MIRA
INFORM REPORT
|
Report Date : |
02.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
WACKER METROARK
CHEMICALS PRIVATE LIMITED |
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Registered Office : |
Diamond
Harbour Road, Bishnupur, 24 Mouza-Chandi, Parganas South – 743503, West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
13.08.1998 |
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Com. Reg. No.: |
21-87722 |
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CIN No.: [Company
Identification No.] |
U24119WB1998PTC087722 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALWO2224F |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturer
and Exporter of Silicones in Primary Forms, Lubricating Preparations,
Finishing Agents |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 2000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
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Comments : |
Subject
is a well established company of Wacker, Germany. Available information indicates high financial responsibility
of the company. Financial position of
the company is good. Payments are
reported as correct and as per commitments. The
company can be considered good for normal business dealings at usual trade
terms and conditions. |
LOCATIONS
|
Registered Office/ Factory/ Warehouse : |
Diamond
Harbour Road, Bishnupur, 24 Mouza-Chandi, Parganas South – 743503, West
Bengal, India |
|
Tel. No.: |
91-33-24708384
/ 90 / 24072100 |
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Fax No.: |
91-33-24709943
/ 24072502 |
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E-Mail : |
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Website : |
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Area : |
353000
sq. fts. - Owned industrial |
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Head Office : |
Chatterjee
International Centre, 33-A, Jawaharlal Nehru Road, Kolkata - 700 071, West
Bengal |
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Tel. No.: |
91-33-22263833
/ 34 |
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Fax No.: |
91-33-22493841 |
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Associates
Office : |
Located
at : · Chennai, Tamilnadu · Ludhiana, Punjab |
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Regional
Office - South : |
No. 1, 6th Cross, Raghavendra Lay Out,
Opposite M.E.I. Yeshwanthpur, |
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Tel. No.: |
91-80-23373-832 |
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Fax No.: |
91-80-23373-902 |
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Regional Office - North : |
505 & 507 Antarksha Bhawan, 22, Kasturba Gandhi
Marg, New Delhi 110 001 |
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Tel. No.: |
91-11-23311565/6/7 |
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Fax No.: |
91-11-55305165 |
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Regional Office –
West : |
101/102, Shreya House, 1st Floor, Pereira Hill Road,
Off. Andheri Kurla Road, |
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Tel. No.: |
91-22-6570-3216 / 3217 |
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Fax No.: |
91-22-6693-5604 |
DIRECTORS
|
Name : |
Mr.
Soumitra Ranjan Mukherjee |
|
Designation : |
Managing
Director |
|
Address : |
94/5
Hari Prasad Shastri Sarani Block /E, Kolkata – 700053, West Bengal, India |
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Date of Birth/Age : |
29.01.1955 |
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Qualification : |
Graduate |
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Date of Appointment : |
13.08.1998 |
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Previous
Employment : |
Metroark
Limited |
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Election
Commission Identity Card No. : |
WB/23/150/003163 |
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Name : |
Mr.
Avijit Banerjee |
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Designation : |
Director |
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Address : |
8/B, Nakuleswar Bhatt, Acharjee Lane, Kolkata – 700026, West Bengal,
India |
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Date of Birth/Age : |
29.08.1961 |
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Date of Appointment : |
18.12.1998 |
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Election
Commission Identity Card No. : |
WB/18/113/162861 |
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Name : |
Mr.
Joern Mirke |
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Designation : |
Director |
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Address : |
Mareenberger Str 60 84489, Burghausen, Burghausen Germany |
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Date of Birth/Age : |
11.08.1948 |
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Date of Appointment : |
31.08.2007 |
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Name : |
Dr. Velez Carlos Alfredo |
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Designation : |
Director |
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Address : |
Brucknerstr 41, B 84489 Burghausen |
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Date of Birth/Age : |
04.06.1949 |
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Date of Appointment : |
02.09.2003 |
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Name : |
Dr.
