MIRA INFORM REPORT
|
Report No. : |
314323 |
|
Report Date : |
30.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
CYTEC INDIA SPECIALTY CHEMICALS AND MATERIALS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
G-54, MIDC Industrial Estate, Butibori, Nagpur – 441110, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation
: |
09.01.2012 |
|
|
|
|
Com. Reg. No.: |
11-225865 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.524.100 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24233MH2012PTC225865 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECC6848D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
The Subject is engaged in the business of manufacture, sale and trading of specialty chemicals used in copper mining industry. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (12) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a moderate track. The company has incurred a huge accumulated loss which has eroded the
networth of the company. However, business is active. Payment terms are slow. The company can be considered for business dealings on safe and
secured trade terms and condition. |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
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.
LOCATIONS
|
Registered Office / Factory : |
G-54, MIDC Industrial Estate, Butibori, Nagpur – 441110, Maharashtra,
India |
|
Tel. No.: |
Not Available |
|
Mobile No.: |
91-8080123000 (Sandeep Bauskar) |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 30.06.2014
|
Name : |
Ms. Evelyn Khoo Yue Ming |
|
Designation : |
Director |
|
Address : |
Unit C-3 A-3, Puncak Prima Condo, 1 Jalan Sri Hartamas 17 W.,
Persekutuan (Kl), Kuala Lumpur 50480, Malaysia |
|
Date of Birth/Age : |
11.07.1970 |
|
Date of Appointment : |
09.01.2012 |
|
DIN No.: |
05151021 |
|
|
|
|
Name : |
Mr. Lim Kim Swee |
|
Designation : |
Director |
|
Address : |
188 Jalan SJ 5.6, Taman Seremban, Jaya Negeri Sembilan, Seremban, 70450, Malaysia |
|
Date of Birth/Age : |
16.02.1970 |
|
Date of Appointment : |
09.01.2012 |
|
DIN No.: |
05151107 |
KEY EXECUTIVE
|
Name : |
Ms. Bhakti Bagadia |
|
Designation : |
Company Secretary (With effect from 1st September, 2013) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2014
|
Names of Shareholders |
|
No. of Shares |
|
Cytec Industries Pte. Limited, Singapore |
|
52404759 |
|
Cytec Netherlands Holding BV, Netherlands |
|
5241 |
|
|
|
|
|
Total |
|
52410000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 30.06.2014
|
Category |
|
Percentage |
|
Bodies corporate |
|
100.00 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Subject is engaged in the business of manufacture, sale and trading of specialty chemicals used in copper mining industry. |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Available |
|
|
|
|
Imports : |
Not Available |
|
|
|
|
Terms : |
Not Available |
PRODUCTION STATUS : NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
Not Available |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
B S R and Associates LLP Chartered Accountants |
|
Address : |
701-703, 7th Floor, Godrej Castlemaine, Next to Ruby Hall Clinic, Bund Garden Road, Pune - 411001, Maharashtra, India |
|
PAN No.: |
AADFB6889R |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Holding Company : |
Cytec Industries Pte. Ltd., Singapore |
|
|
|
|
Ultimate Holding Company
: |
Cytec Industries Inc, USA |
|
|
|
|
Fellow
Subsidiaries Companies : |
|
CAPITAL STRUCTURE
AFTER AS ON
30.06.2014
Authorised Capital : Rs.1693.600
Million
Issued, Subscribed & Paid-up Capital : Rs.1693.600 Million
AS ON 31.12.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
52,410,000 |
Equity Shares |
Rs.10/- each |
Rs.524.100 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
52,410,000 |
Equity Shares |
Rs.10/- each |
Rs.524.100 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.12.2013 |
09.01.2012 To 31.12.2012 |
|
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
524.100 |
524.100 |
|
(b) Reserves & Surplus |
|
-804.651 |
(270.744) |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
|
-280.551 |
253.356 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
1536.000 |
1536.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term liabilities |
|
284.885 |
284.885 |
|
(d) long-term provisions |
|
1.146 |
3.244 |
|
Total Non-current
Liabilities (3) |
|
1822.031 |
1824.129 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short term borrowings |
|
0.000 |
0.000 |
|
(b) Trade payables |
|
45.941 |
16.988 |
|
(c) Other current liabilities |
|
128.607 |
83.682 |
|
(d) Short-term provisions |
|
0.114 |
0.533 |
|
Total Current
Liabilities (4) |
|
174.662 |
101.203 |
|
|
|
|
|
|
TOTAL |
|
1716.142 |
2178.688 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
111.317 |
99.132 |
|
(ii) Intangible Assets |
|
899.325 |
1197.600 |
|
(iii) Capital work-in-progress |
|
252.881 |
272.066 |
|
(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 |
|
79.238 |
31.896 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
1342.761 |
1600.694 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
19.372 |
