MIRA
INFORM REPORT
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Report Date : |
26.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
HENKEL CAC PRIVATE LIMITED |
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Formerly Known As : |
CONVERTER
ADHESIVES AND CHEMICALS PRIVATE LIMITED |
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Registered Office : |
906, 9th
Floor, Embassy Centre, Nariman Point,
Mumbai – 400021, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
20.03.1984 |
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Com. Reg. No.: |
11 - 32433 |
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CIN No.: [Company
Identification No.] |
U24110MH1984PTC032433 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC11050E |
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PAN No.: [Permanent
Account No.] |
AAACC5534A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of
Adhesives based on Plastics, Modified Polyurethane Resin Solution and
Modified Polyester Resin Solution. |
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 : |
USD1153804 |
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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 an
established company and now a part of Henkel Germany. 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 is doing very well. It can be
regarded a very good business partner in a medium to long run. |
LOCATIONS
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Registered Office / Head Office: |
906, 9th
Floor, Embassy Centre, Nariman Point,
Mumbai – 400021, Maharashtra, India |
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Tel. No.: |
91-22-22855388 |
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Fax No.: |
91-22-22873995 |
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E-Mail : |
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Website : |
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Factory 1 : |
D-73/2 and D-74/2,
T.T.C. Industrial Area, Off Thane Belapur Road, Turbhe Naka, Navi Mumbai -
400613, Maharashtra, India |
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Tel. No.: |
91-22-27672495 /
27670987 |
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Fax No.: |
91-22-27672496 |
DIRECTORS
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Name : |
Mr. Ravinder
Roshanlal Talwar |
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Designation : |
Managing Director
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Address : |
5-A, Rashmi,
Carmichael Road, Mumbai – 400026, Maharashtra, India |
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Date of Birth/Age : |
05/10/1945 |
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Qualification : |
Ph. D (USA) |
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Experience : |
32 years |
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Date of Appointment : |
20/03/1984 |
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Last
Employment : |
The Paper
Products Limited, Manager Conversion Division |
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Email: |
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Name : |
Ms. Sucheta
Ravindra Talwar |
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Designation : |
Direcor |
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Address : |
5-A, Rashmi,
Carmichael Road, Mumbai – 400026, Maharashtra, India |
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Date of Birth/Age : |
15/11/1947 |
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Date of Casing
: |
20/03/1984 |
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Qualification : |
B. A. |
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Experience : |
20 years |
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Date of Appointment : |
24/02/2005 |
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Name : |
Ms. Priya Rishab
Kapur |
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Designation : |
Whole Time
Director |
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Address : |
5-A, Rashmi,
Carmichael Road, Mumbai – 400026, Maharashtra, India |
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Date of Birth/Age : |
11/05/1974 |
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Experience : |
10 years |
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Date of Appointment : |
01/01/2004 |
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Name : |
Mr. Gaurav Ravindra Talwar |
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Designation : |
Whole Time Director |
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Address : |
5-A, Rashmi, Carmichael Road, Mumbai – 400026, Maharashtra, India |
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Date of Birth/Age : |
15/07/1976 |
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Date of Appointment : |
01/01/2004 |
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Experience : |
6 years |
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Email: |
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Name : |
Mr. Offergeld Hans Josef Thomas |
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Designation : |
Direcor |
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Address : |
AM Heidberg 37, Duesseldorf, Germany – 40191 |
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Date of Birth/Age : |
10/02/1964 |
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Date of Appointment : |
24/02/2005 |
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Date of Ceasing : |
23.03.2006 |
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Name : |
Mr. Arig Ahmet Nevzat Niyazi Faruk |
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Designation : |
Director |
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Address : |
C/o. Henkel Singapore Private Limited, 19, Jurongport Road, Singapore
– 619093 |
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Date of Birth/Age : |
14/07/1952 |
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Date of Appointment : |
24/02/2005 |
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Email: |
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Name : |
Mr. B. Ramalingam |
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Designation : |
Director |
