MIRA INFORM
REPORT
|
Report
Date : |
12.06.2007 |
IDENTIFICATION DETAILS
|
Name : |
AKZO NOBEL COATINGS INDIA PRIVATE LIMITED |
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Registered
Office : |
Village: Jetpura, Via-Merda- Adaraj, Taluka: Kadi, Dist:
Mehsana, |
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Country
: |
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Financials
(as on) : |
31.03.2006 |
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Date
of Incorporation : |
30.05.1994 |
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Com.
Reg. No.: |
04-78669 |
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CIN
No.: [Company
Identification No.] |
U24115MH1994PTC078669 |
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TAN
No.: (Tax Deduction
& Collection Account No.) |
BLRA05028C |
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PAN
No.: (Permanent
Account No.) |
AAACC5072B |
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Legal
Form : |
Private Limited Liability Company |
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Line
of Business : |
Manufacturers of Paints, Varnishes, Sealants and Resins. |
RATING & COMMENTS
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MIRA’s
Rating : |
Ba |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet
normal commitments. |
Satisfactory |
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Maximum
Credit Limit : |
USD
400000 |
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Status
: |
Satisfactory
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Payment
Behaviour : |
Regular |
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Litigation
: |
Clear |
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Comments
: |
Subject
is a wholly owned subsidiary of AKZO Noble Holding B.V., The Netherlands
(formerly Courtaulds Holding B V). The company
has substantial accumulated losses.
However, its payments are usually correct and as per commitments. The company can be
considered normal for business dealings at usual trade terms and conditions
with slight caution. |
LOCATIONS
|
Registered
Office : |
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E-Mail
: |
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Website
: |
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Head
Office : |
Plot
No.62/P/62A/62B/43E, Hoskote Industrial Area, Pilgumpa, Taluka Hoskote,
Bangalore-562114, |
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Tel.
No.: |
91-80-22895000 |
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Fax
No.: |
91-80-22895500/
7910050 |
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E-Mail
: |
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Corporate
Office : |
Village: Jetpura, Via-Merda- Adaraj, Taluka: Kadi, Dist:
Mehsana, |
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Tel.
No.: |
91-2764 –
285656, 91- 2764-285119 |
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Fax
No.: |
91- 2764-
285370, 91- 79-26843909 |
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Overseas
Office: |
Akzo Nobel Non-Stick Coating 521 Santa Rosa Dr. Akzo Nobel Coating Spa. Via Emila, 2 Akzo Nobel Non-Stick Coating Dalingshan Science and Akzo Nobel – Decorative Coatings Rodovia Raposo Tavares, Km 18,5 |
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Factory
1 : |
Plot No.
62P, Hoskote Industrial Area, Hoskote, |
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Tel.
No.: |
91-80-27971502
– 5/ 27971036/ 2715025 |
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Fax
No.: |
91-80-27971305/ 2713005 |
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E-Mail
: |
Abhishek.t@internationalpaint.com,
harvinderkalsi@ameyaindia.com |
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Area : |
80,000sq.fts. (Owned) |
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Location : |
Owned |
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Factory
2 : |
A-1, |
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Tel.
No.: |
91-265-2336141-3/ 3095139-40 |
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Fax
No.: |
91-265-2331494 |
DIRECTORS
|
Name : |
Mr. C. M.
Maniar |
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Designation
: |
Chairman |
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Address
: |
Garden House, |
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Date
of Birth/Age : |
04.12.1935 |
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Date
of Appointment : |
07.06.1994 |
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Name : |
Mr. S. Ishwar |
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Designation
: |
Managing
Director |
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Address
: |
403, I Cross, 6th Main HAL II Stage,
Indiranagar, |
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Date
of Birth/Age : |
19.02.1960 |
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Date
of Appointment : |
11.03.2004 |
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Name : |
Mr. Ashok
Dayal |
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Designation
: |
Director |
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Address
: |
1/28, Shanthi
Niketan, Rao Tula Ram Marg, |
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Date
of Birth/Age : |
02.06.1937 |
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Date
of Appointment : |
10.05.1996 |
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Name : |
Mr. Faroukh Kavarana |
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Designation
: |
Director |
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Address
: |
Tata Sons, 24 |
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Date
of Birth/Age : |
17.03.1944 |
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Date
of Appointment : |
01.10.2001 |
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Name : |
Mr. Colin
Tan |
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Designation
: |
Director |
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Address
: |
399, |
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Date
of Birth/Age : |
18.01.1955 |
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Date
of Appointment : |
20.03.2001 |
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Name : |
Mr. Paresh Dobariya |
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Designation
: |
Director |
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Name : |
Mr.
