MIRA INFORM
REPORT
|
Report
Date : |
29.11.2007 |
IDENTIFICATION DETAILS
|
Name : |
AUCHTEL PRODUCTS LIMITED |
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Formerly
Known As : |
HENKEL CHEMICALS (INDIA) LIMITED |
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Registered
Office : |
142-C, Victor House, N. M. Joshi Marg, Lower Parel (West),
Mumbai – 400 013 |
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Country: |
India |
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Financials
(as on) : |
31.03.2006 |
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Date
of Incorporation : |
24.08.1965 |
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Com.
Reg. No.: |
11-13303 |
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CIN
No.: [Company
Identification No.] |
U24100MH1965PLC013303 |
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TAN
No.: [Tax
Deduction & Collection Account No.] |
MUMA20348G |
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PAN
No.: [Permanent
Account No.] |
AAACH0975L |
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Legal
Form : |
Closely Held Public Limited Liability company |
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Line
of Business : |
Manufacturing
and Marketing of chemicals of all kinds and description. |
RATING & COMMENTS
|
MIRA’s
Rating : |
A |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
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
334000 |
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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 resourceful
industrialists. Financial position is good. Payments are correct and as per
commitments. Fundamentals are strong and healthy. The company can be
considered good for any normal business dealings. It can be regarded as a
promising business partner in a medium to long run. |
LOCATIONS
|
Registered
Office : |
142-C, Victor House, N. M. Joshi Marg, Lower Parel (West),
Mumbai – 400 013, INDIA |
|
Tel.
No.: |
91-22-4933975 |
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Fax
No.: |
91-22-4939755
/ 4974211 |
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E-Mail
: |
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Website
: |
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Factory : |
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Branches
: |
Ahmedabad 14, Shri Niwas
Society, New Sharda Mandir Society, Ahmedabad – 380 007, Gujarat, India E-Mail auchtel@ad1.vsnl.net.in Delhi K-48
Cannaught Circus, New Delhi – 110 001, India Tel. No. 91-11-3322116 / 3328208 Telex 031-61279 HCIL IN E-Mail auchtel@del6.vsnl.net.in Kanpur P. O. Box
No. 12, 3 / 64 Vishnupuri, Nawab Gunj, Kanpur – 208 002, Uttar Pradesh, India Tel. No. 91-512-549540 Telex 0325-388 HCIL IN E-Mail auchtel@1w1.vsnl.net.in Calcutta Shantiniketan
Building, 9th floor, 8, Camac Street, Calcutta – 700 017, West Bengal, India E-Mail auchtel@cal2.vsnl.net.in Chennai No. 3,
Aarti Arcade, 86, Dr. Radha Krishnan Road, Mylapore, Chennai – 600 004,
Tamilnadu, India Tel. No. 91-44-827 8352 |
DIRECTORS
|
Name : |
Mr. Rajiv Tandon |
|
Designation
: |
Chairman & Managing Director |
|
Address
: |
Ander Thomastairche 40470, Dusseldorf, Germany |
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Date
of Appointment : |
22nd November, 1988 |
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|
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|
Name : |
Mrs. Deepa Rajiv Tandon |
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Designation
: |
Director |
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Address
: |
202, Panorama, Walkeshwar, Mumbai – 400 006,
India |
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Date
of Appointment : |
9th May, 1997 |
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|
|
|
Name : |
Mr. Shailendra Swarup |
|
Designation
: |
Director |
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Address
: |
E-1, Kalpana Tilak Nagar, S. V. P. Road, Mumbai –
400 004, India |
|
Date
of Appointment : |
21st January, 1998 |
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|
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|
Name : |
Mr. Ferdinand Finken |
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Designation
: |
Director |
