MIRA INFORM REPORT
|
Report Date : |
25TH May, 2006 |
IDENTIFICATION DETAILS
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Name : |
ALKYL SPECIALITY CHEMICALS LIMITED |
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Formerly Known As : |
GOLDSCHMIDT
ALKYL SPECIALITY CHEMICALS LIMITED |
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Registered Office : |
410, Nirman Vyapar Kendra,
Plot No. 10, Sector 17, Vashi, Navi Mumbai – 400 703, Maharashtra, India. |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
25/02/1999 |
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Com. Reg. No.: |
11-118537 |
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CIN No.: [Company Identification No.] |
U99999MH1999PLC118537 |
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TAN No.: [Tax Deduction & Collection Account No.] |
MUMA22154Q |
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PAN No.: [Permanent Account No.] |
AAACG8665Q |
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Legal Form : |
A closely held public limited liability
company. |
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Line of Business : |
The company is engaged in
manufacturing of Care Chemicals |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
RATING
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STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
-- |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of
Alkyl Amines Chemicals Limited, a listed company on the stock exchange. Financial position of the
company can be regarded as moderate. Its payments are reported as slow but
correct. The company can be
considered for small to mediocre business dealings on safe and secured trade
terms and conditions, initially. |
LOCATIONS
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Registered Office : |
410,
Nirman Vyapar Kendra, Plot No.10, Sector 17, Vashi, Navi Mumbai 400703,
Maharastra, India |
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Tel. No.: |
91-22-27906132/27891180/55946606/55946600 |
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Fax No.: |
91-22-27890631/55946666 |
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E-Mail : |
Marketingderivatives@alkylamines.com
/ enquiry@ascl.co.in carechemicals@alkylamines.com |
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Website: |
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Factory: |
Located
at Kurkumbh, Near Pune, Maharashtra |
DIRECTORS
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Name : |
Mr.
Yogesh M. Kothari |
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Designation : |
Chairman |
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Address : |
Sea
View, 57 Worli Sea Face, Mumbai – 400025 |
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Date of Birth/Age : |
20.02.1949 |
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Date of Appointment : |
25.02.1999 |
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Name : |
Mr.
Kirat M. Patel |
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Designation : |
Director |
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Address : |
12,
Apurva, 5, Nepeansea Road, Mumbai – 400036 |
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Date of Birth/Age : |
24.08.1946 |
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Date of Appointment : |
25.02.1999 |
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Name : |
Mr.
Anand S Bhatt |
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Designation : |
Director
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Address : |
4A,
Carmichael Road, Mumbai – 400026 |
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Date of Appointment : |
15.07.2003 |
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Name : |
Mr.
Vanjara P Hitan |
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Designation : |
Company
Sectary |
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Address : |
A/1,
Jaya Apartment, Dattapada Road, Borivali (East), Mumbai – 400066 |
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Date of Birth/Age : |
1.07.1973 |
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Date of Appointment : |
14.09.2001 |
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Name : |
Dr.
Heinz Rzehak |
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Designation : |
Director |
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Name : |
Mr.
Michael Passmann |
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Designation : |
Director |
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Name : |
Mr.
Manfred Knoll |
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Designation : |
Director |
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Name : |
Mr.
Heinz Wallbrecht |
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Designation : |
Director |
MAJOR SHAREHOLDERS
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Names of Shareholders |
No. of Shares |
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M/s.
Alkyl Amines Chemicals Limited |
1637266 |
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M/s.
Goldschmidt AG |
1000 |
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Mr.
Kothari M Yogesh |
1 |
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Mr.
Patel M Kirit |
1 |
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Mr.
K P Rajagopalan |
1 |
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Mr.
Chendwankar G Ghanshyam |
1 |
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Mr.
Pradhan A Deepak |
1 |
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Mr.
Kothari Y Suneet |
1 |
BUSINESS DETAILS
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Line of Business : |
The
company is engaged in manufacturing of Care Chemicals |
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Product |
Surfactants
– 3402.9 |
PRODUCTION STATUS
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Particulars |
Unit |
Installed Capacity |
Actual Production |
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Surfactants |
MT |
415 |
3.00 |
GENERAL INFORMATION
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No. of Employees : |
40 |
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Bankers : |
ICICI
Bank |
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Facilities : |
-- |
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Banking Relations : |
Satisfactory
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Auditors : |
Bansi S. Mehta and Company Chartered Accountants |
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Address: |
11/13, Botawala Building, 2nd
Floor, Horniman Circle, Mumbai – 400001 |
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Tel No.: |
91-22-22661255/22660275/22665275/22660821/22661557 |
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Fax No.: |
91-22-22665666 |
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E-Mail.: |
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Associates/Subsidiaries : |
Diamines And Chemical Limited |
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Parent Company |
v
Alkyl Amines Chemicals
Limited 401-407,
Nirman Vyapar Kendra, Sector – 17, vashi, Navi Mumbai – 400703 Subject
was promoted by Mr. Yogesh M. Kothari.
