MIRA
INFORM REPORT
|
Report Date : |
04.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
KOCH CHEMICAL TECHNOLOGY GROUP INDIA PRIVATE LIMITED (w.e.f.
10.11.2006) |
|
|
|
|
Formerly Known
As : |
KOCH-GLITSCH INDIA PRIVATE LIMITED GLITSCH TECHNOLOGIES ( |
|
|
|
|
Registered
Office : |
Corporate Park-II, 10th Floor, CTS No. 354, 355/1-6, 356,
357 and 360, Sion Trombay Road, Chembur, Mumbai-400071, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
29.07.1994 |
|
|
|
|
Com. Reg. No.: |
11-079939 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.62.643 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29199MH1994PTC079939 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCK3688G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing Equipment and Service for Hydrocarbon and Chemical Process
Industries. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
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 3800000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. Financial
position of the company appears to be good. 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.
INFORMATION DECLINED BY
|
Name : |
Mr. Bene |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-2667-244345 |
|
Date : |
03.05.2012 |
LOCATIONS
|
Registered Office : |
Corporate Park-II, 10th Floor, CTS No. 354, 355/1-6, 356,
357 and 360, Sion Trombay Road, Chembur, Mumbai-400071, Maharashtra,
India |
|
Tel. No.: |
91-22-67717171 |
|
Fax No.: |
91-22-67717161 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Overseas Office : |
Located at: |
DIRECTORS
As on 28.09.2011
|
Name : |
Mr. Chirstoph Ender |
|
Designation : |
Director |
|
Address : |
7938, |
|
Date of Appointment : |
30.05.2005 |
|
DIN No.: |
00173470 |
|
|
|
|
Name : |
Mr. Jatin Prabodh Parikh |
|
Designation : |
Managing Director |
|
Address : |
B-4, Somnath Duplex, Near Gotri Naka, Vadodara-390021, |
|
Date of Appointment : |
27.01.2005 |
|
DIN No.: |
00086458 |
|
|
|
|
Name : |
Mr. Anish Ghoshal |
|
Designation : |
Director |
|
Address : |
402, Rocky Hill, Rizvi Complex, |
|
Date of Appointment : |
07.09.2006 |
|
DIN No.: |
00276807 |
|
|
|
|
Name : |
Mr. John Jeremiah Morrison |
|
Designation : |
Director |
|
Address : |
|
|
Date of Appointment : |
07.09.2006 |
|
DIN No.: |
00234027 |
|
|
|
|
Name : |
Mr. Ashok Ravjibhai Patel |
|
Designation : |
Director |
|
Address : |
11618, |
|
Date of Appointment : |
23.012.2008 |
|
DIN No.: |
02291682 |
|
|
|
|
Name : |
Mr. Juraj Penciak |
|
Designation : |
Director |
|
Address : |
101-607, The Island park, Yeouido-dong, 17, Youngdeungpo-gu, |
|
Date of Appointment : |
23.06.2010 |
|
DIN No.: |
03067283 |
KEY EXECUTIVES
|
Name : |
Mr. Jigarkumar Ghanshyambhai Patel |
|
Designation : |
Secretary |
|
Address : |
D-203, |
|
Date of Appointment : |
15.06.2009 |
|
PAN No, ; |
APHPP2767D |
|
|
|
|
Name : |
Mr. Bene |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Koch |
|
6264265 |
|
Koch |
|
8 |
|
Ashok Chhaganlal Pratap |
|
6 |
|
Total |
|
6264279 |
As on 28.09.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Equipment and Service for Hydrocarbon and Chemical Process
Industries. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
Actual
Production |
|
Mass Transfer Equipments |
Tonnes |
1752 |
Note:
Licensed Installed capacity is not applicable
to the company
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
|
|
|
|
Bankers : |
ABN Amro Bank N.V., 7, Alkapuri, Vadodara - 390007, |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
K. C. Mehta and Company Chartered Accountants |
|
Address : |
2nd Floor, Meghdhanush, Race Cource, Vadodara -390007, |
|
Tel. No.: |
91-265-2341626 / 3086400 |
|
Fax No.: |
91-265-3086444 / 455 / 466 |
|
E-Mail : |
|
|
Website : |
|
|
PAN.: |
AABFK1558J |
|
|
|
|
Holding Company
: |
|
|
|
|
|
Affiliates : |
|
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8000000 |
Equity Shares |
Rs.10/- each |
Rs.80.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6264279 |
Equity Shares |
Rs.10/- each |
Rs.62.643
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 |
62.643 |
73.697 |
73.697 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
890.947 |
948.103 |
798.803 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
953.590 |
1021.800 |
872.500 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.906 |
|
|
|
|
|
|
|
|
TOTAL |
953.590 |
1021.800 |
873.406 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
247.545 |
147.898 |
170.576 |
|
|
Capital work-in-progress |
6.886 |
17.463 |
1.919 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
3.347 |
3.990 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
328.577
|
204.763 |
184.874
|
|
|
Sundry Debtors |
146.732
|
93.567 |
180.715
|
|
|
Cash & Bank Balances |
316.972
|
659.209 |
444.491
|
|
|
Other Current Assets |
0.139
|
0.290 |
15.004
|
|
|
Loans & Advances |
110.772
|
56.633 |
10.127
|
|
Total
Current Assets |
903.192
|
1014.462 |
835.211 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
124.870
|
74.479 |
49.947
|
|
|
Other Current Liabilities |
68.125
|
75.227 |
45.008
|
|
|
Provisions |
14.385
|
12.307 |
