MIRA INFORM REPORT
|
Report
Date : |
23.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
ARKEMA
PEROXIDES INDIA PRIVATE LIMITED |
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Formerly
known as : |
ATOFINA
PEROXIDES INDIA PRIVATE LIMITED |
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Formerly
known as : |
ELF
ATOCHEM PEROXIDES INDIA LIMITED |
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Registered
Office : |
9,
Cathedral Road, Chennai – 600 086, Tamil Nadu |
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Country
: |
India |
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Financials
(as on) : |
31.03.2004 |
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Date
of Incorporation : |
14.03.1985 |
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Com.
Reg. No.: |
18-11641 |
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CIN
No.: [Company
Identification No.] |
U24111TN1985PTC011641 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEP00227D |
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PAN
No.: [Permanent
Account No.] |
AAACE1713F |
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Legal
Form : |
A closely held
public limited liability company |
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Line
of Business : |
Manufacturer, exporter and importer of all types of
chemicals – hydrogen peroxide, sodium chlorate, perchlorate, hydrazine and
its derivatives for global market. |
RATING & COMMENTS
|
MIRA’s
Rating : |
A |
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum
Credit Limit : |
USD
600000 |
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Status
: |
Good |
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Payment
Behaviour : |
Regular |
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Litigation
: |
Clear |
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Comments
: |
Subject is a well established company and part of
multi-national corporation. Available information indicates high financial
responsibility of the company. Trade relations are fair. Financial position
is good. Payments are correct and as per commitments. The company can be considered good for any normal business
dealings. It can be regarded as a promising business partner in a medium to long-run. |
LOCATIONS
|
Registered
Office : |
9,
Cathedral Road, Chennai – 600 086, Tamil Nadu, India |
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Tel.
No.: |
91 – 44 –
827 3333 / 811 7400 |
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Fax
No.: |
91 – 44 –
826 9359 / 811 2479 |
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Website
: |
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Area : |
Leased -- 15000 sq.fts |
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Factory
: |
Semmankuppam Village, Cuddalore, South Arcot District,
Tamil Nadu, India |
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Tel.
No.: |
91-4142-39901 |
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Fax
No.: |
91-4142-39900 |
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Area : |
15,000 sq.fts. --owned |
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Branches
: |
628 Anna Salai, 1st Floor/Balmer Lawrie House,
Teynampet, Chennai, Tamilnadu – 600018, India Tel No. : 91-44-52197500 Fax No. : 91-44-52197600 Website : http://www.arkema.com
Pharma Search House- Dr. B. G. Kher Raod, Worli –
Mumbai-400018, India Tel No. : 91-22-24901743/46/47 Fax No. : 91-22-24901755 Kolkata, Mumbai, Delhi, Hyderabad and Bangalore |
DIRECTORS
|
Name : |
Mr. Subramanian Neelakantan |
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Designation
: |
Managing Director |
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Date
of Birth/Age : |
4/02/1948 |
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Name : |
Mr. Romuld De Haut De Sigy |
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Designation
: |
Director |
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Date
of Birth/Age : |
25/6/1964 |
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Name : |
Mr. Richare P Rower |
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Designation
: |
Director |
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Date
of Birth/Age : |
22/10/1960 |
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Name : |
Mr. Frederic Dumont |
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Designation
: |
Director |
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Date
of Birth/Age : |
22/10/1960 |
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Other
Personal |
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Name : |
Mr.Vasudevan S. A. |
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Designation
: |
Company Secretary |
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Date
of Birth/Age : |
1/02/1956 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
|
Arkema,
France |
949999 |
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Sofia,
Frnace |
1 |
BUSINESS DETAILS
|
Line
of Business : |
Manufacturer, exporter and importer of all types of
chemicals – hydrogen peroxide, sodium chlorate, perchlorate, hydrazine and
its derivatives for global market. |
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Products
: |
Ø Polymerisation Initiators Ø Cross linking Agents |
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Exports
to : |
Middle East and Far East Countries |
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PRODUCTION STATUS
|
Particulars |
Unit |
Installed Capacity |
Actual Production |
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Polymerisation
Initiators |
Metric Tones |
700 |
809 |
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Cross
linking Agents |
Metric Tones |
200 |
38 |
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GENERAL INFORMATION
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No. of
Employees : |
200 persons -- 150 persons in factory and 50 persons in
office |
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Bankers
: |
Ø
Indian
Overseas Bank, Cr9 Branch, 738 Anna Salai, Chennai – 600 002, Tamil Nadu,
India. |
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Banking Relations : |
Good |
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Auditors
: |
Bharat S Raut and Company Chartered Accountant 16 Cenotaph Road, Teynampet, Chennai- 600018 |
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Parents
Company : |
Chemplast Sanmar Limited |
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Associate
: |
All companies in Sanmar Group |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
4000000 |
Equity Shares |
Rs. 10 each |
Rs. 40.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
950000 |
Equity Shares |
Rs. 10 each |
Rs. 9.500 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
A freshly investigated report with latest financials will
follow, soon.
