MIRA
INFORM REPORT
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Report Date : |
21.11.2008 |
IDENTIFICATION DETAILS
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Name : |
JOHNSON
MATTHEY INDIA PRIVATE LIMITED |
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Registered Office : |
103, Ashoka Estate, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
16.01.1998 |
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Com. Reg. No.: |
55-91736 |
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CIN No.: [Company
Identification No.] |
U31104DL1998PTC091736 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELJ02845D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Automobile Emission Control
Catalyst. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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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
3040000 |
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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 having fine track. Trade relations are fair.
Financial position is good. Payments are correct and as per commitments. The company
can be considered good for normal business dealings. It can
be regarded as a promising business partner in a medium to long-run. |
LOCATIONS
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Registered Office : |
103, Ashoka Estate, |
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Tel. No.: |
91-11-23350633 |
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Email : |
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Website : |
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Factory
1 : |
Plot No. 12, Sector 3, IMT Manesar, Gurgaon 122 050, |
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Tel.
No.: |
91-124-2290234 to 37, 2290546,
2290553 |
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Fax
No.: |
91-124-2290240, 2290239 |
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Location : |
Industrial |
DIRECTORS
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Name : |
Mr. Francis John Waker |
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Designation : |
Director |
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Address : |
GFP 2, Jalan Cinta, Tennis 43000 Kajang, Selangor, |
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Date of Birth/Age : |
08.02.1960 |
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Date of Appointment : |
28.06.2002 |
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Date of Ceasing : |
01.11.2007 |
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Name : |
Mr. Christley Micheal Simon, British |
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Designation : |
Director |
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Address : |
52A, Plough Hill, Cuffley, Hartfordshire-EM6 4DS, U K |
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Date of Birth/Age : |
20.09.1957 |
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Date of Appointment : |
28.06.2002 |
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Name : |
Mr. Dhayalan |
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Designation : |
Director |
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Address : |
15, |
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Date of Birth/Age : |
31.10.1968 |
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Date of Appointment : |
29.10.2004 |
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Name : |
Mr. Carlos Rafael Silva Hernandez |
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Designation : |
Managing Director |
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Address : |
1/21, Shanti Niketan, |
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Date of Birth/Age : |
18.04.1954 |
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Date of Appointment : |
04.12.2004 |
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Date of Ceasing : |
10.10.2005 |
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Name : |
Mr. Alok Khetan |
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Designation : |
Managing Director |
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Address : |
421-A, |
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Date of Birth/Age : |
17.06.1964 |
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Date of Appointment : |
16.09.2005 |
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Name : |
Mr. Prakash Sarva Arora |
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Designation : |
Director |
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Address : |
166, |
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Date of Birth/Age : |
15.03.1939 |
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Date of Appointment : |
16.01.1998 |
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Date of Ceasing : |
04.12.2004 |
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Name : |
Mr. Vijay Anand Prakash Arora |
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Designation : |
Director |
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Address : |
E-29, Okhla Industrial Area, Phase II, |
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Date of Birth/Age : |
19.10.1942 |
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Date of Appointment : |
16.01.1998 |
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Date of Ceasing : |
04.12.2004 |
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Name : |
Mr. Rajiv Luthra |
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Designation : |
Director |
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Address : |
3/15, Shanti Niketan, |
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Date of Birth/Age : |
01.08.1957 |
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Date of Appointment : |
23.01.1998 |
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Date of Ceasing : |
16.09.2005 |
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Name : |
Mr. David |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
09.09.1961 |
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Date of Appointment : |
16.01.1998 |
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Date of Ceasing : |
10.09.2002 |
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Name : |
Mr. Colin Jaffery |
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Designation : |
Director |
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Address : |
23, |
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Date of Birth/Age : |
26.12.1956 |
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Date of Appointment : |
16.01.1998 |
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Date of Ceasing : |
10.09.2002 |
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Name : |
Mr. Geogrey Peter Emmel |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
08.01.1949 |
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Date of Appointment : |
23.01.1998 |
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Date of Ceasing : |
30.04.2002 |
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Name : |
Mr. John Christopher Pearsall |
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Designation : |
Director |
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Address : |
Humat Duke 103, 2-21-2 Uehara. Shibuyaku, |
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Date of Birth/Age : |
20.12.1956 |
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Date of Appointment : |
28.06.2002 |
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Date of Ceasing : |
27.08.2004 |
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Name : |
John Vitas Zubrickas |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
03.05.1957 |
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Date of Appointment : |
25.05.2007 |
KEY EXECUTIVES
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Name
: |
Mr. Sanjay Gambhir |
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Designation
: |
Company
Secretary |
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Address
: |
J-140,
Reserve Bank Enclave, Paschim Vihar, |
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Date
of Birth/Age : |
12.09.1969 |
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Date
