MIRA
INFORM REPORT
|
Report Date : |
19.03.2008 |
IDENTIFICATION
DETAILS
|
Name : |
CHEMINOVA INDIA LIMITED |
|
|
|
|
Formerly Known As : |
LUPIN
AGROCHEMICALS (INDIA) LIMITED |
|
|
|
|
Registered Office : |
Keshava, 7th Floor, Bandra Kurla Complex, Bandra (East),
Mumbai – 400051, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
15.01.1986 |
|
|
|
|
Com. Reg. No.: |
038627 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U24100MH1986PLC038627 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC11333A/ MUMC11823A |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACL1417E |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturing of Technical Grade
Pesticides, Intermediates and Pesticides Formulations of different Pack
Size. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 4283840 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established
company having fine track. Available information indicates high financial
responsibility of the company. Financial position is satisfactory. Payments
are usually correct and as per commitments. Your proposed business dealings
can be considered against normal trade terms and conditions. |
LOCATIONS
|
Registered Office : |
Keshava, 7th Floor, Bandra Kurla Complex, Bandra (East),
Mumbai – 400051, Maharashtra, India |
|
Tel. No.: |
91-22-26542209/ 2241/ 26590340/ 241/ 67045504 |
|
Fax No.: |
91-22-26542655/ 2627/ 67045488/ 67045487 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
Plot No. 242/P, GIDC Estate, Panoli - 394 116, Gujarat,
India |
DIRECTORS
|
Name |
Mr.
Ramaswaroop Shamlal Vaid |
|
Designation |
Managing Director |
|
Address |
A2/9, Prithvi Apartments, 21
Altamount Road, Mumbai – 400026, Maharashtra, India |
|
Date of Birth |
21.03.1936 |
|
Date of Appointment |
01.07.2002 |
|
|
|
|
Name |
Mr. Bjorn Knud Albinus |
|
Designation |
Chairman and Director (Foreign) |
|
Address |
Raketvejen 1, Dk – 6990,
Ulfborg, Denmark |
|
Date of Birth |
27.07.1949 |
|
Date of Appointment |
18.12.1997 |
|
|
|
|
Name |
Mr. Ole Hans Pipper |
|
Designation |
Director (Foreign) |
|
Address |
Denmark |
|
Date of Birth |
07.09.940 |
|
Date of Appointment |
18.12.1997 |
|
|
|
|
Name |
Mr. Mogensnehen Jes Hansen |
|
Designation |
Director (Foreign) |
|
Address |
Denmark |
|
Date of Birth |
12.10.1941 |
|
Date of Appointment |
18.12.1997 |
|
|
|
|
Name |
Mr. Kurt Edward Pedersen-Kaalund |
|
Designation |
Director (Foreign) |
|
Address |
Denmark |
|
Date of Birth |
21.12.1963 |
|
Date of Appointment |
18.12.1997 |
|
|
|
|
Name |
Mr. Morten Niels Hjort |
|
Designation |
Whole Time Director (Foreign) |
|
Address |
Oninsvej – 52, 7620 – Lemvig,
Lemvig 7620 Denmark |
|
Date of Birth |
08.04.1963 |
|
Date of Appointment |
10.10.2003 |
|
|
|
|
Name |
Mr. Hans Svenningsen |
|
Designation |
Additional Director |
|
Address |
Glassehaven 100, 2840 GL Holte,
Denmark |
|
Date of Birth |
13.12.1953 |
|
Date of Appointment |
01.04.2003 |
|
Date of Ceasing |
26.12.2005 |
|
|
|
|
Name |
Mr. Vinesh Prabhakar Sadekar |
|
Designation |
Managing Director |
|
Address |
501, Shree Yashraj Paranjpe
Scheme A, Road No.3, Vele Parle (East), Mumbai – 400057, Maharashtra, India |
|
Date of Birth |
24.03.1956 |
|
Date of Appointment |
01.03.2004 |
|
|
|
|
Name |
Mr. Peter T. Basland |
|
Designation |
Director |
|
|
|
|
Name |
Mr. Ninad D. Gupta |
|
Designation |
Managing Direcors |
|
Address |
301, Dudhwala Towers, Shreyas
Colony, Goregaon (East), Mumbai – 400063, Maharashtra, India |
|
Date of Birth |
31.08.1953 |
|
Date of Appointment |
01.03.2002 |
|
|
|
|
Name |
Mr. Niels Hans Henning Hjort |
|
Designation |
Director |
|
Address |
Odinsvej – 52, 7620- Lemvig,
Denmark |
|
Date of Birth |
08.04.1963 |
|
Date of Appointment |
10.10.2003 |
|
|
|
|
Name |
Mr. Soren Vedel |
|
Designation |
Additional Director |
|
Address |
Praeste Gaardesvej 26, DK 6900,
SKJERN - 6900 |
|
Date of Birth |
21.08.1956 |
|
Date of Appointment |
01.07.2006 |
KEY EXECUTIVES
|