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2004 |
31.03.2003 |
31.03.2002 |
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SHAREHOLDERS
FUNDS |
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1] Share
Capital |
9.500 |
9.500 |
9.500 |
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3]
Reserves & Surplus |
140.045 |
131.634 |
129.343 |
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NETWORTH
|
149.545 |
141.134 |
138.843 |
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LOAN
FUNDS |
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1]
Secured Loans |
0.000 |
0.000 |
0.000 |
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2]
Unsecured Loans |
13.221 |
13.186 |
0.000 |
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TOTAL
BORROWING
|
13.221 |
13.186 |
0.000 |
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DEFERRED
TAX LIABILITIES |
14.317 |
11.919 |
0.000 |
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TOTAL
|
177.083 |
166.239 |
138.843 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
91.375 |
99.141 |
86.963 |
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Capital work-in-progress
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INVESTMENT
|
0.024 |
0.024 |
0.024 |
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DEFERREX TAX ASSETS
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CURRENT ASSETS, LOANS & ADVANCES
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Inventories
|
65.848
|
59.642
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Sundry Debtors
|
61.651
|
50.375
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Cash & Bank Balances
|
5.923
|
10.045
|
125.189 |
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Other Current Assets
|
0.551
|
0.092
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Loans & Advances
|
11.823
|
8.556
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Total Current Assets
|
145.796
|
128.710 |
125.189 |
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Less : CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
|
32.379
|
29.603
|
73.333 |
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Provisions
|
27.733
|
32.033
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Total Current Liabilities
|
60.112
|
61.636 |
73.333 |
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Net
Current Assets
|
85.684
|
67.074 |
51.856 |
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MISCELLANEOUS EXPENSES
|
-- |
-- |
-- |
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TOTAL
|
177.083 |
166.239 |
138.843 |
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PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2004 |
31.03.2003 |
Sales Turnover [including other income]
|
|
377.399 |
327.553 |
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Profit/(Loss) Before Tax
|
|
119.575 |
112.437 |
Provision for Taxation
|
|
52.087 |
40484 |
Profit/(Loss) After Tax
|
|
67.488 |
71.953 |
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Export Value
|
|
129.169 |
80.758 |
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Import Value
|
|
87.316 |
75.063 |
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Total Expenditure
|
|
240.476 |
201.355 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2004 |
31.03.2003 |
31.03.2002 |
PAT / Total Income
|
(%)
|
17.882 |
21.966 |
N.A. |
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Net Profit Margin
(PBT/Sales) |
(%) |
31.946 |
34.625 |
N.A. |
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Return on Total Assets
(PBT/Total
Assets} |
(%) |
50.412 |
49.341 |
N.A. |
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Return on Investment (ROI)
(PBT/Networth) |
|
0.799 |
0.809 |
N.A. |
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Debt Equity Ratio
(Total
Liability/Networth) |
|
0.490 |
0.530 |
0.52 |
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Current Ratio
(Current
Asset/Current Liability) |
|
2.425 |
2.088 |
1.70 |
LOCAL AGENCY FURTHER INFORMATION
History
The company was originally incorporated under the name and
style of Peroxides India Limited later w.e.f. 17/02/1995 the name of the
company was changed to ELF Atochem
Peroxides India Limited. The name was
again changed to Atofina Perosides India Private Limited w.e.f. 28/03/2003.
