MIRA INFORM REPORT

 

PRELIMINARY REPORT

 

 

Report Date :

27.02.2013

 

IDENTIFICATION DETAILS

 

Name :

CITY CAT INTERNATIONAL LIMITED

 

 

Registered Office :

195, 5th Floor, Saheb Building D N Road, Fort, Mumbai – 400001, Maharashtra ,India

 

 

Country :

India

 

 

Financials (as on) :

31.03.2009

 

 

Date of Incorporation :

09.06.1998

 

 

Com. Reg. No.:

115279

 

 

CIN No.:

[Company Identification No.]

U51900MH1998PLC115279

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Manufacturer and Exporter of Dye stuff Pigments

 

RATING & COMMENTS

 

MIRA’s Rating :

B (26)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 102000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established 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.

 

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 – April 1, 2010

 

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

INDIAN ECONOMIC OVERVIEW

 

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

 

 

INFORMATION PARTED BY

 

Name :

Mr.Dinesh Agarwal

Contact No.:

91-22-22651703

Date :

20.05.2010

 

 

LOCATIONS

 

Registered Office :

195, 5th Floor, Saheb Building D N Road, Fort, Mumbai - 400001 Maharashtra

Tel. No.:

91-22-22651703

Mobile No.:

91-22-22630348

E-Mail :

eknath@citycatdyestuffs.com

Website:

www.citycatinternational.com

 

 

Units :

 

Located at:

Ankleshwar

 

DIRECTORS

 

Name :

Mr.Anil Shamrao Prabhu

Designation :

Managing Director

Address :

303,Sai Apartment,Gen A.K. Vaidya  Marg,Panchpakhadi,Thane,Maharashtra.

Date of Birth/Age :

04.10.1956

Date of Appointment :

16.07.1998

 

 

Name :

Mrs.Swati Abhinash Walavalkar

Designation :

Director

Address :

9 Sudeep Co-opp Housing Society Sant Dnyaneshwar Road Mulund (West),Mumbai – 400081

Date of Birth/Age :

27.10.1974

Date of Appointment :

16.07.1998

 

 

Name :

Mrs. Dinesh Agarwal

Designation :

Director

Address :

25-Prem Kunj,Sion Circle, Sion (West) Mumbai , Maharashtra.

Date of Birth/Age :

31.12.1961

Date of Appointment :

16.07.1998

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of Dye stuff Pigments

 

 

 

 

GENERAL INFORMATION

 

Bankers :

Punjab and Sind Bank

Address: Dilwada Bldg, M.k.Road,Nariman Point, Mumbai - 400021, Maharashtra,India

 

 

 

Facilities :

 

Secured Loans

Particulars

31.03.2009

 Rs. In Millions

TOTAL

1.170

 

Unsecured Loans

Particulars

31.03.2009

 Rs. In Millions

TOTAL

0.000

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Rakesh Agarwal and Associate, Chartered Accountant

Address :

M-2 Sharda Chambers No-2 Keshavji Naik Road,Bhat Bazar,Mumbai - 400001 Maharashtra India

 

 

 

 

Sister Concern :

City Cat Overseas Chemicals Ltd

Line of Business: Manufacture and Trade in dye stuff

 

 

 

CAPITAL STRUCTURE

 

As on 31.03.2009

 

Authorized Capital :

No. of Shares

Type

Value

Amount

3,500,000

Equity Shares

Rs. 10/- each

Rs. 35.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

2,139,326

Equity Shares

Rs. 10/- each

Rs. 21.393 Millions

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

                                                                  ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2009

31.03.2008

31.03.2007

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

21.939

21.938

21.939

2] Share Application Money

0.000

0.000

1.152

3] Reserves & Surplus

0.797

0.797

0.797

4] (Accumulated Losses)

(2.371)

(2.656)

(3.524)

NETWORTH

20.365

20.079

20.364

LOAN FUNDS

 

 

 

1] Secured Loans

1.170

44.643

25.839

2] Unsecured Loans

0.000

0.085

0.114

TOTAL BORROWING

1.170

44.728

25.953

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

21.535

64.807

46.317

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

1.737

2.202

2.732

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

4.263

4.263

4.263

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories

0.000

0.180

8.690

 

Sundry Debtors

0.000

49.867

31.456

 

Cash & Bank Balances

0.053

0.497

0.724

 

Other Current Assets

11.788

0.388

4.147

 

