MIRA
INFORM REPORT
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Report Date : |
28.09.2007 |
IDENTIFICATION DETAILS
|
Name : |
BAERLOCHER INDIA ADDITIVES PRIVATE LIMITED |
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Registered Office : |
Godrej Industries Complex, Pirojshanagar, Vikhroli (East),
Mumbai – 400079, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
04.12.1997 |
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Com. Reg. No.: |
11-22161 |
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CIN No.: [Company
Identification No.] |
U74999MH2002PTC112261 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMB07662E |
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PAN No.: [Permanent
Account No.] |
AAACB6493M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Compound Stabilisers for Resins and Plastics |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Maximum Credit Limit : |
USD 550000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of an Italian company having moderate track. Directors are reported as experienced and respectable businessmen. Trade relations are reported as fair. Company’s profitability is under severe pressure. It has some accumulated losses. Payments are reported as slow but correct. The company can be considered for small business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
Godrej Industries Complex, Pirojshanagar, Vikhroli (East),
Mumbai – 400079, |
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Tel. No.: |
91-22-55974151 / 52 / 25188701 |
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Fax No.: |
91-22-25188703 |
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E-Mail : |
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Website : |
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Factory : |
Industrial Area No. 3, |
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Tel. No.: |
91-72-72509700 |
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Fax No.: |
91-72-72509727 |
DIRECTORS
|
Name : |
Mr. Ahluwalia S Surinder |
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Designation : |
Manger |
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Address : |
Flat No. 12, LE Chateau, |
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Date of Birth/Age : |
22nd April, 1941 |
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Date of Appointment : |
4th December, 19997 |
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Name : |
Mr. Grasnueck C Rainer |
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Designation : |
Director |
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Address : |
Vilale Placenza |
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Date of Birth/Age : |
5th May, 1957 |
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Date of Appointment : |
10th December, 19997 |
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Name : |
Mr. Comini Emilio Andrea |
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Designation : |
Director |
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Address : |
Viale Sardegna, |
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Date of Birth/Age : |
31st October, 1950 |
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Date of Appointment : |
30th March, 1999 |
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Name : |
Mr. Dehh Dieter Klavs |
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Designation : |
Director |
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Address : |
Kazairstrasse, |
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Date of Birth/Age : |
5th November, 1955 |
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Date of Appointment : |
23rd March, 2005 |
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Name : |
Mr. Fischer R Bernhard |
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Designation : |
Director |
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Address : |
Waldpro Menade, |
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Date of Birth/Age : |
30th January, 1949 |
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Date of Appointment : |
4th December, 1997 |
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Name : |
Mr. Cheng K Malpaso |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
24th January, 1949 |
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Date of Appointment : |
4th December, 1997 |
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Name : |
Mr. Ausserbauer Valentin |
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Designation : |
Director |
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Address : |
Tiefer Weg, Lingen – 49808, |
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Date of Birth/Age : |
19th September, 1939 |
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Date of Appointment : |
10th December, 1997 |
KEY EXECUTIVES
|
Name : |
Mr. Patnaik Kumar Sankar |
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Designation : |
Company Secretary |
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Address : |
Flat No. 1, ‘B’ Block, Shiv Shankar Aqart, Jui Nagar, Navi Mumbai – 400706 |
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Date of Birth/Age : |
29th May, 1971 |
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Date of Appointment : |
18th November, 2002 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
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No. of Shares |
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Baerlocher Italia SPA |
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22031959 |
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Baerlocher GMBH |
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1 |
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Total |
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22031960 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Compound Stabilisers for Resins and Plastics |
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Products : |
Compound Stabilisers for Resins and Plastics – 3812.00 |
PRODUCTION STATUS
|
Particulars |
Unit |
|
Installed
Capacity |
|
Compound Stabilisers for Resins and Plastics |
M.T. |
|
11500 Per Annum |
GENERAL INFORMATION
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Bankers : |
Bank of |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
R Laxminarayan Chartered Accountant |
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Address : |
12, Deloitte House, Dr. Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai – 400018 |
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Tel. No.: |
91-22-56679000 |
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Fax No.: |
91-22-56679025 |
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Holding Company : |
Baerlocher Italia S.p.A. |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25,000,000 |
Equity Shares |
Rs. 10/- Each |
Rs. 250.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
22,031,960 |
Equity Shares |
Rs. 10/- Each |
Rs. 220.320 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
220.320 |
220.320 |
220.319 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(83.664) |
(86.179) |
(87.783) |
|
|
NETWORTH |
136.656 |
134.141 |
132.536 |
|
|
LOAN FUNDS |
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|
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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|
2] Unsecured Loans |
93.605 |
87.123 |
75.823 |
|
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TOTAL BORROWING |
93.605 |
87.123 |
75.823 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
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|
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TOTAL |
230.261 |
