MIRA
INFORM REPORT
|
Report Date : |
31st
May, 2006 |
IDENTIFICATION
DETAILS
|
Name : |
CRODA
CHEMICALS INDIA PRIVATE LIMITED |
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|
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Registered Office : |
6,
Fort Vijay Society, 2nd Floor, 1/3 Gola Lane, Office Dr. D N Road,
Fort, Mumbai – 400001 |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
18th
November, 1998 |
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Com. Reg. No.: |
11-11714 |
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CIN No.: [Company
Identification No.] |
U24100MH1998PTC11714/U99999GJ1995PLC026641 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC11626G |
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PAN No.: [Permanent
Account No.] |
AAACC9212H |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Sales and
Marketing of all Croda Products in the Indian Subcontinent. Croda India is a
leading supplier to local and multinational companies in the pharmaceutical,
health care/nutritional, cosmetics, household, metalworking, explosives,
polymer manufacturing and processing industries. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
|
Maximum Credit Limit : |
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Status : |
Improving
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
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Comments : |
Subject
is a part of Croda Groups a multi – national operation. Trade relations are
fair. Financial position is moderate having substantial accumulated losses.
Payments are usually correct and as per commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions with slight caution, initially. |
LOCATIONS
|
Registered Office : |
6,
Fort Vijay Society, 2nd Floor, 1/3 Gola Lane, Office Dr. D N Road,
Fort, Mumbai – 400001 |
|
Tel. No.: |
91-22-22658248/2650285 |
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Fax No.: |
91-22-22622754 |
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E-Mail |
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|
Website : |
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Location |
Leased
|
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|
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|
Sales Office : |
501, Glacis Tower, Linking
Road Khar (W) Mumbai 400 052 |
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Tel.
No.: |
91-22- 2648 2733 |
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Fax
No.: |
91-22- 2648 2744 |
DIRECTORS
|
Name : |
Mr.
Shah Kirit Sunil |
|
Designation : |
Director
|
|
Address : |
21-A,
Ocean Gold, Twin Tower Lane, Prabhadevi – 400025, Mumbai |
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Date of Birth/Age : |
29.06.1956 |
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Date of Appointment : |
24.10.1997 |
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|
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Name : |
Mr.
Christ G Nottingham |
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Designation : |
Director
|
|
Address : |
11B,
Princess of Wales Road, Singapore – 266950 |
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Date of Appointment : |
16.06.2003 |
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Sales team |
Deenar Khanvilkar, Head - Sales and Marketing, Personal Care and Health Care
(deenar.khanvilkar@croda.co.in)
is responsible for sales into the personal and health care sectors Pradeep Tendulkar, Manager – Technical (pradeep.tendulkar@croda.co.in)
supports the technical functions. Sunil Mathpal, Sr. Executive (sunil.mathpal@croda.co.in)
is based in Delhi and oversees their development in North India. Suresh
Somasundar, Sr. Executive (suresh.somasundar@croda.co.in)
is based in Bangalore and oversees their developments and interests in
Karnataka, Andhra Pradesh and Goa. Sameer Borse, Executive (sameer.borse@croda.co.in) is based
in Mumbai and supports the technical developments in the
Pharmaceutical markets. Saravanan Sadasivam, Executive (saravanan.sadasivam@croda.co.in)
is based in Chennai and oversees their developments and interests in
Tamilnadu & Kerala |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Mr.
Shah Kirit Sunil |
10 |
|
M/s.
Croda International |
446467 |
BUSINESS DETAILS
|
Line of Business : |
Sales and
Marketing of all Croda Products in the Indian Subcontinent. Croda India is a
leading supplier to local and multinational companies in the pharmaceutical,
health care/nutritional, cosmetics, household, metalworking, explosives,
polymer manufacturing and processing industries. |
GENERAL
INFORMATION
|
No. of Employees : |
20 |
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Bankers : |
-- |
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Facilities : |
-- |
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Banking Relations : |
-- |
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Auditors : |
A H
Shah & Associate Chartered
Accountant |
|
Address: |
Fort
Vijay Society, 2nd Floor, Jiwaji Lane, Dr. D N Road, Behind
Central Camera Company, Fort, Mumbai – 400001 |
|
Tel. No.: |
91-22-22641091 |
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Fax No.: |
91-22-22626710 |
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|
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Associates/Subsidiaries : |
v
Sederma
v
Crodarom
Subsidiaries v
Croda
International |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
5,00,000 |
Equity
Shares |
Rs. 10/- Each |
Rs. 5.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
4,46,477 |
Equity
Shares |
Rs. 10/- Each |
Rs. 4.464 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
4.464 |
4.464 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
4.464 |
4.464 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
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2] Unsecured Loans |
|
0.000 |
0.000 |
|
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TOTAL BORROWING |
|
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
1.112 |
1.010 |
|
|
|
|
|
|
|
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TOTAL |
|
5.576 |
5.474 |
|
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|
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APPLICATION OF FUNDS |
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|
|
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|
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FIXED ASSETS [Net Block] |
|
1.823 |
1.235 |
|
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
|
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Inventories |
|
3.158 |
0.482 |
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Sundry Debtors |
|
3.883 |
1.462 |
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Cash & Bank Balances |
|
0.078 |
0.932 |
|
|
Other Current Assets |
|
0.450 |
0.316 |
|
|
Loans & Advances |
|
2.133 |
2.007 |
|
Total Current Assets |
|
9.702 |