Christoph Van Photho |
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Designation : |
Director |
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Name : |
Mr. Christian
Gimber |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Jitendra Tiwari |
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Designation : |
Company Secretary |
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Address : |
B – 234, Lake Gardens, 2nd Floor, Kolkata – 700045, West
Bengal, India |
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Date of Birth/Age : |
12.11.1957 |
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Date of Appointment : |
12.08.2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
|
Names of Shareholders |
|
No. of Shares |
|
Metroark
Limited |
|
845250 |
|
Wacker
Chemie GmbH, Munich, Germany |
|
879750 |
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Total |
|
1725000 |
(As on 31.03.2007)
|
Category |
|
Percentage |
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Foreign holdings
[Foreign institutional investors, Foreign Companies, Foreign Financial
Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
51.00 |
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Bodies corporate |
|
49.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
and Exporter of Silicones in Primary Forms, Lubricating Preparations,
Finishing Agents |
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Products : |
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Brand Names : |
·
"WACKER"
· "METROARK” |
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Agencies Held : |
Wacker
Chemie GmbH, Munich, Germany |
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Exports : |
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Countries : |
·
Bangalore ·
Bhutan ·
Nepal ·
Sri
Lanka ·
Malaysia ·
Singapore
·
Taiwan |
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Imports : |
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Products : |
Raw Material |
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Countries : |
Germany |
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Terms : |
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Selling : |
D/P
and L/C |
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Purchasing : |
Cash,
Credit (90 to 180 days) or D/P |
PRODUCTION STATUS
|
Particulars |
Unit |
|
|
Installed
Capacity |
|
Silicones |
MT |
|
|
3732 |
GENERAL
INFORMATION
|
Suppliers : |
· Wacker Chemie GmbH, Munich, Germany · Mars Minerals Engineering |
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Customers : |
· Bitacel Silicones Limited,
Mumbai ·
Mata
Polymers, Mumbai |
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No. of Employees : |
Around 200 |
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Bankers : |
·
Deutsche
Bank Brook
House, 9, Shakespeare Sarani, Kolkata - 700071, West Bengal, India |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
S. P.
Chaterjee and Company Chartered
Accountants |
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Address : |
10, Old
Court House Street, Kolkata - 700 001, West Bengal |
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Tel. No.: |
91-33-22102380 |
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Parent
company: |
· Wacker Chemie GmbH Hanns-Seidel-Platz
4, 81737, Munchen, Germany Tel.
No. +49-89-62 79-01 Fax
No. +49-89-62 79-17 70 17600
employees world-wide generate annual sales of more than Ł 3 billion. With R & D spending at 5% of annual sales and an investment
ratio averaging 18% for the past five years.
It has production sites in Europe (11) and Asia (6) and has a global
sales network of over 100 subsidiaries and offices. Its'
four divisions offer the following products portfolio : Polymers
Division
Redispersible
powders, solid resins, polyvinyl butyrals, speciality chemicals, catalysts
and biotechnology Silicones
Division
Silicone
fluids, rubbers and resins, silanes and fumed silicas Semiconductors
Division
Hyperpure
silicon for semiconductor devices Ceramics
Division
Advanced
ceramics, boron compounds, functional coatings, microporous insulation
semiconductors, polymers, silicones and materials. |
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Holding Company : |
Wacker Chemie AG |
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Associates : |
·
Wacker
Dymatic Silicones · Wacker Asahikasei Silicone
Company Limited |
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Subsidiaries |
·
Wacker
Chemicals [South Asia] Pte. Limited ·
Wacker
Chemicals Corporation ·
Wacker
Chemical Hong Kong Limited ·
Wacker
Chemicals Korea Limited ·
Drawin
Vertriebs – GmbH ·
Wacker
Chemicals Italia SpA ·
Wacker
Quimica do Brasil Limited |
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Joint Promoter |
·
Metroark
Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1800000 |
Equity
Shares |
Rs. 100/- each |
Rs. 180.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1725000 |
Equity
Shares |
Rs. 100/- each |
Rs. 172.500 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 |
172.500 |
172.500 |
172.500 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
327.360 |
227.823 |
154.992 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
499.860 |
400.323 |
327.492 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
18.087 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
18.087 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
6.778 |
7.341 |
8.173 |
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|