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Address : |
101, Brimmer Court Cary, NC 27511, USA – 27511 |
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Date of Birth/Age : |
28/09/1954 |
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Date of Appointment : |
24/02/2005 |
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Date of Ceasing : |
19.06.2006 |
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Name : |
Mr. Man – Ying Cheung |
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Designation : |
Director |
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Address : |
Flat A, 5/F, Tower 2, Robinson Heights, No. 8, Robinons Road, Hong
Kong |
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Date of Birth/Age : |
22/08/1966 |
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Date of Appointment : |
24/02/2005 |
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Date of Ceasing : |
19.06.2006 |
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Name : |
Mr. Ian Jhon Parish |
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Designation : |
Director |
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Address : |
15A, Block 2, Pacific View, 38, Tai Tam, Hong Kong |
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Date of Birth/Age : |
01.06.1972 |
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Date of Appointment : |
19.06.2006 |
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Email: |
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Name : |
Mr. Eduard Franciscus Taal |
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Designation : |
Director |
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Address : |
Pattscheiderstrasse 32, 40591 Dusseldorf, Germany |
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Date of Birth/Age : |
24.03.1961 |
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Date of Appointment : |
20.06.2006 |
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Email: |
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Name : |
Mr. Hans Jorg Thomas Auris |
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Designation : |
Director |
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Address : |
J W Marriot Exc. Apartments 3305, 398 Nanjing Road, West Shanghai,
China 200003 |
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Date of Birth/Age : |
12.03.1961 |
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Date of Appointment : |
20.06.2006 |
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Email: |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Ravinder
Roshanlal Talwar |
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42000 |
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Ms. Sucheta
Ravindra Talwar |
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32400 |
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Ms. Priya Rishab
Kapur |
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40400 |
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Mr. Gaurav
Ravindra Talwar |
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38800 |
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Henkel Adhesives
and Technologies Private Limited |
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486400 |
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TOTAL |
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640000 |
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Category |
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Percentage |
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Bodies Corporate (Not Mentioned Above) |
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76.00 |
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Directors or relatives of directors |
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24.00 |
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Total |
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100 |
BUSINESS DETAILS
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Line of Business : |
The company is
engaged in Prepared Adhesives based on Plastics, Modified Polyurethane Resin
Solution and Modified Polyester Resin Solution. |
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Products : |
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GENERAL
INFORMATION
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Suppliers : |
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Bankers : |
Nariman Point
Branch, Nirmal Building, Nariman Point, Mumbai – 4000021, India Tel. No. :
91-22-22021698 / 1699 / 22021622 / 1215 / 22855050 / 22856607 Fax No. :
91-22-22027168 E-mail : narima@bankofbaroda.com Website : http://www.bankofbaroda.com
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Gautam G. Parekh
and Associates Chartered
Accountants, |
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Address : |
303, Venketesh
Chambers, Prescot Road, Fort, Mumbai – 400001, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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750000 |
Equity shares |
Rs.10/- each |
Rs.7.500 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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640000 |
Equity shares |
Rs.10/- each |
Rs.6.400
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
6.400 |
6.400 |
6.400 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
282.051 |
241.215 |
192.569 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
288.451 |
247.615 |
198.969 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
1.378 |
40.651 |
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2] Unsecured Loans |
70.505 |
58.278 |
16.195 |
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TOTAL BORROWING |
70.505 |
59.656 |
56.846 |
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DEFERRED TAX LIABILITIES |
8.459 |
0.000 |
0.000 |
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TOTAL |
367.415 |
307.271 |
255.815 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
101.842 |
138.346 |
134.417 |
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Capital work-in-progress |
41.760 |
0.699 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
144.923
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112.421
|
94.707 |