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Address
: |
6/4, Sealord, B-Building, Cuffe Parade, Mumbai –
400 005, India |
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Date
of Appointment : |
14th June, 1999 |
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|
Name : |
Mr. Rajendra Ambalal Shah |
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Designation
: |
Director |
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Address
: |
3/64, Vishnupuri, Nawab Ganj, Kanpur – 208 002,
Uttar Pradesh, India |
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Date
of Appointment : |
14th June, 1999 |
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|
|
|
Name : |
Mr. Jayant A. Mosarguppi |
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Designation
: |
Director |
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Address
: |
127, Sunder Nagar, Delhi – 110 003, India |
|
Date of
Appointment : |
12th November, 1999 |
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|
Name : |
Mr. Pradyumnakumar Rele |
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Designation
: |
Director |
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Address
: |
3/64, Vishnupuri, Nawab Ganj, Kanpur – 208 002,
Uttar Pradesh, India |
|
Date
of Appointment : |
12th November, 1999 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
|
Auchlite Chemicals Limited |
42,600 |
|
Mr. Rajiv Tandon |
37,753 |
|
Rajiv H. Tandon (HUF) |
1 |
|
Mrs. Deepa R. Tandon |
1 |
|
Mr. Prateek R. Tandon |
1 |
|
Ms. Prateecha R. Tandon |
1 |
|
Rajiv Tandon (HUF) |
1 |
|
Haridas Tandon (HUF) |
1 |
|
Mr. Premo H. Tandon |
1 |
|
TOTAL |
80,360 |
BUSINESS DETAILS
|
Line
of Business : |
Manufacturing and Marketing of chemicals of all kinds and description. |
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Products
: |
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Imports
from : |
Japan,
Germany and U.S.A. |
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Terms
: |
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Purchasing : |
L/C, D/A and D/P |
PRODUCTION STATUS
|
Particulars |
Unit |
|
Licensed Capacity |
Installed Capacity |
Dombivli Plant
|
|
|
|
|
|
Speciality Industrial Chemicals |
Tons |
|
7,000 |
7,000 |
|
Synthetic Leather Tanning Agents |
Tons |
|
3,000 |
3,000 |
|
Oil & Well Chemicals |
Tons |
|
5,500 |
2,500 |
Ratnagiri Plant
|
|
|
|
|
|
Speciality Industrial Chemicals |
Tons |
|
12,000 |
12,000 |
|
Wire Drawing Components |
Tons |
|
2,000 |
1,000 |
|
Anion & Cation Exchange Resins |
Cu.
Mtrs. |
|
2,200 |
2,200 |
GENERAL INFORMATION
|
Suppliers
: |
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Customers
: |
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|
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No. of
Employees : |
820 |
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|
|
|
Bankers
: |
·
Bank
of India ·
State
Bank of India ·
Vijaya
Bank ·
Vysya
Bank ·
The
Saraswat Co-operative Bank Limited ·
American
Express International Banking Corporation |
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|
|
|
Banking Relations : |
-- |
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|
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Auditors
: |
Price
Waterhouse Chartered
Accountants |
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Address
: |
1102/1107 Raheja Chambers, Nariman Point,
Mumbai – 400 021, India |
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|
|
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Associates/Subsidiaries
: |
Auchlite Chemicals Limited |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
200,000 |
`A’
Equity Shares |
Rs.100/- each |
Rs.20.000 millions |
|
300,000 |
`B’
Equity Shares |
Rs.100/- each |
Rs.30.000 millions |
|
|
TOTAL |
|
Rs. 50.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
32,144 |
`A’
Equity Shares |
Rs.100/- each |
Rs.3.214 millions |
|
48,216 |
`B’
Equity Shares |
Rs.100/- each |
Rs.4.822 millions |
|
|
TOTAL |
|
Rs. 8.036 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share
Capital |
8.000 |
8.000 |
8.000 |
|
|
2] Share Application
Money |
0.000 |
0.000 |
0.000 |
|
|
3]
Reserves & Surplus |
75.500 |
73.200 |
71.700 |
|
|
4]
(Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH
|
83.500 |
81.200 |
79.700 |
|
|
LOAN
