MIRA
INFORM REPORT
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Report Date : |
28.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
ELIOKEM INDIA PRIVATE LIMITED |
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Registered Office : |
707/708, Meadows, Sahar Plaza Complex, Andheri Kurla Road, Mumbai –
400 059, Maharashtra |
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Country : |
India |
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Date of Incorporation : |
04.10.2007 |
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Com. Reg. No.: |
174698 |
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CIN No.: [Company
Identification No.] |
U24296MH2007PTC174698 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUME07045D |
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PAN No.: [Permanent
Account No.] |
AABCE8488J |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturers of Polymers |
RATING &
COMMENTS
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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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Status : |
New Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a part of Eliokem, worldwide. It has taken over running
division of Anar Industries Limited. Present, it employ 244 people
and export sales of Rs.1250 millions Trade relations are fair. Payments are usually correct and as per commitments. As the subject is a new company, no financials are yet available. However, the company can be considered normal for business dealings at
usual trade terms and conditions with slight caution. |
INFORMATION PARTED
BY
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Name : |
Mr. Pandey |
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Designation : |
HR Manager |
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Contact No.: |
91-9909020605 |
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Date : |
23.08.2008 |
LOCATIONS
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Registered Office : |
707/708, Meadows, Sahar Plaza Complex, Andheri Kurla Road, Mumbai –
400 059, Maharashtra, India |
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Tel. No.: |
91-22-66840900 |
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Mobile No.: |
91-9909020605 |
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Fax No.: |
91-22-66840901 |
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E-Mail : |
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Website : |
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Area : |
6000 Sq. ft. |
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Location : |
Rented |
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Head Office : |
14, Avenue Des Tropiques, Z.A. De Courtaboeuf 2, Villejust 91955
Courtboeuf Cedex – France |
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Tel. No.: |
33-1-69292800 |
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Fax No.: |
33-1-69292705 |
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Factory 1 : |
Z. I. Du Harve, Route Du Noroit 76430, Sandouville, France |
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Tel. No.: |
33-2-32792200 |
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Fax No.: |
33-2-32792394/5 |
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Factory 2 : |
1380 Tech way Drive, Akron, Ohio, 44306 – USA |
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Tel. No.: |
1-330-7341100 |
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Fax No.: |
1-330-7341101 |
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Factory 3 : |
308 Jiangbin Road, United Development Zone, Xiaogang Ningbo Economic
and Technical Development Zone, Zhejiang Province, P R China Post Code : 315
803 |
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Tel No.: |
86-574-86183719 |
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Fax No.: |
86-574-86226673 |
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Factory 4 : |
Village Dungri, Taluka Valia, Ankleshwar – 393 135, Dist. Bharuch,
Gujarat, India |
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Tel. No.: |
91-2643-270442/43/45 |
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Fax No.: |
91-2643-270010 |
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Factory 5: |
District Baruch, Taluka Valia. |
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Tel. No.: |
91-2643-270442 |
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Fax No.: |
91-2643-270010 |
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Technology
Centers |
Located at ·
France ·
Akron ·
China ·
India |
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Representative
Offices : |
Located at ·
France ·
Akron ·
Germany ·
Singapore ·
PRC ·
India |
DIRECTORS
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Name : |
Mr. Robert Michael Pavrey |
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Designation : |
Director |
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Address : |
A/1, Rainbow View Chs, 345 Vakola Aram Lane, Santacruz (East), Mumbai
– 400 055, Maharashtra, India |
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Date of Birth/Age : |
16.03.1962 |
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Name : |
Mrs. Urvashi Vijay Datwani |
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Designation : |
Director |
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Address : |
22, Ratna Rajul, M G Road, Kandivli (West), Mumbai – 400 067,
Maharashtra, India |
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Date of Birth/Age : |
12.12.1970 |
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Name : |
Mr. Deepak Birje |
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Designation : |
Director |
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Name : |
Mr. Polivier Saussabier |
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Designation : |
Director |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Polymers |
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Exports : |
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Products : |
Polymers |
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Countries : |
·
USA ·
Japan ·
China ·
Malaysia |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
Saudi Arabia |
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Terms : |
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Selling : |
L/C, Cash and Credit (30 days / 60 days) |
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Purchasing : |
L/C, Cash and Credit (60 days) |
GENERAL
INFORMATION
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No. of Employees : |
244 ( In Office 32 and In Factory 212) |
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Bankers : |
·
HSBC Bank, Andheri ·
State Bank of India, Valia |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Delioitee Haskins and Sells Chartered Accountants |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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Not Available |
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FINANCIAL DATA
[all figures are in Rupees Millions]
As the subject is a new company, no financials
are yet available.