5.199 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
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|
|
|
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|
Current Liabilities & provision |
|
8.200 |
4.982 |
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Total Current Liabilities |
|
8.200 |
4.982 |
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Net Current Assets |
|
1.502 |
0.217 |
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MISCELLANEOUS EXPENSES |
|
2.251 |
4.022 |
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TOTAL |
|
5.576 |
5.474 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
|
36.032 |
17.682 |
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Profit/(Loss)
Before Tax |
|
2.210 |
(0.933) |
|
Provision
for Taxation |
|
0.446 |
0.034 |
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Profit/(Loss)
After Tax |
|
1.764 |
(0.967) |
|
|
|
|
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Export
Value |
|
3.425 |
2.272 |
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Total
Expenditure |
|
33.822 |
18.615 |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
|
4.90 |
(5.47) |
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Net
Profit Margin (PBT/Sales) |
(%) |
|
6.13 |
(5.28) |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
19.18 |
(14.50) |
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Return
on Investment (ROI) (PBT/Networth) |
|
|
0.50 |
(0.21) |
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Debt
Equity Ratio (Total
Liability/Networth) |
|
|
1.84 |
1.12 |
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Current
Ratio (Current
Asset/Current Liability) |
|
|
1.18 |
1.04 |
LOCAL AGENCY
FURTHER INFORMATION
Dividend
In view
of the accumulated losses the director do not recommend any dividend
Technology
Absorption conservation of Energy and Earnings & Outgos in Foreign Exchange
Provision
relation to Technology Absorption conservation of Energy are not applicable to
the company. During the year under report. The company spent in foreign
exchange Rs. 16.269 Millions (P. Y.5.726 Millions) for import Rs. 0.208
Millions (P. Y.0.293 Millions) for travelling expenses Rs. 0.019 Millions (P. Y.0.014 Millions) for subscription
totalling Rs. 16.606 Millions (P. Y.6.035 Millions) and earned in foreign exchange
Rs. 3.425 Millions (P. Y.2.272 Millions) by way of commission
Fixed
Assets
v
Office
Equipment
v
Furniture
v
Computer
& Laptops etc
v
Fax
Machine
v
Paper
Shredder Machine
v
Xerox
Machine
v
Mobile
Phone
As
per website Details
Croda is
a world leader in natural based specialty chemicals. Croda Chemicals (India)
Pvt Ltd (Croda India) is responsible for the sales and marketing of all Croda
products in the Indian subcontinent. Croda India is a leading supplier to local
and multinational companies in the pharmaceutical, health care/nutritional, cosmetics,
household, metalworking, explosives, polymer manufacturing and processing
industries.
About us
Croda India is a subsidiary of Croda International Plc, one of the
world’s leading manufacturers of natural based specialty chemicals, which are
sold to a wide range of industries. Croda has locations worldwide, with manufacturing facilities in the
UK, USA, Singapore, Brazil, Japan and France.
Croda India is responsible for the sales and marketing of Croda products
in the Indian subcontinent, servicing a range of industries, including personal
care, health care/nutritional, home care, polymer additives, food, metal
working, explosives and general industrial applications. The product range also
includes specialty products made by sister companies Sederma and Crodarom, which
are mainly used in personal care applications.
Aims:
Strengthen Croda’s
position as a leading supplier of specialty ingredients to the Indian
subcontinent.
Support
customers' changing needs by offering innovative responses, utilising Croda's
novel products and expertise
Sustain a
profitable operation, ably supported by a motivated team.
Locations
Croda India is located in Bandra, a quiet, residential
suburb of Mumbai. Croda's production
plants are located in six countries UK, USA, Singapore,
Japan, Brazil and France
Group manufacturing locations
Croda employs the most technologically advanced plant
anywhere in the world. Great emphasis is placed on quality, health, safety and
the environment. All of their manufacturing sites have attained the
international quality standard ISO 9001. Some, particularly those associated
with personal care and health care/pharmaceuticals, operate to the principles
of GMP (Good Manufacturing Practice).
Croda
Chemicals Europe Ltd (UK)
Croda Inc
(USA)
Croda
Singapore Pte Ltd
Sederma
Crodarom
Croda do
Brazil
Croda Japan
Croda
Chemicals (India) Pvt. Ltd
501 Glacis Tower,
Linking Road,
Khar (W) Mumbai 400 052
Tel: (022) 2648 2733
Fax: (022) 2648 2744
Come
onto Linking Road and proceed towards Khar/Santacruz. Continue beyond Khar
junction (Citibank) and on the left hand side before the Santacruz junction you
will come across two glass towers. Their office is located on the fifth floor
of the second (latter) tower, with Deutche Bank occupying the Ground
floor.
Management
Croda India reports to Croda Singapore Pte Ltd which is
the regional management and resources head quarters.
The sales team operates from the Bandra based sales office
with regional representatives based in North and South India. The team
is headed by Ashish Shinde, National Sales Manager (ashish.shinde@croda.co.in) who is
also responsible for sales into the industrial and polymer additives
sectors
Markets & products
Croda operates around the globe with a presence in over 27
countries servicing the needs of multinationals and local customers.
Croda India is responsible for distribution of all Croda
products in India and offers marketing and sales support throughout the Indian
subcontinent. Their technical and sales team interacts with customers directly,
with product samples, information and starting formulations readily
available on request. The support team assists with Indent orders and local
ex-stock orders from their local warehouse. MODVAT credit is also available.
Croda India is a leading supplier of specialty products to
leading companies in a wide range of industries. Products are
broadly classified within the following key market areas:
Health care - including
pharmaceutical, nutritional and veterinary applications.
Personal care - specialty
ingredients for hair and skin care, and color cosmetics.
Homecare and functional specialties
- household, metalworking, leather, tissue and explosives.
Polymer additives - slip
additives, antibock additives, process lubricants and mould release agents.
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.46.43 |
|
UK
Pound |
1 |
Rs.87.43 |
|
Euro |
1 |
Rs.59.80 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
37 |
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 |
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 |