MIRA
INFORM REPORT
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Report Date : |
12.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
ALKYL AMINES CHEMICALS LIMITED |
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Registered Office : |
401-407, Nirmal Vyapar Kendra, Plot
No. 10, Sector 17, DBC, Vashi, Navi Mumbai – 400 703, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
17.10. 1979 |
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Com. Reg. No.: |
11-21796 |
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CIN No.: [Company
Identification No.] |
L99999MH1979PLC021796 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA19115F |
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PAN No.: [Permanent
Account No.] |
AAACA9052B |
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Legal Form : |
Public limited liability company. The company’s shares are listed on the Stock Exchange. |
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Line of Business : |
Manufacturing and Marketing of
various aliphatic amines like ethyl amines, isopropyl amines and cyclohexyl
amines |
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 224680000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having satisfactory track. Directors are reported as experienced, respectable and having satisfactory means of their own. Their trade relations are fair. Payments are reported as 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 : |
401-407, Nirmal Vyapar Kendra,
Plot No. 10, Sector 17, DBC, Vashi, Navi Mumbai – 400 703, Maharashtra,
INDIA. |
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Tel. No.: |
91-22-67946600 |
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Fax No.: |
91-22-67946666 |
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E-Mail : |
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Website : |
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Head Office : |
17 / B Dena Bank Building, 2 nd floor,
Horniman Circle, Fort, Mumbai 400 001. |
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Tel. No.: |
91-22- 22702485, 22641376 |
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Fax No.: |
91-22- 22641349 |
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E-Mail : |
mailto:sharexindia@vsnl.coni |
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Factory 1 : |
Ř
Plot No. A-7 & A-25, MIDC
Patalganga Industrial Area, Dist.
Raigad – 410 220, Maharashtra Ř
Plot No. D-6/1, MIDC
Kurkumbh Industrial Area. Taluka Daund, District Pune – 413 802, Maharashtra |
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Branches : |
Unit No. 1, Luthra Industrial Premises, 1st Floor, 44-E, M. Vasanji Marg, Andheri Kurla Road, Safed Pool, Andheri (East), Mumbai 400 072. |
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Tel. No.: |
91-22 -28515606, 28515644 |
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Fax No.: |
91-22- 2851 2885 |
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E-Mail : |
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Corporate Office : |
207 A, Kakad Chambers, 132, Dr. Annie Basant
Road, Worli, Mumbai – 400 018 |
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Tel No. : |
91-22-24930699 / 24931385 |
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Fax No.: |
91-22-24930710 |
DIRECTORS
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Name : |
Mr. Yogesh M. Kothari |
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Designation : |
Chairman & Managing Director |
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Name : |
Mr. G. G. Chendwankar |
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Designation : |
Vice President |
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Name : |
Mr. Sameer S. Katdare |
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Designation : |
Vice President (Technical) |
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Name : |
Mr. R. N. Iyer |
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Designation : |
Vice President (Manufacturing) |
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Name : |
Mr. D. A. Pradhan |
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Designation : |
General Manager (Finance &
IT) |
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Name : |
Mr. K. P. Rajagopalan |
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Designation : |
General Manager (Secretarial
& Legal) |
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Name : |
Mr. Kirat Patel |
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Designation : |
Executive Director |
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Name : |
Mr. Hemendra M. Kothari |
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Designation : |
Director |
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Name : |
Mr. Dilip G. Piramal |
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Designation : |
Director |
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Name : |
Mr. Shyam B. Ghia |
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Designation : |
Director |
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Name : |
Mr. Shobhan M. Thakore |
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Designation : |
Director |
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Name : |
Mr. T. A. N. Devalkar |
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Designation : |
Nominee Director |
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Name : |
Mr. N. Shankar |
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Designation : |
Nominee Director (w.e.f. January
2, 2003) |
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Name : |
Mr. Premal N. Kapadia |
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Designation : |
Director |
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Name : |
Mr. K. R. V. Subrahmanian |
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Designation : |
Director |
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Name : |
Mr. Anand S. Bhatt |
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Designation : |
Director |
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Name : |
Mr. Tarjani Vakil |
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Designation : |
Director |
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Name : |
Mr. Suneet Y Kothari |
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Designation : |
Executive Director |
MAJOR SHAREHOLDERS
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Promoters |
3462754 |
39.06% |
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Persons Acting in Concert |
1551187 |
17.50% |
