MIRA INFORM REPORT
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Report
Date : |
16.01.2007 |
IDENTIFICATION DETAILS
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Name : |
ARMACELL INDIA PRIVATE LIMITED |
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Registered
Office : |
706
Gateway Plaza, |
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Country
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Financials
(as on) : |
-- |
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Date
of Incorporation : |
12.04.2005 |
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Com.
Reg. No.: |
11-152593 |
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CIN No.: [Company Identification No.] |
U24293MH2005PTC152593 |
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TAN
No.: (Tax
Deduction & Collection Account No.) |
MUMA25245D |
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PAN
No.: (Permanent
Account No.) |
AAFCA1528D |
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Legal
Form : |
Private Limited Liability Company |
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Line
of Business : |
Engaged in manufacturing of engineered foams |
RATING & COMMENTS
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MIRA’s
Rating : |
Ca |
RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum
Credit Limit : |
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Status
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New
Company |
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Payment
Behaviour : |
Unknown |
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Litigation
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Clear |
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Comments
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Subject is a new company and a part of Armacell,
worldwide. Directors are reported as experienced and respectable businessmen.
Trade relations are fair. No payment are available. The company can be considered for small business dealings
with slight caution initially. |
LOCATIONS
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Registered
Office : |
706
Gateway Plaza, |
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Head
Office : |
Gat No. 744 / 745, Vill. |
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Tel.
No.: |
91-20-25661979 |
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E-Mail
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Website
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Distributors in |
United Insulation (in Mumbai)
2-G Laxmi Industrial Estate, New Tel No. : 91-22-26305270/1/2
United Insulation(in
Gala No.58,SL No.35/2, Singasandra Gramathana, Begur
Hobli,Bangalore South Taluk, Hosur Road, Bangalore-560068 Tel No.: 91-80-5730562
Suvidha Engineers India Limited
C-37,Sector-57, Noida-201301, U.P. Tel No.: 91-0120-2581123, 84
E-Mail : suvidha@del2.vsnl.net.in
Buying International
Bagmati Chanmbers, Tel No.: 977-1-4216622
E-Mail : singhal@mail.com.np
FRP Services & Company (lanka) Limited
515, Tel No. : 941-2716902,
3723
Gajra Glass Fibre Private Limited
Shop No 9-10 Akshardham, Narayan Nagar, L.B.S Marg Ghatkopar (W) Tel No.: 91-22-25160941, 25163909, 55952060
Honeycom Services Limited(in Unit B-6, House 10, Ed 135, Section - SE (B), Gulshan 1, Dhaka
1212 Tel No.: 88-02-8827603
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DIRECTORS
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Name : |
Mr. Ulrich Weimer |
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Designation
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Director |
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Address
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Emss Era Hse 18, 48145 |
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Date
of Appointment : |
12/04/2003 |
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Name : |
Mr. Keshab Chopra |
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Designation
: |
Director |
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Address
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Building No. 1, Flat No. 702, Garden Enclave, |
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Date
of Appointment : |
11/04/2005 |
BUSINESS DETAILS
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Line
of Business : |
Engaged in manufacturing of engineered foams |
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GENERAL INFORMATION
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Bankers
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Not Divulged |
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Banking Relations : |
-- |
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Accessories : |
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CAPITAL STRUCTURE
Authorised
Capital :
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No. of
Shares |
Type |
Value |
Amount |
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7400000 |
Equity Shares |
Rs.10 each |
Rs. 74.000 millions |
Issued,
Subscribed & Paid-up Capital :
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No. of
Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.10 each |
Rs. 0.100 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
No financials are available either
from Mr. Param Saraswat or Mr. Alwin Salins on their request, we have once
again sent request letter for the same.
We shall update the same, if they
provide with the require details.
LOCAL AGENCY FURTHER INFORMATION
AS PER WEBSITE
ARMACELL » Tradition that points towards the
future
2006
Since January 2006 Armacell has been producing engineered
foams at 20 different locations spread over 13 different countries following
the opening of a major new production facility in India.
Like all Armacell production plants, the new facility will
be managed to the same high ethical standards which led to the company's recent
Ethics in Business award.
With major innovations expected in all areas of the Armacell
product portfolio in the coming years, including a new cutting-edge range of
acoustic insulation products, exciting times lay ahead for a company which can
trace its roots back to a small company in the Alleghenies hand crafting bottle
corks in the mid-1800s.
2005
Another year brought yet further expansion in the technical
foam business for Armacell. Monarch Rubber, a
In
The ability to combine market-leading expertise in
insulation with leading-edge expertise in the broad field of technical foams
makes Armacell unique in its ability to provide global markets with powerful
and innovative solutions.
2004
Armacell celebrated the 50th anniversary of flagship brand
Armaflex as it took a giant stride with its technical foams business, acquiring
several additional production facilities in the
With a reputation for quality and high performance, Ensolite
is engineered to meet specific design requirements in the automotive industry
as well as in both industrial and leisure applications.
OleTex is the original high-versatility polyolefin foam.
