MIRA INFORM REPORT
|
Report Date : |
08.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
JOTUN INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
502, 5th Floor, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
10.03.2006 |
|
|
|
|
Com. Reg. No.: |
11-160431 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 1430.417
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
: |
Information declined by management |
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. The company has incurred a loss from its operations during 2013. However, trade relations are fair. Business is active. Payment terms
are 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.
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
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
31-03-2014.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE (TEL. NO.: 91-22-28224600)
LOCATIONS
|
Registered Office : |
502, 5th Floor, |
|
Tel No.: |
91-22-28224600 / 67872100 / 26848932 |
|
Fax No.: |
91-22-28205900 / 26848920 |
|
E-Mail : |
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|
Website : |
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|
Factory : |
D-280, MIDC, Ranjangaon, Shirur, Pune – 412220, Maharashtra, India |
|
Tel. No.: |
91-2138-671300/ 230300/ 671399/ 230399 |
|
Fax No.: |
91-2138-671399/ 230399 |
|
E-Mail : |
|
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|
|
|
Warehouse : |
Located at: · Bhiwandi |
|
|
|
|
Sales Office : |
|
|
Tel No.: |
91-44-28419420/ 28510861 |
|
Fax No.: |
91-44-28419513 |
|
Email : |
|
|
|
|
|
Branch Office 1: |
510, Mansarovar Building, 90, Nehru Place, New Delhi – 110019, India |
|
Tel. No.: |
91-11-40502456 |
|
Fax No.: |
91-1-40506340 |
|
|
|
|
Branch Office 2: |
Located at · Surat |
|
Tel. No.: |
91-261-3994489 |
|
Fax No.: |
91-261-3994493 |
|
Email : |
|
|
|
|
|
Branch Office 3: |
Located at · Chennai |
|
Tel. No.: |
91-44-28419420/ 28510861 |
|
Fax No.: |
91-44-28419513 |
|
Email : |
DIRECTORS
AS ON 27.09.2013
|
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. Richard Roger Chapman |
|
Designation : |
Director |
|
Address : |
6a, Sudbrooke
Road, Scothern, Lincoln, Ln2 2uz, London, United Kingdom |
|
Date of Birth/Age : |
27.04.1966 |
|
Date of Appointment : |
27.09.2013 |
|
DIN No.: |
06520916 |
|
|
|
|
Name : |
Mr. Baard Kristian Tonning |
|
Designation : |
Director |
|
Address : |
Frydenlund, 24
D, 3238 Sandefjord, Norway, Norway |
|
Date of Birth/Age : |
26.05.1968 |
|
Date of Appointment : |
27.09.2013 |
|
DIN No.: |
06530790 |
|
|
|
|
Name : |
Mr. Peder Anders Bohlin |
|
Designation : |
Director |
|
Address : |
Villa No. 12,
Street 51, Off Beach Road, Jumeirah, Dubai, United Arab Emirates, Dubai,
United Arab Emirates |
|
Date of Birth/Age : |
02.06.1952 |
|
Date of Appointment : |
27.09.2013 |
|
DIN No.: |
06536797 |
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 27.09.2013
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Jotun AS, Norway |
136181668 |
95.20 |
|
Jotun Powder Coatings AS, Norway |
6860000 |
4.80 |
|
TOTAL
|
143041668 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
As on 27.09.2013
|
Category |
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 : |
Information declined by management |
|
|
|
|
Bankers : |
CITI Bank N.A., CITI Group Centre, Bandra Kurla Complex, Bandra
(East), Mumbai – 400051, Maharashtra, India |
|
|
|
|
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 |
|
Income-tax
PAN of auditor or auditor's firm : |
AALFS0506L |
|
|
|
|
Holding Company: |
Jotun AS, Norway |
|
|
|
|
Fellow Subsidiary
company: |
· Jotun Singapore Pte. Limited · Jotun Australia Pty. Limited · Jotun Abu Dhabi Limited (L.L.C.) · Jotun Paints Europe Limited · Jotun (Malaysia) Sdn. Bhd · Jotun Powder Coatings (M) Sdn Bhd · Jotun Paints (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 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 Paints Company. L.L.C · Jotun Danmark A/S · Jotun Powder Coatings (N) AS · Jotun Brasil Imp.Exp and Industria de Tintas Ltda · P.T. Jotun Indonesia · Jotun Boya San. Ve Tic A.S · Jotun Saudia Company Limited · Jotun Iberica S.A. · Jotun Powder Coatings Saudi Arabia Company Limited · Jotun (Phillipines) Inc · Jotun Paints, Inc. · Jotun Cosco Marine Coatings (Qingdio) Company Limited · Jotun Hellas Limited · Nor-Maali OY (Jotun Finland) · Jotun Sverige AB |
CAPITAL STRUCTURE
AFTER 27.09.2013
Authorised Capital : Rs.2000.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.
