MIRA
INFORM REPORT
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Report Date : |
18.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
DOW CHEMICALS INTERNATIONAL PRIVATE LIMITED |
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Formerly Known As : |
DOW (INDIA) SYSTEMS PRIVATE LIMITED |
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Registered Office : |
Corporate Part, Unit No.1, 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 : |
13.02.1998 |
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Com. Reg. No.: |
11-113551 |
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CIN No.: [Company
Identification No.] |
U24239MH1998PTC113551 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMD10067B |
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PAN No.: [Permanent
Account No.] |
AAACD4467B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trader 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 5000000 |
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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 multi –
national affillances. Financial position is good. Trade relations are fair.
Payments are usually correct and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Apurva Maniar |
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Designation : |
Accounts Officers |
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Date : |
17.11.2008 |
LOCATIONS
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Registered/ Head Office : |
Corporate Part, Unit No.1, V. N. Purav Marg, Chembur, Mumbai – 400071,
Maharashtra, India |
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Tel. No.: |
91-22-67978623/ 25245830 (6 Lines)/ 67978553/ 25248532 |
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Mobile No.: |
91-9819000295 |
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Fax No.: |
91-22-67978557/ 25246390/ 25231407 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Overseas Office : |
260,
Orchard Road, 18-01, The Heeran, Singapore - 238885 |
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Branch Office : |
Plot No.8-A/1/2, Thane Belapur Road, Kalwa Block, Turbhe, Navi Mumbai
– 400703, Maharashtra, India |
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Tel. No.: |
91-22-27602532 |
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Branch Office : |
Located at:
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DIRECTORS
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Name : |
Mr. Vipul Shantilal Shah |
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Designation : |
Chairman and Managing Director |
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Address : |
9th -10th Floor, Narayan Terr Flat No.111-121,
Union Park, Pali Hill Bandra, Mumbai – 400050, Maharashtra, India |
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Date of Birth/Age : |
20.10.1958 |
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Date of Appointment : |
13.02.1998 |
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Name : |
Mr. Ramesh Ramchandran |
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Designation : |
Director |
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Name : |
Mrs. Ramolla T. Karnan |
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Designation : |
Director |
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Address : |
701 – 702, Anant Basera, S S Patkar Mahavidhyalaya Marg, Off S V Road,
Goregaon (West), Mumbai – 400062, Maharashtra, India |
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Date of Birth/Age : |
11.08.1959 |
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Date of Appointment : |
29.09.2004 |
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Email : |
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Name : |
Mr. Mukul V. Kumar |
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Designation : |
Director |
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Address : |
B-1204, Valencia, Hiranandani Gardens, Powai, Mumbai – 400076,
Maharashtra, India |
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Date of Birth/Age : |
23.07.1968 |
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Date of Appointment : |
29.07.2004 |
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Date of Ceasing : |
19.04.2007 |
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Email : |
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Name : |
Mr. Nayak Chandrakant |
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Designation : |
Director |
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Address : |
C – 31/266 MIG Colony, Gandhi Nagar, Bandra, Mumbai – 400051,
Maharashtra, India |
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Date of Birth/Age : |
09.08.1966 |
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Date of Appointment : |
26.11.2006 |
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Email : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 29.09.2007)
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Names of Shareholders |
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No. of Shares |
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Dow Chemical Pacific
(Singapore) Pte. Limited |
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2761440 |
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Total |
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2761440 |
(As on 30.09.2007)
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader of Chemicals |
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Products : |
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Exports : |
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Products : |
Chemicals |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
Credit (30 days) |
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Purchasing : |
Credit (30 days) |
PRODUCTION STATUS
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Particulars |
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Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Polyurechane Systems |
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1800000 |
1800000 |
1285501 |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
400 |
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Bankers : |
Fort, Mumbai, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountant |
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Address : |
12, Dr. Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai –
400018, Maharashtra, India |
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Tel No.: |
91-22-66679000 |