Loans & Advances

3.802

7.882

6.266

Total Current Assets

15.643

58.814

51.283

Less : CURRENT LIABILITIES & PROVISIONS

 

 

 

 

Current Liabilities

0.108

0.472

11.961

 

Provisions

0.000

0.000

0.000

Total Current Liabilities

0.108

0.472

11.961

Net Current Assets

15.535

58.342

39.322

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

21.535

64.807

46.317

 

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

31.03.2009

31.03.2008

31.03.2007

Sales Turnover

13.153

103.217

81.422

Other Income

0.635

0.515

6.374

Total Income

13.788

103.732

87.796

 

 

 

 

Profit/(Loss) Before Tax

0.285

0.883

0.834

Profit/(Loss) After Tax

0.285

0.883

0.834

 

 

 

 

Expenditure

 

 

 

Direct Expenses

0.809

7.816

 

Indirect Expenses

3.154

6.539

 

Purchase Account

6.935

73.300

 

Interest and Financial charges

               2.016

6.131

86.962

Increased / Decreased in Stock

0.180

8.509

 

Depreciation

0.409

0.554

 

Total Expenditure

13.503

102.849

86.962

 

 

 

 

Earning Per Share (Rs)

285.00

 

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2009

31.03.2008

31.03.2007

PAT / Total Income

%

2.07

0.85

0.95

 

 

 

 

 

Net Profit Margin

(PBT/Sales)

%

2.17

0.86

1.02

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

%

1.64

1.45

1.54

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.01

0.04

0.04

 

 

 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 

0.06

2.25

1.86

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

144.84

124.61

4.29

 

 

 

 

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

FIXED ASSET AS ON 31.03.2009

 

  • Xerox Machinery                                              
  • Fan
  • Precision
  • Instruments & gauges
  • Bicycle
  • Typewriter
  • Caller Id
  • Generator
  • Water Cooler
  • Steel Wheel
  • Maruti Suzuki
  • Cargo Van
  • Computers
  • Motor Car
  • Machinery
  • Epabx Machine
  • Non Destructive Test Laboratory
  • Wheeled Hand
  • Truck
  • LCD Monitor
  • Pager
  • Computer
  • Accessories & Spares
  • Air Conditioning
  • Chemical Testing
  • Lab Equipments
  • Refrigerator
  • Sewing Machine
  • Motor Cycle (Ludhiana)
  • Software
  • Purchase
  • Scooter
  • Printers
  • Electrical Items
  • Mechanical Test
  • Laboratory
  • Welding Machine
  • Mobile Phone
  • Handset
  • Fax Machinery
  • Furniture

 

FORM 8

Corporate identity number of the company

U51900MH1998PLC115279

Name of the company

CITY CAT INTERNATIONAL LIMITED

Address of the registered office or of the principal place of  business in India of the company

CITY CAT HOUSE 29 Police Court Lane 1st Floor, Fort, Mumbai- 400001 Maharashtra.India

This form is for

Creation of charge

Charge identification (ID) number of the charge to be modified

 

Type of charge

Others

 

Particular of charge holder

Punjab & Sind Bank

Dilwada Bldg,

M.k.Road,Nariman Point

Mumbai- 400021 Maharashtra

Nature of instrument creating charge

  1. Agreement for hypothecation of goods to secure a demand cash credit
  2. Agreement for hypothecation of debts and assets

Date of instrument Creating the charge

28.11.2006

Amount secured by the charge

365000,000

Brief of the principal terms an conditions and extent and operation of the charge

Rate of Interest

 

Interest @2.25%Over RBI Rte Subject to minimum 8.25%PA

 

Terms of Repayment

 

On Or Before Due Dates

 

Margin

 

 25%

 

Extent and Operation of the charge

 

First Charge on company’s stocks, export bills, goods under LC/Counter guarantee and receivables against govt/DDB incentives to secure bank’s advance of rs365 Lacs and interest thereon

 

 

Short particulars of the property charged
  1. 1st and 2nd floor of city cat house owned by the co.at29,police court lane, off DN Road,fort,Mumbai
  2. Gr and 4th floor of city cat house owned by the co. in aforesaid bldg
  3. And all other fixed asset of the company wherever situated

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No 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.54.06

UK Pound

1

Rs.82.15

Euro

1

Rs.70.61

 

INFORMATION DETAILS

 

Report Prepared by :

BSN

 

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

2

--PROFITABILIRY

1~10

2

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

2

--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

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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.