MIRA
INFORM REPORT
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Report Date : |
16.05.2007 |
IDENTIFICATION DETAILS
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Name : |
BECK INDIA LIMITED |
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Registered Office : |
407-A, ‘ |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
17.10.1956 |
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Com. Reg. No.: |
11-9752 |
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CIN No.: [Company
Identification No.] |
L24222MH1956PLC009752 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEB02788C |
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PAN No.: [Permanent
Account No.] |
AAAACD0538M |
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Legal Form : |
It is a public limited liability company. The company’s shares are listed on the Stock Exchanges. |
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Line of Business : |
Manufacturing of Insulation Varnishes, Unsaturated Polyester Resins, Other Paints, Varnishes and Epoxide Resins. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 2500000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having fine track. Directors are reported as experienced respectable and educated industrialists. Financial position of the company is good. Business is active. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
407-A, ‘ |
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Tel. No.: |
91-22-22833255 / 22833224 / 24932654 |
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Fax No.: |
91-22-22873455 |
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E-Mail : |
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Website : |
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Corporate/Head Office : |
‘Beck House’, Off |
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Tel. No.: |
91-20-30210600 |
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Fax No.: |
91-20-30210634 |
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E-Mail : |
smita.chaudhari@altanachemie.com, marketing.ho@backindia.com, exports@backindia.com |
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Factory : |
147, Tel. No. : 91-20-30610600 Fax No. : 91-20-30610601 E-mail : tsd@beckindia.com Plot No. 1 (A, B &
C), GIDC Industrial Area, Ankleshwar – 393002, Plot No. D-1/3, MIDC, Lote-Parshuram,
Taluka Khed - 415 722, Distreict - Ratnagari, |
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Regional Offices: |
403, World Trade Centre, Unit 708, 7th Floor, Beck House, Damle Path, Pune – 411004, 1176, 12th H.A.L. II Stage, |
DIRECTORS
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Name : |
Dr. Matthias Wolfgruber |
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Designation : |
Chairman |
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Name : |
Dr. Christoph Schlunken |
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Designation : |
Director |
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Name : |
Dr. Guido Forstbach |
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Designation : |
Director |
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Name : |
Mr. Martin Babilas |
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Designation : |
Director |
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Name : |
Mr. R. K. Kulkarni |
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Designation : |
Director |
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Name : |
Mr. Pradeep Mallick |
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Designation : |
Director |
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Name : |
Mr. S. N. Talwar |
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Designation : |
Alternate to Dr. Matthias Wolfgruber |
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Name : |
Mr. P. V. Despande |
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Designation : |
Alternate Director to Dr. Wolfgang Schutt [Marketing] |
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Name : |
Mr. S. R. Shetye |
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Designation : |
Alternate Director to Dr. Guido Forstbach [Manufacturing] |
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Name : |
Mr. Rajeev Bhide |
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Designation : |
Alternate Director to Mr. Martin Babilas [Finance & Corporate Affairs] |
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Name: |
Mr. M. Tandon |
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Designation: |
Managing Director |
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Age: |
62 Years |
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Qualification: |
B.Com, F.C.A. ( |
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Experience: |
37 Years |
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Date of Joining: |
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Previous Employment: |
Chief Executive -
Finance & Personnel, BASF India Limited, Mumbai, |
KEY EXECUTIVES
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Name : |
Mr. Shirish Dabir |
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Designation : |
Company Secretary & Head Legal |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Promoter’s Group |
7020316 |
88.55 |
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Mutual Funds and UTI |
175374 |
2.21 |
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Banks, Financial Institutions, Insurance Companies |
30550 |
0.39 |
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Private Corporate Bodies, Individuals and Other |
701442 |
8.85 |
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Total |
7927682 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Insulation Varnishes, Unsaturated Polyester Resins, Other Paints, Varnishes and Epoxide Resins. |
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Products : |
Product
Description
Item Code No. Insulating Varnishes 320840 Unsaturated Polyester Resins 390791 Epoxide Resins 390730 |
PRODUCTION STATUS
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Particulars |
Unit |
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Installed
Capacity |
Actual
Production |
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Wire enamels, Impregnating Varnishes and Paints |
MT |
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9500 |
7818 |
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Synthetic Resins |
MT |
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4500 |
1609 |
GENERAL INFORMATION
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No. of Employees : |
800 |
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Bankers : |
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Facilities : |
-- |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
BSR And Company Chartered Accountants |
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Internal Auditor: |
Mahajan & Aibara Chartered Accountants |
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Associates/Subsidiaries : |
Schenectady International Inc. Schenectady Specialities Asia Limited Schenectady Herdillia Limited Schenectady Brazil Limited Schenectady Korea Limited Schenectady Europe Limited Yuka Schenectady Company Limited BYK Chemie GmbH Beck Electrical Insulation GmbH Sterling Technology Limited The P.D. George Company DEA Tech Srl Tongling Siva Ins. Material Company Limited Wiedeking GmbH Beck Electrical BYK Chemie Asia Pacific PTE L |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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15000000 |
Equity Shares |
Rs. 10 Each |
Rs. 150.000 |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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7927682 |
