MIRA
INFORM REPORT
|
Report Date : |
11.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
CRAY VALLEY RESINS INDIA PRIVATE LIMITED |
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Registered Office : |
Plot No. D- 43 (1),
Trans Thane Creek, MIDC Industrial Area, Navi Mumbai –400705, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
31.01.1997 |
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Com. Reg. No.: |
11-105589 |
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CIN No.: [Company
Identification No.] |
U99999MH1997PTC105589 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC06693B |
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Legal Form : |
A private limited
liability company. It is a subsidiary of Total Fina Elf S. A., France (part of
the Atofina group). |
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Line of Business : |
Manufacture and
Sale of a Wide Range of Synthetic Resins. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 1000000 |
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Status : |
Moderate |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
The company has
substantial accumulated losses. Foreign partners are infusing funds for the
working capital. Trade relations are fair. Payments are usually correct and as
per commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions with some caution, initially. |
LOCATIONS
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Registered Office/ Factory : |
Plot No. D- 43 (1),
Trans Thane Creek, MIDC Industrial Area, Navi Mumbai –400705, Maharashtra,
India. |
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Tel. No.: |
91-22-55907103/27907101/08/56137108 |
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Fax No.: |
91-22-55907102/27610653/27687998 |
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E-Mail : |
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Website : |
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Area : |
Leased |
DIRECTORS
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Name : |
Mr. Nishith
Parikh |
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Designation : |
Managing Director and Chief Executive Officer |
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Date of Birth/Age : |
44 years |
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Qualification : |
B. S. Chem. , B.
S. Chem., Engineering |
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Experience : |
17 years |
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Date of Appointment : |
1.02.2001 |
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Previous
Employment: |
Noble Synthetics
Limited (Chief Executive Officer/3 years) |
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Name : |
Mr. Thierry Kuter |
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Designation : |
Director |
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Name : |
Mr. S.
Venkatraman |
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Designation : |
Director |
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Name : |
Mr. T. R.
Raghraman |
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Designation : |
Managing Director
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Address : |
Om Vill Row House
No. 8, Plot No. 57 61, Sector 21, Nerul, Navi Mumbai-400706, Maharashtra,
India |
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Date of Birth/Age : |
09.05.1956 |
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Date of Appointment : |
29.11.2002 |
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Name : |
Mr. Neelakantan
Subramanian |
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Designation : |
Director |
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Address : |
8, Cathedral Road, Chennai – 600 086, India. |
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Date of Birth/Age : |
04.02.1948 |
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Date of Appointment : |
15.09.2000 |
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Name : |
Mr. V. Ganeshan |
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Designation : |
Director |
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Address : |
No. 1264, 32nd
‘G’ Cross, 28th Main, 4th T Block, Jayanagar, Bangalore
– 560 041, India. |
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Date of Birth/Age : |
29.09.1957 |
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Date of Appointment : |
24.02.2006 |
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Other Directorship: |
Bostik India
Private Limited U99999WB1999PTC090409 |
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Name : |
Mr. Renaud
Lestage |
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Designation : |
Director |
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Address : |
LA Defence 2-12,
Place De L’tris, F-92062 Paris LA Defense, Cedex. |
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Date of Birth/Age : |
04.02.1946 |
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Date of Appointment : |
18.03.2005 |
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Name : |
Mr. Eddie Lee |
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Designation : |
Director |
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Address : |
LA Defence 2-12,
Place De L’tris, F-92062 Paris LA Defense, Cedex. |
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Date of Birth/Age : |
28.05.1954 |
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Date of Appointment : |
18.03.2005 |
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Name : |
Mr. Mambakkam
Nagarajan Ganeshan |
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Designation : |
Director |
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Address : |
No. 1264, 32nd
‘G’ Cross, 28th Main, 4th T Block, Jayanagar, Bangalore
– 560 041, India. |
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Date of Birth/Age : |
22.09.1957 |
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Date of Appointment : |
12.06.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 12.06.2006
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Names of Shareholders |
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No. of Shares |
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Total Chimie SA, France |
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170 |
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Cray Valley SA, France |
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29939829 |
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Total |
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29939999 |
As on 14.09.2006
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List of Allotees |
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No. of Shares Allotted |
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Total Chimie SA, France |
