MIRA
INFORM REPORT
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Report Date : |
08.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
DOW AGROSCIENCES INDIA PRIVATE LIMITED |
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Formerly Known As : |
DE-NOCIL CROP PROTECTION PRIVATE LIMITED (Changed w.e.f. 17/02/2005) |
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Registered Office : |
Corporate Park, Unit No. 1, First Floor, V. N. Purav Marg,
Chembur, Mumbai - 400071, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
07.12.1994 |
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Com. Reg. No.: |
11-83566 |
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CIN No.: [Company
Identification No.] |
U01110MH1994PTC083566 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMD04559C |
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PAN No.: [Permanent
Account No.] |
AAACD3813H |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturers of Chemicals. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 730000 |
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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 satisfactory
track. Trade relations are fair. Business is active. General financial position
is satisfactory. Payments are reported as usually made as per commitments. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office : |
Corporate Park, Unit No. 1, First Floor, V. N. Purav Marg,
Chembur, Mumbai - 400071, Maharashtra, India |
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Tel. No.: |
91-22-55985700 / 67978500 |
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Fax No.: |
91-22-55985790 |
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E-Mail : |
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Website : |
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Factory 1 : |
Plot No. A-1, MIDC Industrial Area, Lote Parshuram, Ratnagiri – 415 722, Maharashtra |
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Branches : |
Tel. No. 91-22-26401195
Tel. No. 91-22-26344696
Tel. No. 91-22-26421692
Tel. No. 91-22-26716393 |
DIRECTORS
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Name : |
Mr. Hrishikesh A. Mafatlal |
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Designation : |
Chairman |
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Address : |
10, Altamount Road, Mumbai – 400 026 |
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Date of Birth/Age : |
24.11.1954 |
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Date of Appointment : |
05.01.1995 |
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Date of Ceasing : |
06.06.2005 |
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Name: |
Ms. Jorge La Roza (Foreign) |
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Designation: |
Managing Director |
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Address : |
23/24, Buckley Court, Wodehouse Road Colaba, Mumbai – 400005,
Maharashtra, India |
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Date of Birth/Age : |
24.11.1950 |
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Qualification : |
27.02.2002 |
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Date of Appointment : |
27.02.2002 |
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Name : |
Mr. Segovia Fenando (Foreign) |
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Designation : |
Director |
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Address : |
5574 Canton Dr. Carmel, Indianapolis, Indiana - 46033 |
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Date of Birth/Age : |
06.03.1955 |
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Date of Appointment : |
13.12.2002 |
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Name : |
Mr. Luciando Poli (Foreign) |
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Designation : |
Director |
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Address : |
Frohburgstrasse 30 8832, Wollerau, Switzerland |
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Date of Birth/Age : |
22.05.1962 |
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Date of Appointment : |
05.07.2001 |
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Name : |
Mr. B. N. Thatte |
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Designation : |
Director |
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Address : |
Joshi Wadi, 1123 Pag, Chiplun – 415 605, Maharashtra |
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Date of Birth/Age : |
06.02.1962 |
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Date of Appointment : |
06.02.1962 |
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Date of Ceasing : |
13.12.2000 |
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Name : |
Mr. Gerrit Theodoor Pijl Hogeweg |
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Designation : |
Director |
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Address : |
Rebmattli 30, Wilen Bei, Wollerau – 8832, NA |
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Date of Birth/Age : |
24.04.1956 |
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Date of Appointment : |
21.11.2006 |
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Name : |
Mr. Balasaheb B. Ashtekar |
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Designation : |
Director |
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Address : |
B-9, Sahil Paranjpee, Kaviltali, Chiplun, Ratnagiri – 415 605,
Maharashtra, India |
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Date of Birth/Age : |
26.11.1954 |
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Date of Appointment : |
16.07.2007 |
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Name : |
Mr. Nalin Shah |
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Designation : |
Director |
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Address : |
D-9, Patel Society, Nehru Road, Vile Parle (East), Mumbai- 400 057,
Maharashtra, India |
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Date of Birth/Age : |
27.08.1947 |
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Date of Appointment : |
17.01.2005 |
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Name : |
Mr. Sean Edward Reagan |
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Designation : |
Director |
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Address : |
Kishore Vihar Ground Floor, Carmichael Road, Mumbai – 400 026,
Maharashtra, India |
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Date of Birth/Age : |
18.06.1967 |
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Date of Appointment : |
16.07.2007 |
KEY EXECUTIVES
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Name: |
Mr. Devendra K. Doshi |
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Designation: |
Company Secretary |
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Address: |
5/17, Samarth Nagar, Chunabhatti (Sion), Mumbai – 400 022 |
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Date of Birth: |
15.07.1944 |
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Date of Appointment: |
01.06.2001 |
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Date of Ceasing : |
15.01.2005 |
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Name: |
Mr. Nalin N. shah |
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Designation: |
Company Secretary |
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Address: |
D – 9, Atel Society, Nehru Road, Vile Parle [East], Mumbai – 400057,
Maharashtra, India |
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Date of Birth: |
17.01.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As On 30.09.2003)
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Names of Shareholders |
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No. of Shares |
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Dow Agrosciences Agricultural Products Limited, Mauritius |
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61836990 |
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Das Agricultural Investment Holding Company Limited |
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200 |
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Total |
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61837190 |
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Equity Share
Breakup (percentage of total equity) |
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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] |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Chemicals. |
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Products : |
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GENERAL
INFORMATION
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No. of Employees : |
1500 |
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Bankers : |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Chartered Accountant |
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Address : |