1697.083 Millions
AS ON 27.09.2013
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 |
|
|
|
|
|
|
143041668 |
Equity Shares |
Rs.10/- each |
Rs. 1430.417
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1430.417 |
1111.817 |
1111.817 |
|
(b) Reserves & Surplus |
(601.952) |
(640.053) |
(229.840) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
68.600 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
828.465 |
540.364 |
881.977 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
868.320 |
457.380 |
401.760 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
8.086 |
8.341 |
8.462 |
|
(d) long-term
provisions |
5.705 |
29.428 |
3.288 |
|
Total Non-current Liabilities
(3) |
882.111 |
495.149 |
413.510 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
791.843 |
1242.346 |
468.468 |
|
(b) Trade
payables |
491.968 |
572.429 |
509.813 |
|
(c) Other
current liabilities |
227.056 |
174.147 |
162.444 |
|
(d) Short-term
provisions |
27.336 |
23.497 |
20.704 |
|
Total Current
Liabilities (4) |
1538.203 |
2012.419 |
1161.429 |
|
|
|
|
|
|
TOTAL |
3248.779 |
3047.932 |
2456.916 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
622.464 |
681.701 |
713.397 |
|
(ii)
Intangible Assets |
3.572 |
28.503 |
3.656 |
|
(iii)
Capital work-in-progress |
84.041 |
6.894 |
1.418 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
50.404 |
42.589 |
14.670 |
|
(e) Other
Non-current assets |
0.098 |
0.078 |
0.020 |
|
Total Non-Current
Assets |
760.579 |
759.765 |
733.161 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
656.419 |
904.192 |
595.697 |
|
(c) Trade
receivables |
1129.263 |
1068.074 |
765.472 |
|
(d) Cash
and cash equivalents |
494.328 |
61.251 |
177.263 |
|
(e) Short-term
loans and advances |
207.556 |
254.488 |
184.532 |
|
(f) Other
current assets |
0.634 |
0.162 |
0.791 |
|
Total
Current Assets |
2488.200 |
2288.167 |
1723.755 |
|
|
|
|
|
|
TOTAL |
3248.779 |
3047.932 |
2456.916 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2802.364 |
3045.444 |
2567.053 |
|
|
|
Other Income |
151.829 |
8.240 |
5.560 |
|
|
|
TOTAL |
2954.193 |
3053.684 |
2572.613 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
3119.619 |
3212.197 |
2598.251 |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION |
(165.456) |
(158.513) |
(25.638) |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION |
296.443 |
249.846 |
212.808 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX AND AMALGAMATION ADJUSTMENT |
(461.899) |
(408.359) |
(238.446) |
|
|
|
|
|
|
|
|
|
|
AMALGAMATION
ADJUSTMENT |
0.000 |
(1.853) |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
(461.899) |
(410.212) |
(238.446) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
(461.899) |
(410.212) |
(238.446) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(1487.426) |
(1077.214) |
(838.768) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(1949.325) |
(1487.426) |
(1077.214) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports (FOB) |
NA |
19.531 |
29.541 |
|
|
|
Sales Support Fee |
NA |
1.312 |
8.921 |
|
|
|
Rental income assets |
NA |
1.193 |
1.711 |
|
|
|
Technical service fees |
NA |
0.182 |
0.787 |
|
|
TOTAL EARNINGS |
NA |
22.218 |
40.960 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
NA |
4.103 |
7.184 |
|
|
|
Raw Materials |
NA |
1394.877 |
913.628 |
|
|
|
Traded Goods |
NA |
204.149 |
138.693 |
|
|
TOTAL IMPORTS |
NA |
1603.129 |
1059.505 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(3.23) |
(3.48) |
(2.50) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(15.64)
|
(13.43) |