Chemically cross linked and moisture proof, OleTex can be used in many creative
ways in the automotive and packaging industries thanks to its heat moulding
capabilities.
2003
Armacell opened its second production plant in
Armacell also demonstrated its ongoing commitment to the
environment, delivering the results of a significant, independently conducted,
study into the potential for energy and CO2 savings through the insulation of
pipes, at the world plumbing conference in
2002
For Armacell, this was a year of continued growth, building
upon the company's legacy of organic growth and the infusion of new products to
expand into new market segments. The technical foam team expanded the ArmaSport
brand, introducing new products including mats, padding and swimming aids.
The year also saw the
launch of ArmaFoam Play brand, offering particularly durable polyethylene
profiles suitable for use on metal and wooden posts in demanding environments
such as children's outdoor playgrounds and Ski resorts.
2001
At the outset of the new millennium, Armacell took a leading
role in shaping the future of the technical insulation market. Recognising the
ever growing importance of the Asian marketplace, the company purchased a major
Thai insulation company.
In
This was also the year that Armacell first laid out plans to
expand into the technical foam market. A technical foam team was formed early
in the year and within 12 months had used Armacell’s existing expertise with
engineered foams to develop a range of innovative technical foam products,
including profile edge protectors, under the “ArmaFoam” brand.
2000
In June 2000, the insulation division of Armstrong World
Industries (Armstrong Insulation Products), became Armacell, an independent
company as a result of a management buy-out. All rights and intellectual properties
associated with the insulation products, such as brand names, formulas, etc. of
the Armaflex and Tubolit products, were transferred to Armacell. Under the
holding company Armacell International GmbH, located in Muenster (
1996
The year witnessed more highlights in the history of the
company with the launch of NH/Armaflex, the first insulation product based on
elastomers containing no halogens whatever, and HT/Armaflex, the first
elastomeric insulation product to retain its properties even at peak
temperatures of up to 175° C (constant temperatures of up to 150° C).
1991
The company added further innovation and another
manufacturing plant. In order to make Armaflex easier and faster to use, the
company introduced self-adhesive tubes and sheets in the early 1990's. The
company started making the sheets in the former Rotpunkt rubber factory in
Zeulenroda,
1989
The same year the Berlin wall fell, Armstrong was the first
manufacturer of technical insulation products in the world to stop using CFCs,
which figure in the list of the Montreal Protocol, by eliminating them in the
production of Tubolit.
1984
In order to better meet the needs of its customers, the
company decided to offer not only the traditional Armaflex line of products
made of synthetic rubber, but also insulation products made of polyethylene.
This plan became reality in 1984, when Armstrong took over the Tubolit plant,
and brand name, in Rothrist, Switzerland, where it has been manufacturing
polyethylene pipe insulation products ever since. Two years later, in a newly
acquired plant in Friesenhofen-Leutkirch, Allgaeu, Germany, the company again
expanded its product line, with PVC and metal claddings, as well as insulating
shells made of polyurethane and polystyrene, developed especially for
insulators.
1980
Armstrong once more established new milestones, expanding
Armaflex from a single product line. In response to the oil crisis in the
seventies, the company in 1978 added AF (Armstrong Future) as well as the B1
product, FC (Fire Control)/Armaflex. As a result of the Energy Conservation Act
and the first regulations covering heating systems (HeizAnlV), FC/Armaflex was
replaced by SH/Armaflex in 1980.
1971
In 1971, the company took part in the ISH in
1968
By 1968, plumbing and heating specialists were using
Armaflex for reducing structure-borne noise while an ever-increasing number of
insulators had started to install Armaflex. Armstrong responded to this
increased demand by doubling its production capacity for Armaflex tubes. At the
same time, it set up technical customer service and regular training courses
demonstrating how to install the product.
1967
The demand of Armaflex in
1965
Production of Armaflex then began in Muenster in 1965, and
Armstrong's central administration department was founded in Duesseldorf, which
also housed its European sales office.
1960
One year later, Armstrong Kork GmbH was founded in Münster,
1959
In the 1950's, when Bill Haley and Elvis Presley were taking
rock 'n' roll to the top of the charts around the world, Armstrong scientists
redefined insulation with the innovation that has become one of the most
respected worldwide product trademarks. Armstrong's new development, Armaflex,
a highly flexible, closed-cell plastic foam based on elastomers, met with an
enthusiastic reception from builders of refrigeration and air conditioning
systems and revolutionized the market for insulation products. In 1959, five
years after its launch in the
1899
Armstrong prepared to enter the insulation business,
obtaining a patent from Gruenzweig und Hartmann, a German insulation company.
Starting in 1903 in the newly built
1860
The 24-year-old shipping clerk Thomas M. Armstrong, with
only three hundred dollars of seed capital, started business making corks for
bottles in a one-room workshop in Pittsburgh, Pennsylvania, nestled among the
rolling hills of the Alleghenies. He imported his raw material from
Armacell International acquires Fagerdala
Benelux S.A.
