MIRA
INFORM REPORT
|
Report Date : |
11.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
CHEMTEX GLOBAL ENGINEERS PRIVATE LIMITED |
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Registered Office : |
Chemtex House, Hiranandani Gardens Main Street, Powai, Mumbai 400076,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
10.01.2001 |
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Com. Reg. No.: |
11-130393 |
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CIN No.: [Company
Identification No.] |
U74210MH2001PTC130393 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC08213C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Providing Engineering, procurement and construction management
services to process industry. |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 177000 |
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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
records. Trade relations are
fair. Fundamentals are strong and
healthy. Payments are reported as usually
correct and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
Chemtex House, Hiranandani Gardens Main Street, Powai, Mumbai 400076,
Maharashtra, India |
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Tel. No.: |
91-22-25716400 / 25704491 |
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Fax No.: |
91-22-25701998 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Thomas Houghton Mcgannon |
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Designation : |
Director |
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Address : |
8220, Bald Eagle Ln, Wilmington North Carolina 284119307 |
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Date of Birth/Age : |
15.09.1952 |
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Date of Ceasing : |
28.06.2007 |
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Name : |
Mr. Randy Stephen Swartz |
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Designation : |
Director |
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Address : |
2004, Seawind Lane, Wilmington 284054274 |
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Date of Birth/Age : |
13.01.1949 |
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Date of Appointment : |
28.06.2007 |
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Name : |
Mr. Henry Remmer |
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Designation : |
Director |
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Address : |
715, Swallow, Wilmington, USA |
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Date of Birth/Age : |
28.09.1951 |
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Date of Appointment : |
10.01.2001 |
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Name : |
Mr. Shantaram Rege |
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Designation : |
Director |
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Address : |
Flat 35/36, Moon reach, Prabhadevi Seaface, Mumbai 400025,
Maharashtra, India |
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Date of Birth/Age : |
25.05.1927 |
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Date of Appointment : |
10.01.2001 |
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Name : |
Mr. Rajat Dasgupta |
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Designation : |
Director |
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Address : |
Eternia Flat 1604, Hiranandani Gardens, Powai, Mumbai 400076,
Maharashtra, India |
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Date of Birth/Age : |
02.11.1935 |
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Date of Appointment : |
30.06.2002 |
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Name : |
Mr. Jimmy Spencer |
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Designation : |
Director |
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Address : |
1B, 1203 Dheeraj Enclave, Western Express Highway, Borivali [East],
Mumbai 400066, Maharashtra, India |
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Date of Birth/Age : |
03.08.1957 |
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Date of Appointment : |
18.05.2001 |
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Name : |
Mr. Bharat Gala |
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Designation : |
Director |
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Address : |
A – 305, Kailash Tower, Vallabh Baug, Mumbai 400077, Maharashtra,
India |
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Date of Birth/Age : |
24.04.1962 |
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Date of Appointment : |
30.06.2005 |
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Name : |
Mr. Carollo Paolo |
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Designation : |
Director |
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Address : |
92, Slumina Avenue, Unit 7A, Wright Sville Beach NC 28480 USA |
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Date of Birth/Age : |
07.06.1969 |
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Date of Appointment : |
30.06.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders (As on 31.03.2007) |
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No. of Shares |
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Chemtex Engineering of India Limited |
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9999 |
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Shantaram Rege |
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1 |
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Total |
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10000 |
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Equity Share
Break-up [As on 31.03.2007] |
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Percentage of
Holding |
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Bodies Corporate |
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99.90 |
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Director or relatives of the Directors |
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0.10 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Providing Engineering, procurement and construction management
services to process industry. |
GENERAL
INFORMATION
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Bankers : |
Not Available |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
S. R. Batliboi and Company Chartered Accountants |
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Address : |
6th floor, Express Towers, Nariman Point, Mumbai 400021,
Maharashtra, India |
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Holding Company: |
Chemtex Engineering of India Private Limited |
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Associates: |
