MIRA
INFORM REPORT
|
Report Date : |
18.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
HENKEL ADHESIVES
TECHNOLOGIES INDIA PRIVATE LIMITED |
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Formerly Known As : |
HENKEL LOCTITE INDIA PRIVATE LIMITED |
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Registered Office : |
D-3/D-4, MIDC
Industrial Estate, Jejuri, Pune – 412 303, Maharashtra, India. |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
01.01.1990 |
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Com. Reg. No.: |
25-14390 [New
No.] 11-61651 [Old
No.] |
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CIN No.: [Company
Identification No.] |
U28933PN2000PTC014390 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRH01954B |
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PAN No.: [Permanent
Account No.] |
AAACL1954B |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturers, traders, exporters, importers and dealers of engineering sealants and adhesives. |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 4200000 |
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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 Henkel Group – Worldwide. Available information
indicates high financial responsibility of the company. Financial position is
good. Payments are correct and as per commitments. The company can
be considered good for any normal business dealings at usual trade terms and
conditions. It can be
regarded as a promising business partner in a medium to long run. |
LOCATIONS
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Registered Office/Factory: |
D-3/D-4, MIDC Industrial Estate, Jejuri, Pune – 412 303, Maharashtra,
India. |
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Tel. No.: |
91-2115-253365 / 253203 |
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Fax No.: |
91-2115-253248 / 253448 |
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E-Mail : |
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Website : |
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Corporate
Office : |
1, Airport Service Road, Domlur Layout, Bangalore - 560 071,
Karnataka, INDIA |
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Tel. No.: |
91-80-2535 7771 / 2535 4575 |
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Fax No.: |
91-80-2535 7770 |
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E-Mail : |
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Regional Offices: |
No.1H, Centuary Plaza,560 - 562, Anna Salai, Teynampet, Chennai - 600 018,
Tamilnadu, India |
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Tel. No.: |
91-44-24328193, 24328312, 24928313 |
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Regional Offices: |
1, Friends Paradise, 1205/2/3, Shirole Road, Off. J.M. Road, Opposite
Sambhaji Park, Deccan Gymkhana, Pune- 411 004, Maharashtra, India |
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Tel. No.: |
91-20-2552 0067, 2552 0068 |
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Fax No.: |
91-20-2552 0080 |
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Regional Offices: |
401 - 403, Vishwadeep Tower, District Centre, Janakpuri, New Delhi -
110 058 |
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Tel. No.: |
91-11-515 89726, 515 89600 |
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Fax No.: |
91-11-515 89699 |
DIRECTORS
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Name : |
Mr. Ellis Steve |
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Designation : |
Director |
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Address : |
27-7, Shin
ISOGO-CHO, ISOGO, ISOGO-KU, Yokohama – 2350017, Japan. |
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Date of Appointment : |
20.03.1998 |
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Name : |
Mr. Shah Ramanlal
Milind |
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Designation : |
Whole Time
Director |
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Address : |
No. 20, 5th
Main, Domlur II Stage, Bangalore – 560 071, Karnataka, India. |
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Date of Birth/Age : |
20.07.1959 |
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Date of Appointment : |
18.06.1997 |
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Date of Ceasing : |
09.10.2004 |
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Name : |
Mr. Patil Bapusaheb
Ramesh |
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Designation : |
Director |
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Address : |
D-13/1, Sarita
Nagari, Phase II, Behind Octroi Naka, Sinhagad Road, Parvati Nagar, Pune –
411 001, Maharashtra, India. |
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Date of Birth/Age : |
28.02.1960 |
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Date of Appointment : |
21.09.2001 |
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Name : |
Mrs. Vidya
Prithviraj Sagar |
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Designation : |
Director |
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Address : |
Millenium Plaza,
Sector 27, Gurgaon – 122 001, Harayana, India. |
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Date of Birth/Age : |
20.12.1925 |
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Date of Appointment : |
12.01.1990 |
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Name : |