LOCAL AGENCY
FURTHER INFORMATION
Trade References
·
SSR
·
Latexes
Web Details
Subject has four manufacturing facilities, ISO 9001 : 2000
certified.
The LE HAVRE PLANT (France) is
ideally located near one of the main European ports. The port of Le Havre is
located on the world's busiest sea trade route and is linked by motorway to Paris
and the rest of Europe by daily air services to London, Amsterdam and Brussels
- an additional advantage for the many visitors.
This convenient location provides unrivalled advantages for the group's
logistic department which is also located on the site:
- The proximity
of the port, with regular sailings for the United States and the Far East,
enables a flexible delivery service for these far-off customers
- The road infrastructure, which is still
being extended, enables very fast delivery to European customers
The logistic department has a
close relation with a number of efficient haulage companies who provide a high
level of service to match the high performance of the products.
Subject places great emphasis on
exports and markets its goods in all five continents. They have experience in
90 different countries and have a close relationship with our agents, enabling
them to work with their customers to provide logistic services to suit their
requirements.
Finally, they keep in close
contact with official organizations to monitor regulations to ensure that they
always conform to the requirements of the countries to which they dispatch the
products.
THe Le Havre plant is a
multipurpose plant manufacturing, Pliolite, Plioway dry resins, Pliotec latex,
Chemigum and Sunigum elastomers, Wingstay antioxidants, Pliocord and Chemigum
latex.
The AKRON PLANT (Ohio, USA)
is located 35 miles from Cleveland in Akron Ohio. This area combines the
presence of an existing plastic, coatings and rubber skilled workforce with
many recognized centers of educational excellence. The Midwest Region has a
high concentration of the industries Eliokem serves and the Universities in the
area contribute to the innovation and training of future talents.
The Akron plant manufactures
Pliolite, Pliotone dry resins, and Pliotec latex. The plant is highly automated
and has batch and semi-continuous polymerization capabilities. Subject has
implemented a system of continuous improvement in manufacturing operations over
the past decade, which combined with capital investments to increase
flexibility, capacity and productivity, have created a solid base for
profitable growth. The facility is strategically located near the distribution
channel, to better serve its customer base.
The NINGBO PLANT (China) is located in The Ningbo
Economic and Technical Development Zone (NETD), one of China's most dynamic
development regions, near Shanghai.
The Ningbo Plant is specifically designed for the protection of
Wingstay phenolic antioxidants. It enables Subject to maintain a key position
in Asia for ABS plastic and synthetic rubber stabilization and the protection
of articles based on natural rubber latex.
The VALIA PLANT (India) is located in the western
state of Gujarat, 300 kms north of the financial capital Mumbai. Situated in
the midst of a major petrochemical zone bordering the Arabian Sea, Valia is
close to the sources of monomers and to maritime ports. It was set up in 1992
under technology licensed from The Goodyear Tire and Rubber Company of USA.
Valia and Le Havre plants share the same technological heritage but specialize
in different product families to complement Eliokem offerings to the Rubber and
Latex Industries.