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Sundry Debtors |
292.085
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207.491
|
174.579 |
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Cash & Bank Balances |
0.491
|
7.101
|
8.488 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
14.036
|
16.082
|
14.302 |
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Total
Current Assets |
451.535
|
343.095
|
292.076 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
222.212
|
171.218
|
166.811 |
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Provisions |
5.510
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3.651
|
3.867 |
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Total
Current Liabilities |
227.722
|
174.869
|
170.678 |
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Net Current Assets |
223.813
|
168.226
|
121.398 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
367.415 |
307.271 |
255.815 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
1200.849 |
899.781 |
803.977 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
1200.849 |
899.781 |
803.977 |
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Profit/(Loss) Before Tax |
78.236 |
66.644 |
23.055 |
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Provision for Taxation |
0.000 |
23.729 |
10.215 |
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Profit/(Loss) After Tax |
78.236 |
42.915 |
12.840 |
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Earnings in Foreign Currency : |
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Export Earnings |
270.170 |
151.737 |
152.316 |
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Other Earnings |
2.050 |
0.000 |
0.000 |
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Total Earnings |
272.220 |
151.737 |
152.316 |
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Imports : |
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Raw Materials |
N.A. |
N.A. |
227.675 |
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Others |
N.A. |
N.A. |
0.000 |
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Total Imports |
N.A. |
N.A. |
227.675 |
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Expenditures : |
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Interest |
6.016 |
6.923 |
0.000 |
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Insurance Expenses |
0.000 |
0.000 |
0.000 |
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Power & Fuel |
0.000 |
0.000 |
0.000 |
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Depreciation & Amortization |
13.969 |
13.006 |
0.000 |
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Other Expenditure |
1122.613 |
835.069 |
780.922 |
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Total Expenditure |
1142.598 |
854.998 |
780.922 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
6.51 |
4.76
|
1.59 |
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Net Profit Margin (PBT/Sales) |
(%) |
6.51 |
7.40
|
2.86 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
17.32 |
13.84
|
5.40 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.27 |
0.26
|
0.11 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.03
|
0.94
|
1.14 |
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Current Ratio (Current Asset/Current Liability) |
|
1.98
|
1.96
|
1.71 |
LOCAL AGENCY
FURTHER INFORMATION
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Name of the company |
CONVERTER ADHESIVES
AND CHEMICALS PRIVATE LIMITED |
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Presented By |
Bank of
Baroda, Nariman point Branch, Mumbai - 4000021 |
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1) Date and description of instrument creating the change |
Composite Hypothecation agreement dated 3rd February, 2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 10.000 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 whole of the Borrowers stocks both present and future and including but without prejudice to the generality of the foregoing words. All stocks of raw materials, work in process finished goods such as chemicals for Adhesives Acides, packing Materials packing materials and stores etc. whatever and whatsoever situated and in transit whether now belonging to or that may at any time during the continuance of this security belonging to t he Borrower or that may be held by any party anything to the order and disposition of the borrower., All the present and future book debts outstanding monies receivable claims bills contracts, engagements and securities which are now due and owing or which may at any time hereafter during the continuance of the this security become due and owing to the Borrower in the course of the its business by any person firm company or body corporate or office or any Municipal or local or public or semi8 government body or authority whatsoever including those relating to the assets leased out and given on hire purchase basis. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The charges is created to secured letter of credit facility Commission - As per Banks Guidelines Margin – 10 % |
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5) Name and Address and description of the person entitled to the charge. |
Bank of Baroda, Nariman point Branch,
Mumbai - 4000021 |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
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Name of the company |
CONVERTER ADHESIVES
AND CHEMICALS PRIVATE LIMITED |
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Presented By |
CONVERTER
ADHESIVES AND CHEMICALS PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
Letter of Pari – Passu and Hypothecation of Stocks, Book debts and machinery dated 29.03.2003 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 50.000 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 |