39.345
|
|
Total
Current Liabilities |
207.380
|
162.013 |
134.300 |
|
|
Net Current Assets |
695.812
|
852.449 |
700.911 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
953.590 |
1021.800 |
873.406 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
960.320 |
865.499 |
1071.425 |
|
|
|
Other Income |
68.980 (Including
Excise Duty) |
6.046 |
72.383 |
|
|
|
TOTAL (A) |
1029.300 |
871.545 |
1143.808 |
|
|
|
|
|
|
|
|
Less |
|
|
|
|
|
|
|
|
Materials Consumed |
|
334.708 |
423.397 |
|
|
|
Personnel Expenses |
732.689 |
103.457 |
98.769 |
|
|
|
Operating and other Expenses |
|
175.446 |
124.179 |
|
|
|
TOTAL (B) |
732.689 |
613.611 |
646.345 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
296.611 |
257.934 |
497.463 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
3.141 |
3.331 |
2.835 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
293.470 |
254.603 |
494.628 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
30.984 |
38.156 |
43.864 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
262.486 |
216.447 |
450.764 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
76.442 |
67.147 |
146.712 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
186.044 |
149.300 |
304.052 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
948.055 |
798.755 |
494.703 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
11.054 |
0.000 |
0.000 |
|
|
|
Utilized for Buy Back of Shares |
243.201 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
879.844 |
948.055 |
798.755 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
249.910 |
383.553 |
477.670 |
|
|
|
Engineering Services |
130.783 |
116.083 |
127.102 |
|
|
|
Sales Domestic remittance in FC |
0.406 |
0.000 |
0.291 |
|
|
|
Other Earnings |
1.984 |
2.681 |
3.242 |
|
|
TOTAL EARNINGS |
383.083 |
502.317 |
608.305 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
58.380 |
48.820 |
22.059 |
|
|
|
Stores & Spares |
6.716 |
0.883 |
9.121 |
|
|
|
Capital Goods |
34.475 |
14.292 |
7.552 |
|
|
TOTAL IMPORTS |
99.571 |
63.995 |
38.732 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
25.87 |
20.26 |
41.26 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
18.07
|
17.13 |
26.58 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
27.33
|
25.01 |
42.07 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
22.81
|
18.62 |
44.81 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
0.21 |
0.52 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.22
|
0.16 |
0.15 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.36
|
6.26 |
6.22 |
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 |
Yes |
|
10) Designation of contact person |
Yes |
|
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 |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
No |
|
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 |
SUNDRY CREDITORS
DETAILS:
(Rs.
In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Dues to micro and small enterprises |
0.992 |
0.536 |
0.927 |
|
Dues to others |
123.878 |
73.943 |
49.020 |
|
Total |
124.870 |
74.479 |
49.947 |
OPERATIONS
The company registered a net turnover of Rs.960.320 Millions against Rs.865.500 Millions during the previous financial year, a growth of 11%. The company registered a EBDT of Rs.231.500 Millions as compared to Rs.178.290 millions during die previous financial year and net profit after tax for the year was Rs.186.040 millions as against Rs.149.300 millions in the previous physical year. The year 2010 -2011 was a very good year for the company in which booking for domestic jobs were Rs.566.010 millions and export jobs were Rs.308.940 millions and therefore total was Rs.874.950 millions. The company secured highest amount of orders in value ever before in the history of the company.
EXPANSION
The company has completed (he expansion of ETO manufacturing and Structure manufacturing capacity. ETU capacity has been doubled by installing 4 NC machines along with other required equipments. The company has started using full extended capacity since beginning of this year.
BUY BACK OF SHAKES:
During the financial year the company has buyback oil 1,05,461 Equity Shares at Ks. 230/- per Shares from the Shareholders of the Company. The Company has fulfilled all requirement of Section 77A of the Companies Act, 1956.
CONTINGENT
LIABILITIES (As On 31.03.2011)
Guarantees given by bank in favour of the custom authorities on behalf of the Company amounts to Rs.2.109 Millions (P. Y. Rs.22.759 Millions)
Contingent liabilities not provided for in respect of matters in appeal with Income Tax is Rs.29.237 Millions for Assessment Year 2004-05. 2005-06. 2006-07 and 2007-08
Fixed Assets
- Building
- Plant and
Machinery
- Furniture and
Fixture
- Office
Equipment
- Compute
- Vehicles
- Dies and
Tools
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.53.24 |
|
|
1 |
Rs.86.14 |
|
Euro |
1 |
Rs.69.98 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
NTH |
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 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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.