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50000000 |
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List of Allotees |
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No. of Shares Allotted |
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Cray Valley SA, France |
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50000000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.06.2008
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Names of Shareholders |
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Percentage of
Holding |
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Foreign Holdings (Foreign institutional investor(s), Foreign
companie(s) Foreign financial institution(s), Non-resident Indian(s) or
Overseas Corporate bodies or Others |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacture and Sale
of a Wide Range of Synthetic Resins. |
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Products : |
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PRODUCTION STATUS
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Particulars |
Unit |
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Installed
Capacity |
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Synthetic Resins |
MT |
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2385 |
GENERAL
INFORMATION
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No. of Employees : |
120 |
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Bankers : |
BNP Paribas 62, Homji Street,
Fort, Mumbai – 400 001, Maharashtra, India. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Bharat S. Raut
and Company Chartered
Accountants' |
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Address : |
KPMG House,
Kamala Mills Compound, 448, Senapati Bapat Marg, Lower Parel, Mumbai- 400
013, Maharashtra |
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Tel. No.: |
91-22-39896000 |
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Fax No.: |
91-22-39836000 |
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Holding Company : |
Cray Valley SA, France |
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Parent Company : |
Total Fina Elf S.
A., France (Part of the Atofina Group) |
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Subsidiaries : |
Noble Synthetics Limited L21200MH1980PLC022545 |
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Fellow Subsidiaries Company: |
·
Total SA ·
Cray Valley Resins ( Malaysia) SDN BHD ·
Sartomer Asia Limited ·
Cray Valley Korea Company Limited ·
Cray Valley Limited, UK ·
Total South East Asia, Singapore |
CAPITAL STRUCTURE
As on 30.04.2008
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30000000 |
Equity Shares |
Rs. 10/- each |
Rs. 300.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
29939999 |
Equity Shares |
Rs. 10/-
each |
Rs. 299.400
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2007 |
31.12.2006 |
31.12.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
249.400 |
249.400 |
199.400 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.442 |
0.442 |
0.000 |
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4] (Accumulated Losses) |
[43.954] |
[105.347] |
(112.294) |
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NETWORTH |
205.888 |
144.495 |
87.106 |
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LOAN FUNDS |
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1] Secured Loans |
235.000 |
210.000 |
135.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
50.000 |
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TOTAL BORROWING |
235.000 |
210.000 |
185.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
440.888 |
354.495 |
272.106 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
182.383 |
126.495 |
137.186 |
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Capital work-in-progress |
0.121 |
14.744 |
0.317 |
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INVESTMENT |
7.229 |
7.229 |
7.229 |
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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 |
193.516
|
143.795 |
80.050 |
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Sundry Debtors |
245.415
|
209.798 |
154.366 |
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Cash & Bank Balances |
5.768
|
5.618 |
14.744 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
47.379
|
57.262 |
24.386 |
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Total
Current Assets |
492.078
|
416.473 |
273.546 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
230.235
|
207.987 |
143.673 |
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Provisions |
10.688
|
2.459 |
2.499 |
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Total
Current Liabilities |
240.923
|
210.446 |
146.172 |
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Net Current Assets |
251.155
|
206.027 |
127.374 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
440.888 |
354.495 |
272.106 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.12.2007 |
31.12.2006 |
31.12.2005 |
|
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Sales Turnover |
977.490 |
874.970 |
686.327 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
977.490 |
874.970 |
686.327 |
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Profit/(Loss) Before Tax |
27.840 |
7.390 |
2.851 |
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Provision for Taxation |
[34.510] |
0.440 |
0.000 |
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Profit/(Loss) After Tax |
62.350 |
6.950 |
2.851 |
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Earnings in Foreign Currency : |
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Export Earnings |
39.500 |
75.880 |
NA |
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Imports : |
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Import Value |
305.850 |
274.850 |
NA |
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Expenditures : |
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Financial Charges |
24.140 |
14.300 |
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Depreciation & Amortization |
13.750 |
15.160 |
683.476 |
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Other Expenditure |
911.760 |
838.120 |
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Total Expenditure |
949.650 |
867.580 |
683.476 |
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KEY RATIOS
|
PARTICULARS |
|
31.12.2007 |
31.12.2006 |
31.12.2005 |
|
PAT / Total Income |
(%) |
6.38
|
0.79 |
0.42 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.85
|
0.84 |
0.42 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.13
|
1.79 |
0.68 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.05 |
0.03 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.31
|
2.91 |
3.80 |
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Current Ratio (Current Asset/Current Liability) |
|
2.04
|
1.98 |
1.87 |
LOCAL AGENCY
FURTHER INFORMATION
The company is in trade terms with:
v
Pretti
Industries
v
United Barrels
v
Nobel
Synthetics Private Limited
v
Unique
Enterprises
v
Quality
Industries
v
Varad
Industries
v
Boisur
Chemicals
v
Kahan
Packaging
v
Radiz Microsystems
v
Rainbow
Industries
v
S. K.
Engineering
v
Radix Sensors
v
Veekay
Chemicals
v
Vikram
Industries
Bankers Charges
Report as per Registry
|
Name of the company |
CRAY VALLEY RESINS INDIA PRIVATE LIMITED |
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Presented By |
Mr. T. R. Raghuraman, Managing Director |
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1) Date and description of instrument creating the change |
04.10.2004 Memorandum of Agreement |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 100.000 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 |
First charge on all the goods including raw materials, work in progress, finished goods, stores & spares and consumables and receivables including book debts, outstanding moneys, bills, invoice documents, contracts, insurance policies, guarantees, securities, investments, royalties, and rights both present & future belonging to or in the possession of or under the control of the borrower or of any third party whether in India or elsewhere throughout the world. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest on monthly rests on out standing amount and shall be charged subject to changes in the banks prime lending rate. |
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5) Name and Address and description of the person entitled to the charge. |
Society General Market Chamber IV, 13th Floor, P O Box 11635, Nariman Point, Mumbai – 400 021. |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified
|
90148058 |
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Corporate
identity number of the company |
U99999MH1997PTC105589 |
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Name of the
company |
CRAY VALLEY RESINS INDIA PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Plot No. D- 43
(1), Trans Thane Creek, MIDC Industrial Area, Navi Mumbai –400705,
Maharashtra, India. |
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Type of charge |
Book Debts Movable Property |
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Particular of
charge holder |
BNP Paribas 62, Homji Street,
Fort, Mumbai – 400 001, Maharashtra, India. |
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Nature of
description of the instrument creating or modifying the charge |
Supplemental Facilities
Cum Hypothecation Agreement (Supplemental Agreement) |
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Date of
instrument Creating the charge |
30.11.2006 |
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Amount secured by
the charge |
Rs. 110.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest For Cash Credit /
WCDL – Interest on the debit balance at the Bank’s prevailing Benchmark Prime
Lending Rate (BPLR) as prescribed form time to time by the Bank Terms of
Repayment As per terms and
conditions of the revised sanction. Margin 25% Extent and
Operation of the charge By pari passu
first charge on the stock and book debts. |
|
Short particulars
of the property charged |
All the movable
assets such as raw materials, stock in process, finished goods, lying at
various factories, godowns, warehouses, retail outlets, etc. wherever
situated of in transit, both present and future belonging to the borrower and
all the book debts, outstanding moneys, receivables, claims and bills. |
|
Particulars of
the present modification |
By this
modification the charge is enhanced from Rs. 55.000 Millions to Rs. 110.000
Millions by and additional limit of Rs. 55.000 Millions |
Fixed Assets
v Goodwill
v Leasehold Land
v Building
v Plant and Machinery
v Effluent Treatment Plant
v Electrical Installations
v Computers
v Furniture and Fittings
v Vehicles
v Equipment
AS PER WEBSITE
Profile:
The Resins business of the TOTAL Group ranks
among the world leaders in their sector:
·
N°1 in gelcoats,
·
N°2 in unsaturated polyesters
and photocure resins,
·
N°3 in hydrocarbon resins
This activity employs some 4,000
people, and recorded sales of 2.2 billion euros in 2006.
