MIRA
INFORM REPORT
|
Report Date : |
11.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
JOTUN INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
502, 5th Floor, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
10.03.2006 |
|
|
|
|
Com. Reg. No.: |
11-160431 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 1111.817
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24224MH2006PTC160431 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUMJ12022D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCJ6665J |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Liquid Paints and Powder Coatings. |
|
|
|
|
No. of Employees
: |
Not Divulged |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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
We are living in a
world where volatility and uncertainty have become the New Normal. We saw a
change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once
powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the outbreak
of the global financial crisis, the world economy continues to remain fragile.
The Indian economy demonstrated remarkable resilience in the initial years of
the contagion but finally lost ground last year. GDP growth slowed down.
Currency has been weakening. There is a marked deceleration in agriculture,
industry and services. Dampening sentiment led to a cut-back in investment as
well as private consumption expenditure. Inflation remained at high
levels fuelled by the pressure from the food and fuel sectors. The large fiscal
and current account deficit s continued to cause grave concern. It is
imperative that India regains its growth trajectory of 8-9 % sooner than later.
This is crucially important given the need to create gainful livelihood opportunities
for the millions living in poverty as also the large contingent of young people
joining the job market every year.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
502, 5th Floor, |
|
Tel No.: |
91-22-28224600 / 67872100 / 26848932 |
|
Fax No.: |
91-22-28205900 / 26848920 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
D- 280, MIDC, Ranjangaon, Shirur, Pune – 419204, |
|
Tel. No.: |
91-2138-671300 / 230300 |
|
Fax No.: |
91-2138-671399 / 230399 |
|
E-Mail : |
|
|
|
|
|
Warehouse : |
Located at: · Bhiwandi |
|
|
|
|
Sales Office : |
|
|
Tel No.: |
91-44-28419420/ 28510861 |
|
Fax No.: |
91-44-28419513 |
|
Email : |
|
|
|
|
|
Branch Office : |
Located at · Surat |
DIRECTORS
AS ON 23.11.2012
|
Name : |
Mr. Esben Hersve |
|
Designation : |
Director |
|
Address : |
Orneveien17, Sadefjord, 003209, Norway |
|
Date of Birth/Age : |
27.06.1960 |
|
Qualification : |
Bachelor Degree in International Management (BI) |
|
Date of Appointment : |
06.06.2007 |
|
DIN No.: |
02012551 |
|
|
|
|
Name : |
Mr. Erik Reinholt Aaberg |
|
Designation : |
Director |
|
Address : |
P. O. Box 3671, Dubai 009714, United Arab Emirates |
|
Date of Birth/Age : |
18.08.1951 |
|
Qualification : |
Oslo School of Business Management (BI) |
|
Date of Appointment : |
06.06.2007 |
|
DIN No.: |
00082179 |
|
|
|
|
Name : |
Mr. Martin Ai Leng Chew |
|
Designation : |
Director |
|
Address : |
The Meadows 5, Villa 40, Street- II, Dubai, United Arab Emirates |
|
Date of Birth/Age : |
02.09.1967 |
|
Qualification : |
Diploma in Polytechnic, Singapore |
|
Date of Appointment : |
26.06.2009 |
|
DIN No.: |
02478901 |
|
|
|
|
Name : |
Mr. Liang Hoong Wong |
|
Designation : |
Director |
|
Address : |
33, Hindhede Walk, Apartment-07-11, Singapore 587968 |
|
Date of Birth/Age : |
03.11.1958 |
|
Qualification : |
Diploma |
|
Date of Appointment : |
30.09.2011 |
|
DIN No.: |
02614703 |
KEY EXECUTIVES
|
Name : |
Ms. Flora Das |
|
Designation : |
Secretary |
|
Address : |
C/201, Laxmi Narayan Apartment, Jesal Park, Bhayendar, Mumbai -
401105, Maharashtra, India |
|
Date of Birth/Age : |
19.08.1986 |
|
Date of Appointment : |
12.03.2012 |
|
PAN No.: |
ALXPD8563B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 23.11.2012
|
Names of Shareholders |
No. of Shares |
|
Jotun AS, Norway |
127848334 |
|
Jotun Powder Coatings AS, Norway |
6860000 |
|
TOTAL
|
134708334 |
ALLOTTEES AS ON
24.10.2012
|
Names of Allottees |
No. of Shares |
|
Jotun AS, Norway |
16666667 |
|
TOTAL
|
16666667 |
AS ON 23.11.2012
|
Equity Shares
Break Up |
Percentage of
Holding |
|
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 : |
Manufacturer of Liquid Paints and Powder Coatings. |