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Other Directors and Relatives |
71972 |
0.81% |
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Mutual Funds |
676 |
0.01 % |
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Banks / Insurance Cos. |
7212 |
0.08 % |
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Private Corporate Bodies |
742010 |
8.37 % |
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NRIs |
46928 |
0.53 % |
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Others / Public |
2982124 |
33.64% |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and Marketing of
various aliphatic amines like ethyl amines, isopropyl amines and cyclohexyl
amines |
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Products : |
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PRODUCTION STATUS
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Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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Speciality chemicals (in MT) |
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32500 |
13270 |
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Industrial gases (in M3) |
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4800000 |
2445349 |
GENERAL
INFORMATION
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No. of Employees : |
200 |
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Bankers : |
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Facilities : |
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Banking Relations
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Satisfactory |
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Auditors : |
Bansi S. Mehta and Company Chartered Accountants |
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Subsidiaries : |
Alkyl Technology Ventures Limited (formerly known as Alkyl Organics Limited) |
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Associates: |
·
Diamines & Chemicals
Limited, Baroda, Gujarat The company
had achieved a gross sales turnover of Rs. 199.100 millions and a profit
after tax of Rs. 19.100 millions ·
Goldschmidt Alkyl
Speciality Chemicals Private Limited The
company had achieved a sales turnover of Rs. 2.900 millions with a net loss of
Rs. 2.500 millions. |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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3000000 |
Equity Shares |
Rs.100/- Each |
Rs.300.000 milions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1887280 |
Equity Shares |
Rs.100/- Each |
Rs.188.728
millions |
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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 |
188.700 |
88.700 |
88.700 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
373.000 |
311.200 |
287.700 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
561.700 |
399.900 |
376.400 |
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LOAN FUNDS |
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1] Secured Loans |
502.400 |
448.200 |
435.700 |
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2] Unsecured Loans |
315.600 |
405.400 |
175.100 |
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TOTAL BORROWING |
818.000 |
853.600 |
610.800 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1379.700 |
1253.500 |
987.200 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
766.900 |
636.800 |
657.200 |
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Capital work-in-progress |
40.000 |
164.000 |
100.600 |
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INVESTMENT |
22.600 |
22.600 |
22.800 |
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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 |
445.400
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326.700 |
290.600 |
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Sundry Debtors |
347.600
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233.200 |
211.500 |
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Cash & Bank Balances |
15.300
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35.400 |
6.700 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
232.800
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175.800 |
100.900 |
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Total
Current Assets |
1041.100
|
771.100 |
609.700 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
433.800
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302.700 |
374.800 |
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Provisions |
62.600
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48.000 |
42.300 |
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Total
Current Liabilities |
496.400
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350.700 |
417.100 |
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Net Current Assets |
544.700
|
420.400 |
192.600 |
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MISCELLANEOUS EXPENSES |
5.500 |
9.700 |
14.000 |
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TOTAL |
1379.700 |
1253.500 |
987.200 |
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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 |
1460.800 |
1251.500 |
1121.500 |
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Other Income |
55.400 |
44.600 |
39.200 |
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Total Income |
1516.200 |
1299.100 |
1160.700 |
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Profit/(Loss) Before Tax |
112.400 |
60.200 |
34.700 |
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Provision for Taxation |
30.100 |
19.200 |
5.700 |
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Profit/(Loss) After Tax |
82.300 |
41.000 |
29.000 |
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Expenditures : |
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Manufacturing Expenses |
134.900 |
111.200 |
104.100 |
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Raw Material Consumed |
719.200 |
587.300 |
543.200 |
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Salaries, Wages, Bonus, etc. |
68.500 |
63.300 |
61.100 |
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Interest |
75.900 |
54.400 |
62.500 |
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Excise Duty |
164.00 |
139.300 |
120.900 |
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PoTheyr & Fuel |
199.600 |
158.400 |
150.300 |
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Depreciation & Amortization |
61.100 |
49.500 |
49.900 |
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Other Expenditure |
6.40 |
9.100 |
7.400 |
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Total Expenditure |
