MIRA
INFORM REPORT
|
Report Date : |
12.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
CYTECH COATINGS PRIVATE LIMITED |
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Registered
Office : |
Plot No.C-1/3221 and 3223/1, GIDC Sarigam, Taluka Umergaon, Sarigam –
396155, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
13.04.2009 |
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Com. Reg. No.: |
04-056593 |
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Capital
Investment / Paid-up Capital : |
Rs.9.700 Millions |
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CIN No.: [Company Identification
No.] |
U24223GJ2009PTC056593 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
SRTC01430C |
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PAN No.: [Permanent Account No.] |
AADCC6403H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Printing Inks Flexo and Gravure Inks |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 31000 |
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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 low. However, 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.
|
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) |
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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
|
Registered Office : |
Plot No.C-1/3221 and 3223/1, GIDC Sarigam, Taluka Umergaon, Sarigam –
396155, |
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E-Mail : |
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Factory 1 : |
Part of ACR Group of Companies 11, Peninsula Centre, S.S. Rao Road,
Parel (E), Mumbai – 400012, Maharashtra, India |
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Tel. No.: |
91-22-40586777 |
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Fax No.: |
91-22-40586770 |
DIRECTORS
AS ON 20.08.2011
|
Name : |
Mr. Shwetal Bhupendra Sakaria |
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Designation : |
Director |
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Address : |
703 Saumitra Chs Limited, Plot No.295 A, Matunga (Cr), Mumbai, 400019 |
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Date of Birth/Age : |
06.06.1980 |
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Date of Appointment : |
04.02.2010 |
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DIN No.: |
00142838 |
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Name : |
Mr. Birendrakant Gyanprakash Srivastava |
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Designation : |
Director |
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Address : |
Ec-94 C-003, Krishna Vandan Co Op Hsg Soc., Evershine City, Vasai East, Thane, 401205, |
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Date of Birth/Age : |
02.01.1973 |
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Date of Appointment : |
13.04.2009 |
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DIN No.: |
02609627 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 20.08.2011
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Names of Shareholders |
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No. of Shares |
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Birendrakant Srivastava |
|
375000 |
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Acr Resources Private Limited, Mumbai |
|
475000 |
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Total |
|
850000 |
List of Allottees
As on 15.11.2011
|
Names of Allottees |
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No. of Shares
Allotted |
|
Acr Resources Private Limited, Mumbai |
|
10000 |
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Total |
|
10000 |
List of Allottees
As on 25.11.2011
|
Names of Allottees |
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No. of Shares
Allotted |
|
Birendrakant Srivastava |
|
100000 |
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Total |
|
100000 |
List of Allottees
As on 29.11.2011
|
Names of Allottees |
|
No. of Shares
Allotted |
|
Birendrakant Srivastava |
|
10000 |
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Total |
|
10000 |
AS ON 20.08.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
55.88 |
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Directors or relatives of Directors |
44.12 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Printing Inks Flexo and Gravure Inks |
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Products : |
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GENERAL INFORMATION
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Bankers : |
Bank of Baroda, Vapi Industrial Estate Branch, G.I.D.C., Vapi –
396195, Gujarat, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
B. Vithalani and Company Chartered Accountants |
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Address : |
# 246, 2nd Floor, Shree Naman Plaza, Near. Shoppers Stop, S. V. Road,
Kandivali (West), Mumbai – 400067, Maharashtra, India |
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Tel No.: |
91-22-28615737 |
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Mobile No.: |
91-9821195737 |
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E-mail : |
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PAN No.: |
AADPV5956B |
CAPITAL STRUCTURE
After 20.08.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
970000 |
Equity Shares |
Rs.10/- each |
Rs.9.700 Millions |
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AS
ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
750000 |
Equity Shares |
Rs.10/- each |
Rs.7.500 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2011 |
31.03.2010 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
7.500 |
0.100 |
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2] Share Application Money |
|
0.000 |
5.740 |
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3] Reserves & Surplus |
|
0.214 |
0.000 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
7.714 |
5.840 |
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LOAN FUNDS |
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1] Secured Loans |
|
8.873 |
0.000 |
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2] Unsecured Loans |
|
18.389 |
0.000 |
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TOTAL BORROWING |
|
27.262 |
0.000 |
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DEFERRED TAX LIABILITIES |
|
0.449 |
0.000 |
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TOTAL |
|
35.425 |
5.840 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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31.095 |
0.398 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
33.761 |
0.000 |
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Sundry Debtors |
|
56.664 |
0.000 |
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Cash & Bank Balances |
|
0.183 |
1.095 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
2.625 |
4.390 |
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Total
Current Assets |
|
93.233 |
5.485 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
|
83.536
|
0.338 |
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Other Current Liabilities |
|
5.387
|
0.000 |
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Provisions |
|
0.000 |
0.000 |
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Total
Current Liabilities |
|
88.923 |
0.338 |
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Net Current Assets |
|
4.310 |
5.147 |
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MISCELLANEOUS EXPENSES |
|
0.020 |
0.295 |