||||||
|
|
|
||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Paint |
Ltrs |
16,000,000 |
10,399,271 |
|
Powder |
Kgs |
4,000,000 |
2,872,540 |
NOTE
Licensed capacity
for the product manufactured by the company is not mandated and hence not
disclosed. Installed Capacity as stated above is as per management estimate and
has not been verified by auditor as same being technical matter
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
·
CITI Bank N.A., CITI Group Centre, Bandra Kurla
Complex, Bandra (East), Mumbai – 400051, Maharashtra, India |
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S. R. Batliboi and Company Chartered Accountants |
|
Address : |
14th
Floor, The Ruby, 29 Senapati Bapat Marg, Dadar (West), Mumbai – 400028,
Maharashtra, India |
|
PAN No.: |
AALFS0506L |
|
|
|
|
Holding Company : |
·
Jotun AS, Norway |
|
|
|
|
Associates/ Fellow Subsidiaries : |
·
Jotun Singapore Pte. Limited ·
Jotun Australia Pty. Limited ·
Jotun Abu Dhabi Limited (L.L.C.) ·
Jotun Paints Europe Limited ·
Jotun (Malaysia) Sdn. Bhd. ·
Jotun Paints (Vietnam) Company Limited ·
Jotun Powder Coatings (Vietnam) Company Limited ·
Jotun Thailand Limited ·
Jotun U.A.E. Limited (L.L.C.) ·
Jotun F.Z.E. ·
Jotun Cosco Marine Coatings (HK) Company Limited ·
Jotun Powder Coatings India Private Limited. ·
Jotun Italia S.p.A ·
El-Mohandes Jotun Egypt (S.A.E.) ·
Chokwang Jotun Limited ·
Jotun Paints South Africa (Pty) Limited ·
Jotun Powder Coatings (Thailand) Limited ·
Jotun Powder Coatings UAE Limited (L.L.C.) ·
Jotun Cosco Marine Coatings (GZ) Company Limited ·
Jotun Coatings (Zhangjiagang) Company Limited ·
Jotun Danmark A/S ·
Jotun Powder Coatings AS Norway ·
Jotun Brasil Imp. Exp and Industria de Tintas
Ltda. ·
P.T. Jotun Indonesia ·
Jotun Boya Sanayive Ticaretas ·
Jotun Saudia Company Limited ·
Jotun Iberica S.A. ·
Jotun Powder Coatings Saudi Arabia Company
Limited ·
Jotun Paints, Inc. ·
Jotun Cosco Marine Coatings (Qingdio) Company
Limited ·
Jotun Hellas Limited ·
Jotun Finland ·
Jotun Lima Peru |
CAPITAL STRUCTURE
AFTER 23.11.2012
Authorised Capital : Rs. 1500.000 Millions
Issued,
Subscribed & Paid-up Capital : Rs. 1430.417 Millions
AS ON 23.11.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000000 |
Equity Shares |
Rs.10/- each |
Rs. 1500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
134708334 |
Equity Shares |
Rs.10/- each |
Rs. 1347.083
Millions |
|
|
|
|
|
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
132000000 |
Equity Shares |
Rs.10/- each |
Rs. 1320.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
111181667 |
Equity Shares |
Rs.10/- each |
Rs. 1111.817
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
1111.817 |
1111.817 |
|
(b) Reserves & Surplus |
|
(640.053) |
(229.840) |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
68.600 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
540.364 |
0.0 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
457.380 |
401.760 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term liabilities |
|
8.341 |
8.462 |
|
(d) long-term provisions |
|
29.428 |
3.287 |
|
Total Non-current Liabilities (3) |
|
495.149 |
413.509 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
1242.346 |
468.468 |
|
(b) Trade payables |
|
572.429 |
509.813 |
|
(c) Other current
liabilities |
|
174.147 |
162.445 |
|
(d) Short-term provisions |
|
23.497 |
20.704 |
|
Total Current Liabilities (4) |
|
2012.419 |
1161.430 |
|
|
|
|
|
|
TOTAL |
|
3047.932 |
2456.916 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
681.701 |
713.397 |
|
(ii) Intangible Assets |
|
28.503 |
3.656 |
|
(iii) Capital
work-in-progress |
|
6.894 |
1.418 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
42.590 |
14.670 |
|
(e) Other Non-current assets |
|
0.078 |
0.020 |
|
Total Non-Current Assets |
|
759.766 |
733.161 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
904.192 |
595.697 |
|
(c) Trade receivables |
|
1068.074 |
765.472 |
|
(d) Cash and cash
equivalents |
|
61.251 |
177.263 |
|
(e) Short-term loans and
advances |
|
254.488 |
184.532 |
|
(f) Other current assets |
|
0.161 |
0.791 |
|
Total Current Assets |
|
2288.166 |
1723.755 |
|
|
|
|
|
|
TOTAL |
|
3047.932 |
2456.916 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
843.500 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
310.740 |
|
|
4] (Accumulated Losses) |
|
|
(838.768) |
|
|
NETWORTH |
|
|