FUNDS |
|
|
|
|
|
1]
Secured Loans |
|
|
11.800 |
|
|
2]
Unsecured Loans |
130.100 |
123.500 |
91.400 |
|
TOTAL
BORROWING
|
130.100 |
123.500 |
103.200 |
|
|
DEFERRED
TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
213.600 |
204.700 |
182.900 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
29.400 |
35.800 |
37.100 |
|
Capital work-in-progress
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
INVESTMENT
|
25.700 |
0.400 |
0.100 |
|
DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
61.300
|
75.500 |
48.700 |
|
|
Sundry Debtors
|
182.100
|
206.400 |
187.400 |
|
|
Cash & Bank Balances
|
53.800
|
25.400 |
34.700 |
|
|
Other Current Assets
|
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances
|
43.900
|
139.200 |
120.200 |
Total Current Assets
|
341.100
|
446.500 |
391.000 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
158.300
|
170.600 |
147.300 |
|
|
Provisions
|
24.300
|
107.400 |
98.000 |
Total Current Liabilities
|
182.600
|
278.000 |
245.300 |
|
Net
Current Assets
|
158.500
|
168.500 |
145.700 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
213.600 |
204.700 |
182.900 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales
Turnover |
647.100 |
638.300 |
562.700 |
|
|
Other Income |
(9.900) |
45.400 |
(9.600) |
|
|
Total
Income |
637.200 |
683.700 |
572.300 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
25.700 |
24.500 |
25.100 |
|
|
Provision for Taxation |
9.700 |
9.200 |
9.200 |
|
|
Profit/(Loss) After Tax |
16.000 |
15.300 |
15.900 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Cost of Goods Sold |
|
|
|
|
|
Manufacturing Expenses |
34.000 |
38.200 |
36.300 |
|
|
Administrative Expenses |
46.400 |
56.400 |
55.100 |
|
|
Raw Material Consumed |
315.100 |
358.500 |
268.800 |
|
|
Excise Duty |
76.500 |
77.100 |
62.900 |
|
|
Employee cost |
51.900 |
53.800 |
50.900 |
|
|
Miscellaneous expenses |
33.800 |
26.900 |
28.800 |
|
|
Interest |
19.100 |
16.700 |
16.300 |
|
|
Power & Fuel |
28.400 |
25.100 |
21.700 |
|
|
Depreciation & Amortization |
6.300 |
6.500 |
6.400 |
|
Total
Expenditure |
611.500 |
659.200 |
547.200 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total
Income |
(%) |
2.51
|
2.23 |
2.77 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.97
|
3.83 |
4.46 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.93
|
5.07 |
5.83 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.30
|
0.30 |
0.31 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.74
|
4.94 |
4.37 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current
Liability) |
|
1.86
|
1.60 |
1.59 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
The company was incorporated on 24th August, 1965
at Mumbai in Maharashtra having Company Registration Number 11-13303.
The Company was originally incorporated under the name &
style of NOPCO (India) Limited. in collaboration
with Nopco Chemicals, New Jersey, U.S.A. primarily to manufacture spin finishes
for viscose rayon filament units in India. Gradually, other product lines e.g.
textile auxiliaries for wet application, anti-stars and finishing oils for
polyamide and polyester, paper auxiliaries, tranning chemicals, etc. were added
to it.
In 1973, the company's name was changed to Diamond
Shamrock (India) Limited. due to change of Nopco's name worldwide. In
1979, another plant at Ratnagiri was started for the manufacture of
ion-exchange resins under the know-how of Diaprosim, France (a division of
Duolite International) then a subsidiary of Diamond Shamrock, U.S.A.
In 1985, when Diamond Shamrock decided to disinvest from
process chemicals business worldwide, the company changed its collaboration
with Henkel KGaA and the company's name was also changed to HenKel
Chemicals (India) Limited.
In 1996, Henkel KGaA signed an agreement to disinvest its holding in favour of
Indian shareholders. The share purchase agreement stands consummated, and
w.e.f. 9th May, 1997 company's name has been changed to its present name
Auchtel Products Limited
Business:
The company acts as authorised dealers of Ducolite.
The company can also develop new Speciality Chemicals
tailor-made to suit the requirements of its customers.
PLANTS
The company has three production sites – Dombivli Plant I,
Dombivli Plant II and Ratnagiri – admeasuring over 100,000 sq. mtrs.