Equity Shares |
Rs. 10 Each |
Rs. 79.277 |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES
OF FUNDS |
31.12.2005 |
31.12.2004 |
31.12.2003 |
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SHAREHOLDERS
FUNDS |
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1] Share Capital |
79.277 |
79.277 |
79.277 |
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2] Share
Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves &
Surplus |
560.638 |
467.455 |
369.517 |
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4] (Accumulated
Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH
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639.915 |
546.732 |
448.794 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured
Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING
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0.000 |
0.000 |
0.000 |
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DEFERRED TAX
LIABILITIES |
17.913 |
19.063 |
18.179 |
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TOTAL
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657.828 |
565.795 |
466.973 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
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159.958 |
160.475 |
160.199 |
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Capital work-in-progress
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9.775 |
4.479 |
1.881 |
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INVESTMENT
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113.140 |
3.316 |
3.316 |
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DEFERREX TAX ASSETS
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CURRENT ASSETS, LOANS &
ADVANCES
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Inventories
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242.607 |
250.339 |
192.825 |
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Sundry Debtors
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209.177 |
163.640 |
145.274 |
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Cash & Bank Balances
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55.606 |
118.557 |
161.846 |
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Other Current Assets
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0.000 |
0.000 |
0.000 |
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Loans & Advances
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35.633 |
24.630 |
21.690 |
Total Current Assets
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543.023 |
557.166 |
521.635 |
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Less :
CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
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106.437 |
116.079 |
100.065 |
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Provisions
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61.631 |
43.562 |
119.993 |
Total Current Liabilities
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168.068 |
159.641 |
220.058 |
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Net Current Assets
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374.955 |
397.525 |
301.577 |
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MISCELLANEOUS EXPENSES
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0.000 |
0.000 |
0.000 |
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TOTAL
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657.828 |
565.795 |
466.953 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.12.2005 |
31.12.2004 |
31.12.2003 |
Sales Turnover
[including other income]
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1219.854 |
1048.959 |
884.042 |
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Profit/(Loss)
Before Tax
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214.325 |
201.182 |
139.918 |
Provision for
Taxation
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138.380 |
120.537 |
125.720 |
Profit/(Loss) After
Tax
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75.945 |
80.645 |
114.198 |
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Export Value
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101.190 |
87.000 |
47.106 |
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Import Value
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215.764 |
187.144 |
131.426 |
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Total Expenditure |
1005.529 |
847.777 |
782.037 |
SUMMARISED RESULTS
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PARTICULARS |
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31.12.2006 Full
Year |
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Sales Turnover |
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1442.200 |
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Other Income |
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41.400 |
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Total Income |
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1483.600 |
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Total Expenditure |
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1213.900 |
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Operating Profit |
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269.700 |
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Interest |
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0.100 |
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Gross Profit |
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269.600 |
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Depreciation |
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17.000 |
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Tax |
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83.800 |
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Reported PAT |
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168.800 |
QUARTERLY
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PARTICULARS |
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31.03.2007 (1st
Quarter) |
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Sales Turnover |
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441.000 |
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Other Income |
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12.000 |
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Total Income |
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453.000 |
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Total Expenditure |
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367.400 |
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Operating Profit |
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85.600 |
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Interest |
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0.300 |
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Gross Profit |
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85.300 |
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Depreciation |
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5.400 |
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Tax |
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23.600 |
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Reported PAT |
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56.300 |
200703
Quarter 1 - EPS
is Basic & Diluted 1.The above results have been reviewed by the Audit
Committee and taken on record by the Board of Directors at its meeting on April
20, 2007. 2.With effect from January 2007 The business segments have been
regrouped to reflect the current market segmentation for company's products.