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TOTAL |
|
35.425 |
5.840 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2011 |
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SALES |
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Income |
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Other Income |
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TOTAL |
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88.815 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
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85.801 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
|
3.014 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
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|
2.351 |
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PROFIT BEFORE
TAX |
|
|
0.663 |
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Less |
TAX |
|
|
0.449 |
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PROFIT AFTER TAX
|
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|
0.214 |
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TOTAL EARNINGS |
|
|
27.931 |
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Earnings Per
Share (Rs.) |
|
|
0.29 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
|
0.24 |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
0.53 |
-- |
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Return on Investment (ROI) (PBT/Networth) |
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|
0.09 |
-- |
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Debt Equity Ratio (Total Liability/Networth) |
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|
15.06 |
0.06 |
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Current Ratio (Current Asset/Current Liability) |
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|
1.05 |
16.23 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info
Agents |
Available in Report
(Yes / No) |
|
1) Year of Establishment |
Yes |
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2) Locality of the firm |
Yes |
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3) Constitutions of the firm |
Yes |
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4) Premises details |
No |
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5) Type of Business |
Yes |
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6) Line of Business• |
Yes |
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7) Promoter’s background |
Yes |
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8) No. of employees |
No |
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9) Name of person contacted |
No |
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10) Designation of contact person |
No |
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11) Turnover of firm for last one years |
Yes |
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12) Profitability for last one years |
Yes |
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13) Reasons for variation <> 20% |
-- |
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14) Estimation for coming financial year |
No |
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15) Capital in the business |
Yes |
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16) Details of sister concerns |
No |
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17) Major suppliers |
No |
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18) Major customers |
No |
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19) Payments terms |
No |
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20) Export / Import details (if applicable) |
No |
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21) Market information |
-- |
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22) Litigations that the firm / promoter |
-- |
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23) Banking Details |
Yes |
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24) Banking facility details |
Yes |
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25) Conduct of the banking account |
-- |
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26) Buyer visit details |
-- |
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27) Financials, if provided |
Yes |
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28) Incorporation details, if applicable |
Yes |
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29) Last accounts filed at ROC |
Yes |
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30) Major Shareholders, if available |
Yes |
PERFORMANCE:
During the year, the company has started its activity and achieved a
sales turnover (including other income Rs.88.815 Millions. The company has
earned profit after tax Rs.0.214 Millions. The company’s performance was satisfactory
during the year
Bankers Charges
Report as per Registry
|
Corporate identity number of the company |
U24223GJ2009PTC056593 |
|
Name of the company |
CYTECH COATINGS PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in India of the company |
Plot No.C-1/3221 and 3223/1, GIDC Sarigam, Taluka Umergaon, Sarigam –
396155, Gujarat, India E-mail : shwetal.sakaria@arihantchemicals.com
|
|
This form is for |
Creation of charge |
|
Type of charge |
·
Book debts ·
Movable property (not being pledge) ·
Others (Stocks, Spares) |
|
Particular of charge holder |
Bank of Baroda, Vapi Industrial Estate Branch, G.I.D.C., Vapi –
396195, Gujarat, India E-mail : indvap@bankofbaroda.com
|
|
Nature of instrument creating charge |
Composite Hypothecation Agreement dated 19.11.2011 |
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Date of instrument Creating the charge |
19.11.2011 |
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Amount secured by the charge |
Rs.96.706 Millions |
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Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest Working Capital 14.25%, BR + 3.50% presently BR at 10.75% Term Loan 14.25%, BR + 3.50% presently BR at 10.75% Terms of Repayment Term Loan - 54 Equal monthly installments of 85500 each and last
installment of Rs.89000 wef November,2011 Margin Working Capital - 25% on Raw material, stock in progress, Finished
Goods, Stores and spares, packing materials 25% on book debts upto 90days Term Loan - Takeover Letter of credit - 10% cash margin Bank Guarantee - 10% cash margin Extent and Operation of the charge Working Capital Cash Credit - Rs. 20.000 Millions Term Loan - Rs. 4.706 Millions Foreign Bill Discounting with or without LC - Rs. 30.000 Millions Inland Bill Discounting with LC - (Rs. 10.000 Millions) Letter of Credit - Rs. 40.000 Millions Bank Guarantee - Rs. 2.000 Millions Total – Rs.96.706 Millions |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
Hypothecation of raw materials, stock in process, finished goods and
other current assets and Hypothecation of book debts of the company. Hypothecation of existing Plant and Machinery Personal Guarantee of -
Birendra Shrivastav -
Shwetal B. Sakaria -
Khushi Sakaria Corporate Guarantee of -
Arihant Pigments Private Limited -
ACR Resources Private Limited -
Arihant Chemicals and Resins (India) Private
Limited |
FIXED ASSETS:
·
Land
·
Factory Building
·
Factory Equipment
·
Lab Equipment
·
Office Equipment
·
Plant and Machinery
·
Furniture and Fixtures
·
Vehicle
·
Computers
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.53.64 |
|
|
1 |
Rs.86.42 |
|
Euro |
1 |
Rs.69.29 |
INFORMATION DETAILS
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--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.