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Fax No.: |
91-22-66679025 |
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Holding Company
: |
Dow Chemical Pacific
(Singapore) Pte. Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2761440 |
Equity Shares |
Rs.10/- each |
Rs.27.614
Millions |
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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 |
27.614 |
27.614 |
27.614 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
993.830 |
702.286 |
566.762 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1021.444 |
729.900 |
594.376 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
5.919 |
6.379 |
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Lease Obligations (Payable within one year) |
2.733 |
2.448 |
3.492 |
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TOTAL |
1024.177 |
738.267 |
604.247 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
396.985 |
106.944 |
126.502 |
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Capital work-in-progress |
67.758 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
4.433 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
773.432
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373.437 |
275.228 |
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Sundry Debtors |
834.351
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486.747 |
378.049 |
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Cash & Bank Balances |
3.839
|
212.180 |
216.060 |
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Other Current Assets |
29.479
|
49.422 |
24.156 |
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Loans & Advances |
454.755
|
84.339 |
52.208 |
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Total
Current Assets |
2095.856
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1206.125 |
945.701 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
1520.698
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559.521 |
427.937 |
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Provisions |
20.157
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15.281 |
40.019 |
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Total
Current Liabilities |
1540.855
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574.802 |
467.956 |
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Net Current Assets |
555.001
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631.323 |
477.745 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1024.177 |
738.267 |
604.247 |
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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 |
3536.052 |
2247.064 |
2084.783 |
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Other Income |
28.281 |
11.769 |
10.987 |
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Total Income |
3564.333 |
2258.833 |
2095.770 |
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Profit/(Loss) Before Tax |
445.827 |
688.362 |
731.768 |
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Provision for Taxation |
222.500 |
265.362 |
272.500 |
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Profit/(Loss) After Tax |
223.327 |
423.000 |
459.268 |
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Export Value |
814.206 |
815.906 |
NA |
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Import Value |
70.165 |
5.386 |
NA |
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Expenditures : |
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Interest |
1.084 |
1.199 |
1.424 |
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Depreciation & Amortization |
24.191 |
21.399 |
21.238 |
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Other Expenditure |
3093.231 |
1547.873 |
1341.340 |
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Total Expenditure |
3118.506 |
1570.471 |
1364.002 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
6.27
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18.73 |
21.91 |
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Net Profit Margin (PBT/Sales) |
(%) |
12.61
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30.63 |
35.10 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
17.88
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52.42 |
68.25 |
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Return on Investment (ROI) (PBT/Networth) |
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0.44
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0.94 |
1.23 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.51
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0.79 |
0.79 |
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Current Ratio (Current Asset/Current Liability) |
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1.36
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2.10 |
2.02 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference:
- Qrix Private Limited – Mumbai
- Kunoi BIT Group – Mumbai
Fixed Assets:
- Building
- Leasehold Improvement
- Plant and Machinery
- Furniture and Fixture
- Office Equipment
- Computers
- Leasehold Land
Website Details:
Profile:
Company’s presence in India began in 1957 with the Polychem
Limited joint venture. More than 50 years later, the Company continues to thrive with a strong manufacturing presence
and operations in seven locations across the country. Currently, Company employs
more than 900 people and boasts sales in excess of $500 million.
Over the last few
years, the Company has strengthened its market franchise in India by creating
Centers of Excellence. These critical commercial and technical resources
improve Dow India’s ability to serve the market while providing a strategic
advantage for the Company globally.
The economic
growth of India allows Dow to view the shift from being a “foreign importer” to
a “local producer,” which is essential to establishing and sustaining the
Company’s manufacturing footprint in India.
Overview:
With annual sales of $54 billion and 46,000
employees worldwide, company is a diversified
chemical company that combines the power of science and technology with the
“Human Element” to constantly improve what is essential to human progress. The
Company delivers a broad range of products and services to customers in around
160 countries, connecting chemistry and innovation with the principles of
sustainability to help provide everything from fresh water, food and
pharmaceuticals to paints, packaging and personal care products. References to
“Dow” or the “Company” mean The Dow Chemical Company and its consolidated
subsidiaries unless otherwise expressly noted.