It was incorporated on 17th October, 1979 at Mumbai in
Maharashtra. It manufactures
aliphatic amines such as mono ethyl amine, diethyl amine, mon cyclohexyl
amine, Director cyclohexyl amine,
N-butyl amine, etc. It
is a global supplier of amines and amine based chemicals to the
pharmaceutical, agrochemical, rubber chemical and water treatment industries,
among other, The
company also provides contract manufacturing. The contract manufacturing team provides a wide range of
technology and product development, scale-up, as well as custom manufacturing
support to clients in the agrochemical, pharmaceutical and speciality
chemical industries. v
Goldschmidt AG,
Germany |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs. 10 each |
Rs. 20.000 millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1638266 |
Equity Shares |
Rs. 10 each |
Rs. 16.382 millions. |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
16.382 |
16.382 |
16.382 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
5.110 |
5.110 |
0.000 |
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4] (Accumulated Losses) |
(6.041) |
(6.218) |
(8.716) |
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NETWORTH
|
15.451 |
15.274 |
7.666 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
1.976 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.304 |
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TOTAL
BORROWING
|
0.000 |
0.000 |
2.280 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
1.548 |
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TOTAL
|
15.451 |
15.274 |
11.494 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
7.480 |
9.069 |
9.520 |
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Capital work-in-progress
|
0.000 |
0.000 |
0.000 |
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INVESTMENT
|
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS
|
0.261 |
0.320 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES
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Inventories
|
7.608 |
6.475 |
5.002 |
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Sundry Debtors
|
3.343 |
3.903 |
0.426 |
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Cash & Bank Balances
|
0.450 |
1.447 |
0.015 |
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Other Current Assets
|
0.000 |
0.00 |
0.000 |
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Loans & Advances
|
4.531 |
0.866 |
0.591 |
Total Current Assets
|
15.932 |
12.691 |
6.034 |
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Less : CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
|
7.882 |
6.926 |
4.200 |
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Provisions
|
0.441 |
0.000 |
0.000 |
Total Current Liabilities
|
8.323 |
6.926 |
4.200 |
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Net Current
Assets
|
7.609 |
5.765 |
1.834 |
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MISCELLANEOUS EXPENSES
|
0.101 |
0.120 |
0.140 |
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TOTAL
|
15.451 |
15.274 |
11.494 |
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PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
Sales Turnover [including other income]
|
21.216 |
9.054 |
2.446 |
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Profit/(Loss) Before Tax
|
1.359 |
0.629 |
[2.081] |
Provision for Taxation
|
1.183 |
0.225 |
[0.397] |
Profit/(Loss) After Tax
|
0.176 |
0.404 |
[2.478] |
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Import Value
|
12.110 |
2.565 |
0.550 |
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Export Value
|
2.479 |
1.638 |
0.000 |
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Total Expenditure |
19.858 |
8.424 |
4.527 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
PAT / Total Income
|
(%)
|
0.82 |
4.462
|
0.000 |
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Net Profit Margin
(PBT/Sales) |
(%) |
6.40 |
7.521
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(85.077) |
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Return on Total Assets
(PBT/Total Assets} |
(%) |
5.80 |
2.848
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(13.379) |
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Return on Investment (ROI)
(PBT/Networth) |
|
0.08 |
.041
|
(0.271) |
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Debt Equity Ratio
(Total Liability/Networth) |
|
0.53 |
1.453
|
0.845 |
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Current Ratio
(Current Asset/Current
Liability) |
|
1.91 |
1.832
|
1.436 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
International Affiliations of
Alkyl Speciality Chemicals Limited (ASCL) are traced back to the relationships
of its promoter company Alkyl Amines Chemicals Limited , which had technical
collaborations with some of the well known global leaders in the Chemical
Industry like Goldschmidt (now Degussa) and Rohm & Haas.
Subject have excellent relationships with their "Principals" and
"Customers". The Alkyl group has the reputation and goodwill due fair
business practices.
Their parent company, Alkyl
Amines Chemicals Limited (AACL) is a global supplier of amines and
amine-based chemicals to the pharmaceutical, agrochemical, rubber chemical
& water treatment industries, among others.
Generic Name of the Principal
Product of the company is :
v
Betaines
Fixed assets
à Computers
à Plant & machinery
à Furniture & fixture
OPERATIONS
During 2004-2005 we have
achieved a total income of Rs. 24.003 millions and profit before tax of Rs.