The resins business offers its
customers an extensive range of products, many of them high-tech or
custom-manufactured grades.
Three organisations produce and market
Total Resins: SARTOMER and COOK COMPOSITES & POLYMERS, mainly in the
United-States; CRAY VALLEY, elsewhere in the world .
Hydrocarbon Resins
These tackifying and reinforcing
resins are compatible with a wide range of polymers and copolymers, binders
used in industrial paint, and natural or synthetic rubber. A reference in
hotmelt adhesives and coatings, the hydrocarbon resins range offers a vast
array of properties meeting the most diverse requirements.
Main applications: Glues and adhesives, printing inks, rubber industry,
industrial coatings, road bitumen and coloured bitumen, thermoplastics
modification.
Products: Norsolene®, Wingtack®.
Rosin Derivatives
Rosin Derivatives and ink Resins
are also part of the "Tackifying Resins" business.
Main applications: printing,
adhesives and coatings industries.
Products: Reactal®,
Tergraf®, Tergum®, Terpenato®, Terfenol®, Tertac®
PRESS
RELEASE
23 september 2008
: CRAY VALLEY AT EUROCOAT 2008
CRAY VALLEY exhibits at EUROCOAT
2008 at Eurexpo (Lyon - France) with its distributor GROLMAN on stand (Hall 6
Booth E23).
CRAY VALLEY will introduce its new "low environmental impact" products designed to achieve enhanced set of performances in the fields of decorative, industrial wood and metal coatings:
- new self-crosslinking acrylic emulsion CRAYMUL® 2173 combining excellent wood aspect and outstanding chemical resistance,
- new vinyl acrylic emulsion CRAYMUL® 2358 providing remarkably applicative behaviour to wall paints,
- new acrylic low MFFT CRAYMUL® 2138 with excellent binding power,
- new alkyd emulsion SYNAQUA® 4804 for high gloss paints with superior hardness,
- new waterdilutable SYNAQUA® 8538 SW 80 recommended for direct to metal applications requiring air-drying process and high gloss,
- new high solid acrylics SYNOCURE® 9293 BA 70 for industrial coatings with quick drying and early hardening properties.
With these new products, CRAY VALLEY enlarge its innovative solutions for 2010
and reinforce its commitment to the coatings market with long-term technologies
such as acrylic emulsions, alkyd emulsions and high solid solventborne
acrylics.
Part of Total's Chemicals branch, the group formed by CRAY VALLEY, COOK
COMPOSITES & POLYMERS and SARTOMER is the second largest resins
manufacturer in the world, with sales of 2.2 billion euros and about 4,000
employees worldwide (2007).
Marketing Contact: Myriam
Gourmand-Arnaud - E-mail: coatings.resins@crayvalley.com
Communication Contact : Régis Gaignaut - E-mail : regis.gaignaut@crayvalley.com
18 september 2008
: Cray Valley Implements Sales Control Following Hurricane Ike
As a result of the lingering effects of Hurricane Ike, Cray Valley announced it will implement an 80 percent global sales control on all Wingtack® products, based on year-to-date sales through August. The action takes effect immediately.
Meanwhile, cleanup from the storm continues, with the company's Beaumont and Channelview, Texas, production facilities expected to resume operation next week. Shipping from regional warehouses has already resumed.
"Our employees, suppliers, business partners and the local communities themselves have done a tremendous job and continue to work hard at helping the entire region quickly bounce back," said Thierry Razat, Cray Valley's business director hydrocarbon resins for the Americas. "We ask for continued patience from our customers as we continue those efforts."
Globally based in Paris, Cray Valley's tackifying resins line includes Wingtack and Norsolene resins used as raw materials for coatings, adhesives, inks, elastomers and other applications.
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.48.72 |
|
UK Pound |
1 |
Rs.82.17 |
|
Euro |
1 |
Rs.65.90 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
32 |
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 |
|