of Appointment : |
13.08.2001 |
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Name
: |
Mr. Manvinder Ajmani Singh |
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Designation
: |
Company Secretary |
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Address
: |
B-290, Sector 26, Noida, |
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Date
of Birth/Age : |
27.05.1965 |
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Date
of Appointment : |
14.06.1998 |
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Date
of Ceasing : |
16.05.2001 |
MAJOR SHAREHOLDERS
AS ON
30.09.2007
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Names
of Shareholders |
No. of Shares |
Percentage of Holding |
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Matthey Finance B.V. Fregatweg, 38-6222, N2-Maastricht,
The |
14,999,999 |
100 % |
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Johnson Matthey Nominees Limited 2-4, |
1 |
- |
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Total |
15,000,000 |
100 %
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AS ON
30.09.2007
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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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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100.000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Automobile Emission Control
Catalyst. |
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Products with ITC Code : |
Automobile Emission Control Catalyst – 8421900 |
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Import From : |
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Exports to : |
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PRODUCTION
STATUS
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Particulars |
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Unit |
Installed Capacity |
Actual Production |
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Automobile Exhaust Catalysts |
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Millions |
6000000 |
1252591 |
GENERAL INFORMATION
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Customers : |
Ř Maruti Udyog Limited Ř Mahindra & Mahindra Limited Ř TVS Motors |
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No. of Employees : |
200 |
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Bankers : |
Hongkong and |
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Banking Relations : |
Satisfactory
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Auditors : |
BSR and Company
(Formerly Bharat S. Raut and Company) Chartered
Accountants 48,DLF Corporate
Park, |
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Tel. No.: |
91-124-2549191 |
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Fax No.: |
91-124-2549101 |
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Associates : |
Ř
RLA Investment Private Limited |
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Subsidiaries : |
Ř
Johnson Matthey, Ř Johnson Matthey, Ř Johnson Matthey, Hongkong Ř Johnson Matthey Chemical India Private Limited,
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Holding
Company : |
Ř
Matthey Finance B.V. (Ultimate Holding Company Johnson Matthey Plc, |
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Ultimate
Holding Company: |
Johnson Matthey Plc, U K |
CAPITAL STRUCTURE
Authorised
Capital :
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No.
of Shares |
Type |
Value |
Amount |
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20,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 200.000 millions |
Issued,
Subscribed & Paid-up Capital :
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No.
of Shares |
Type |
Value |
Amount |
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15,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 150.000 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 |
150.000 |
150.000 |
150.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
458.449 |
335.103 |
238.626 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
608.449 |
485.103 |
388.626 |
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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 |
87.300 |
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TOTAL BORROWING |
0.000 |
0.000 |
87.300 |
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DEFERRED TAX LIABILITIES |
3.004 |
6.752 |
14.164 |
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TOTAL |
611.453 |
491.855 |
490.090 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
186.913 |
206.938 |
226.338 |
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Capital work-in-progress |
11.287 |
2.993 |
0.607 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
366.596
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145.224 |
172.786 |
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Sundry Debtors |
259.392
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149.367 |
141.226 |
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Cash & Bank Balances |
1.812
|
42.847 |
24.554 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
98.495
|
57.792 |
14.038 |
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Total Current Assets |
726.295
|
395.230 |
352.604 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
313.042
|
113.306 |
89.459 |
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Provisions |
0.000
|
0.000 |
0.000 |
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Total Current Liabilities |
313.042
|
113.306 |
89.459 |
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Net Current Assets |
413.253
|
281.924 |
263.145 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
611.453 |
491.855 |
490.090 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales
Turnover (including Other Income) |
1660.529 |
1071.000 |
1046.252 |
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Total
Income |
1660.529 |
1071.000 |
1046.252 |
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Profit/(Loss) Before Tax |
189.338 |
139.000 |
137.338 |
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Provision for Taxation |
66.166 |
43.000 |
55.292 |
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Profit/(Loss) After Tax |
123.172 |
96.000 |
82.046 |
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Earnings
in Foreign Currency : |
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Export Earnings |
19.782 |
38.301 |
NA |
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Total
Earnings |
19.782 |
38.301 |
NA |
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Imports
: |
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Raw Materials |
1528.996 |
743.528 |
NA |
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Capital Goods |
3.722 |
2.314 |
NA |
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Others |
3.352 |
0.333 |
NA |
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Total
Imports |
1536.070 |
746.175 |
NA |
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Expenditures : |
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Total
Expenditure |
1471.191 |
897.000 |
908.914 |
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KEY
RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT /
Total Income |
(%) |
7.41
|
8.96 |
7.84 |
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Net Profit Margin (PBT/Sales) |
(%) |
11.40
|
12.98 |
13.12 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
20.48
|
22.96 |
23.69 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.31
|
0.28 |
0.35 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.52
|
1.24 |
1.49 |
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Current Ratio (Current Asset/Current Liability) |
|
2.32
|
3.49 |
3.94 |
LOCAL AGENCY FURTHER INFORMATION
The company shifted its’ Registered Office from E-29, Okhla
Industrial Area, Phase II,
Johnson Matthey India Private Limited, a 100 percent subsidiary of
the UK-based Johnson Matthey Plc, is initiating measures to set-up a facility
in its existing plant in Manesar, Haryana to manufacture catalytic converters
for heavy-duty diesel vehicles. The subject company supplies catalysts to
remove the pollutants emitted by diesel vehicles in the commercial sector,
primarily trucks and buses, in the next couple of years.
