Pankaj Kamalakar Akolkar |
|
Designation : |
Director |
|
Address : |
4, Narayan Building, 23, Lakhamsi Napoo Road, Dadar, Mumbai-400014,
Maharashtra, India |
|
Date of Appointment : |
17.03.2005 |
|
Din No.: |
01240663 |
|
|
|
|
Name : |
Iain James Smith |
|
Designation : |
Director |
|
Address : |
118, Bannerdale Road, Sheffield S 7 2DR, UK |
|
Date of Appointment : |
12.03.2008 |
|
Din No.: |
02184630 |
|
|
|
|
Name : |
Mr. Dharmesh Jagdishlal Bhutani |
|
Designation : |
Director |
|
Address : |
H-53, (GF) Residency Green Sector 46, Unitech Greenwood City,
Gurgaon-122001, Haryana, India |
|
Date of Appointment : |
12.11.2007 |
|
Din No.: |
00235301 |
KEY EXECUTIVES
|
Name : |
Ms. Supriya Anuj Purwar |
|
Designation : |
Company Secretary |
|
Address : |
G-504, Mayur Panorama, Nehrunagar, Pimpri, Pune-411018, Maharashtra,
Inida |
|
Date of Birth/Age : |
01.08.1982 |
|
Date of Appointment : |
01.07.2010 |
|
Pan No.: |
AZIPK1593K |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2011
|
Names of Shareholders |
No. of
Preferences Shares |
No. of Equity
Shares |
|
Milind Ganesh Acharya |
-- |
500 |
|
Mandar Shashidhar Ashtikar |
-- |
500 |
|
Ionbond AG Olten, Switzerland |
-- |
554307 |
|
Multi-Arc India Limited, India |
-- |
5397 |
|
Milman Thin Film Systems Private Limited, India |
-- |
5072 |
|
Dharmesh Bhutani |
-- |
10 |
|
Pankaj Akolkar |
-- |
10 |
|
Atul Kulkarni |
-- |
10 |
|
Saiprasad Panchangni |
-- |
10 |
|
Sanjay Brahmankar |
-- |
10 |
|
Ionbond AG Olten, Switzerland |
216795 |
-- |
|
|
|
|
|
Total |
216795 |
565826 |
As on 29.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
97.96 |
|
Bodies
corporate |
|
1.85 |
|
Directors
or relatives of directors |
|
0.01 |
|
Other
top fifty shareholders |
|
0.18 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company offers various types of coating services such as Physical Vapor
Deposition (PVD), Chemical Vapor Deposition (CVD), and Chemical Vapor
Aluminizing (CVA) a Plasma Assisted Chemical Vapor Deposition (PaCVD). |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
ICICI bank Limited, Navi
Mumbai, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
706, B Wing, 7th Floor, ICC Trade Tower, Senapati Bapat
Road, Pune-411016, Maharashtra, India |
|
Tel. No.: |
91-20-66244600 |
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Fax No.: |
91-20-66244605 |
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Pan No.: |
AACFD4815A |
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Holding Company : |
Ionbond AG, Olten |
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|
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Associate : |
·
Ionbond, LLC ·
Ionbond Netherlands |
|
|
|
|
Fellow Subsidiaries : |
·
Ionbond, France ·
Ionbond, UK ·
MultiArc Scientific Coatings (S) Pte Limited ·
Ionbond Austria ·
Ionbond Malaysia ·
Ionbond Eltron |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
575229 |
Equity Shares |
Rs.100/- each |
Rs.57.523 Millions |
|
249771 |
Preferences Shares |
Rs.100/- each |
Rs.24.977 Millions |
|
|
Total |
|
Rs.82.500
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
565826 |
Equity Shares |
Rs.100/- each |
Rs.56.582
Millions |
|
216795 |
Preferences Shares |
Rs.100/- each |
Rs.21.680
Millions |
|
|
Total |
|
Rs.78.262 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
78.262 |
78.262 |
78.262 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(61.483) |
(65.884) |
(65.246) |
|
|
NETWORTH |
16.779 |
12.378 |
13.016 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.029 |
43.112 |
|
|
2] Unsecured Loans |
39.488 |
47.626 |
24.380 |
|
|
TOTAL BORROWING |
39.488 |
47.655 |
67.492 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
56.267 |
60.033 |
80.508 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
62.133 |
61.783 |
85.126 |
|
|
Capital work-in-progress |
1.057 |
0.000 |
0.647 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3.775
|
2.901 |
4.346 |
|
|
Sundry Debtors |
28.103
|
27.073 |
27.999 |
|
|
Cash & Bank Balances |
27.287
|
16.841 |
11.163 |
|
|
Other Current Assets |
0.196
|
0.032 |
0.561 |
|
|
Loans & Advances |
21.175
|
14.661 |
13.409 |
|
Total
Current Assets |
80.536
|