12, Dr. Annie Besant Road, Opp. Shiv Sagar Estate, Worli, Mumbai – 400 018, Maharashtra, India |
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Tel. No.: |
91-22-56679000 |
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Parent Company: |
National Organic Chemical Industries Limited |
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Holding Company: |
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Subsidiary : |
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CAPITAL STRUCTURE
(As On 28.09.2007)
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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62000000 |
Equity Shares |
Rs.10 Each |
Rs.620.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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61837190 |
Equity Shares |
Rs.10 each |
Rs.618.372 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
618.372 |
618.372 |
618.372 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
847.242 |
449.575 |
609.076 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1465.614 |
1067.947 |
1227.448 |
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LOAN FUNDS |
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1] Secured Loans |
0.764 |
3.554 |
5.770 |
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2] Unsecured Loans |
60.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
60.764 |
3.554 |
5.770 |
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DEFERRED TAX LIABILITIES |
58.457 |
71.896 |
81.696 |
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TOTAL |
1584.835 |
1143.397 |
1314.914 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
368.762 |
389.533 |
409.287 |
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Capital work-in-progress |
1.975 |
2.945 |
9.524 |
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INVESTMENT |
0.015 |
0.010 |
0.010 |
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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 |
511.573
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664.926 |
438.246 |
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Sundry Debtors |
321.540
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287.096 |
228.944 |
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Cash & Bank Balances |
825.848
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40.054 |
926.996 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
862.271
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738.285 |
814.915 |
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Total
Current Assets |
2521.232
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1730.361 |
2409.101 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
701.659
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399.404 |
1158.367 |
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Provisions |
605.490
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580.048 |
354.641 |
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Total
Current Liabilities |
1307.149
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979.452 |
1513.008 |
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Net Current Assets |
1214.083
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750.909 |
253.207 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1584.835 |
1143.397 |
1314.914 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
3003.400 |
3362.600 |
4105.920 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
3003.400 |
3362.600 |
4105.920 |
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Profit/(Loss) Before Tax |
602.700 |
563.100 |
803.678 |
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Provision for Taxation |
207.400 |
193.500 |
0.000 |
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Profit/(Loss) After Tax |
395.300 |
369.600 |
803.678 |
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Earnings in Foreign Currency : |
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Export Earnings |
508.426 |
419.431 |
331.448 |
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Expenditures : |
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Purchases made for re-sale |
0.000 |
2560.403 |
3302.242 |
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Interest |
6.200 |
7.400 |
6.892 |
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Depreciation & Amortization |
41.200 |
43.300 |
45.769 |
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Other Expenditure |
2353.300 |
188.397 |
0.000 |
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Total Expenditure |
2400.700 |
2799.500 |
3302.242 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
13.16
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10.94 |
19.57 |
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Net Profit Margin (PBT/Sales) |
(%) |
20.06
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16.74 |
19.57 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
20.85
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26.56 |
28.51 |
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Return on Investment (ROI) (PBT/Networth) |
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0.41
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0.52 |
0.65 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.93
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0.92 |
1.23 |
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Current Ratio (Current Asset/Current Liability) |
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1.92
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1.76 |
1.59 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
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Name of the company |
DOW AGROSCIENCES INDIA PRIVATE LIMITED |
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Presented By |
ABN Amro Bank N V |
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1) Date and description of instrument creating the change |
Hypothecation
Agreement for Stocks Hypothecation
Agreement for Book Debts Both dated
19.11.1996 Both constitute a
single charge |
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2) Amount secured by the charge/amount owing on the securities of charge |
INR Rs.170.000
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 |
All the
borrower’s Stock in trade present and future consisting of Raw materials,
Work in progress finished goods and all the borrower’s present and future
Book Debts, Outstanding moneys, receivables, claims and bills |
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4) Gist of the terms and conditions and extent and operation of the charge. |
1. Total amount of
charge: INR Rs.170.000 Millions 2. Purpose: To
finance working capital facilities land bills WCDL: INR Rs.170.000 Millions |
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5) Name and Address and description of the person entitled to the charge. |
ABN Amro Bank N
V, 14, Veer Nariman Road, Bombay – 400 023 |
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6) Date and brief description of instrument modifying the charge |
Supplemental
facility cum Hypothecation Agreement Dated: 09.12.1998 |
Operations and Financial Performance:
The sales and other income for the year have dropped
by 11% to Rs.3000.000 Millions from Rs.3360.000 Millions in the previous year,
while the profit after tax marginally increased to Rs.395.300 Millions
againstRs.369.600 Millions.
The sales were affected by growing biotech
segment and low pest incidence in the key marks of the Company, However,
the bottom line improved on account of cost effective measures taken by the
company at all levels. The Company was able to achieve a satisfactory
performance.
The biotech segment continues to grow at a
very fast pace hurting the Insecticide segment which is our thrust Area.
Exports:
The exports for the year marginally increased
to Rs.495.500 Millions as compared to Rs.419.400 Millions in the previous year.
In this regard, the Directors wish to acknowledge the support received from Dow
AgroSciences LIC.
Prospects:
The company’s performance is linked to
agriculture sector which in turn is dependent on monsoon Therefore Subject LIC.
Fixed Assets
- Leasehold Land
- Freehold Land
- Buildings
- Plant and machinery
- Furniture, Fixture and Office Equipment
- Vehicles
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
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.47.76 |
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UK Pound |
1 |
Rs.74.87 |
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Euro |
1 |
Rs.60.81 |
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 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
|
54 |
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 |
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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 |
|
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 |
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