Edward H. Hoerster |
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Designation
: |
Director |
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Address
: |
1915, |
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Date of
Birth/Age : |
10.12.1941 |
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Director w.e.f: |
11.11.1999 |
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Name : |
Mr.
Mahmad Joamun |
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Designation
: |
Director |
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Address
: |
Via Pinerolo, 74, A20151 |
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Date
of Birth/Age : |
12.12.1948 |
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Director w.e.f: |
11.11.1999 |
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Name : |
Mr.
Vincentius Jeroen henk |
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Designation
: |
Director |
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Address
: |
Geerdink Vleermuislaan, 13, NL-6705, Waegemnger OK, |
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Date
of Birth/Age : |
26.08.1956 |
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Director w.e.f: |
24.08.2001 |
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|
Name : |
Mr. David
harod Dodd [US.] |
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Designation
: |
Director |
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Address
: |
521, |
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Director w.e.f: |
12.05.2005 |
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|
Name : |
Dr. MARK
Yen Shiung Su [Taiwanese] |
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Designation
: |
Director |
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Address
: |
No.21, Kon 6th Road, Lin Kou 2nd
Indus Park Lin Kou, Taipie-244, Taiwan |
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Date
of Birth/Age : |
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Director w.e.f: |
12.05.2005 |
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Name : |
Mr. Kauli V. Gandhi
–[NRI-US.] |
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Designation
: |
Director |
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Address
: |
330, |
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Date
of Birth/Age : |
11.08.1960 |
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Director w.e.f: |
01.05.1999 to 24.08.2001 |
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Name : |
Mr.
Frederik Hugo Woodhoek Hegt. [Taiwanese] |
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Designation
: |
Director |
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Address
: |
70, |
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Director w.e.f: |
12.05.2005 |
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Name : |
Mr.
VINCENTIUS JEROEN HENK [ Dutch.] |
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Designation
: |
Director |
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Address
: |
Geerdink Vleermuislaan, 13, NL-6705,
Waegemnger OK, |
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Date
of Birth/Age : |
26.08.1956 |
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Director w.e.f: |
24.08.2001 |
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Name : |
Ms. Angela Choong |
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Designation : |
Director |
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Address : |
48A, |
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Date of Birth/Age : |
23.09.2002 |
KEY
EXECUTIVES
|
Name : |
Mr. S. Narayana Raju |
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Designation
: |
Company Secretary |
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Name : |
Mr. Harvinder Kalsi |
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Designation
: |
Manager |
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Name : |
Mr. Abhishek T |
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Designation
: |
Area Sales Manager |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
|
Akzo
Nobel |
765625 |
|
Mr. S
Ishwar |
30 |
|
Mrs. Nina Rajiv Gandhi |
400 |
|
Mr. Rajiv Dinesh Gandhi |
100 |
|
Mr. Darayur N. Lakadawala |
100 |
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Mr. Sanjiv Dinesh Gandhi |
100 |
|
Mr. Goran Janssan- [Swedish] |
200 |
|
Mr. Vincent Goeratink, [ Dutch] |
200 |
As on 31.03.2006
Foreign holdings : 100%
BUSINESS
DETAILS
|
Line
of Business : |
Manufacturers of
Paints, Varnishes, Sealants and Resins. |
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Imports
from : |
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Exports
to : |
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Terms
: |
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Selling : |
Cash & Credit 45-Days maximum |
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Purchasing : |
L/c. Cash & Credit 60-Days maximum |
PRODUCTION STATUS
The company's
production status as on 31st March, 2002 was as under :
|
Products (In Litre/Millions) |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
|
|
|
|
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|
Industrial Coatings-marine |
-- |
|
2.40 |
0.72 |
|
Protective
Coatings |
-- |
|
1.44 |
0.77 |
|
Packaging |
-- |
|
1.39 |
0.55 |
|
Car
Refinish |
-- |
|
2.00 |
0.13 |
|
Powders |
-- |
|
2.64 |
1.04 |
|