221.264 |
208.359 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
78.549 |
80.577 |
96.236 |
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Capital work-in-progress |
0.000 |
9.664 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
70.695
|
73.280 |
59.682
|
|
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Sundry Debtors |
108.647
|
93.224 |
62.758
|
|
|
Cash & Bank Balances |
2.503
|
2.456 |
2.395
|
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|
Other Current Assets |
0.000
|
0.000 |
0.000
|
|
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Loans & Advances |
17.009
|
13.662 |
15.894
|
|
Total
Current Assets |
198.854
|
182.622 |
140.729 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Current Liabilities |
45.051
|
50.258 |
27.479
|
|
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Provisions |
2.091
|
1.341 |
1.127
|
|
Total
Current Liabilities |
47.142
|
51.599 |
28.606 |
|
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Net Current Assets |
151.712
|
131.023 |
112.123
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
230.261 |
221.264 |
208.359 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover & Other Income |
|
340.281 |
271.120 |
|
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Total Income |
|
340.281 |
271.120 |
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Profit/(Loss) Before Tax |
|
2.218 |
0.584 |
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Provision for Taxation |
|
-- |
-- |
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Profit/(Loss) After Tax |
|
2.218 |
0.584 |
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Earnings in Foreign Currency : |
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Total Earnings |
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NA |
2.606 |
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Imports : |
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Total Imports |
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NA |
8.996 |
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Expenditures : |
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Interest |
|
5.812 |
5.544 |
|
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Other Expenditure |
|
332.251 |
264.992 |
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Total Expenditure |
|
338.063 |
270.536 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
NA
|
0.65 |
0.22 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
|
0.65 |
0.22 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
0.84 |
0.25 |
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Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.02 |
0.00 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.03
|
1.03 |
0.79 |
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|
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Current Ratio (Current Asset/Current Liability) |
|
4.22
|
3.54 |
4.92 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets:
v
v
v Plant & Machinery
v Office Equipment
v Computer
v Furniture & Fixture
v Motor
|
Name of the company |
BAERLOCHER INDIA ADDITIVES PRIVATE LIMITED |
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Presented By |
Bank of |
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1) Date and description of instrument creating the change |
Hypothecation agreement dated 23td February, 2001 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 60.000 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
The whole of the borrowers stocks both present and future and including but without prejudice to the generality of the foregoing words all stocks of raw materials, work in progress, semi finished goods such as load stearic acid, cadimium oxide, MTO, PVC Stabilizers etc, Packing materials and stores etc. Whatsoever situed and in transite whether now belonging to or that may at any time during the continuance of this security All the present and future book – debts outstanding monies receivable, claims, bills, contact engagement and securities which are now due and owing or which may at any time the borrower in the course of its business by any person, firm company or body. State Government or Indian Railway or Office or any Municipal or local or public or semi government or given on hire purchase basis |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The charge is created to secure following credit facilities together with interest and margin as stated below Cash Credit – 1% Over PLR 25% (hypothecation of 12% Stock & Book – Effective rate – Rs. 45.000 Millions of Interest 13% with quarterly Inland Import - 25% L/C (D/P, D/A upto 90 days) Rs. 5.000 Millions Bank Grantee – 25% Rs. 10.000 Millions |
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5) Name and Address and description of the person entitled to the charge. |
Bank of |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
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Name of the company |
BAERLOCHER INDIA ADDITIVES PRIVATE LIMITED |
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Presented By |
Bank of |
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1) Date and description of instrument creating the change |
Hypothecation agreement dated 23td February, 2001 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 60.000 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
The whole of the borrowers stocks both present and future and including but without prejudice to the generality of the foregoing words all stocks of raw materials, work in progress, semi finished goods such as load stearic acid, cadimium oxide, MTO, PVC Stabilizers etc, Packing materials and stores etc. Whatsoever situed and in transite whether now belonging to or that may at any time during the continuance of this security All the present and future book – debts outstanding monies receivable, claims, bills, contact engagement and securities which are now due and owing or which may at any time the borrower in the course of its business by any person, firm company or body. State Government or Indian Railway or Office or any Municipal or local or public or semi government or given on hire purchase basis |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The charge is created to secure following credit facilities together with interest and margin as stated below Cash Credit – 1% Over PLR 25% (hypothecation of 12% Stock & Book – Effective rate – Rs. 45.000 Millions of Interest 13% with quarterly Inland Import - 25% L/C (D/P, D/A upto 90 days) Rs. 5.000 Millions Bank Grantee – 25% Rs. 10.000 Millions |
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5) Name and Address and description of the person entitled to the charge. |
Bank of |
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6) Date and brief description of instrument modifying the charge |
Hypothecation agreement dated 27th March, 2001 |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The charged is increased from Rs. 60.000 Millions to Rs. 70.000 Millions the cash credit facility is increased from Rs. 45.000 Millions to Rs. 70.000 Millions |
As per Website Details:
Profile
Global partner
for additives
The Baerlocher group of companies is one of the world's
leading additive suppliers, drawing on its experience from more than 175 years
of company history. Their expertise in the production and use of plastic
additives is closely linked to the success story of plastic materials. Their
global presence and more than 800 employees around the world make sure they
stay close to their customers. 13 production sites in Germany, Italy, France,
Great Britain, the United States, Brazil, Argentina, Peru, India, Korea and
Malaysia as well as a sales network covering more than 40 countries make us a
strong partner.
