MIRA
INFORM REPORT
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Report Date : |
21.08.2007 |
IDENTIFICATION DETAILS
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Name : |
DOW AGROSCIENCES INDIA PRIVATE LIMITED |
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Formerly Known As : |
DE-NOCIL CROP PROTECTION PRIVATE LIMITED (Changed w.e.f. 17/02/2005) |
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Registered Office : |
Corporate Park, Unit No. 1, First Floor, V. N. Purav Marg,
Chembur, Mumbai - 400071, Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
07.12.1994 |
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Com. Reg. No.: |
11-83566 |
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CIN No.: [Company
Identification No.] |
U01110MH1994PTC083566 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMD04559C |
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PAN No.: [Permanent
Account No.] |
AAACD3813H |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturers of Chemicals. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 4200000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow and delayed |
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Litigation : |
-- |
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Comments : |
Subject is an old and established joint venture but currently passing through difficult times. The company continue to incur heavy losses. Its payments are reported as slow and delayed. However, as it is a part of a very strong group it can be considered normal for business dealings at usual trade terms and conditions. We tried to talk to the company, but the person on the phone remained non-cooperative. He did not part with his name either. |
LOCATIONS
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Registered Office : |
Corporate Park, Unit No. 1, First Floor, V. N. Purav Marg,
Chembur, Mumbai - 400071, Maharashtra, India |
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Tel. No.: |
91-22-55985700 / 67978500 |
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Fax No.: |
91-22-55985790 |
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E-Mail : |
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Website : |
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Factory 1 : |
Plot No. A-1, MIDC Industrial Area, Lote Parshuram,
Ratnagiri – 415 722, |
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Branches : |
Located at: q
Jagat Vidya Society, Bandra, Mumbai – 400 050,
Tel. No. 91-22-26401195 q
Brooklyn Hills, Tel. No. 91-22-26344696 q
Nirmala Colony, Tel. No. 91-22-26421692 q
New Blue Heaven, Tel. No. 91-22-26716393 |
DIRECTORS
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Name : |
Mr. Hrishikesh A. Mafatlal |
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Designation : |
Chairman |
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Address : |
10, |
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Date of Birth/Age : |
24.11.1954 |
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Date of Appointment : |
05.01.1995 |
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Date of Ceasing : |
06.06.2005 |
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Name: |
Jorge La Roza (Foreign) |
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Designation: |
Managing Director |
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Address : |
23/24, |
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Date of Birth/Age : |
24.11.1950 |
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Qualification : |
27.02.2002 |
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Name : |
Mr. Segovia Fenando (Foreign) |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
06.03.1955 |
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Date of Appointment : |
13.03.2003 |
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Name : |
Mr. Luciando Poli (Foreign) |
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Designation : |
Director |
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Address : |
Frohburgstrasse 30 8832, |
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Date of Birth/Age : |
22.05.1962 |
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Date of Appointment : |
05.07.2001 |
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Name : |
Mr. B. N. Thatte |
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Designation : |
Director |
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Address : |
Joshi Wadi, 1123 Pag, Chiplun – 415 605, |
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Date of Appointment : |
06.02.1962 |
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Date of Ceasing : |
13.12.2000 |
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Name : |
Mr. Gerrit Theodoor Pijl Hogeweg |
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Designation : |
Director |
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Address : |
Rebmattli 30, Wilen Bei, Wollerau – 8832, NA |
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Date of Birth/Age : |
24.04.1956 |
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Date of Appointment : |
21.11.2006 |
KEY EXECUTIVES
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Name: |
Mr. Devendra K. Doshi |
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Designation: |
Company Secretary |
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Address: |
5/17, Samarth Nagar, Chunabhatti (Sion), Mumbai – 400 022 |
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Date of Birth: |
15.07.1944 |
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Date of Appointment: |
01.06.2001 |
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Date of Ceasing : |
15.01.2005 |
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Name: |
Mr. Nalin N. shah |
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Designation: |
Company Secretary |
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Address: |
D – 9, Atel Society, |
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Date of Birth: |
17.01.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Dow Agrosciences Agricultural Products Limited, |
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61836990 |
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Das Agricultural Invt. Holding Company Limited |
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200 |
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Total |
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61837190 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Chemicals. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
1500 |
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Bankers : |
Ř
Bank of Ř Citibank NA Ř ABN Amro Bank Ř
Standard Chartered Bank, Ř
State Bank of Ř
Bank of Ř Canara Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
C.C. Choksil And Company Chartered Accountant |
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Address : |
12, |
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Tel. No.: |
91-22-56679000 |
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Parent Company: |
National Organic Chemical Industries Limited |
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Holding Company: |
Ř Dow Agrosciences LLC Ř The Dow Chemical Company Ř
Dow Agroscience Agricultural Products Limited,
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Subsidiary : |
Ř
Dow AgroSciences B. V. Ř
Dow AgroSciences B. V. Ř
Dow AgroSciences Ř