Non-aqueous paints and aqueous paints |
Liters. p.a |
150,000 |
288,000 |
-- |
|
Water
Based Coatings |
Kg. |
|
|
152,106 |
|
Solvent
Based Coatings |
Kg. |
|
|
66,535 |
GENERAL
INFORMATION
|
No. of
Employees : |
550 |
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Bankers
: |
·
Deutsche Bank, ·
Deutsche Bank, Hazarimal Somani Marg, Fort, ·
·
Deutsche Bank, ·
ABN Amro Bank ·
Bank of ·
State Bank of |
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Facilities : |
Secured Loans are from Banks: Rs.0.125
millions |
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Banking Relations : |
Satisfactory |
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Auditors
: |
BSR and
Company Chartered
Accountants Maruthi Info-Tech Centre, 11-12/1, Shah
Narielwala and Company Chartered Accountants 608, SHITIRATNA, PANCHVATI, ELLISBRIDGE, AHMEDABAD-380 006 Phone :
91-79-26446030/26564605 Fax :
91-79-26445217 |
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Associates/Subsidiaries
: |
Turkey Spain New Zealand/Australia |
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Holding
Company: |
Akzo Nobel Coatings
International |
CAPITAL
STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
42000000 |
Equity Shares |
Rs. 10/- each |
Rs. 420.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
765655 |
Equity Shares |
Rs. 10/- each |
Rs. 7.656 millions |
FINANCIAL
DATA
[all
figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share
Capital |
|
7.657 |
7.657 |
|
|
2] Share
Application Money |
|
0.000 |
0.000 |
|
|
3]
Reserves & Surplus |
|
94.620 |
0.000 |
|
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4]
(Accumulated Losses) |
|
0.000 |
(13.907) |
|
NETWORTH
|
|
102.277 |
(6.250) |
|
|
LOAN
FUNDS |
|
|
|
|
|
1]
Secured Loans |
|
0.000 |
0.000 |
|
|
2]
Unsecured Loans |
|
605.297 |
702.539 |
|
TOTAL
BORROWING
|
|
605.297 |
702.539 |
|
|
DEFERRED
TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
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TOTAL
|
|
707.574 |
696.289 |
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|
|
|
|
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APPLICATION OF FUNDS
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block]
|
|
294.362 |
314.381 |
|
Capital work-in-progress
|
|
1.887 |
0.000 |
|
|
|
|
|
|
|
INVESTMENT
|
|
0.005 |
0.005 |
|
DEFERREX TAX ASSETS
|
|
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
|
205.875 |
323.905 |
|
|
Sundry Debtors
|
|
365.209 |
302.517 |
|
|
Cash & Bank Balances
|
|
18.190 |
31.327 |
|
|
Other Current Assets
|
|
0.000 |
0.000 |
|
|
Loans & Advances
|
|
55.313 |
40.927 |
Total Current Assets
|
|
644.587 |
698.676 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
|
227.885 |
307.372 |
|
|
Provisions
|
|
5.382 |
9.401 |
Total Current Liabilities
|
|
233.267 |
316.773 |
|
Net
Current Assets
|
|
411.320 |
381.903 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
|
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
|
707.574 |
696.289 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2006 (Estimated) |
31.03.2005 (Estimated) |
Sales Turnover [including other income]
|
|
1000.000 |
700.000 |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
PAT / Total Income
|
(%)
|
|
NA |
NA |
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
|
NA |
NA |
|
|
|
|
|
|
Return on Total Assets
(PBT/Total
Assets} |
(%) |
|
NA |
NA |
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
|
NA |
NA |
|
|
|
|
|
|
Debt Equity Ratio
(Total
Liability/Networth) |
|
|
8.20 |
(163.09) |
|
|
|
|
|
|
Current Ratio
(Current
Asset/Current Liability) |
|
|
2.76 |
2.20 |
LOCAL
AGENCY FURTHER INFORMATION
Form 8 Particular for creation or modification
of charges
|
Name
of the company |
AKZO NOBEL COATINGS INDIA PRIVATE LIMITED |
|
Presented By |
DEUTSCHE BANK AG, |
|
1) Date
and description of instrument creating the change |
20.12.1997 Deed and hypothecation of stocks and book debts |
|
2) Amount
secured by the charge/amount owing on the securities of charge |
Rs.710.000 millions |
|
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 |
Hypothecation of the whole of the present and future stock
in trade consisting of raw materials, goods in process, semi finished and finished
goods, stores, spares parts and all book debts, outstanding, monies,
receivable, claims, bills etc. belonging to the company. |
|
4) Gist
of the terms and conditions and extent and operation of the charge. |
Interest and margin as applicable from time to time Repayable on demand. |
|
5) Name
and Address and description of the person entitled to the charge. |
Deutsche Bank AG |
|
6)
Date and brief description of instrument
modifying the charge |
04.01.2002 First supplemental deed of hypothecation of stocks and
book debts |
|
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. |
Limit reduved from Rs.710.000 millions to Rs.350.000
millions All other terms and conditions to continue. |
HISTORY
The company was incorporated on 13th May, 1994 at
Mumbai in
The Registered Office of the company had been shifted from
the State of
The company has reduced its capital as per the High Court of
Karnataka’s order, which was registered by ROC on 16th July, 2001.
Again, the company was converted as a private limited
liability company with effect from 1st January, 2001.
The company’s fixed assets of important value include land,
buildings, plant & machinery, furniture & fixtures and lab equipments.