1429.60 |
1172.500 |
1099.400 |
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QUARTERLY RESULTS
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PARTICULARS |
|
30.06.2007 |
30.09.2007 |
|
Type |
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1st
Quarter |
2nd
Quarter |
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Sales Turnover |
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369.700 |
381.000 |
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Other Income |
|
11.600 |
9.800 |
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Total Income |
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381.300 |
390.800 |
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Total
Expenditure |
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327.000 |
329.100 |
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Operating Profit |
|
54.300 |
61.700 |
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Interest |
|
19.000 |
18.900 |
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Gross Profit |
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35.300 |
42.800 |
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Depreciation |
|
15.800 |
15.900 |
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Tax |
|
4.600 |
8.500 |
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Reported PAT |
|
12.000 |
18.400 |
KEY RATIOS
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt- Equity
Ratio |
1.74 |
1.89 |
1.71 |
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Long-Term
Debt-Equity Ratio |
0.97 |
1.24 |
1.19 |
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Current Ratio |
1.14 |
1.09 |
1.08 |
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TURNOVER RATIO |
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Fixed Assets |
1.20 |
1.13 |
1.03 |
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Inventory |
3.78 |
4.05 |
4.10 |
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Debtors |
5.03 |
5.63 |
5.45 |
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Interest Cover
Ratio |
2.48 |
2.11 |
1.56 |
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Operating Profit
Margin (%) |
17.07 |
13.11 |
13.12 |
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Profit Before
Interest and Tax Margin (%) |
12.89 |
9.16 |
8.67 |
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Cash Profit
Margin (%) |
9.82 |
7.23 |
7.04 |
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Adjusted Net
Profit Margin (%) |
5.63 |
3.28 |
2.59 |
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Return On
Capital Employed (%) |
14.39 |
10.34 |
9.84 |
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Return on Net
Worth (%) |
18.71 |
10.56 |
7.82 |
LOCAL AGENCY
FURTHER INFORMATION
The company is engaged in
manufacturing and marketing of various aliphatic amines like ethyl amines, isopropyl
amines and cyclohexyl amines, which are import substitutes.
The company's products find
applications in agro chemicals, pesticides, rubber chemicals, water treatment
chemicals and other speciality chemicals.
Some of the new products by the company
are diethyl hydroxylamine (DEHA), dimethyl cyclohexylamine (DMCHA), speciality
intermediates, insect repellents such as diethyl toluamide (DETA), besides
dimethyl amino propylamine (DMAPA), various hydrochlorides and speciality
corrosion inhibitors.
The company’s product range
includes-
Aliphatic
Amines
·
Monomethylamine
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Dimethylamine
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Trimethylamine
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Monoethylamine
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Diethylamine
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Triethylamine
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Mono-m-Butylamine
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Director-n-Butylamine
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Tri-n-Butylamine
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Mponoisopropylamine
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Diisopropylamine
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Mono-n-Propylamine
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Director-n-Propylamine
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Tri-n-Propylamine
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Monocyclohexylamine
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Dicyclohexylamine
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Dicyclohexylamine
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2-Ethylhexylamine
Amine
Derivatives
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Diethyl-m-Toluamide
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Diethyl Phenylacetamide
·
Diethyl Hydroxylamine
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Dicyclohexylamine Nitrite
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Dimethy Laminopropy Lamine
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Dimethylcylohexylamine
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Director-Isopropylethylamine
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Amine Hydrochlorides
Company’s custom Synthesis Division Undertakes-
·
High Pressure Hydrogenation
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Reductive Animation (Vapour
Phase)
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Peroxide Oxidation; and
·
Other Contract Manufacturing Activities
of Chemicals
Marketing Alliances of the company-
Principals Product
Range
·
Goldschmidt AG, Germany Paint
Additives, PU Additives,
(Group
Company of Degussa AG) Industrial
Specialities, etc.
·
Rohm & Hass Company,
U.S.A. Primene
Amines
Some of the industries served by
the company-
·
Pharmaceuticals
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Agrochemicals
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Rubber
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Foundry
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Water Treatment
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Insect Repellants
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Animal Feed
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Dyes & Pigments
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Paints
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Polyurethane
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Photographic
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Fuel Additives
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Surfactants
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Corrosion Inhibitors, etc.