Dow AgroSciences De – Ř Dow AgroSciences Limited – GBR Ř Dow AgroSciences [NZ] Limited] Ř
Dow AgroSciences Limited – Ř Dow AgroSciences International Limited Ř
Dow AgroSciences Ř
Dow AgroSciences Ř Dow AgroSciences Pacific Hongkong Ř
Dow Chemical [ Ř Dow Chemical Japan Limited Ř
Dow Chemical Pacific [ Ř
Dow Chemical Pacific Limited Ř Dow Chemical International Private Limited Ř Dow Coming India Private Limited Ř
Carbide Chemical [ Ř PT Dow AgroSciences |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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62000000 |
Equity Shares |
Rs. 10 Each |
Rs. 620.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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61837190 |
Equity Shares |
Rs. 10 each |
Rs. 618.372 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
618.372 |
618.372 |
618.371 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
449.575 |
609.076 |
282.825 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
(203.800) |
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NETWORTH |
1067.947 |
1227.448 |
697.396 |
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LOAN FUNDS |
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1] Secured Loans |
3.554 |
5.770 |
9.843 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
3.554 |
5.770 |
9.843 |
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DEFERRED TAX LIABILITIES |
71.895 |
81.696 |
1.303 |
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TOTAL |
1143.396 |
1314.914 |
708.542 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
389.533 |
409.287 |
455.118 |
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Capital work-in-progress |
2.945 |
9.524 |
0.206 |
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INVESTMENT |
0.010 |
0.010 |
0.011 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
664.926
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438.246 |
250.235 |
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Sundry Debtors |
287.095
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228.944 |
246.532 |
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Cash & Bank Balances |
40.053
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926.996 |
498.272 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
738.285
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814.915 |
391.327 |
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Total
Current Assets |
1730.359
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2409.101 |
1386.366 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
399.404
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1158.367 |
1133.159 |
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Provisions |
580.047
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354.641 |
0.000 |
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Total
Current Liabilities |
979.451
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1513.008 |
1133.159 |
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Net Current Assets |
750.908
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896.093 |
253.207 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1143.396 |
1314.914 |
708.542 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2004 |
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Sales Turnover |
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3133.528 |
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Other Income |
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100.638 |
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Total Income |
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3234.166 |
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Profit/(Loss) Before Tax |
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573.468 |
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Provision for Taxation |
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237.143 |
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Profit/(Loss) After Tax |
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336.325 |
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Earnings in Foreign Currency : |
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Export Earnings |
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258.495 |
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Commission Earnings |
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0.209 |
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Total Earnings |
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258.704 |
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Imports : |
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Raw Materials |
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709.412 |
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Stores & Spares |
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0.295 |
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Others |
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62.020 |
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Total Imports |
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771.727 |
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Expenditures : |
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Manufacturing Expenses |
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1935.751 |
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Purchases made for re-sale |
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483.969 |
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Increase/(Decrease) in Finished Goods |
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174.938 |
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Interest |
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33.689 |
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Excise Duty |
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[16.886] |
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Depreciation & Amortization |
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49.237 |
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Total Expenditure |
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2660.698 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
NA
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NA |
10.40 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
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NA |
18.30 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
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NA |
31.14 |
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Return on Investment (ROI) (PBT/Networth) |
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NA
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NA |
0.82 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.92
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1.24 |
1.64 |
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Current Ratio (Current Asset/Current Liability) |
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1.77
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1.59 |
1.22 |
LOCAL AGENCY FURTHER INFORMATION
Business
The company was set up with the objective to manufacture, process,
refine, formulate, treat, store, purchase, sell, import, distribute, export and
deal in all kinds of chemicals for crop protection and generate Pest Control
activities and for plant growth regulators made or manufactured from all kinds
of natural, man-made and synthetic substances and products.