All the stocks both present and future and including but without prejudice to the generality of the foregoing words. All stocks of raw materials, work in process finished goods such as chemicals for Adhesives Acides, packing Materials packing materials and stores etc. whatever and whatsoever situated and in transit to our premises or at any other place whatsoever in our possession or occupation or at any other premises or place. All the book debts outstanding monies receivable claims bills contracts, engagements and securities which are now due and owing or which may at any time hereafter during the continuance of the this security become due and owing to the Borrower in the course of the its business by any person firm company or body corporate or office or any Municipal or local or public or semi government body or authority or any body or undertaking or project whatever in the public sector. All the movable plant and machineries both present and future the present list of movable assets are attached herewith in schedule beign moveable properties now stored at present and also the plant and machinery which many at any time hereafter belonging t us. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of interest 12 % p.a. such other rate as approved by the bank form time tot ime Margin 25 % on Stock and Book Debts |
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5) Name and Address and description of the person entitled to the charge. |
Bank of Baroda, Nariman point Branch,
Mumbai - 4000021 |
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6) Date and brief description of instrument modifying the charge |
Supplemental letter of hypothecation of stock, book dents and machinery 04.03.2005 |
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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. |
Present Modification dated 04.03.2005
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Name of the company |
CONVERTER ADHESIVES
AND CHEMICALS PRIVATE LIMITED |
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Presented By |
Bank of
Baroda, Nariman point Branch, Mumbai - 4000021 |
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1) Date and description of instrument creating the change |
Composite Hypothecation agreement dated 15th October, 2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 10.000 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 whole of the Borrowers stocks both present and future and including but without prejudice to the generality of the foregoing words. All stocks of raw materials, work in process finished goods such as chemicals for Adhesives Acides, packing Materials packing materials and stores etc. whatever and whatsoever situated and in transit whether now belonging to or that may at any time during the continuance of this security belonging to t he Borrower or that may be held by any party anything to the order and disposition of the borrower., All the present and future book debts outstanding monies receivable claims bills contracts, engagements and securities which are now due and owing or which may at any time hereafter during the continuance of the this security become due and owing to the Borrower in the course of the its business by any person firm company or body corporate or office or any Municipal or local or public or semi8 government body or authority whatsoever including those relating to the assets leased out and given on hire purchase basis. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The charges is created to secured letter of credit facility Commission as per Banks Guidelines Margin – 10 % |
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5) Name and Address and description of the person entitled to the charge. |
Bank of Baroda, Nariman point Branch,
Mumbai - 4000021 |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
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Name of the company |
CONVERTER
ADHESIVES AND CHEMICALS PRIVATE LIMITED |
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Presented By |
Bank of Baroda,
Nariman point Branch, Mumbai - 4000021 |
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1) Date and description of instrument creating the change |
Composite Hypothecation agreement dated 24th February, 1999 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 33.400 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 whole of the Borrowers stocks both present and future and including but without prejudice to the generality of the foregoing words. All stocks of raw materials, work in process finished goods such as chemicals for Adhesives Acides, packing Materials packing materials and stores etc. whatever and whatsoever situated and in transit whether now belonging to or that may at any time during the continuance of this security belonging to t he Borrower or that may be held by any party anything to the order and disposition of the borrower., All the present and future book debts outstanding monies receivable claims bills contracts, engagements and securities which are now due and owing or which may at any time hereafter during the continuance of the this security become due and owing to the Borrower in the course of the its business by any person firm company or body corporate or office or any Municipal or local or public or semi8 government body or authority whatsoever including those relating to the assets leased out and given on hire purchase basis. And all tangible moveable machinery and plat and cranes, boats crafts and the vehicles of the borrower together with spares tools and accessories and other vehicles or the bothe present and future and the furniture, Fixtute and fittings whether installed or not and whether lying loose or in cases which are now lying or stored in or about or shall be brought into or be stored or be in or upon or about the borrower premises and godwn or wherever else the same . the above charge will bank pari passu with ICICI Banking corporation Limited |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest @ 3 % OPLR + Interest Tax and as per FRDAI rules. Repayment on demand Margin for cash credit – 25 % Cash credit : 25 % L/C 10 % And for Bank Guarantee : 10 % |
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5) Name and Address and description of the person entitled to the charge. |
Bank of Baroda, Nariman point Branch,
Mumbai - 4000021 |
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6) Date and brief description of instrument modifying the charge |
Memorandum of Entry dated 15.10.2001 |
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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. |
The limit is increased from Rs. 33.400 million to 42.200 millions details given below.