|
|
|
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TOTAL |
506.638 |
425.751 |
335.665 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
178.936 |
148.147 |
124.109 |
|
|
Capital work-in-progress |
50.298 |
31.180 |
24.940 |
|
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|
|
|
|
|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
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|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
185.447
|
186.770
|
127.001 |
|
|
Sundry Debtors |
298.580
|
222.347
|
165.921 |
|
|
Cash & Bank Balances |
32.086
|
2.000
|
25.176 |
|
|
Other Current Assets |
1.146
|
0.000
|
0.000 |
|
|
Loans & Advances |
188.511
|
164.056
|
113.644 |
|
Total
Current Assets |
705.770
|
575.173
|
431.742 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
234.781
|
160.962
|
115.543 |
|
|
Provisions |
193.585
|
167.787
|
129.583 |
|
Total
Current Liabilities |
428.366
|
328.749
|
245.126 |
|
|
Net Current Assets |
277.404
|
246.424
|
186.616 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
506.638 |
425.751 |
335.665 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sale Turnover (Including Other Income) |
917.193 |
705.640 |
523.786 |
|
|
Total Income |
917.193 |
705.640 |
523.786 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
198.449 |
135.485 |
88.004 |
|
|
Provision for Taxation |
68.767 |
47.902 |
31.954 |
|
|
Profit/(Loss) After Tax |
129.682 |
87.583 |
56.050 |
|
|
|
|
|
|
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|
Export Value |
197.914 |
169.822 |
106.096 |
|
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|
|
|
|
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Import Value |
399.246 |
359.871 |
220.119 |
|
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Expenditures : |
|
|
|
|
|
|
Interest |
1.336 |
0.304 |
1.061 |
|
|
Depreciation |
31.504 |
27.227 |
15.220 |
|
|
Other Expenditure |
685.904 |
542.624 |
419.501 |
|
Total Expenditure |
718.744 |
570.155 |
435.782 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
14.14
|
12.41 |
10.70 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
21.64
|
19.20 |
16.80 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
22.43
|
18.73 |
15.83 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.40
|
0.34 |
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.86
|
0.87 |
0.85 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.65
|
1.75 |
1.76 |
LOCAL AGENCY
FURTHER INFORMATION
Wacker
Chemie GmbH, is a globally active company with headquarters at Munich. It ranks
among the top hundred industrial enterprises in Germany and is owned by Dr.
Alexander Wacker Familiengesellschaft mbH (51%) and Hoechst AG (49%).
Milestones
1903 Founding
of the Consortium fur elektrochemische Industrie GmbH
1914 Founding of
Wacker-Chemie GmbH on 13th October
1916/17 First
industrial-scale production of acetaldehyde, acetic acid and acetone
1922 Development of a
production process for acetic anhydride via ketene (cellulose acetate)
1924 Production
of polyvinyl alcohol begins - resulting in the manufacture of the first
completely synthetic fiber
1933 Purchase of
Elektroschmelzwerk Kempten AG (founded in 1922)
1935 Patent application for
production of polyvinyl chloride in a suspension process
1947 Initial work with
silicones
1953 First production of
hyperpure silicon
1957 Direct oxidation of
ethylene to acetaldehyde. Start of redispersible powder production
1959 Production facility
opened in Cologne-Merkenich
1965 Founding of Wacker
Chemical Corporation, New York
1966 Start of
ethylene/vinyl acetate dispersion production
1968 Ethylene replaces
acetylene as the base raw material at the Burghausen plant
Founding
of Wacker-Chemitronic Gesellschaft fur Elektronik-Grundstoffe GmbH
1969 Purchase of an interest
in SWS Silicones Corporation located in Adrian, Michigan, U.S.A.
1978 Founding of Wacker
Siltronic Corporation in Portland, Oregon, U.S.A.
1983 Founding of Wacker
Chemicals East Asia Limited, Tokyo
1987 Founding of Wacker
Silicones Corporation in Adrian, Michigan, U.S.A.
1988 Reorganisation
of the Wacker Group. Purchasing and
expansion of the site in Wasserburg, Bavaria, for production of hyperpure
silicon wafers
1991 Start of silicone
production at Wacker-Chemie Italia SpA
1992 Start of operations at
Wacker Chimie S.A., Lyon, France
1993 Founding of Vinnolit
Kunststoff GmbH to produce and sell PVC
1995 Acquisition
of the hyperpure silicon activities of Freiberger Elektronikwerkstoffe (FEW),
Saxony
1996 Start
of production of 200-mm hyperpure silicon wafers (Fab2), Wacker Siltronic
Corporation, Portland, Oregon, U.S.A.
1997 Construction
of a cyclodextrin production plant in Eddyville, Iowa, USA Construction of a
plant for 200-mm hyperpure silicon wafers in Singapore
1998 Founding
of Wacker Polymer Systems GmbH & Company, KG and Air Products
Polymers. Acquisition of the Huls
Group's silicone activities in Nunchritz, Saxony
1999 Founding
of Wacker Asahikasei Silicone Company Limited to produce and sell silicone
products
2000 Withdrawal
from PVC activities after 65 years : Sale of Vinnolit Kunststoff GmbH to the U.S. group Advent International Corporation
Founding of Wacker NSCE Corporation, Japan : Joint Venture between Nippon Steel Corporation(45%)
and Wacker Siltronic (55%)
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.42.59 |
|
UK Pound |
1 |
Rs.84.16 |
|
Euro |
1 |
Rs.65.99 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
49 |
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 |
|