Mr. Srinivasan
Rengarajan |
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Designation : |
Director |
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Address : |
G 1, Sai Madura
Residency, Satya Sai Kalpataru Nursery Lane, 12th Main, Off 100 ft
Ring Road, J P Nagar, V Phase, Bangalore – 560 078, Karnataka, India. |
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Date of Birth/Age : |
10.06.1961 |
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Date of Appointment : |
09.01.2003 |
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Date of Ceasing : |
14.02.2005 |
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Name : |
Mr. Sampath Kumar |
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Designation : |
Director |
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Address : |
Remfru & Sagar Attorneys – at Law, Millennium Plaza, Sector 27,
Gurgaon, Haryana |
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Date of Appointment : |
31.05.2003 |
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Name : |
Mr. Ian John Parish |
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Designation : |
Director |
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Address : |
I 15 A Block, 2 Pacific View, 38 Tai Tam, Hongkong |
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Date of Birth/Age : |
01.06.1972 |
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Date of Appointment : |
18.07.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
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No. of Shares |
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Henkel
Corporation |
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3550000 |
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Henkel Loctite
International B V |
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3410784 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign
Companies, Foreign Financial Institutions, Non-resident Indian or Overseas
corporate bodies or others] |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers, traders, exporters, importers and dealers of engineering sealants and adhesives. |
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Products : |
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PRODUCTION STATUS
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
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Engineering Sealants
and adhesives |
MT |
1500 |
225 (as annualised basis) |
GENERAL
INFORMATION
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No. of Employees : |
250 |
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Bankers : |
·
Central Bank of India, B. S. Marg, Mumbai |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
BSR and Company Chartered
Accountant |
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Address : |
11-12/1, Inner
Ring Road, Bangalore – 560 071, Karnataka, India. |
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Tel. No.: |
91-80-2276000 |
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Fax No.: |
91-80-2273000 |
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Holding Company: |
Henkel Loctite Corporation 1001, Trout Brook Crossing Rocky Hill, Connecticut, U.S.A.
– 06067 |
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Ultimate Holding
Company : |
Henkel KGaA |
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Associates: |
Loctite International BV De Lairessesstraak, 133, 1070, AG Amsterdam, The Netherlands |
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Subsidiaries: |
CIN No. U24110MH1984PTC032433 |
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Other Related Parties: |
Ř Henkel CEE Austria GMBH Ř Henkel France Ř Henkel Japan Ř Henkel Loctite Limited, UK Ř Henkel Loctite Dentchland GMBH Ř Henkel SPA Italy Ř Henkel Taiwan Limited Ř Henkel Austrialia Limited Ř Henkel Malaysia |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
85,000,000 |
Equity shares |
Rs. 10/- each |
Rs. 850.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
13,964,664 |
Equity shares |
Rs. 10/- each |
Rs. 139.647
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
139.647 |
69.608 |
69.607 |
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2] Share Application Money |
0.000 |
700.388 |
0.000 |
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3] Reserves & Surplus |
901.485 |
149.052 |
97.236 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1041.132 |
919.048 |
166.843 |
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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 |
4.261 |
4.261 |
668.207 |
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TOTAL BORROWING |
4.261 |
4.261 |
668.207 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1045.393 |
923.309 |
835.050 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
63.718 |
63.904 |
63.427 |
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Capital work-in-progress |
3.628 |
1.208 |
0.864 |
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INVESTMENT |
702.057 |
702.057 |
649.899 |
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DEFERREX TAX ASSETS |
10.495 |
11.058 |
4.633 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
105.122
|
76.340 |
55.977 |
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Sundry Debtors |
136.981
|
120.338 |
85.304 |
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Cash & Bank Balances |
141.879