And the charges is further secured by way of Equitable Mortgage by deposit of title deeds of immovable properties : Plot of land satiated D – 73/2 TTC industrial area off thane Turbhe Naka Navi Mumbai – 400613 Office premises 906 situated at 9th floor Embassy centre, Nariman Point Mumbai – 400021 admeasuring 975 sq. ft. carpet area with underground car parking space No. 20 Office premise 1011 situated at 10th floor embassy center Nariman Point Whether with all building and structures thereon and all plant and machinery attached to the earth or permanently fastened to anything attached to the earth and all fixture and fitting bothy presently constructed attached installed and to the above charge will bank pari passu with ICICI Banking corporation Limited Sub limit removed L/ C interchangeable between DA and Sight DA usance period increased to 120 days. Now by the present modificat5ion the charge is further secured by way of Equitable mortgage by deposit of title deeds of immovable property at office premises No. 907 admeasuring about 975 sq. f.t on the 9th floor building named Embassy Center situate at Plot No,. 207, Backbay Reclamation, Colaba together with all building and structures thereon and all plant and machinery attacked and installed and to be constructed, attached or installed in the future thereon. Other terms and conditions remains unchanged. |
|
Name of the company |
CONVERTER
ADHESIVES AND CHEMICALS PRIVATE LIMITED |
||||||
|
Presented By |
CONVERTER
ADHESIVES AND CHEMICALS PRIVATE LIMITED |
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|
1) Date and description of instrument creating the change |
Letter of Pari – Passu and Hypothecation of Stocks, Book debts and machinery dated 29.03.2003 |
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|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 50.000 millions
Bank Limited Term Loan : Rs. 45.000 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 |
All the stocks both present and future and including but without prejudice to the generality of the foregoing words. All stocks of raw materials, work in process finished goods such as chemicals for Adhesives Acides, packing Materials packing materials and stores etc. whatever and whatsoever situated and in transit to our premises or at any other place whatsoever in our possession or occupation or at any other premises or place. All the book debts outstanding monies receivable claims bills contracts, engagements and securities which are now due and owing or which may at any time hereafter during the continuance of the this security become due and owing to the Borrower in the course of the its business by any person firm company or body corporate or office or any Municipal or local or public or semi government body or authority or any body or undertaking or project whatever in the public sector. All the movable plant and machineries both present and future the present list of movable assets are attached herewith in schedule beign moveable properties now stored at present and also the plant and machinery which many at any time hereafter belonging t us. |
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|
4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of interest 12 % p.a. such other rate as approved by the bank form time tot ime Margin 25 % on Stock and Book Debts |
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|
5) Name and Address and description of the person entitled to the charge. |
Bank of Baroda, Nariman point Branch,
Mumbai - 4000021 |
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|
6) Date and brief description of instrument modifying the charge |
NA |
||||||
|
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. |
NA |
Fixed Assets:
- Land Leasehold
- Building
- Plant and Machinery
- Computer
- Office equipments
- Furniture and fixture
- Air conditioners
- Motor cars
- Software licenses
- Books
The original name was
converter adhesives and Chemicals Private Limited which was changed in January,
2006 to subject.
Financial
Highlights
Net sales for the
year ended amounted to Rs. 889.09 millions as compared to Rs. 786.25 millions
achieved during the precious financial year.
Profit before
taxation for the year totalled Rs. 66.64 millions against Rs. 23.06 millions
during the previous financial year.
Profit available
for appropriation as at 31st March 2006 is Rs. 103.82 million as
compared to Rs. 70.08 million available during the previous year.
During the year the
company has changed the method of providing for depreciation on its assets from
“Written Down Value” method to “Straight Line Method”. The director felt that
such change would result in more appropriate preparation or presentation of the
Financial Statement of the company.
Consequent to the change in the method of depreciation, the excess
depreciation provided since the inception till 31st March, 2005 was
written back and accordingly, an amount of Rs. 3.25 million [after adjusting
deferred tax liability of Rs. 1.65 million] has been shown in the Profit and
Loss Account as an “Extra Ordinary Item”.