Dombivli is approximately 60 kms. from the central business
district of Mumbai by road, between Thane and Kalyan, and is also well
connected by Central Railway within an hour's reach.
Ratnagiri, located on the same side of the coast as Mumbai, is about 350 kms.
from Mumbai City and is exactly midway on the Mumbai-Goa highway. Ratnagiri is
also connected by rail through the recently established Konkan Railway.
All the three plants are in specified industrial areas of Maharashtra State
Industrial Development Corporation, formed by the Federal Government of
Maharashtra for the planned industrial development of the state.
While approximately 1,000 sq.mtrs. is still available at Dombivli for adding
production line, the Ratnagiri plant has room for additional 10,000 m˛.
FIXED
ASSETS
The company’s fixed assets of important value includes
Leasehold Land & Development, Buildings/Roads,
Plant & Machinery, Research & Development Machinery, Electrical
Machinery & Installation, Furniture, Fixture, Office Equipment and
Computer, Air Conditioners, Water Coolers & Refrigerators, Laboratory &
Other Equipments, Vehicles and Fire Extinguishers.
MEMBERSHIPS
- Indian Small Scale Paints’
Association
- Leather Chemical Manufacturers
Association of India
Website Details Attached:
Profile:
The
Company was originally incorporated as NOPCO (India) Limited in 1965, in
collaboration with Nopco Chemicals, New Jersey, USA, primarily to manufacture
spin finishes for viscose rayon filament units in India. Gradually, other
product lines e.g. textile auxiliaries for wet application, antistats and
finishing oils for polyamide and polyester, paper auxiliaries, tanning
chemicals, etc. were added to it.
In
1973, the company's name was changed to Diamond Shamrock (I) Limited
due to change of Nopco's name worldwide. In 1979, another plant at Ratnagiri
was started for the manufacture of ion-exchange resins under the know-how of
Diaprosim, France ( a division of Duolite International) then a subsidiary of
Diamond Shamrock, U.S.A.
In
1985, when Diamond Shamrock decided to divest from process chemicals business
worldwide, the company changed its collabration with Henkel KGaA and the
company's name was also changed to HenKel Chemicals (India) Limited.
In
1996, Henkel KGaA signed an agreement to divest its holding in favour of Indian
shareholders. The share purchase agreement stands consummated, and w.e.f. 9th
May, 1997 company's name has been changed to its present name Auchtel
Products Limited
Resources:
Production Facilities...
The
company has three production sites - Dombivli Plant I, Dombivli Plant II and
Ratnagiri - admeasuring over 100,000 sq. mtrs.
Dombivli
is approximately 60 kms. from the central business district of Mumbai by road,
between Thane and Kalyan, and is also well connected by Central Railway within
an hour's reach.
Ratnagiri,
located on the same side of the coast as Mumbai, is about 350 kms. from Mumbai
City and is exactly midway on the Mumbai-Goa highway. Ratnagiri is also
connected by rail through the recently established Konkan Railway.
All
the three plants are in specified industrial areas of Maharashtra State
Industrial Development Corporation, formed by the Federal Government of
Maharashtra for the planned industrial development of the state.
Room For Expansion....
While
approximately 10,000 sq. mtrs. is still available at Dombivli for adding
production line, the Ratnagiri plant has room for additional 10,000 sq. mtrs.
Technologies at Sites...
Following
production capabilities are available :
|
Ethoxylation |
Polymerisation |
|
Esterifications |
Emulsions |
|
Trans-esterifications |
Solutions |
|
Sulfonation
- Hot & Cold |
Suspension |
|
Sulfation/
Sulfitation |
Bulk
Quaternizations |
|
Spray
Drying |
Substitution
/ Cyclization |
|
Polymer /
Chemical Blending |
|
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. 39.77 |
|
UK Pound |
1 |
Rs. 82.45 |
|
Euro |
1 |
Rs. 58.94 |
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 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
8 |
|
--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 |
NO |
|
--EXPORT
ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--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
|
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 |