|
51.567 |
43.466 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
69.909
|
22.610 |
23.722 |
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Total
Current Assets |
453.891
|
270.855 |
208.469 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
181.051
|
115.707 |
92.242 |
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Provisions |
7.345
|
10.066 |
0.000 |
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Total
Current Liabilities |
188.396
|
125.773 |
92.242 |
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Net Current Assets |
265.495
|
145.082 |
116.227 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1045.393 |
923.309 |
835.050 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2005 |
|
Sales Turnover |
|
|
396.273 |
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Total Income |
|
|
396.273 |
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Profit/(Loss) Before Tax |
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|
80.715 |
|
Provision for Taxation |
|
|
32.528 |
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Profit/(Loss) After Tax |
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|
48.187 |
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Earnings in Foreign Currency |
|
|
0.560 |
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Imports |
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|
97.199 |
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Total Expenditure |
|
|
315.557 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
NA
|
NA |
12.16 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
20.37 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
NA |
8.70 |
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Return on Investment (ROI) (PBT/Networth) |
|
NA
|
NA |
0.48 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.19
|
0.14 |
4.56 |
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Current Ratio (Current Asset/Current Liability) |
|
2.41
|
2.15 |
2.26 |
LOCAL AGENCY
FURTHER INFORMATION
The company was incorporated on 1st January 1990 at District Pune in Maharashtra under the name and style of Loctite India Private Limited having Company Registration Number 61651. The name of the company was changed to Henkel Loctite India Private Limited with effect from 16th July 2002 and it was further changed to the present name w. e. f. 17.11.2005.
As Per Website
Loctite Corporation began in the Trinity College basement
laboratory of Dr. Vernon Krieble of Hartford, Connecticut in 1953. This
entrepreneurial chemistry professor developed a cure inhibition system for a
unique bonding resin that hardened in the absence of air- an anaerobic sealant
– based on a conversation with his son, Robert, also a Ph. D chemist.
"Loctite", a name conceived by Robert´s wife, Nancy,
made its official public debut at a press conference at the University Club in
New York on July 26, 1956. The promise of solving the age-old problem of loose
nuts and bolts in machines and appliances – a problem customers had long ago
accepted as unsolvable – led to an incredible flow of inquiries.
Growth through Innovation and
Acquisition
Loctite grew
rapidly. In 1956, sales totalled US$ 7,000 though net income was at a deficit
of US$ 17,000. But by 1964, sales had reached nearly US$ 2 million and net
income jumped to US$ 220,000. From 1964 to 1970 sales quadrupled and earnings
rose by more than six times. From 1971 to 1975, sales again quadrupled - to US$
67 million.
On October 26th, 1976 Loctite was admitted to listing on the
New York Stock Exchange.
To fuel its
growth, Loctite allocated an increasing amount of money to research and
development and to the strategic acquisition of other, related companies, such
as Laguna Scientific Industries, Permatex Company and Woodhill Chemical sales
Company. Loctite merged with International Sealants in 1970 and also acquired
several of its overseas distributors throughout the 1970s.
Vernon Krieble,
the retired professor turned entrepreneur turned president of an international
corporation, died in 1964. His son succeeded him as president of Loctite. Bob
Krieble, who became as well-liked a leader as his father, led Loctite through
acquisitions, reorganisations, a public offering, a merger, and international
expansions, before retiring in 1980.
Throughout its
history, Loctite has continuously created markets by discovering opportunities
where no one knew they existed. From its founding, based on a product that
solved an "unsolvable" problem, Loctite has achieved success through
innvation.
More than 50 years of innovation from
the Loctite® Brand
Fifty years of
success has made Loctite® the world leader in the development and manufacture
of high-performance adhesives, sealants and chemical products: Success based on
experience, leadership and technical innovation.
The commitment of Henkel to research and development has resulted in the most
technically advanced range of products available today. Products that speed
manufacturing processes, reduce costs and improve quality throughout industry.
Products for global use that comfortably exceed national and international
standards.
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.39.55 |
|
UK Pound |
1 |
Rs.79.62 |
|
Euro |
1 |
Rs.57.02 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
72 |
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. |
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 |
|