Previous Years figures have been accordingly regrouped. 3.Effective 1 January
2007 pursuant to the adoption of Accounting Standard 15(As 15) on Employee
Benefits(Revised 2005) issued by the Intitute of Chartered Accountants of India
net additional liability of Rs 11.213 Millions upto 31 Dec 2006 net of deferred
tax of Rs 5.689 Millions has been adjusted against the opening balance of
revenue reserves The additional Charge for the quarter is not expected to be
significant. 4.At the beginning of the quarter the Company had no investor
complaints outstanding. The Company received and resolved two complaints during
the quarter.
KEY RATIOS
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PARTICULARS |
31.12.2005 |
31.12.2004 |
31.12.2003 |
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Debt Equity Ratio |
0.00 |
0.00 |
0.01 |
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Long Term Debt
Equity Ratio |
0.00 |
0.00 |
0.01 |
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Current Ratio |
2.94 |
2.52 |
2.50 |
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TURNOVER RATIOS |
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Fixed Assets |
4.22 |
3.72 |
2.68 |
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Inventory |
5.51 |
5.26 |
5.65 |
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Debtors |
7.28 |
7.54 |
6.70 |
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Interest Cover
Ratio |
307.14 |
504.00 |
95.45 |
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Operating Profit
Margin (%) |
16.92 |
18.50 |
12.41 |
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Profit Before
Interest and Tax Margin (%) |
15.83 |
17.30 |
10.74 |
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Cash Profit
Margin (%) |
11.28 |
11.54 |
1.58 |
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Adjusted Net
Profit Margin (%) |
10.19 |
10.34 |
(0.09) |
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Return on Capital
Employed (%) |
36.24 |
40.50 |
21.53 |
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Return on Net
Worth (%) |
23.33 |
24.21 |
(0.19) |
STOCK PRICES
|
Face Value |
Rs.10/- |
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High |
Rs.350.00/- |
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Low |
Rs.349.90/- |
LOCAL AGENCY FURTHER INFORMATION
Performance
The sales performance of Rs. 1179 millions for the year ended
The aforesaid growth in sales as well as an improvement in other operational
parameters has resulted in an appreciable increase in Profit Before Tax.
Current
& Future Outlook
The vibrant Indian manufacturing sector continues to sustain a growing
downstream demand for the company's products. In addition, the migration of
production capacities of global companies from the West to
Financial Performance with respect to Operational Performance
The year 2005 saw an increase in the company's sales by 16% in value and 7% in
volume. Whilst sales volumes of wire enamels were static due to intense price
competition in the low end commodity sector, volumes of the remaining product
range of secondary insulations and construction chemicals increased by 12%.
Profit before tax increased by 6.5%. Compared with 2004, product margins were
lower in 2005, due to competitive pressure on their selling prices,
particularly in the area of wire enamels.
The company believes that growth of profits is generated not only out of
increased sales, but also through cost management from continuous up-gradation of
manufacturing, commercial and business processes, particularly supply chain, as
well as new and improved products in its portfolio.
The company’s fixed assets of important value include freehold land, leasehold land, buildings and roads, plant and machinery, furniture and fixtures, motor vehicles and cycles.
The company is in trade terms with:
Ř
BASF AG,
Ř
BASF (
Ř
BASF Industries Limited, Pune,
Ř
Mahindra Van Wijk Visser Limited, Pune,
Ř
National Chemical Laboratories, Pune,
Ř
Coats India Limited,
Ř
Berger Paints India Limited, Mumbai,
Ř
BASF
WEBSITE DETAILS
Beck India Limited is a Group Company of ALTANA
AG, an international Chemicals Group with sales of about EUR985 million in the
first three quarters of 2006 and approx 13500 employees all over the world.
With a return on sales (EBT) of around 22%, ALTANA is one of the most profitable
and chemicals companies in
One of its operating companies ALTANA Chemie AG, provides innovative,
environmentally sound solutions based on specialty products for the electrical
industry, coating manufacturers, coating and plastics processors and the
electronics industry. The business unit Electrical Insulation of Altana Chemie
AG headquartered in
Formerly
known as Dr. Beck & Company
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.84 |
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|
1 |
Rs.80.73 |
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Euro |
1 |
Rs.55.23 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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