0.176 millions.
During the year, they have
written off machinery of the value of Rs. 1.123 Millions approx. This company
is now engaged in the marketing of speciality chemical of foreign principal as
well as some of the chemical products by the Holding company, Alkyl Amines
Chemical Limited. The director are looking for additional product to be added
to the existing range of product.
Goldschmidt AG transferred their stake in the company to Alkyl
Amines Chemicals Limited at a nominal
price of Euro 1 and this company has become a subsidiary of Alkyl Amines
Chemicals Limited. Goldschmidt AG have also remitted a sum of Eruo 100000 by
way of capital grant to discharge the liabilities of the company.
The business operations of
the company have been restructured during the year. This company is now engaged
in the marketing of specialty Chemicals, which was hitherto fore carried on by
Alkyl Amines Chemicals Limited
The company is a joint
venture between Goldschmidt AG, Germany and Alkyl Amines Chemicals Limited,
India
The name of the company was
recently changed to the present.
The share capital of the
company was Rs. 16.382 millions, of which 50% is held by Alkyl Amines Chemicals
Limited and 50% by Goldschmidt.
Goldschmidt proposes to dilute
their shareholding by transferring shares of the value of Rs. 8.181 millions to
Alkyl Amines Chemicals Limited for a nominal price of US Dollar One with effect
from 30th June, 2003 subject to the approval of Reserve Bank of
India. The business will subsequently
be run as a subsidiary of Alkyl Amines Chemicals Limited.
Category Product
Name
Conditioning Agents
Abil Quat 3272
Abil Quat 3474
Vari
Soft BT 85
Tego
Amid S 18
Thickeners Tego
Carbomers 134 / 140 / 141
Antils
Hydrophilic Emollients Abil
Series
Tego Soft GC
Rewoderm Series
Solubilisers
Polysorbates
Tagat
Series
W/O Emulsifiers
Abil Series
Isolan Series
Cream bases Protegin series
Abil Care 85
O/W Emulsifiers
Tegin / Tegin M
Moisturiser
Lactils
Deodorants
Tego Deo Series
Website
details are attached herewith:
Subject establish a
"Bond Beyond Chemicals".
Alkyl Speciality Chemicals Limited (ASCL) develop's markets as
"Agents" and "distributors" for multinational companies in
India.
Subject have speciality additives from global leaders including tertiary
amines, organo silicones, surfactants, defoamers, biocides, stabilizers &
catalysts. These products find use in Polyurethane, coatings, inks, textile
auxiliaries, Personal care, construction chemicals, lubricants, Agro, Polyma
dispersions, non woven textiles etc.
ASCL develop's markets as
"Agents" and "distributors" for multinational companies in
India. Subject currently represent
Goldschmidt (now Degussa) for their range of products for Industrial
Specialities, Personal Care, Polyurethane additives, Coatings (Tego Chemie
Services), Mould Release agents (Gorapur) and Rohm & Haas (PRIMENE range of
tertiary amines) since 1996.
Subject have stocking arrangement in Mumbai for West/ South India and in
Chandigarh for North. Subject seek partnership with like-minded companies to
develop the Indian Market for their Speciality Chemicals and assure the effort
with all earnest
BUSINESS POLICY
ASCL believes in strong
ethical practices that build a strong foundation for the organisation.
Subject invest in relationships and we build business for a much longer term.
ASCL appreciates that immediate financial gains are exceptions rather than
rules in any venture. ASCL has the ability and willingness to invest in market
development and it invests resources during the gestation period.
ASCL is very sensitive to any conflict of interest and refrain from handling
competing products or dealing with competing organisations.
Subject aspires to be recognised world over as a reliable partner in progress
and carries an image of ethical and knowledgeable organization as their
promoting group.
QUALITY
Quality of people and concept of partnership with its suppliers and customers distinguishes ASCL from the other players engaged in similar activities. It is firm belief of ASCL that global trade with respect to India will grow at a faster rate than its domestic trade and ASCL is capable of playing a greater role in such expansion. Subject will continuously take various strategic initiatives to achieve the stated objectives & look forward to dialogues in this regards.
Subject Strength is derived from
Ø
A committed team of
professionals
Ø
Excellent relationships
with customers, consultants & educational institutions in India,
Ø
Warehousing at
Chandigarh (Near Delhi) and Mumbai to insure availability of products.
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.45.85 |
|
UK
Pound |
1 |
Rs.85.82 |
|
Euro |
1 |
Rs.58.62 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP
CAPITAL |
1~10 |
2 |
|
OPERATING
SCALE |
1~10 |
2 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
- |
|
--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 |
|
TOTAL |
|
20 |
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
|
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 |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
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 |