Parent company:
·
Akzo
Noble Holding B V, The
(Formerly Courtaulds Holding B.V.)
Incorporated as a Private Limited Company on
30.07.1996, at the above address, in Ahmedabad,
Subject was Incorporated under the name and Style of: M/s.
CHICAGO COATINGS CO. LTD. And the Name was Changed to The Present Style
w.e.f.:25.05.1999 Subject obtained the Certificate of Commencement of Business
on :12.08.1996.
COMPANY INFORMATION
1989 : first entry into non-stick coatings market in
1997 : Akzo Nobel, Largest supplier of non-stick coating in
1998 : Akzo Nobel acquires Lambda fully integrating
non-stick production activities with commercial sales division
1777 : the beging of Akzo
1994 : Akzo and Nobel merge creating Akzo Nobel
1983 : Company focuses 100 % on non-stick coating
1997 : Chief Executive – 2nd largest supplier of
non-stick coating in
1946 : CCCformed
1996 : Constructs facility in
1998 : Moves to larger facility in
COMPANY INFORMATION
Akzo Nobel Non-Stick Coatings is one
of the top 3 global non-stick manufacturers with facilities in the
By
combining the dynamic entrepreneurial style of an independent strategic sub
business unit with the formidable resources of a global Fortune 500 entity,
Akzo Nobel Non-Stick Coatings is well positioned to fully meet the changing
needs of a global economy. Our focus is to provide Non-Stick/High heat coatings
solutions for the Housewares industry (cookware, bakeware, and electrical
appliances) and for a wide range of industrial applications (such as automotive
pistons, gaskets, mufflers, copier rollers, tubes and electrical conduits.
Custom Solutions
Subject will always manufacture a coating system to fit the specific needs. You
will never have to sacrifice the requirements to fit a defined list of
products, as is the case with the other non-stick coatings suppliers. They will
tailor our technology to fit the exact needs.
All of our coatings are produced under a series of process
and quality controls which monitor key product characteristics throughout
manufacturing. In addition, our research and development scientists are
constantly forging ahead with new product innovations to ensure that our
customers remain on the cutting edge of technology. Each member of our
technical staff shares this commitment as part of Akzo Nobel's focus on total
product quality.
WORLDWIDE LEADERSHIP
By pursuing an
ideal combination of these principles they can assure our clients that they
will always get the best product for their needs.
Akzo Nobel welcomes the opportunity to show you how over a century years of
coatings experience can lead to increased cost savings and success for the
company.
Akzo Nobel Non-Stick Coatings Ltd.-
An International and
Multinational Private company
Jetpura, Kadi, Mehsana
-
Line of Business:
Manufacturing: Production of industrial coatings.
Non-Stick Coatings
Non-Stick Coating is a business
segment of powder coatings have facility in
|
Name & Address of the Unit |
Date of Approval |
Location of the Unit |
Item of Manufacture |
Date of Commence-ment of Production |
PAN NO. |
IEC NO. |
|
Akzo Nobel Non-Stick Coatings Limited 16/10,
Devendra Society, Naranpura, Ahmedabad-380013 |
18/08/1997 |
Jetpura,
Kadi, Dist.-Mehsana |
Non-aqueous paints and aqueous paints |
01/04/1998 |
|
|
CMT
REPORT [Corruption,
Money laundering & Terrorism]
The Public Notice information has been collected from
various sources including but not limited to: The Courts,
1] INFORMATION ON DESIGNATED PARTY
No
exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject
is or was the subject of any formal or informal allegations, prosecutions or
other official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No
records exist to suggest that the property or assets of the subject are derived
from criminal conduct or a prohibited transaction.
4] Record on Financial Crime :
Charges or
conviction registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with Government :
No record exists to
suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market survey
revealed that the amount of compensation sought by the subject is fair and
reasonable and comparable to compensation paid to others for similar services.
10] Press Report
:
No press reports / filings exists on the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments
on Corporate Governance to identify management and governance. These factors
often have been predictive and in some cases have created vulnerabilities to
credit deterioration.
Our Governance Assessment focuses principally on the
interactions between a company’s management, its Board of Directors,
Shareholders and other financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local
laws, regulations or policies that prohibit, restrict or otherwise affect the
terms and conditions that could be included in the agreement with the subject.
FOREIGN
EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.73 |
|
|
1 |
Rs.80.43 |
|
Euro |
1 |
Rs.54.44 |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the
strongest capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy.
General unfavourable factors will not cause fatal effect. Satisfactory capability
for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet
normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight
in credit consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and
principal sums in default or expected to be in default upon maturity |
Limited with full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be
exercised |
Credit not recommended |