Name : |
Mr. Nilesh S. Buch |
|
Designation : |
Company Secretary |
|
Address |
B-105, Building No.2, Shila Bina Co-op HSG Society, Eksar Road,
Borivali (West), Mumbai – 400092, Maharashtra, India |
|
Date of Birth |
24.11.1965 |
|
Date of Appointment |
04.04.1997 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Cheminova
A/S, Denmark |
|
3,214,990 |
|
Mr. Ramswaroop Shamlal Vaid |
|
5 |
|
Mr. Ninad Dwarkanath Gupte |
|
1 |
|
Mr. Ashok G. Kolatkar |
|
1 |
|
Mr. Navin Singh |
|
1 |
|
Mr. Nilesh Sureshchandra Buch |
|
1 |
|
Mr. Deepak S. Gangan |
|
1 |
|
|
|
|
|
Total |
|
3,215,000 |
(As on 31.12.2006)
|
Category |
|
Percentage |
|
|
|
|
|
Foreign Holding (FIIs/ FCs/ FFIs/ NRIs/ OCBs/ Others) |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Technical Grade
Pesticides, Intermediates and Pesticides Formulations of different Pack
Size. |
||||||||
|
|
|
||||||||
|
Products : |
|
||||||||
|
|
|
||||||||
|
Generic Names |
|
GENERAL
INFORMATION
|
No. of Employees : |
600 |
|
|
|
|
Bankers : |
Ramon House, 169, Backbay
Reclamation, Mumbai – 400 020, Maharashtra [Facilities : Rs. 122 millions
dated 3rd January, 1995 against hypothecation of goods and book
debts.]
7th Floor, plot C-61,
Bandra-Kurla Complex, G Block, Bandra (East), Mumbai – 400 051, Maharashtra [Facilities : Rs. 250 millions
dated 28th December, 2001 against all the borrower’s current
assets.]
224-A, Mittal Court, Mumbai –
400 021, Maharashtra
Industrial
Finance Branch, Killick House, Mumbai – 400001 |
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse and Company Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Name : |
R Salivati Deloitte Haskins and Sells |
|
Address : |
12, Dr. Annie Besant Road, Opp. Shiv Sagar Estate, Worli, Mumbai – 400018, Maharashtra, India |
|
|
|
|
Parent Company : |
Cheminova Agro A/S, Denmark |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3515000 |
Equity Share |
Rs.100/- each |
Rs.351.500 Millions |
|
3380000 |
Preference Share |
Rs.100/- each |
Rs.338.000 Millions |
|
|
Unclassified |
Rs.100/- each |
Rs.0.500 Million |
|
|
|
|
|
|
|
Total |
|
Rs.690.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3185000 |
Equity Share |
Rs.100/- each |
Rs.318.500 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2006 |
31.12.2005 |
31.12.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
318.500 |
321.500 |
341.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
752.460 |
702.429 |
597.300 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1070.960 |
1023.929 |
938.800 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
209.042 |
330.000 |
150.000 |
|
|
2] Unsecured Loans |
146.940 |
195.920 |
347.400 |
|
|
TOTAL BORROWING |
355.982 |
525.920 |
497.400 |
|
|
DEFERRED TAX LIABILITIES |
3.387 |
17.306 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1430.329 |
1567.155 |
1436.200 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
329.647 |
360.368 |
446.400 |
|
|
Capital work-in-progress |
48.137 |
1.864 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
5.594 |
5.594 |
4.900 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
444.029
|
635.431 |
462.500 |
|
|
Sundry Debtors |
1021.541
|
956.394 |
876.600 |
|
|
Cash & Bank Balances |
217.021
|
179.060 |
210.600 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
108.991
|
107.240 |
86.400 |
|
Total
Current Assets |
1791.582
|
1878.125 |
1636.100 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
708.086
|
658.403 |
618.600 |
|
|
Provisions |
36.545
|
20.393 |
32.600 |
|
Total
Current Liabilities |
744.631
|
678.796 |
651.200 |
|
|
Net Current Assets |
1046.951
|
1199.329 |
984.900 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1430.329 |
1567.155 |
1436.200 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.12.2006 |
31.12.2005 |
31.12.2004 |
|
|
Sales Turnover |
2591.737 |
2437.304 |
2803.500 |
|
|
Other Income |
198.061 |
32.947 |
0.000 |
|
|
Total Income |
2610.798 |
2470.251 |