The company’s foreign principals
are :
·
Th. Goldschmidt AG, Essen,
Germany
·
Rohm & Haas Company,
U.S.A.
·
SKW Trostberg, Germany
The company is in trade terms with :
·
Quality Engineering Works
·
Unique Chemoplast
·
R. B. Industries
·
Sona Chemicals
·
Ajay Oxychem
·
Swastik Chemicals
Fixed Assets
·
Freehold Land,
·
Leasehold Land
·
Buildings
·
Plant & Machinery &
Equipments
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Furniture & Fixture
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Office Equipments
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Electrical Installations
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Vehicles
·
Electrical Equipments.
OPERATIONS:
Total income (gross) for the year 2006-07 was Rs.1516.000 millions
compared to Rs.1295.500 millions for the year 2005-2006 registering an increase
of 17%. The Profit before tax (after interest and depreciation charges)
increased to Rs.112.400 millions compared to Rs.60.300 millions of the previous
year, i.e. an increase of 86%. During the year 2006-2007 They have achieved
profit after tax of Rs.82.300 millions compared to Rs.41.000 millions of the
previous year, i.e. an increase of 101%.
Further details
of operations are given in the Management Discussion and Analysis Report
annexed (Annexure 1).
EXPORTS/FOREIGN
EXCHANGE:
During the year
2006-2007, They achieved an export turnover of Rs.249.900 millions (FOB)
compared to Rs.180.700 millions (FOB) of the previous year. During the year
They have utilised a sum of approx. Rs.104.600 millions in foreign currency mainly to import raw
materials.
ASSOCIATE/SUBSIDIARY
COMPANIES:
Diamines &
Chemicals Limited, Vadodara:
Diamines and
Chemicals Ltd., Vadodara, thier associate company* has achieved a total income
of Rs.267.900 millions as against
Rs.244.000 millions of the previous year and a profit after tax of Rs.68.800
millions as against Rs.61.100 millions of the previous year. The Board of
Directors of DACL has recommended a final dividend of 25% in addition to 15%
interim dividend already declared and paid, making the total dividend for the
year 2006-07 to 40% as against 50% equity dividend of the previous year.
b. Alkyl
Speciality Chemicals Limited:
They have received
maiden dividend of 10% amounting to Rs.1.638 Millions from thier subsidiary
company, Alkyl Speciality Chemicals Ltd., who achieved a total income of
Rs.22.973 Millions (Previous Year: Rs.27.542 Millions] and a profit before tax
of Rs.3.276 Millions (Previous Year: Rs.0.575 million). After making provision
for taxation of Rs.1.180 Millions (Previous Year: Rs.1.558 Millions net
deferred tax credit), the profit after tax amounts to Rs.2.096 Millions
compared to profit of Rs. 2.134 Millions of the previous year. The carry
forward loss in this company is Rs. 3.698 Millions compared to Rs. Rs.3.908
Millions of the previous year. To consolidate the operations of the group, They
have decided to route most of the indenting and stock and sale business through
thier company.
Copy of the
Balance Sheet, Profit & Loss Account, Report of the Board of Directors and
the Report of the Auditors of the Subsidiary Company, Alkyl Speciality
Chemicals Limited, has not been sent with the Annual Report of the Company. The
Company will make available these documents, upon request, by any member of the
company interested in obtaining the same. HoTheyver, pursuant to Accounting
Standard AS21 issued by the Institute of Chartered Accountants of India,
Consolidated Financial Statements presented by the Company include the
financial information of the subsidiary company. The Annual Accounts of the
Subsidiary is available for inspection by any member at the registered office
during business hours.
INDUSTRY
STRUCTURE AND DEVELOPMENT:
They are one of
the leading producers of aliphatic amines, amine derivatives and other
speciality chemicals. They have two manufacturing sites, one at Patalganga and
the other at Kurkumbh. They also have an R&D Centre at Pune.
They have an
excellent team of technical and commercial professionals with expertise in
chemicals manufacture and marketing.
Their products
have application in important industries like pharmaceuticals, agro-chemicals,
water treatment chemicals, photography chemicals, rubber chemicals, etc. They
cater to both domestic and international market.