315.472 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
330.782 |
|
|
2] Unsecured Loans |
|
|
987.450 |
|
|
TOTAL BORROWING |
|
|
1318.232 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1633.704 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
808.570 |
|
|
Capital work-in-progress |
|
|
6.687 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
469.093
|
|
|
Sundry Debtors |
|
|
723.600
|
|
|
Cash & Bank Balances |
|
|
51.808
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
153.690
|
|
Total
Current Assets |
|
|
1398.191 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
2796.382
|
|
|
Other Current Liabilities |
|
|
131.385
|
|
|
Provisions |
|
|
17.897
|
|
Total
Current Liabilities |
|
|
2945.664 |
|
|
Net Current Assets |
|
|
818.447
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1633.704 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3045.444 |
2567.053 |
2100.856 |
|
|
|
Other Income |
8.240 |
5.560 |
6.611 |
|
|
|
TOTAL
|
3053.684 |
2572.613 |
2107.467 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Expenses including Depreciation |
|
|
|
|
|
|
Prior Period Adjustment for communication expenses |
|
|
|
|
|
|
TOTAL |
3212.197 |
7743.477 |
8429.868 |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION |
(158.513) |
(25.638) |
[Including |
|
|
|
|
|
|
Depreciation |
|
|
Less |
DEPRECIATION |
249.846 |
212.808 |
Expenses] |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX AND AMALGAMATION ADJUSTMENT |
(408.359) |
(238.446) |
|
|
|
|
|
|
|
|
|
|
|
AMALGAMATION
ADJUSTMENT |
(1.853) |
0.000 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
(410.212) |
(238.446) |
(403.719) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
1.218 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
(410.212) |
(238.446) |
(404.937) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(1077.214) |
(838.768) |
(433.831) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(1487.426) |
(1077.214) |
(838.768) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports (FOB) |
19.531 |
29.541 |
21.469 |
|
|
|
Sales Support Fee |
1.312 |
8.921 |
0.000 |
|
|
|
Rental income assets |
1.193 |
1.711 |
0.000 |
|
|
|
Technical service fees |
0.182 |
0.787 |
0.000 |
|
|
TOTAL EARNINGS |
22.218 |
40.960 |
21.469 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
4.103 |
7.184 |
26.700 |
|
|
|
Raw Materials |
1394.877 |
913.628 |
672.779 |
|
|
|
Traded Goods |
204.149 |
138.693 |
200.738 |
|
|
TOTAL IMPORTS |
1603.129 |
1059.505 |
900.217 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(3.48) |
(2.50) |
(4.80) |
|
%2011-Jan-2014_files/image001.gif){kind=small}
%2011-Jan-2014_files/image002.gif){kind=small}
%2011-Jan-2014_files/image003.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(13.43)
|
(9.27) |
(19.21) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(13.47)
|
(9.29) |
(19.22) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(13.49)
|
(9.71) |
(18.29) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.76)
|
(0.27) |
(1.28) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
3.15
|
0.99 |
4.18 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.14
|
1.48 |
2.41 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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) |
Yes |
|
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 |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10123388 |
04/08/2008 |
350,000,000.00 |
CITIBANK N.A. |
CITIGROUP CENTRE,, BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI - 400051, MAHARASHTRA, INDIA |
A45588142 |
|
2 |
90384114 |
21/07/2005 |
22,900,000.00 |
CITI BANK N.A. |
MUMBAI, MAHARASHTRA, INDIA |
- |
|
3 |
90372082 |
21/07/2005 |
22,900,000.00 |
CITI BANK N.A. |
MUMBAI, MAHARASHTRA, INDIA |
- |
|
4 |
90384084 |
09/10/1999 |
700,000.00 |
UNION BANK OF INDIA |
CHANDRA SEKKARPUR BRANCH, BHUBNESHWAR, ORISSA, INDIA |
- |
UNSECURED LOANS
|
PARTICULARS |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Foreign Currency Term Loans from Others |
457.380 |
401.760 |
|
|
|
|
|
SHORT TERM
BORRWINGS |
|
|
|
Working Capital Loans from Banks |
1104.000 |
120.000 |
|
Other Loans and Advances |
138.346 |
268.468 |
|
TOTAL |
1242.346 |
388.468 |
CORPORATE INFORMATION
Subject was
incorporated on 10th March, 2006 as a 99.99% subsidiary of Jotun AS, Norway (or
'the Holding Company'). The Company is into operation of manufacturing Liquid Paints
and Powder Coatings.