Company people around the world develop
solutions for society based on company’s inherent strength in science and
technology. They have embraced and advocated Responsible Care® - a voluntary
industry-wide commitment to safely handle their chemicals from inception in the
laboratory to ultimate disposal. This worldwide
commitment helps consumers lead better lives, customers succeed, stockholders
prosper, employees achieve and communities thrive.
News:
Dow Reports More Executives Buying Shares
Midland, MI - November 14, 2008
The Dow Chemical Company announced
today that Dow chairman and chief executive officer Andrew N. Liveris has
purchased 20,000 shares of Dow stock at a price of $23 per share, adding to a
very active cycle of buying by Dow executive management over the past two
weeks.
Since October 27, Dow management has
purchased more than 53,000 shares of Dow stock on the open market at a total
price of more than $1.2 million.
"I believe nothing speaks louder
than action," said Liveris. "This management team is committed to our
transformational strategy, and the personal investments we have made in our
Company over the past two weeks reflect this commitment. We know
that, in the end, Dow will emerge a winner. And at today's price, Dow stock is
returning a healthy dividend yield of more than 7.5 percent, which is very
appealing in this economic environment as well."
About Dow
With annual sales of $54 billion and
46,000 employees worldwide, Dow is a diversified chemical company that combines
the power of science and technology with the “Human Element” to constantly
improve what is essential to human progress. The Company delivers a broad range
of products and services to customers in around 160 countries, connecting
chemistry and innovation with the principles of sustainability
to help provide everything from fresh water, food and pharmaceuticals to
paints, packaging and personal care products. References to “Dow” or the “Company”
mean The Dow Chemical Company and its consolidated
subsidiaries unless otherwise expressly noted.
Dow Announces
Energy Plan for America
Dow’s Energy Plan Outlines a Comprehensive, Bipartisan
Approach to Policy Reform
Midland, MI - November 13, 2008
The Dow Chemical Company today called
for a bolder, comprehensive, bipartisan national energy policy that will help
stabilize prices, strengthen the economy, increase security, clean the
environment and revitalize U.S. manufacturing with the release of Dow’s Energy
Plan for America.
“The new Administration and Congress
will need to implement a plan that includes all possible options to meet the
energy challenges facing the United States,” said Andrew Liveris, Dow chairman
and CEO. “Greater energy efficiency coupled with an acceleration of alternative
sources of energy, including renewables, clean coal and nuclear with increased
domestic, environmentally-friendly production of oil and natural gas, should be
the major touchstones of any comprehensive strategy.”
Dow’s Energy Plan for America advocates
the following actions:
- Encourage aggressive energy efficiency and
conservation
- Increase and diversify domestic energy
supplies
- Accelerate development of alternative and
renewable energy
- Reduce greenhouse gas emissions
“The U.S. is on a course to spend more
than $500 billion per year to import oil — nearly the amount authorized one
time for the financial rescue package recently passed by Congress,” said
Liveris “At Dow, we believe a new comprehensive energy policy is critical to
the overall economic health of the nation.”
About Dow
With annual sales of $54 billion and
46,000 employees worldwide, Dow is a diversified chemical company that combines
the power of science and technology with the “Human Element” to constantly
improve what is essential to human progress. The Company delivers a broad range
of products and services to
customers in around 160 countries, connecting chemistry and innovation with the
principles of
sustainability to help provide everything from fresh water, food and
pharmaceuticals to paints, packaging and personal care products. References to
“Dow” or the “Company” mean The Dow Chemical
Company and its consolidated subsidiaries unless otherwise expressly noted.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.46 |
|
UK Pound |
1 |
Rs.73.17 |
|
Euro |
1 |
Rs.62.96 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
7 |
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--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--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 |
|
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 |
|
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 |
|