MIRA
INFORM REPORT
|
Report Date : |
19.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ATC CHEMICALS INDIA PRIVATE LIMITED |
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Registered Office : |
R.S. No. 14/4, 15/10-B, Kaviarasan Road, Near Pipdic, Industrial
Estate, Sedarapet, Pondicherry – 605 111, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
25.03.2004 |
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Com. Reg. No.: |
59-1766 |
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CIN No.: [Company
Identification No.] |
U24119PY2004PTC001766 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEA09099G |
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PAN No.: [Permanent
Account No.] |
AAECA6767B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Leather Chemicals |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
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 18000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject has been promoted by ATC, France. Indian Operations are
passing through difficult times. It continues to incur losses and has good amount
of accumulated losses. Trade relations are fair. Payments are however
reported as slow but correct. The company can be considered good for small to mediocre business
dealings. |
LOCATIONS
|
Registered Office : |
R.S. No. 14/4, 15/10-B, Kaviarasan Road, Near Pipdic, Industrial
Estate, Sedarapet, Pondicherry – 605 111, Tamilnadu, India |
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Tel. No.: |
91-44-22381638 / 2678729 |
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Fax No.: |
91-44-22380152 / 2678731 |
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E-Mail : |
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Website : |
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Factory : |
# 89 Anna Salai, Nagalkeni, Chrompet, Chennai – 600 044, Tamilnadu,
India |
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Tel. No.: |
91-44-22381638 |
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Fax No.: |
91-44-22380152 |
DIRECTORS
|
Name : |
Mr. Jean Pierre Gualino |
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Designation : |
Director |
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Address : |
193, Alledela Croix Des Hormes, BP 11069582, Montamay Cedex, France |
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Date of Birth/Age : |
30.12.1949 |
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Date of Appointment : |
25.03.2004 |
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Name : |
Mr. Franck Diaz |
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Designation : |
Director |
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Address : |
193, Alledela Croix Des Hormes, BP 11069582, Montamay Cedex, France |
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Date of Birth/Age : |
01.02.1965 |
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Date of Appointment : |
25.03.2004 |
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Name : |
Mr. Jean Baptise Gualino |
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Designation : |
Director |
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Address : |
23.03.1977 |
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Date of Birth/Age : |
193, Alledela Croix Des Hormes, BP 11069582, Montamay Cedex, France |
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Date of Appointment : |
25.03.2004 |
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Name : |
Mr. D Raja |
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Designation : |
Director |
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Address : |
No. 5, Thirumurugan Street, Adhi Nagar East, Tambaram, Chennai – 600
059, Tamilnadu, India |
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Date of Birth/Age : |
26.03.1973 |
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Date of Appointment : |
25.03.2004 |
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Name : |
Mr. Ramachandran Kavitha |
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Designation : |
Director |
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Address : |
No. 2, Thirumurugan Street, Adhi Nagar, East Tambaram, Chennai – 600
059, Tamilnadu, India |
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Date of Birth/Age : |
31.05.1976 |
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Date of Appointment : |
25.03.2004 |
KEY EXECUTIVES
|
Name : |
M/s Chezhian and Associates |
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Designation : |
Company Secretary |
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Address : |
Flat A, Kailash Apartements, (Old No. 45), New No. 98, Sadayappar
Street, Saidapet, Chennai – 600 015, Tamilnadu, India |
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Email : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
|
Names of Shareholders |
No. of Shares |
|
M/S Assistance Technique Commercialisation (ATC) |
1110000 |
|
D Raja |
240000 |
|
R Kavitha |
150000 |