Vision
Plastics create new solutions for the future.
Additives play a crucial role in determining processing properties and product
quality. By developing and manufacturing high-quality, innovative plastic
additives, Baerlocher supports the plastics industry all over the world and
thus contributes to the success of its customers.
Sustainability
Responsible care
People are part of an environment that has to safeguard
ecosystems for future generations and provide smart technologies and products.
A task they can only carry out together: an awareness of and sense of
responsibility for sustained development therefore play an important role in
all decision-making processes.
Environmental protection and safety
They are committed to the principles of
responsible care: sustainable development, safe and environmentally friendly
production processes as well as protection of people and the environment are
therefore key corporate goals. Their quality management system with ISO 9001
certification and their environmental management system with ISO 14001
certification encourage all employees to act responsibly in order to achieve
joint success with their customers. They also provide proactive support for
voluntary industry commitments such as Vinyl 2010 and the replacement of Pb
stabilizers.
Research and Development
Comprehensive know-how about the production and
use of plastics additives and the development of new additive systems are what
make Baerlocher stand out as a research-orientated enterprise with strong
creative potential. Continuous investment in research and development and a
large number of research scientists and technical experts are the source of
their innovative skills. Baerlocher has R&D sites in Germany
(München-Unterschleissheim), France (Marseille), Italy (Lodi), the United
States (Dover, Ohio) and India (Mumbai).
Organization
|
Global Management Committee (GMC) |
Responsibility |
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|
Dr. Felix K. Meyer |
Chief Executive Officer
|
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Klaus Walter |
MD Baerlocher GmbH |
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Arne Schulle |
Chief Financial Officer |
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Hans Jürgen Sander |
Head of Business Unit PVC Solid Additives |
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|
Rainer Grasmück |
Head of Business Unit PVC Liquid Addititves |
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Andreas Holzner |
Head of Business Unit Special Addititves |
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Bernhard Fischer |
General Counsel |
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History - more than 175 years
2004
• Dr. Michael Rosenthal,
Majority Shareholder of Baerlocher, retires
from operations and becomes Chairman of the Board.
• Dr. Felix Meyer takes over operational management of the Baerlocher
Group of companies as Chief Executive Officer.
1998
• Headquarters move
from Munich to Unterschleissheim
• Inauguration Plastics Additive Museum in Lingen
• 175 year anniversary
1980
Dr. Michael
Rosenthal takes over direction of the business
1947
Takeover of plants by Dr. Christian
Rosenthal Products
|
Products |
|
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||
|
Baeropan® |
|
customer-specific additive one-packs for PVC |
|
Baerostab® |
high performance PVC stabilizers |
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Baerolub® |
lubricants |
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Baerorapid® |
processing aids on acrylate basis |
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Baerodur® |
impact modifiers on acrylate basis |
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Baeropol® |
customer specific additive blends for Polyolefins, Polystyrene,
engineering plastics and rubbers |
|
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Baerophob® |
Hydrophobic agents |
|
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Baerocid® |
Stearic acid |
|
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Baerocin® |
Glycerine |
|
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Zincum®, Ceasit® |
Calcium-, Zinc-, Aluminium-, Lithium-, Sodium-, Magnesium-
stearates and oleates |
|
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Alugel® |
Thixotropic agents |
|
Industries + Applications
The Baerlocher group of companies has an
outsatnding reputation in the plastic and especially PVC industriy. Thanks to the
distinct sense for innovation, Baerlocher provides its customers around the
world with tailor-made stabilisers and additives for plastics processing.
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.39.74 |
|
|
1 |
Rs.80.34 |
|
Euro |
1 |
Rs.56.30 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
33 |
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 |
|