MIRA
INFORM REPORT
|
Report Date : |
22.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
CORROSION TECHNOLOGY SERVICES INDIA PRIVATE LIMITED (w.e.f.
21.07.2009) |
|
|
|
|
Formerly Known
As : |
CORRPRO CORROSION CONTROL INDIA PRIVATE LIMITED |
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|
|
Registered
Office : |
Mangalya, A-601, Off |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
31.12.1998 |
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Com. Reg. No.: |
11-117701 |
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|
Capital
Investment / Paid-up Capital : |
Rs.12.499
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74999MH1998PTC117701 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMC11460B |
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|
|
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PAN No.: [Permanent Account No.] |
AABCC1942K |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Provider of Corrosion Prevention Services. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 66000 |
|
|
|
|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Trade
relations are reported as fair. Business is active. Payments are reported to
be slow but correct. The company can be considered for business dealings with some
cautions. |
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 : |
Mangalya, A-601, Off |
|
Tel. No.: |
91-22-26733421/ 26732965/ 26732966 |
|
Fax No.: |
91-22-26733420 |
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E-Mail : |
DIRECTORS
As on 16.08.2011
|
Name : |
Mr. Ramanathan Vishwanathan Puthvcode |
|
Designation : |
Director |
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Address : |
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|
Date of Birth/Age : |
16.08.1956 |
|
Date of Appointment : |
21.06.2001 |
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DIN No.: |
01810736 |
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|
|
|
Name : |
Mr. Stephen Paul Wroe |
|
Designation : |
Director |
|
Address : |
Flate
18-186, |
|
Date of Birth/Age : |
08.01.1956 |
|
Date of Appointment : |
29.08.2001 |
|
DIN No.: |
02021040 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 16.08.2011
|
Names of Shareholders |
|
No. of Shares |
|
Corrosion
Technology Services LLC, |
|
1 |
|
Corrosion Technology Services Middle East LLC, Sharjah, UAE |
|
124992 |
|
Total |
|
124993 |
As on 16.08.2011
|
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] |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Provider of Corrosion Prevention Services. |
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|
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GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
The Hong Kong
and Shanghai Banking Corporation Limited, 52/60, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
D.M. Damle and Company Chartered Accountants |
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Address : |
G-2/106, Kalpita Enclave, |
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Tel. No.: |
91-22-26841341 |
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Income-tax
PAN of auditor or auditor's firm : |
AACPD5615L |
|
|
|
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Holding Company : |
Corrosion
Technology Services Middle Address: Post Box 2325, Sharjah, UAE |
CAPITAL STRUCTURE
As on 16.08.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs.100/- each |
Rs.20.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
124993 |
Equity Shares |
Rs.100/- each |
Rs.12.499
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 |
12.499 |
12.499 |
12.499 |
|
|
2] Share Application Money |
0.000 |
0.001 |
0.001 |
|
|
3] Reserves & Surplus |
4.072 |
0.807 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(0.704) |
|
|
NETWORTH |
16.571 |
13.307 |
11.796 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2.527 |
0.000 |
0.406 |
|
|
2] Unsecured Loans |
0.550 |
0.550 |
1.122 |
|
|
TOTAL BORROWING |
3.077 |
0.550 |
1.528 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
19.648 |
13.857 |
13.324 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1.379 |
0.877 |
1.026 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.789 |
0.554 |
0.443 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1.259
|
0.000 |
0.000
|
|
|
Sundry Debtors |
20.758
|
11.542 |
15.613
|
|
|
Cash & Bank Balances |
0.487
|
1.752 |
0.552
|
|
|
Other Current Assets |
12.716
|
7.554 |
5.530
|
|
|
Loans & Advances |
0.000
|
0.000 |
0.000
|
|
Total
Current Assets |
35.220
|
20.848 |
21.695 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
4.781
|
3.235 |
5.167 |
|
|
Other Current Liabilities |
7.871
|
1.805 |
1.968 |
|
|
Provisions |
5.088
|
3.388 |
2.716 |
|
Total
Current Liabilities |
17.740
|
8.428 |
9.851
|
|
|
Net Current Assets |
17.480
|
12.420 |
11.844
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.006 |
0.011 |
|
|
|
|
|
|
|
|
TOTAL |
19.648 |
13.857 |
13.324 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