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|
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Total |
1500000 |
List of Allotment (As on 31.12.2005)
|
Names of Allottees |
No. of Shares |
|
M/S Assistance Technique Commercialisation (ATC) |
74000 |
|
D Raja |
16000 |
|
R Kavitha |
10000 |
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Total |
100000 |
Equity shares Breakup (percentage of total equity)
(As on
30.09.2007)
|
Category |
Percentage |
|
Foreign holdings (Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution (s), Non-resident
Indian(s) or Overseas corporate bodies or others |
74.00 |
|
Directors or relatives of directors |
26.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Leather Chemicals |
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Products : |
Leather Chemicals |
GENERAL
INFORMATION
|
Bankers : |
·
Union Bank of India 92, Station Road, Chrompet, Chennai – 600
044, Tamilnadu, India ·
Indian Bank ·
HSBC Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
·
N Muralidharan Chartered Accountants Address : 19 (New 23),
Govindu Street, Panagal Park, T Nagar, Chennai – 600 017, Tamilnadu, India ·
E Anandhan Chartered Accountants New No : 41 (Old No. 449), P H Road,
Madhuravoyal, Chennai – 600 095, Tamilnadu, India |
CAPITAL STRUCTURE
(As on 30.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
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|
|
|
1] Share Capital |
15.000 |
15.000 |
10.365 |
|
|
2] Share Application Money |
0.000 |
0.000 |
3.450 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(11.497) |
(10.110) |
(0.539) |
|
|
NETWORTH |
3.503 |
4.890 |
13.276 |
|
|
LOAN FUNDS |
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|
|
|
1] Secured Loans |
33.872 |
21.494 |
0.000 |
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2] Unsecured Loans |
37.647 |
32.556 |
25.312 |
|
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TOTAL BORROWING |
71.519 |
54.050 |
25.312 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
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TOTAL |
75.022 |
58.940 |
38.588 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
56.134 |
51.042 |
0.000 |
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Capital work-in-progress |
0.000 |
0.000 |
30.635 |
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INVESTMENT |
0.255 |
0.255 |
0.255 |
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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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|
|
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Inventories |
15.392
|
13.549 |
8.894 |
|
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Sundry Debtors |
38.757
|
23.308 |
9.385 |
|
|
Cash & Bank Balances |
0.184
|
0.159 |
0.699 |
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Other Current Assets |
1.383
|
3.156 |
0.016 |
|
|
Loans & Advances |
1.899
|
1.555 |
4.711 |
|
Total
Current Assets |
57.615
|
41.727 |
23.705 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
38.698
|
37.592 |
19.750 |
|
|
Provisions |
0.326
|
0.000 |
0.597 |
|
Total
Current Liabilities |
39.024
|
37.592 |
20.347 |
|
|
Net Current Assets |
18.591
|
4.135 |
3.358 |
|
|
|
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MISCELLANEOUS EXPENSES |
0.042 |
3.508 |
4.340 |
|
|
|
|
|
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|
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TOTAL |
75.022 |
58.940 |
38.588 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
106.195 |
59.993 |
|
|
Other Income |
|
0.000 |
0.000 |
|
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Total Income |
|
106.195 |
59.993 |
|
|
|
|
|
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Net Loss |
|
(1.061) |
(9.572) |
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CIF Value |
|
17.323 |
28.993 |
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FOB Value |
|
21.006 |
8.741 |
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Expenditures : |
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Depreciation & Amortization |
|
7.427 |
6.798 |
|
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Other Expenditure |
|
99.829 |
62.767 |
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Total Expenditure |
|
107.256 |
69.565 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
(0.99)
|
(15.96) |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
(0.99)
|
(15.96) |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(0.93)
|
(10.32) |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
(0.30)
|
(1.96) |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
31.56
|
18.74 |
3.44 |
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|
Current Ratio (Current Asset/Current Liability) |
|
1.48
|
1.11 |
1.17 |
LOCAL AGENCY
FURTHER INFORMATION
Form No. 8
|
Name of the company |
ATC CHEMICALS INDIA PRIVATE LIMITED |
|
Presented By |
D Raja, Director |
|
1) Date and description of instrument creating the change |
17.06.2005 1.
Hypothecation
Agreement of goods / debts Hypothecation of Bills 2.