The Indian subsidiary is a part of Johnson Matthey’s Environment
Catalysts & Technologies (ECT) group and caters to the automobile industry.
The catalysts section is again divided into two entities – Environment
Catalysts & Technologies (ECT) and Process Catalysts & Technologies
(PCT). The Indian unit is one among the company’s 10 global manufacturing units
and seven tech centres. Johnson Matthey India Private Limited has been engaged
in work in
The company has three development centres around the world –
Royston (UK), Kitsuregawa (
Other Loans : External Commercial
Borrowings from Johnson Matthey Plc,
The subject is also supplying to major OEMs of automobile Industry
in the domestic market.
Related Party and nature of relationship with transactions have taken
place during the year:-
Ř
Johnson Matthey Chemicals India
Private Limited
Ř
Johnson Matthey Ceramics India
Limited
Outlook for the Year 2007-2008:
During
the year 2007-2008, the company plans to stabilize itself with their new
technologies installed in the last year being supplied to Maruti. All these
technologies are on PC Line which was installed in the year 2003 and is
successfully running. Theses new technologies have helped Maruti in their
effort to reduce cost and will also help them to meet Government legislative requirements. Also on
the year 2007, the company would full fledge start supplying one new parts to
Maruti, for its model M. The company also plans to start some toll coat
business for Renault business which would increase exports.
OHSAS 18000/TS 16949/ISO 14001
The
company has earned the distinction of being certified as OHSAS 18000, TS 16946,
ISO 14001 and has maintained those certifications.
Fixed Assets
- Buildings
- Plant and Machinery
- Furniture and Fixtures
- Vehicles
- Computer Equipments
- Office Equipments
- Software
Contingent Liabilities
|
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As at 31.03.2007 |
As at 31.03.2006 |
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Income
Tax matters |
Rs. 48.229 millions |
Rs. 0.428 million |
|
Service
Tax matters |
Rs. 2.133 millions |
Rs. 2.133 millions |
|
Cases
pending before labour court |
Rs. 0.634 million |
Rs. 0.634 millions |
|
Sales
Tax concession matter |
Rs. 44.257 millions |
-- |
WEBSITE DETAILS ATTACHED:
Profile
Johnson Matthey is a speciality chemicals company and a world leader in advanced
materials technology. The group focuses on its core skills in catalysis,
precious metals, fine chemicals and process technology, developing products
that enhance the quality of life for millions of people around the world.
Since its foundation as a precious metals assayer in 1817, Johnson Matthey has
continued to develop new technology, demonstrating its ability to maintain
world leadership by adapting constantly to the ever-changing needs of
customers. Today the company employs around 8,700 people in over 30 countries
across the globe and its principal activities reflect its core skills.
Johnson Matthey’s operations are organised into three global divisions:
Environmental Technologies; Precious Metal Products and Fine Chemicals &
Catalysts.
Environmental Technologies is a global supplier of catalysts and related
technologies for applications which benefit the environment such as pollution
control, cleaner fuel, more efficient use of hydrocarbons and the hydrogen
economy. The division comprises three businesses:
- Emission
Control Technologies is a global leader in catalytic systems for emissions
control from vehicles and industrial processes.
- Process
Technologies serves the world’s chemical, oil, gas and refining
industries. It manufactures catalysts, provides specialist services and
designs and licenses chemical processes.
- Johnson
Matthey Fuel Cells develops and manufactures catalysts and catalysed
components for a wide range of clean energy fuel cell systems.
Precious Metal Products’ activities comprise the marketing,
distribution, refining and recycling of platinum group metals, fabrication of
products using precious metals and related materials, and refining of gold and
silver.
Fine Chemicals & Catalysts is a global supplier of fine chemicals,
catalysts and other speciality chemical products and services to a wide range
of chemical and pharmaceutical industry customers and research institutes.
Today, Johnson Matthey's long term commitment to investment in research
and development, as well as in new manufacturing technologies and production
facilities enables the company to exploit the potential for growth in many of
its key product areas.
Our Divisions
ENVIRONMENTAL
TECHNOLOGIES
Emission Control Technologies (ECT), Process Technologies
and Fuel Cells
PRECIOUS METAL PRODUCTS
Platinum, Noble Metals, Pgm Refining and Recycling, Colour Technologies, Gold
and Silver
FINE
CHEMICALS & CATALYSTS
Catalysts and Chemicals, Macfarlan Smith, Pharmaceutical Materials and
Services, Research Chemicals
Johnson
Matthey is a truly international company, with operations in over 30 countries
around the globe. These involve a tangible local presence in each country, and
form a comprehensive base from which Johnson Matthey products are sold around
the world.
The business is organised into three global divisions – Environmental
Technologies, Precious Metal Products and Fine Chemicals & Catalysts -
focused on the development of high value added, high technology products and
services, where our expertise in advanced materials provides a competitive
edge.
CMT REPORT [Corruption, Money laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts,
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. 50.52 |
|
|
1 |
Rs. 75.54 |
|
Euro |
1 |
Rs. 63.12 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--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 |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
59 |
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/normal. |
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 |
|