Chemtex Consulting of India Limited Address: B – 1 Tower, Corporate Block, Airport Road, Bangalore 560017,
India Tel. No.: 91-80-25266108 / 6189 / 5627 Fax No.: 91-80-25269659 E-mail: ccil@chemtexbir.co.in
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs. 10/-
each |
Rs. 0.100
Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
0.100 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
44.272 |
8.399 |
10.066 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
44.372 |
8.499 |
10.166 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
44.372 |
8.499 |
10.166 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
18.717 |
15.347 |
13.257 |
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Capital work-in-progress |
0.000 |
0.000 |
2.370 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
2.463 |
7.217 |
6.487 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
|
0.000 |
0.000 |
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Sundry Debtors |
101.618
|
39.248 |
54.464 |
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Cash & Bank Balances |
3.938
|
1.967 |
5.356 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
13.561
|
16.226 |
3.427 |
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Total
Current Assets |
119.117
|
57.441 |
63.247 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
68.712
|
46.556 |
51.382 |
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Provisions |
27.213
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24.950 |
23.842 |
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Total
Current Liabilities |
95.925
|
71.506 |
75.224 |
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Net Current Assets |
23.192
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[14.065] |
[11.977] |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.029 |
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TOTAL |
44.372 |
8.499 |
10.166 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
355.759 |
222.462 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
355.759 |
222.462 |
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Profit/(Loss) Before Tax |
|
62.342 |
[0.113] |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
62.342 |
[0.113] |
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Expenditures : |
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Depreciation & Amortization |
|
7.739 |
4.862 |
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Other Expenditure |
|
285.678 |
217.713 |
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Total Expenditure |
|
293.417 |
222.575 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
17.52
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[0.05] |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
17.52
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[0.05] |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
44.44
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[0.14] |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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1.40
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[0.01] |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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2.16
|
8.41 |
7.39 |
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Current Ratio (Current Asset/Current Liability) |
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1.24
|
0.80 |
0.84 |
LOCAL AGENCY
FURTHER INFORMATION
AS PER WEBSITE
DETAILS:
COMPANY PROFILE:
Subject is comprised of more than 800 dedicated and creative engineers, designers,
procurement and technology transfer specialists located in seven major global
offices that provide engineering, procurement and construction management
services to process industry customers worldwide. Headquartered in Wilmington,
North Carolina, the company maintains EPCM capability in both Mumbai and
Bangalore in India and at Shanghai and Beijing in China. A sister firm, Chemtex
Italia s.r.l., was founded in Tortona, Italy in 2005, and the company has
opened an additional engineering center in Philadelphia.
Founded in 1947 as Rayon Consultants by several former DuPont employees,
the company re-organized as Chemtex in 1958 and was privately held until
purchased by Mitsubishi Corporation in 1989, following the 1987 death of
founder Eugene Remmer. After fifteen years of ownership, Mitsubishi determined
that Engineering was outside their core business sphere and decided to divest
the organization. A long time Chemtex client and business partner, Gruppo Mossi
and Ghisolfi of Milan, Italy, acquired the
firm in December 2004. Originally based in New York, the company relocated to
Wilmington, North Carolina in 1999. The Company established permanent
operations in India in 1962 and in China in 1984. Their vision is to:
Ø
Grow their global engineering and technology transfer business by
consistently providing high quality deliverables;
Ø
Operate globally with zero incident safety performance;
Ø
Strengthen their global reputation as a premier provider of front end
loading, basic engineering, procurement, project and construction management and detailed engineering services
utilizing internationally accepted standards and which meet or exceed customer
expectations;
Ø
Primarily serve the fibers, polymers, chemicals, petrochemicals,
refining, bio-fuels, gas processing and environmental remediation industries;
Ø
Operate with a “one company – multiple office” philosophy;
TECHNOLOGIES
Subject has a number of licensing partnerships with technology owners
based on long term relationships.
Chemtex, Gruppo Mossi and Ghisolfi
offers technology for acetate polymer and fiber.
One such partnership is with Invista Performance Technologies, the former
DuPont Technology Transfer Group, with whom subject has enjoyed a 35 year
relationship. For other major technology suppliers,
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.39.95 |
|
UK Pound |
1 |
Rs.78.91 |
|
Euro |
1 |
Rs.63.24 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
8 |
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PAID-UP CAPITAL |
1~10 |
8 |
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OPERATING SCALE |
1~10 |
8 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
9 |
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--PROFITABILIRY |
1~10 |
7 |
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--LIQUIDITY |
1~10 |
8 |
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--LEVERAGE |
1~10 |
8 |
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--RESERVES |
1~10 |
8 |
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--CREDIT LINES |
1~10 |
8 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
72 |
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 |
|