Hypothecation
– Consumer Goods |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.20.700
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 |
1.
Hypothecation
of fully paid / Insured Raw Material / WIP / Finished goods and Book Debts
not Older than 90 days 2.
Hypothecation
of plant and machinery at factory / Administrative office and EM of factory
land and building |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Cash Credit
(Hypothecation) Rs.10.000 millions (with PC / FUDBP Rs.4.500 millions) Term
Loan Rs.10.700 millions totally amounting to Rs.20.700 millions vide copies
of hypothecation Deed Repayable on
Demand |
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5) Name and Address and description of the person entitled to the charge. |
Union Bank of India 92, Station Road, Chrompet, Chennai – 600 044, Tamilnadu, India |
|
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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Corporate
identity number of the company |
U24119PY2004PTC001766 |
|
Name of the
company |
ATC CHEMICALS INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
R.S. No. 14/4, 15/10-B, Kaviarasan Road, Near Pipdic, Industrial
Estate, Sedarapet, Pondicherry – 605 111, Tamilnadu, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
·
Hypothecation ·
Equitable
mortgage or mortgage of property by depositing the title deeds |
|
Particular of
charge holder |
Union Bank of India 92, Station Road, Chrompet, Chennai – 600 044, Tamilnadu, India |
|
Amount secured by
the charge |
Rs.35.700
millions |
|
Description of
the property charged indicating whether it is a charged on |
·
Immovable
properties ·
Plant and
Machinery ·
Stock in
trade ·
Book debts |
|
Particulars of
the property charged |
As per sanction
order letter : ADV. 153 dated 06.05.2006 |
|
Brief description
of the instrument modifying the charge under section 135 |
Total Limit
enhanced from Rs.20.700 millions to Rs.35.700 millions |
|
Date of
instrument modifying the charge |
06.05.2006 |
|
Particulars of
the present modification |
As per sanction
letter : ADV : 153 dated 06.05.2006 |
Web Details
Profile
The company is into the business of manufacturing and exporting leather
chemicals to both its national as well as international clients. The team at
subject keeps a close watch on the prevailing market trends and changes in the
specifications of the buyers. This helps them to source and manufacture only
those products which the customers prefer. The advantage of this approach is to
help focus on a fixed range of products and concentrate its efforts on
marketing these products so as to maximize revenue.
Products
Leather Chemicals
The company
manufactures, exports all types of leather chemicals to its clients in India
and abroad. They also offer customized products to the clients. All the leather
chemicals that they source or produce are strictly according to the
specifications of the buyers. This helps us in being a more customer friendly
organization and help them in getting repeat orders and valuable word -of-
mouth-publicity also.
Quality
Being in the chemicals business, which is a highly competitive industry,
makes them focus more on the quality of the products. They have an in house
quality checking department which tests the quality of the incoming and
outgoing raw material. These professionals ensure that the best quality raw
materials are supplied to the customers. In order to differentiate ourselves
from the competitors, it is vital that they stand out on this parameter.
Infrastructure
The production capacities are comparable to the best in the world and
are geared to take up any fluctuations in work load. They have a team of
dedicated professionals who are willing to stretch themselves whenever
required. The team is highly qualified and works with a professional approach
towards solving the problems of the clients. The unique combination of state-of-the-art
machinery combined with skilled manpower helps them to execute both bulk orders
as well as customized orders without any delay in output.
Future Plans
The company is constantly trying to innovate new products so as to
increase its bouquet of services to the clients. The liberalized economy of
today offers plenty of opportunities for Indian corporations to expand its
reach in the global market. To make the most of this opportunity the company
has developed a web enabled interface so as to make it easier for the
international clients to access information about the company. This will help
them in establishing closer relationships with the clients and increase the
brand equity in the market.
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.46.71 |
|
UK Pound |
1 |
Rs.85.12 |
|
Euro |
1 |
Rs.66.98 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
30 |
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 |
|