2803.500 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
91.624 |
161.478 |
242.800 |
|
|
Provision for Taxation |
33.171 |
56.316 |
103.700 |
|
|
Profit/(Loss) After Tax |
58.453 |
105.162 |
139.100 |
|
|
|
|
|
|
|
|
Export Value |
202.145 |
167.243 |
NA |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
1302.059 |
1520.670 |
1249.600 |
|
|
Purchases made for re-sale |
267.764 |
100.853 |
338.200 |
|
|
Consumption of stores and spares parts |
19.209 |
21.362 |
176.900 |
|
|
Increase/(Decrease) in Finished Goods |
87.025 |
(144.122) |
166.500 |
|
|
Salaries, Wages, Bonus, etc. |
150.652 |
133.307 |
131.800 |
|
|
Managerial Remuneration |
9.012 |
11.338 |
269.300 |
|
|
Payment to Auditors |
0.818 |
0.591 |
112.800 |
|
|
Interest |
27.075 |
24.888 |
13.200 |
|
|
Insurance Expenses |
5.680 |
6.146 |
102.400 |
|
|
Power & Fuel |
187.634 |
191.382 |
0.000 |
|
|
Depreciation & Amortization |
69.429 |
100.631 |
0.000 |
|
|
Other Expenditure |
392.817 |
341.727 |
0.000 |
|
Total Expenditure |
2519.174 |
2308.773 |
2560.700 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2006 |
31.12.2005 |
31.12.2004 |
|
PAT / Total
Income |
(%) |
2.24
|
4.26 |
4.96 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.53
|
6.62 |
8.66 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.32
|
7.21 |
11.66 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.16 |
0.49 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.03
|
1.18 |
1.22 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.40
|
2.78 |
2.51 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Name of the company |
LUPIN
AGROCHEMICALS (INDIA) LIMITED |
|
Presented By |
State Bank of
India Industrial
Finance Branch, Killick House, Mumbai – 400001 |
|
1) Date and description of instrument creating the change |
Agreement of
Hypothecation of Goods and Assets (Form C-2) and Letter Regarding the grant
of individual limits within the overall limit (Form C-5) both dated
06.12.1993 creation a single charge. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Demand cash
credit (Fully flexible
with BO and EPC) Rs.60.000 Millions Bill Discounting (Fully flexible
with CC and EPC) Rs.60.000 Millions Export Packing
Credit (Fully flexible
with CC and EPC) Rs.60.000 Millions Letter of credit Inland/ import/
DA DP) Rs.52.000
Millions Guarantee (P and F)
Rs.8.000 Millions Total Rs.120.000 Millions |
|
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 |
First charge one
all present and future goods, book debts and all other movable assets of the
compete including documents of title the goods, outstanding moneys,
receivables including receivables by way of cash assistances and/ or cash
incentives under the cash incentive scheme or any other scheme claims,
including claims by way of refund of customers/ excise duties under the duty
drawback credit scheme in the schedule to the agreement and all future
machinery belonging to or in possession or under the control of the company.
Wherever lying stored and kept whether in the possession India or thought out
the world including all such goods, other movable assets as may be in course
of shipments transit or delivery. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interests : Demand cash
credit limit 16.5% Bills discounting
limit 15.5% Export packing
credit limit Margin: Raw Materials(i) Stock in process
30% |
|
5) Name and Address and description of the person entitled to the charge. |
State Bank of
India Industrial
Finance Branch, Killick House, Mumbai – 400001 |
|
6) Date and brief description of instrument modifying the charge |
NA |
|
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. |
NA |
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.40.62 |
|
UK Pound |
1 |
Rs.81.29 |
|
Euro |
1 |
Rs.64.09 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
YES |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
66 |
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 |
|