They have
competition both from local producers and international producers
PERFORMANCE:
Sales for the year 2006-2007 registered a 17% increase at around
Rs.1450.000 millions compared Rs.1240.000 millions of the previous year.
Production of
Speciality Chemicals amounted to 18302 MT for the year 2006-2007 compared to
14936 M.T. for the year 2005-2006. They have been focusing more on products of
better value addition.
Income
from contract processing for 2006-07 was Rs.20.600 Millions compared to
Rs.23.500 Millions of the previous year.
FINANCIAL
PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE:
The profit
before tax amounted to Rs.112.400 Millions compared to Rs.60.300 Millions
reported last year.
During the year, thier domestic sales amounted to Rs.1182.200 Millions
compared to Rs.1050.500 Millions of the previous year. Export sales increased
to Rs. 249.900 Millions (FOB) compared to Rs.180.700 Millions of the previous
year.
OPPORTUNITIES, THREATS, RISKS AND CONCERNS:
They enjoy a
pre-eminent position in various amines and amine derivative markets, which They
intend to consolidate. They offer activities like reductive amination (liquid
and vapour phase), air oxidation, high pressure hydrogenation, peroxide
oxidation, etc. for customers both domestic and international, which has very
good growth potential.
On the finished
products front, further reduction in customs tariffs as per the latest Finance
Bill as well as strengthening of rupee, can be a matter of concern and
competition from a few established players globally can be a threat to maintain
the turnover and profitability. On the raw materials front, in view of
supply-demand mismatch, prices of ethyl alcohol have been rising in the first
half of 2006-07, which has affected realizations.
However, the
alcohol prices have now stabilised.
Threats and
challenges also provide opportunities for growth. Since the chemicals industry is
growing, They have a fair chance of improving thier position as a reliable
supplier of good quality chemicals. Their Core Competence in chemicals handling
and manufacturing supported by an able Technical Team, focussing more on
customer relationship management should provide a lot of opportunities and
scope to the company to improve its performance in an otherwise difficult
business environment.
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:
The Company has
recently installed a SAP-ERP system which went on Stream in July 2006. The
system would enable Managers to advantageously assimilate information and make
more knowledge-based and efficiency-driven decisions.
The company has
a good system of internal controls in all spheres of its activity. The internal
control is supplemented by effective internal audit being carried out by an
external firm of chartered accountants. The Audit Committee of Directors
regularly reviews the findings of the Internal Auditors and effective steps to
implement the suggestions/observations of the Auditors are taken and monitored
regularly. In the opinion of the Board, an effective internal control system
adequate to the size of the Company exists. However, considering the growing
operations of the Company, the scope of the internal audit is being enhanced to
make internal audit a tool for better management decision making.
OUTLOOK:
Outlook for the year 2007-2008, would largely depend upon various external and
internal factors which affect the working of the Company. The Pharma Sector in
India is showing positive trend and it is likely to improve the volume of sales
of their company. On the export front, exports look not very promising for
their basic products.
However,
They expect to get better export volumes from their newly developed
intermediates. During the year a few of their amine derivatives were exported
which have added to their contribution.
Ethyl Alcohol,
one of their main raw materials, is available locally. During the last three
years, the conditions in Maharashtra, where their Plant is situated, were not
very conducive for sugar and alcohol production, because of insufficient rains
in sugarcane growing areas. However, with better sugar cane availability at
present, alcohol prices are showing a lower trend, but alcohol prices in future
will depend on supply-demand situation in the State.
The
co-generation plant at Kurkumbh and proposed new boiler project at Patalganga
would help in reducing fuel and power costs and the benefits arising thereof
will be reflected in the results of future years. This will also help us in
getting better quality of power.
As per Kyoto
Protocol ratified by Government of India, They are entitled for sale of CERs
arising out of the co-gen project. They have received Host Country Approval from
Government of India, Ministry of Environment, for this project with a view of
carbon trading. The Income for the year 2006-07 includes a sum of Rs.6.300
Millions on account of sale of CERs generated in the co-generation plant for
part of the year.