PERFORMANCE
The operations of
the plant are improving at a steady rate and they are deploying their resources
in the best possible way to increase the business volumes.
During the year, the
Company has scaled new heights and has set new benchmark in terms of sales.
However, due to increase in Raw materials costs and higher investments in
market, expenses also increased.
MERGER UPDATES
The Company has
undergone the process of merger between Jotun Powder Coatings (India) Private
Limited (the Transferor Company) merged with Jotun India Private Limited ('the
Transferee Company') and following Scheme of Merger u/s 391 read with section
394 of the Companies Act 1956 in relation thereto was filed in the High Court
of Mumbai.
The said Scheme of
Merger be and is hereby approved by the Hon'ble High Court of Judicature,
Mumbai and the order was approved and delivered from High Court dated
30.03.2012 effecting the amalgamation w.e.f 01st April 2010.
Certified copy of order was received on 06.04.2012. The company has therefore
complied with all regulations and compliances held with various regulatory
affairs on effect of the merger
FIXED ASSETS
· Leasehold Land
Building
Leasehold
Improvements
Office
Equipment
Computer
/ EDP Equipment
Plant
and Machinery
Motor
Vehicles
Furniture
and Fixture
Software
Expenses
PRESS RELEASE
JOTUN EVENT TO SOLVE PAINT ISSUES THROUGH 'A MEETING OF MINDS'
31 Jul 2013
Jotun’s ‘Surface to Surface Captains’ Coating Forum’, which takes place between 4 and 5 September, will invite a number of experts to the stage to discuss the challenges that present themselves during the course of a paint job. The event will comprise experts covering each element of the process, and ahead of the forum, SuperyachtNews.com spoke to three of the speakers about the benefits of discourse and debate on what is a hotly disputed area of the superyacht industry.
Sandy
Kirkwood, director, Safinah: New Build/Refit Project Paint Managements
The time has come for us all to sit down and look at what’s happening to the
industry. The superyacht industry as a whole, from our perspective at least, is
still very young. And whilst we’re getting there, as the industry grows so does
the complexity. So perhaps the attention to detail is lacking. Not because
people don’t want to spend the time but because they haven’t given it due
consideration.
The idea of getting the captains, paint companies and contractors in the same
room is fantastic because nobody can solve this problem on their own; it’s a
meeting of minds.
We believe it’s not just a case of managing the paint, but of managing
expectations. If you are paying six or seven hundred million for a vessel you
would expect it to be tip-top but there is an issue of what is actually
possible. It should be remembered that this is a manual discipline, not an
automatic one. We see fantastic finishes on cars that are done by robots. But
yachts are still sprayed by men and the job they do is amazing. It’s down to us
to tell the owner that, yes, we can deliver, a fantastic job, but they may have
to wait a little bit longer. It’s not that it’s impossible; it’s that the time
element will increase.
Paint as a discipline is still very much at the back of the queue, despite the
obvious quality of the current work. The value placed on a good paint job is
great, but the time accommodation is not and it’s about getting people to
understand that.
Steve
Ellis, projects and development manager, Cathelco: Corrosion and Protection
Cathelco has developed a longstanding partnership with Jotun and we’ve
benefited from each other’s expertise. We believe this is now evidenced in the
quality of the work we collaborate on.
But as well as acting as a means of promoting the partnership, this
presentation will also act as an educational process for captains, on the
causes of corrosion and the technologies in place to prevent it. People aren’t
always aware how damaging corrosion can be to the lifespan of a superyacht.
It’s important to get the message out there – that prevention is better than
cure. We have made significant advancements in the technology we employ to
prevent lasting damage to a ship’s hull and it is important to relay this to
captains, in their capacity as project managers. It is not only desirable [to
utilise this technology] from an environmentally conscious perspective, but to
meet the ever more stringent regulations that govern our oceans.
Alessandro
Gallifuoco, quality manager, Benetti: The Painting Process
I think a presentation on how we – Benetti - ensure coating quality in our
production as both a bespoke and semi-custom builder will be very interesting,
especially the procedures we use and why we utilise them.
Benetti produces more superyachts in one year than many yards would in 10
years, and it is my intention to share how we achieve this with consistently
strong results. I am sure it will not be boring!
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 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] 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. 61.93 |
|
|
1 |
Rs. 102.06 |
|
Euro |
1 |
Rs. 84.30 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.