The directors are
glad to report that the Appeal filed by Excise Authorities against the company
in the Supreme court was dismissed by the Apex court.
FUTURE PROSPECTS
During the year
ended March, 31, 2006, Henkel subject sales grew by 13%. Their business plan and the current outlook
of the economy lead us to believe that growth in the sales in the current year
will be higher, in the region of 15%.
This is being fuelled partly by the growing economy of India, but
primarily due to new initiatives being taken by the company:
[a] Subject has
started to manufacture several Liofol branded adhesives in India. Some of the products, like new solvent free
adhesive 7729 / 6029 have started selling in big volumes in 2006 and will lead
to positive impact on the growth of the company.
[b] Subject has
started a trading business whereby certain Liofol branded adhesives and cold
seal adhesives are imported from Germany and England, and are sold to the
customers in India. These products are
mainly directed at the premium end of the market, and it is not viable to
manufacture them here due to low sales volumes. Subject will benefit by additional trading sales in the next
year.
[c] Subject is also
expanding its exports business, and the growth in exports in expected to be
significant during the current year.
The current
installed capacity of the company is 11000 MT @ supplied solids (7345 MT @ 100%
Solid basis] per annum, and the sales are expected to approach these levels in
the current year. Therefore, it has now
become necessary to install additional capacities and the construction of their
third plant has commenced on April 4th, 2006. The new plant will be built in phases, and
the first phase will be completed by January, 2007 which will give us an
additional 4000 MT @ supplied solids (2577 MT @ 100% Solid basis] per annum.
With this additional capacity, Subject will be able to meet the increasing
demand and grow its business.
Website details:
"Sticking Together is their Business"
Subject is a global leader in laminating adhesive technology
and supplies a complete range of adhesive systems designed to meet the various
needs of the converting industry. Subject product range includes solvent-based
and solvent-free laminating adhesive systems and extrusion coating primers. By
blending it's cutting edge resin technology and manufacturing expertise,
Subject is able to supply value added products which have made it an integral
part of the flexible packaging industry supply chain.
Partnerships
Subject is committed to developing selling agencies all over
the world. Interested entities can get in touch with their Marketing Department
for more information.
For information on worldwide agencies, please email them at marketing_exp@cacindia.com
For information on worldwide agencies, please email them at marketing_dom@cacindia.com
Industries
Subject laminating adhesives are used to convert various
plastic films, foils and paper into flexible packaging materials for the food,
personal care, household and pharmaceutical industries. Each layer in a
laminate (flexible packaging material) has it's own properties and
characteristic advantages. Some of these properties include:
- Moisture permeation properties
- Oxygen permeation properties
- VOC permeation properties
- Printability
- Strength
- Heat Seal Properties
- Appearance
Today's flexible packaging materials have to meet various
requirements and usually one single layer is unable to provide the right balance
of properties. Hence, converters use laminating machines to put together a
laminate consisting of 2 or more layers so that the final laminate gives the
required combination of properties. Flexible laminating adhesives such as those
manufactured by subject, are used to create the bond between the different
layers in a laminate.
For example, consider a typical 3-ply chocolate wrapper (Polyester / Print /
Adhesive / Aluminium Foil / Adhesive / Polyethylene). Each layer in this
laminate is critical: The polyester film has good printing characteristics and
offers physical strength, the aluminium foil forms a barrier against odorous
organic volatiles and moisture, and the polyethylene has excellent heat sealing
properties. These substrates, bonded together using a laminating adhesive, form
an excellent flexible packaging material!
Domestic
Sales
All Subject products are available ex-stock from the
company's manufacturing plants in Navi Mumbai. Subject also has depots located at
Delhi, Noida, Calcutta and Chennai so that customers in these regions can take
advantage of ex-stock deliveries.
International
Sales
All Subject products are available ex-stock from the
company's manufacturing plants in Navi Mumbai, India. In addition, Subject has
selling agents and many stock points in many parts of the world.
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, 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.39.49 |
|
UK Pound |
1 |
Rs.78.33 |
|
Euro |
1 |
Rs.56.78 |
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 |
|