The company Fixed Assets includes Leasehold Land, Buildings, Plant And Machinery, Freehold Land, Furniture And Fixture, Vehicles, Office Equipment.
The company is a joint venture between Dow Agro Sciences LLC
(Formerly Dow Elanco) and NOCIL (National Organic Chemical India Limited), a
petrochemical company which is the 48th highest earning
manufacturing company in
The company derives a lot of its strength from Dow Agro Sciences, which is positioned for the future with a product mix and geographical presence that matches global market opportunities. The company has an innovative culture comprised of a diverse group of talented people, who discover, develop, manufacture and market industrial and commercial pest management products for use around the globe.
The company has a state-of-art manufacturing plant located at Lote, Parashuran, 250 km away from Mumbai. This plant has won the British safety council award in 1995 and has been consistently maintaining the highest standards of safety.
The company recognise the importance of being in continuous contact with its customers in every region of the country to get an accurate assessment of their needs. This is the principle that guides the company in every facet of its business. Many research activities in Dow Agro Sciences and the company are driven by feedback from its field force who are in direct contact with its customers and have a clear understanding of their needs.
The company offers great opportunities for introducing, developing and marketing crop protection and growth enhancement products. The company's existing products include insecticides, herbicides, fungicides, plant growth regulators, non-crop and household pesticides. The company is well acquainted with Indian agriculture and recognises that the challenge consists of developing, producing and delivering high-quality products and technologies that meet its customers needs and satisfies responsible care initiatives.
The company has executed the Process Technology Agreement for the manufacture of chlorpyrifos with Dowelanco, B.V.
Dow AgroSciences is a
global leader in providing pest management and biotechnology products that
improve the quality of the earth's food supply and contribute to the health and
quality of life of the world's growing population. Dow AgroSciences is a
wholly-owned subsidiary of The Dow Chemical Company.
Bankers Charges
Report as per Registry
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Name of the company |
DE-NOCIL CROP
PROTECTION PRIVATE LIMITED |
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Presented By |
Standard Chartered
Bank, |
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1) Date and description of instrument creating the change |
Agreement of
hypothecation of stocks and book debts dated 29.11.2001 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 250.000
Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
The borrowed
hereby hypothecates by way of first charge to the Bank All the stock in
trade both present and future consisting of raw materials, finished goods,
goods in process of manufacturing and other merchandise whatsoever, being
movable properties now or at any time hereafter belonging to the borrower or
at the borrower’s disposal and now or at any time and from time to time
hereafter stored or be stored or brought into or upon or in course of transit
to the borrowers factory or premises or at any other place whatsoever and
wheresoever in the borrowers
possession or occupation or at any other premises or place and All the present
and future book debts, outstanding moneys receivables, claims and bills which
are now due and owing or which may at any time hereafter during the
continuance of this security become due and owing to the borrower in the course
of its business by any person, firm company or its business by way person,
firm, company of body corporate or by the government department or office or
any Municipal or local or public or semi government body or authority or any
body corporate or undertaking or project whatever in the public sector. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
ROI : 2 % p.a.
above the Bank’s prime lending rate together with interest tax as may be
applicable from time to time. |
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5) Name and Address and description of the person entitled to the charge. |
Standard Chartered Bank, 23-25, |
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6) Date and brief description of instrument modifying the charge |
-- |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
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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
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Indian Rupees |
|
US Dollar |
1 |
Rs.41.06 |
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|
1 |
Rs.81.41 |
|
Euro |
1 |
Rs.55.34 |
RATING EXPLANATIONS
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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. |
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 |
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