They are also
exploring opportunities for leveraging their core strengths by tie-up with
other global suppliers of chemicals to unlock better values to the
shareholders. New products are being added to their product range with the
efforts of their R&D and New Product Development Team (NPDT) and sales from
these products are growing at a significant pace.
They are
continuously striving towards improvement of efficiencies, margins,
profitability and sales while relooking at business strategies and models,
wherever necessary. The new products, which They have added to their portfolio,
are helping us in increasing sales and contribution and They are confident that
this trend will remain.
The strategies which They have adopted and are adopting should lead to enhancement
in intrinsic value not only to all shareholders, but also to all stakeholders
in the Company.
Attached Web Details
Alkyl Amines Chemicals Limited is a global
supplier of amines and amine-based chemicals to the pharmaceutical,
agrochemical, rubber chemical & water treatment industries, among others.
Alkyl's commitment to customer satisfaction by delivering quality products and
services has helped it to become one of the world's leading amine
manufacturers.
History
Alkyl
Amines Chemicals Limited was incorporated in 1979 with the idea of making India
self-sufficient in Aliphatic Amines. The first plant was commissioned in 1982
at Patalganga to make ethylamine and cyclohexylamines with technology from
Leonard Process Company, USA
The
capacity was expanded in 1986 in the existing plant and another plant was set
up in 1992 to make inter alia methylamines.
Associate Companies
Diamines and Chemicals Limited
Along with its partner the S. Amit Group,
Alkyl Amines Chemicals has a controlling stake in Diamines
and Chemicals Ltd., the only manufacturer of ethyleneamines in India.
Alkyl Speciality Chemicals Limited
Alkyl Speciality Chemicals Limited (www.ascl.co.in) is a 100%
subsidiary company specialising in market development for speciality chemicals for
its Principals. ASCL represents Degussa Speciality Chemicals and Rohm &
Haas (Primene's).
Manufacturing sites
Patalganga is about 70 kms from Mumbai, on
the west coast of India. The location is on the banks of the river Patalganga
in one of India's largest Chemical Industrial Parks, which has the
infrastructure necessary to manage the thousands of tonnes of product
manufactured every year. The proximity to Mumbai and its ports and the
customers in the region makes Patalganga an ideal site for supply of key
materials
This location has two adjoining sites
covering a total of 10 acres (40000 sq mts). This facility is home to two amine
plants. Their R&D facilities are
located in Hadapsar, Pune.
Aliphatic Amines Plant I
Multipurpose aliphatic
amines plant based on a catalytic vapour phase reaction process. Capable of
producing C2-C6 aliphatic amines (mono-di-tri)
Aliphatic Amines Plant II
Multipurpose aliphatic
amines plant based on a catalytic vapour phase reaction process. Capable of
producing C1-C3 aliphatic amines (mono-di-tri)
This 70-acre (280000 sq mts) facility is in
a Chemical Industrial Park located about 70 kms southwest of the historic city
of Pune. The site is well connected by roads to Western and Southern India and
lies about 250 kms from the major mainland port at Nhava Sheva. Its proximity
to Pune (a major industrial hub and home to the National Chemical Laboratory)
makes availability of skilled manpower and materials a relatively easy task.
This facility comprises of 7 plants including a new aliphatic amines facility.
Amine-Hydrochloride Plant
Multipurpose plant capable of producing
solutions of various amine hydrochlorides
Multipurpose Plant I
Indian FDA approved plant capable of
producing mosquito repellents like DEET & DEPA
Multipurpose Plant II
Plant capable of producing amine oxides and downstream products
like diethyl hydroxyl amine
Multipurpose Plant
III
Multipurpose plant that is capable of synthesising and distilling various
products based on hydrogenation using catalysts like Ni, Pd-C, Pt, etc. The
plant has two high-pressure reactors
Hydrogen Plant
Plant dedicated to hydrogen production for captive as well as contract
& toll manufacturing use
Aliphatic Amines
Plant
Multipurpose
aliphatic amines plant based on a catalytic vapour phase reaction process.
Surfactants Plant
Plant capable of making various types of betaines and other surfactants
for personal care applications
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.39.39 |
|
UK Pound |
1 |
Rs.81.31 |
|
Euro |
1 |
Rs.57.44 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
64 |
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 |
|