64.091 |
|
(c) Trade receivables |
|
26.730 |
0.047 |
|
(d) Cash and cash equivalents |
|
325.834 |
512.705 |
|
(e) Short-term loans and advances |
|
1.445 |
0.822 |
|
(f) Other current assets |
|
0.000 |
0.329 |
|
Total Current
Assets |
|
373.381 |
577.994 |
|
|
|
|
|
|
TOTAL |
|
1716.142 |
2178.688 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.12.2013 |
09.01.2012 To 31.12.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Net Revenue From Operations |
|
57.367 |
0.773 |
|
|
|
Other Operating Revenue |
|
6.655 |
0.919 |
|
|
|
Other Income |
|
21.348 |
25.022 |
|
|
|
TOTAL (A) |
|
85.370 |
26.714 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Expenses |
|
142.157 |
|
|
|
|
Prior Period Expenses / Exceptional Item |
|
173.555 |
|
|
|
|
TOTAL (B) |
|
315.712 |
69.116 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
(230.342) |
(42.402)
|
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
(230.342) |
(42.402) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
303.565 |
228.342 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
|
(533.907) |
(270.744) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
|
(533.907) |
(270.744) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE BROUGHT FORWARD |
|
(270.744) |
Nil |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
(804.651) |
(270.744) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN CURRENCY |
|
|
|
|
|
|
FOB Value of Export |
|
31.281 |
Nil |
|
|
|
TOTAL EARNINGS |
|
31.281 |
Nil |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
16.128 |
Nil |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
|
(10.19) |
(5.17)
|
|
KEY RATIOS
|
PARTICULARS |
|
|
31.12.2013 |
09.01.2012 To 31.12.2012 |
|
|
|
|
|
|
|
PAT / Total Income |
(%) |
|
(930.69) |
(35025.10) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
(401.53) |
(5485.38) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
(36.49) |
(14.20) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
1.90 |
(1.07) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
|
(5.47) |
6.06 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
2.14 |
5.71 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
|
09.01.2012 to 31.12.2012 |
31.12.2013 |
|
|
|
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
|
524.100 |
524.100 |
|
Reserves & Surplus |
|
(270.744) |
(804.651) |
|
Share Application money pending allotment |
|
0.000 |
0.000 |
|
Net worth |
|
253.356 |
(280.551) |
|
|
|
|
|
|
long-term borrowings |
|
1536.000 |
1536.000 |
|
Short term borrowings |
|
0.000 |
0.000 |
|
Total borrowings |
|
1536.000 |
1536.000 |
|
Debt/Equity ratio |
|
6.063 |
(5.475) |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
|
09.01.2012 to 31.12.2012 |
31.12.2013 |
|
|
|
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
|
0.773 |
57.367 |
|
|
|
|
7,321.345 |
NET PROFIT MARGIN
|
Net Profit Margin |
|
09.01.2012 to 31.12.2012 |
31.12.2013 |
|
|
|
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
|
0.773 |
57.367 |
|
Profit/Loss |
|
(270.744) |
(533.907) |
|
|
|
(35025.10%) |
(930.69%) |
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 two years |
Yes |
|
12] |
Profitability for last two 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 |
No |
|
24] |
Banking facility details |
No |
|
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 |
UNSECURED LOAN
|
Particular |
31.12.2013 (Rs.
In Million) |
31.12.2012 (Rs.
In Million) |
|
LONG-TERM
BORROWINGS |
|
|
|
Fully convertible Debentures intercorporate |
1536.000 |
1536.000 |
|
|
|
|
|
Total |
1536.000 |
1536.000 |
OVERVIEW AND COMPANY
PERFORMANCE
As planned, the Company has managed to grow its operations in its second year of operations.
BACKGROUND
The company was incorporated on 9 January 2012. The Company is engaged in the business of manufacture, sale and trading of specialty chemicals used in copper mining industry.
The Company had entered into a Business Transfer Agreement (BTA) with Star Orechem International Private Limited (SOIL) and acquired the assets and liabilities of the manufacturing business of SOIL on a Slump Sale basis on March 30, 2012. The Company currently is in process of realignment of the business and manufacturing infrastructure. In their opinion and according to the information and explanations given to us, the Company is not a chit fund / nidhi / mutual benefit fund / society.
INDEX OF CHARGES: NO
CHARGES EXIST FOR COMPANY
NOTE
The Registered Office of the company has been shifted from 102, Krishna
Chambers, 59 New Marine Line, Mumbai – 400020, Maharashtra, India to the
present address w.e.f. 29.05.2012.
FIXED ASSETS
Tangible Assets
- Land
- Buildings
- Plant and Equipment
- Furniture and Fixtures
- Office Equipment
- Computer Equipments
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 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.62.60 |
|
|
1 |
Rs.92.95 |
|
Euro |
1 |
Rs.68.15 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
1 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
1 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
12 |
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.