Manufacturer of technical foams increases its presence
in
Armacell continues to
expand. After various acquisitions in the
“With the
purchase of Fagerdala Benelux we are continuing to expand our Technical Foam
Division. After various acquisitions in
Since
the management buyout in 2000, Armacell has increasingly pushed forward into
new market segments. Armacell’s technical foams are used in numerous
applications in the automotive, construction, packaging and furniture industries,
as well as in the sport and leisure sector. They are marketed under the brands
ArmaSport (sport and leisure products), ArmaFoam (sound absorption products and
PE edge protectors), Ensolite (technical foams for industrial applications) and
Monarch (closed-cell bun foams). The products manufactured at the new plant in
The new
Armacell location was founded in 1997 by the internationally active Fagerdala
Group. On a factory area of approximately 25,000 m², technical insulation
materials, polyethylene packaging profiles, dyed polystyrene beads (the basis
for particle foams used as protective padding in the leisure sector, for
example) and polypropylene foams for applications in the automotive industry
are produced. In addition, Fagerdala Benelux has developed a proprietary
process for manufacturing PET foams. These foams which have a unique ratio
between density and firmness are used in shipbuilding, in wind power plants and
in composite foams which are used as an alternative to PVC foams and balsa
wood. The 70 employees at the Thimister-Clermont plant will be taken on by
Armacell. The current management will retain its responsibility and will report
directly to Armacell Managing Director Dr. Karl Paetz-Lauter.
Armacell
is the world’s leading manufacturer of flexible technical insulation materials
with a consolidated annual turnover of around €300 million. The group has 19
factories in 12 countries, including
Recommended
Products
Amaflex
The professional Class O Insulation That Prevent
Condensation
Arma Chek Systems
The Covering Systems Which Minimizes Corrosion
Under Insulation
Armacell - Engineered
Foams
Armacell
- Tradition that points towards the future
Environmental
protection initiatives at Armacell
Advantages
of doing business with Armacell
Technical
Foams - the wide variety of applications
New
product range for converter foams: ENSOLITE
Armacell
International takes over Monarch Rubber in the
Armacell
International acquires Fagerdala Benelux S.A.
Project
Reports Technical/Mechanical Insulation Worldwide
Armacell worldwide
Armacell
branches worldwide
Armacell
Contacts worldwide
Exhibitions
July - December 2006 - Worldwide
Engineered Foams from Armacell
Technical
/ Mechanical Insulation & Covering Systems
Marine
& Off-shore Solutions
Noise
Control Solutions
Technical
Foams
ArmaSport
- Sport & Leisure Products
Armaflex achieves high standards
In projects all over the world , where products of high
performance and security standards are required, Armaflex is the first choice.
Below you will find a selection of projects where
professional insulation & covering systems from Armacell were used.
Arma-Chek D
Bayer
Howaldtswerke-Deutsche Werft AG
Panyu FPSO
Siemens Arena in
Arma-Chek R
Centrica Storage Facilities in Easington East Yorkshire and
Offshore at The Rough Field - Alpha and Bravo complexes
Offshore natural gas platform Wintershall F16-A
Panelux
The Russian offshore project “Sakhalin II” is relying on
Arma-Chek R
Arma-Chek T
Bayer
Centrica Storage Facilities in Easington East Yorkshire and
Offshore at The Rough Field - Alpha and Bravo complexes
Getting (a) great reception: Arma-Chek protects radio
antennae
Schiehallion FPSO
Armaduct
Torre Agbar − A "geyser" for the Spanish
metropolis
Armafix
Cruise ships of the Kvaerner Masa-Yards
Luxury Liner ‘Radiance of the Seas’
Armaflex
ANZAC frigates for the Royal Australian Navy
Armaflex in Snøhvit
Europe’s largest natural gas liquefaction plant
Centrica Storage Facilities in Easington East Yorkshire and
Offshore at The Rough Field - Alpha and Bravo complexes
Cruise ships of the Kvaerner Masa-Yards
European Football Championships Stadia 2004
Getting (a) great reception: Arma-Chek protects radio
antennae
International Space Station
Offshore natural gas platform Wintershall F16-A
Panelux
Queen Mary II
SAP Arena
The Cruise Ship, Voyager of the seas'
Torre Agbar − A "geyser" for the Spanish
metropolis
Trinity Yachts
HT/Armaflex
2 MW Solar Project in
Biomedical Trial in Outerspace
Shell’s EA Exploration Ship FPSO
NH/Armaflex
Cruise ships of the Kvaerner Masa-Yards
Luxury Liner ‘Radiance of the Seas’
Shell’s EA Exploration Ship FPSO
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
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.32 |
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|
1 |
Rs.86.11 |
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Euro |
1 |
Rs.57.38 |
SCORE & RATING EXPLANATIONS
RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound
financial base with the strongest capability for timely payment of interest
and principal sums |
Unlimited |
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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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56-70 |
A |
Financial & operational base
are regarded healthy. General unfavourable factors will not cause fatal
effect. Satisfactory capability for payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered
normal. Capable to meet normal commitments. |
Satisfactory |
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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/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists.
Caution needed to be exercised |
Credit not recommended |