61.508 |
57.478 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
82.308
|
58.418 |
59.569 |
|
|
Other Current Liabilities |
1.291
|
0.826 |
0.746 |
|
|
Provisions |
3.860
|
4.014 |
2.428 |
|
Total
Current Liabilities |
87.459
|
63.258 |
62.743 |
|
|
Net Current Assets |
(6.923)
|
(1.750) |
(5.265) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
56.267 |
60.033 |
80.508 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Surface Treatment Charges |
120.383 |
104.984 |
107.700 |
|
|
|
Other Income |
1.275 |
13.638 |
NA |
|
|
|
TOTAL (A) |
121.658 |
118.622 |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Costs |
7.597 |
7.851 |
|
|
|
|
Personnel Cost |
20.070 |
23.815 |
|
|
|
|
Other Expenses |
61.315 |
55.590 |
|
|
|
|
TOTAL (B) |
88.982 |
87.256 |
|
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
32.676 |
31.366 |
NA |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1.354 |
3.547 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
31.322 |
27.819 |
|
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
18.491 |
25.214 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
12.831 |
2.605 |
(39.900) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
8.151 |
2.842 |
1.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
4.680 |
(0.237) |
(41.100) |
|
|
|
|
|
|
|
|
|
Less |
PRIOR PERIOD
ADJUSTMENTS (NET) |
0.279 |
0.400 |
0.100 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(65.884) |
(65.247) |
NA |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(61.483) |
(65.884) |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Technical Services Provided to Ionbond Malaysia |
0.434 |
0.000 |
0.262 |
|
|
|
Coating Charges of Coupons |
0.000 |
0.020 |
0.000 |
|
|
TOTAL EARNINGS |
0.434 |
0.020 |
0.262 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Purchase of Cathodes, Stores, Consumables and Spares |
3.300 |
2.244 |
2.862 |
|
|
|
Repairs Maintenance Plant and Machinery |
0.507 |
0.723 |
3.887 |
|
|
|
Purchase of Fixed Assets |
15.329 |
0.000 |
0.088 |
|
|
TOTAL IMPORTS |
19.136 |
2.967 |
6.837 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
Basic |
23.60 |
(4.53) |
-- |
|
|
|
Diluted |
5.62 |
(4.53) |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
3.85
|
(0.20) |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.66
|
2.48 |
(37.04) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.99
|
2.11 |
(27.97) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.76
|
0.21 |
(3.07) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
7.57
|
8.96 |
10.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.92
|
0.97 |
0.92 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
No |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
BACKGROUND:
Subject, headquartered
in Pune, Maharashtra, India carries on business of Surface Enhancement Coating.
The Company is a subsidiary of Ionbond AG; a Swiss Company. The company offers
various types of coating services such as Physical Vapor Deposition (PVD),
Chemical Vapor Deposition (CVD), and Chemical Vapor Aluminizing (CVA) a Plasma
Assisted Chemical Vapor Deposition (PaCVD). The Company services its customers
through various branch offices across India and coatings centers in Pune and
Chennai.
The Company was
incorporated on March 17, 2005. The Company started its operations in India
with setting up its own facility at Gurgaon, New Delhi and in November 2005
acquired two business units of Multi-Arc India Limited (MAIL) based at Pimpri,
Pune and Gummidipoondi, near Chennai engaged in surface enhancement technology
solutions. During the year, after having assessed the viability of the
operations of its unit in Gurgaon, the Company has closed its operations of the
Gurgaon Division w.e.f. 28th February 2009. All the plant and machinery has
been transferred to the other locations at Chennai and Pune.
FIXED ASSETS:
· Land
· Factory building
· Plant and Machinery
· Vehicles
· Furniture
· Office Equipments
· Computer
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.55.15 |
|
|
1 |
Rs.86.57 |
|
Euro |
1 |
Rs.67.60 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
27 |
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.