|
|
|
|
Contract Charges |
53.414 |
21.233 |
8.102 |
|
|
|
Sales – Material |
|
4.891 |
16.902 |
|
|
|
Sales – Services |
|
0.000 |
5.124 |
|
|
|
Other Income |
|
0.392 |
0.253 |
|
|
|
TOTAL |
53.414 |
26.516 |
30.381 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
48.305 |
(0.956) |
1.284 |
|
|
|
Cost of material sold |
|
3.275 |
10.432 |
|
|
|
Contract Related |
|
11.927 |
5.550 |
|
|
|
Salaries & Staff Amenities |
|
4.191 |
4.326 |
|
|
|
Administrative Expenses |
|
5.578 |
5.425 |
|
|
|
Preliminary Expenses Written Off |
|
0.006 |
0.006 |
|
|
|
TOTAL |
48.305 |
24.021 |
27.023 |
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
5.109 |
2.495 |
3.358 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.379 |
0.385 |
0.321 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
4.730 |
2.110 |
3.037 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
1.465 |
0.599 |
1.110 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
3.265 |
1.511 |
1.927 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.807 |
(0.704) |
(2.631) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
4.072 |
0.807 |
(0.704) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Traded Goods |
0.000 |
0.258 |
0.276 |
|
|
|
Services |
0.000 |
0.405 |
5.132 |
|
|
TOTAL EARNINGS |
0.000 |
0.663 |
5.408 |
|
|
|
|
|
|
|
|
|
|
CIF VALUE OF
IMPORTS |
8.614 |
0.245 |
0.824 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
26.12 |
12.09 |
15.41 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
6.11
|
5.70 |
6.34 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
8.08 |
10.08 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.92
|
9.71 |
13.37
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.29
|
0.16 |
0.26
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.26
|
0.67 |
0.96
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.99
|
2.47 |
2.20
|
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 |
Note:
The registered office of the company has been shifted from Suite E–110, 1st
Floor, Crystal Plaza, New Link Road, Andheri (West), Mumbai – 400 053,
Maharashtra to the present address w.e.f. 15.09.2010.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U74999MH1998PTC117701 |
|
Name of the
company |
CORROSION TECHNOLOGY SERVICES INDIA PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Mangalya, A-601, Off E-Mail: india@cts-middleeast.com |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10138005 |
|
Type of charge |
Book Debts Others [Stock and
Book Debts (present and future)] |
|
Particular of
charge holder |
The Hong Kong
and Shanghai Banking Corporation Limited, 52/60, E-Mail: pareshmehta@hsbc.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
Second
Supplemental Hypothecation Agreement dated 5th May 2011 |
|
Date of
instrument Creating the charge |
05.05.2011 |
|
Amount secured by
the charge |
Rs.36.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Interest shall be
payable by the Company on the banking facilities as per Banks tariff, subject
however that the Bank shall have the right to change the rate of interest
after giving notice to the Company Terms of
Repayment: In Consideration
of Banking facilities sanctioned/to be sanctioned by the bank to the company,
the company has hypothecated and charged to the bank by way of exclusive
charge on book debts both present and future as a continuing security, as
mentioned in Principal Deed and First and Second Supplemental Deed of
Hypothecation to secure the repayments of the advances together with interest
cost and all other charges. Margin: The company shall
maintain such margin as may be specified by the Bank from time to time. Extent and
Operation of the charge: In case the
Company fails to fulfill its obligations under the agreement , the bank shall
be entitled to take possession of the hypothecated properties and sell them
by public auction or private contract and utilize the proceeds in full or
part settlement of its claims |
|
Short particulars
of the property charged |
Exclusive charge
on Stocks and Book debts both present and future |
|
Date of latest
modification prior to the present modification |
02.09.2010 |
|
Particulars of
the present modification |
At the request of
the Company, The Hongkong and Shanghai Banking Corporation Limited has agreed
to increase the maximum limit of the said facilities from Rs.26.000 millions
to Rs.36.000 millions in the manner and on the terms and conditions
hereinafter contained in Principal Deed of Hypothecation, First and Second
Supplemental Deed of Hypothecation and the same is filed under charge ID
10138005 |
FIXED ASSETS:
v Leasehold Improvements
v Motor Car
v Software
v Electrical Fittings
v Air Conditioners
v Computers
v Office Equipments
v Machinery
v Furniture and Fixtures
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.54.68 |
|
|
1 |
Rs.86.52 |
|
Euro |
1 |
Rs.69.85 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
32 |
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.