(9.27) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(16.48)
|
(13.47) |
(9.29) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(14.60)
|
(13.49) |
(9.71) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.56)
|
(0.76) |
(0.27) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.00
|
3.15 |
0.99 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.62
|
1.14 |
1.48 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
1111.817 |
1111.817 |
1430.417 |
|
Reserves & Surplus |
(229.840) |
(640.053) |
(601.952) |
|
Share Application money
pending allotment |
0.000 |
68.600 |
0.000 |
|
Net
worth |
881.977 |
540.364 |
828.465 |
|
|
|
|
|
|
long-term borrowings |
401.760 |
457.380 |
868.320 |
|
Short term borrowings |
468.468 |
1242.346 |
791.843 |
|
Total
borrowings |
870.228 |
1699.726 |
1660.163 |
|
Debt/Equity
ratio |
0.987 |
3.146 |
2.004 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
2567.053 |
3045.444 |
2802.364 |
|
|
|
18.636 |
(7.982) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
2567.053 |
3045.444 |
2802.364 |
|
Profit |
(238.446) |
(410.212) |
(461.899) |
|
|
(9.29%) |
(13.47%) |
(16.48%) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBTS
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
|
|
|
|
|
Current Maturities of Long Term Debts |
54.270 |
0.000 |
NA |
|
|
|
|
|
|
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 |
Yes |
|
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, MAHARASHTRA - 400051, INDIA |
A45588142 |
|
2 |
90384114 |
21/07/2005 |
22,900,000.00 |
CITI BANK N.A. |
MUMBAI, MUMBAI, MAHARASHTRA, INDIA |
- |
|
3 |
90372082 |
21/07/2005 |
22,900,000.00 |
CITI BANK N.A. |
MUMBAI, MUMBAI, MAHARASHTRA, INDIA |
- |
|
4 |
90384084 |
09/10/1999 |
700,000.00 |
UNION BANK OF INDIA |
CHANDRA SEKKARPUR BRANCH, BHUBNESHWAR,
ORISSA, INDIA |
- |
UNSECURED LOAN
|
PARTICULAR |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
LONG-TERM
BORROWINGS |
|
|
|
Borrowing from foreign institutional
agencies |
868.320 |
457.380 |
|
|
|
|
|
SHORT-TERM
BORROWINGS |
|
|
|
Working capital loans from banks |
730.000 |
1104.000 |
|
Other loans and advances, others |
61.843 |
138.346 |
|
Total |
1660.163 |
1699.726 |
CORPORATE INFORMATION
Subject was
incorporated on 10th March, 2006 as a subsidiary of Jotun AS, Norway (or 'the
holding Company'). The Company is into operation of manufacturing Liquid Paints
and Powder Coatings.
PERFORMANCE
At macro level,
the year was a challenging for the country due to tough market conditions,
falling rupee and the cascading effect is on local manufacturers in India in
terms of increase in cost of input materials and services. Key reason for
lowered performance of the company is delays in major projects in market.
Depreciation of Indian Rupee is compounding the problem and increases the cost
of input materials and services. This triggered increase of finished goods
prices across all segments. Despite these factors, they are deploying our
resources in the best possible way to increase the volumes and the Management
is confident that the company will improve its performance significantly in the
coming years.
FIXED ASSETS
Tangible Assets
· Land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Office Equipment
· Leasehold Improvements
Intangible Assets
· Goodwill
· Computer Software
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 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. 61.36 |
|
|
1 |
Rs. 98.71 |
|
Euro |
1 |
Rs. 77.47 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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.