Finally w.e.f. 12/10/2004 the name of the company was changed to present.
Subject is the first Indian company to manufacture full
range of organic peroxides to international standards.
The company was originally incorporated as a joint venture
between Elf Atochem S.A., France and Chemplast Limited (Now Chemplast Sanmar
Limited) for manufacture of Polymerisation initiators and cross line agent
formulations. Chemplast Sanmar Limited was the Holding Company with 51% holding
in the equity shares and overseas joint venture partner holding 49% stake. Later, by an agreement, Chemplast Sanmar
Limited decided to retain the marketing and corporate activities and agreed to
the overseas joint venture partner holding 51% stake in the equity and thus
became the Holding Company and Chemplast Sanmar Limited held 49% stake in the
equity.
By a resolution the company changed the name of the Indian
subsidiary from “Elf Atochem Peroxides India Limited” to “Atofina Peroxides
(India) Limited” effective 11.05.2000 (as per).
The company
has collaboration with Pennwalt Corporation, US.
Subject imports and exports chemicals.
Arkema is global player with its operations and revenue
distributed as follows
Ø France-61%
Ø North America-14%
Ø Europe (Excluding France)- 16%
Ø South America- 6%
Ø Rest of the world-1%
Ø 60 industrial Facilities in Europe
including 35 in France
Ø 20 industrial facilities in North
America
Ø 10 industrial facilities in Asia
including 5 in China
Ø 6 Research Centre- 4 in France, CRRA
in Pierre-Benite and CRDE in Saint-Avold, GRL in Lacq
Ø 1 in the USA
Ø 1 in Japan
the creation of Arkema, in October 2004, was inspired by a
resolutely forward-looking industrial rationale. With its extensive global
presence, 18600 employees in over 40 countries, 120 facilities and 90
production plants in Europe, North America and Asia, A large degree of autonomy
and a solid financial structure, Arkema is become independent in the spring of
2006.
Arkema has all the necessary assets to achieve long-term
success and become one of the top leader in its sector, through innovative
chemistry and listening closely to the needs of its customers, while remaining
exemplary in safety and sustainable development.
Arkema’s ambition is to affirm its competitiveness,
especially through targeted growth in Europe and North America, and by
strengthening its presence in Asia, with the resolve to play a leading role in
the consolidation of the chemical industry.
Products
Ø Hydogen peroxide is used as a
bleaching agent for paper pulp and textile fibers, as an antiseptic, a
chemicals intermediates, and in water treatment.
Ø Sodium chlorate and perchlorate are
used in paper pulp, weedkiller, batteries, pyrotechnics, electrometallurgy, and
rocket fuel.
Ø Hydrazine and its derivatives are
used in a large number of application.
Ø Arkema is the world’s third largest
producer of hydrogen peroxide as well as hydrazine hydrate and derivatives.
AS PER WEBSITE
Arkema is a
company conducting international qualitative research and consulting applied to
all aspects of business life.
The company
was founded in 1995 and operates on the main international markets. Its Head
Quarter is located in Paris
Clients
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 records 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, anticorruption 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.44.87 |
|
UK Pound |
1 |
Rs.85.99 |
|
Euro |
1 |
Rs.58.15 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP
CAPITAL |
1~10 |
7 |
|
OPERATING
SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT
LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
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DEMERIT
POINTS |
|
|
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--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 |
|
63 |
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 |
|
NR |
In view
of the lack of information, we have no basis upon which to recommend credit
dealings |
No Rating |
|