Valia makes Chemigum Nitrile Rubber and Polyblends (NBR/PVC) and
Pliolite HSR Reinforcing Resins (high styrene-rubber masterbatch) for the
rubber industry; and Chemigum Nitrile and Pliolite SB Latices for the latex
industry. Technical services to customers are provided by the on-site RandD
center. The Valia facilities spearhead Eliokem offer to rubber and latex
industries worldwide Infrastructure of the Valia plant was recently geared to
double the capacity in readiness for the growing demand for its products in the
coming years, especially in Asia.
Press Release
Paris/Villejust, 5 November 2007 :
Eliokem, a global specialty chemical company and polymer producer,
majority-owned by AXA Private Equity, has signed a purchase agreement with Apar
Industries (Mumbai, India, “Apar”) to acquire its Polymer Division, for an
amount of INR 1.1 bn (US$ 27.5m) subject to regulatory approvals.
Apar’s Polymer Division is the sole Indian manufacturer of
nitrile rubber and has a strong leadership position in India. Its products
offer excellent mechanical properties (abrasion and tear resistance) as well as
exceptional chemical, oil and fuel resistance. End-use applications for Apar’s
nitrile rubber include automotive parts and industrial goods such as rice
rollers, hoses or shoe soles. Over the last two years Apar Industries has
invested significantly in the Polymer Division to expand capacity, improve
efficiency and consolidate the entire polymer business at a single production
site at Valia (Gujarat). For the fiscal year ending March 2007, Apar’s Polymer
Division achieved revenues of INR 1,4 billion (around $ 34 million) and is
expecting greater than 30% growth for the fiscal year ending March 2008,
following the restructuring of operations and strong market growth.
The acquisition of Apar’s Polymer Division fits perfectly with Eliokem’s
expansion strategy implemented since AXA Private Equity acquired a majority
stake in the company in October 2006. It will reinforce Eliokem’s synthetic
polymer business where it already holds worldwide leadership positions and will
notably complement the company’s offerings in nitrile rubber and high styrene
reinforcing resins to the rubber industry. The operation is considered as
well-timed when major industrial and financial players expect India to become a
global manufacturing hub within the next few years.
As experienced peers and major players in the polymer industry, Mr Jacques
Collonge, Eliokem’s CEO, and Dr Narendra Desai, Apar’s Chairman, have hailed
the move as synergistic for the employees, the businesses and the customers. It
meets the common objectives of reinforcing primary businesses and diversifying
to adjacent segments through external growth.
“Apar Industries will be able to grow faster in the Power and Energy sectors through their other two
Divisions, Specialty Oils and Aluminium Conductors, which account for 90% of
the revenue of the listed Company”, stated Dr Narendra Desai.”
The Apar Polymer Division acquired manufacturing site is located in Valia, a
prominent petrochemical region in the Western state of Gujarat, about 400 km
North of Mumbai. Significant operational and technology synergies among the
RandD and polymer production facilities of the Valia site and those of Eliokem
in France and the USA will enhance the value of products and services offered to
customers in Asia, Europe, Middle East and North America. Eliokem also intends
to use Apar’s Polymer Division as a platform for growth and geographical
expansion by leveraging respective sales forces to push Eliokem products in
India and Apar’s Polymer Division products into other global markets
“The integration of Apar’s Polymer Division within Eliokem should be
facilitated by the long shared cooperation of both the companies in the polymer
business based on the emulsion polymerization technology inherited from The
Goodyear Tire and Rubber Company to make a variety of specialty resins, rubbers
and latices through combinations of monomers as diverse as acrylics,
acrylonitrile, butadiene, styrene and vinyl pyridine. The new low cost
manufacturing platform in India will strengthen Eliokem growth plan both
domestically with cagr 10-15% as well as in Asia, Europe and USA”, stated Mr
Jacques Collonge.
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 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.73 |
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UK Pound |
1 |
Rs.80.57 |
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Euro |
1 |
Rs.64.29 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
- |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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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 |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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38 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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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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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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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