MIRA
INFORM REPORT
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Report Date : |
06.04.2011 |
Note : Registered office of the company has been
shifted from Wockhardt Towers East Wing, level
2, Bandra-Kurla Complex, Bandra (E), Mumbai – 400 051, Maharashtra to the
present address w.e.f. 15.06.2010
IDENTIFICATION DETAILS
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Name : |
DOW CORNING INDIA PRIVATE LIMITED |
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Formerly Known As : |
Universal silicon lubricants private limited |
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Registered Office : |
Unit No. 202, 2nd Floor, Ackruti Corporate Park, L B S
Marg, Next to GE Gardens, Kanjurmarg (West), Mumbai – 400078, Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
26.03.1974 |
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Com. Reg. No.: |
11-17318 |
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CIN No.: [Company
Identification No.] |
u85198MH1974PTC017318 |
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Legal Form : |
Private Limited Liability Company
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Line of Business : |
Manufacturer of Silicone Sealants and Specialty Lubricants |
RATING & COMMENTS
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MIRA’s Rating : |
Ba ( 54 ) |
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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 |
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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 good
track. Trade relations are fair.
Business is active. General financial position is good. Payments are reported
as usually made as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
LOCATIONS
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Registered Office : |
Unit No. 202, 2nd Floor, Ackruti Corporate Park, L B S
Marg, Next to GE Gardens, Kanjurmarg (West), Mumbai – 400078, Maharashtra,
India |
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Tel. No.: |
91-22-66946868 |
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Fax No.: |
91-22-66946848 |
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E-Mail : |
tejas.pandya@dowcorning.com |
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Website : |
www.dowcorning.com |
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Factory : |
Plot # 100/A, MIDC, Rajangaon Taluka, Pune – 412 220, |
DIRECTORS
AS ON 23.09.2010
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Name : |
Mr. Jean Paul Mollie |
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Designation : |
Managing Director |
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Address : |
Molentjesstraat 62, kooigem
8510 |
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Date of Birth/Age : |
09.09.1954 |
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Date of Appointment : |
28.04.2009 |
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Din No. : |
02632283 |
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Name : |
Mr. John David lyon |
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Designation : |
Director |
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Date of Birth/Age : |
19.05.1979 |
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Date of Appointment : |
30.11.2007 |
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DIN No.: |
02107137 |
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Name : |
Mr. Nimesh Sunderlal Shah |
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Designation : |
Director |
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Date of Birth/Age : |
B 1401, |
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Date of Birth : |
04.12.1964 |
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Date of Appointment : |
14.07.2010 |
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DIN No.: |
03148803 |
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Name : |
Mr. |
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Designation : |
Director |
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Date of Birth/Age : |
103, Madhura Flats – II, Madhura Estate, Near Karnataka Bank, Hubli –
580023, |
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Date of Birth : |
20.05.1972 |
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Date of Appointment : |
19.01.2011 |
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DIN No.: |
00339957 |
KEY EXECUTIVES
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Name : |
Mr. Tejas Shailesh Pandya |
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Designation : |
Secretary |
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Address : |
503, |
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Date of Birth : |
17.01.1982 |
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Date of Appointment : |
12.02.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders AS ON 23.09.2010 |
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No. of Shares |
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Dow Corning Enterprises Inc, |
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10269999 |
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Dow Corning Enterprises Inc jointly
with Mr. |
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1 |
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Total
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10270000 |
AS ON : 30.09.2010
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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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100.00 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Silicone Sealants and Specialty Lubricants |
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Products : |
Generic Names of principal Products of Company
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GENERAL INFORMATION
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Bankers : |
Canara Bank, |
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Facilities : |
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Banking
Relations : |
----- |
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Auditors : |
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Name : |
Price Waterhouse and Company Chartered Accountants |
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Address : |
252, Veer Savarkar Marg, |
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Holding Company : |
Dow Corning Enterprises INC, |
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Ultimate Holding Company : |
Dow Coming Corporation, |
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Fellow Subsidiaries : |
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CAPITAL STRUCTURE
AS ON 30.09.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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16000000 |
Equity Shares |
Rs. 10/-
each |
Rs. 160.000 Millions |
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Notes:
During the year the authorized capital of the company has been increased by 2,000,000 Equity Shares of Rs. 10/- each, by passing resolution in Extraordinary General Meeting held on 15th February 2010.
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10270000 |
Equity Shares |
Rs. 10/-
each |
Rs. 102.700
Millions |
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Notes:-
· 10269999 Equity Shares of Rs. 10/- each are held by Dow Corning Enterprises INC, the holding Company
· 1560000 Equity Shares of Rs. 10/- each fully paid up were issued as bonus shares by way of capitalization of General Reserves.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
102.700 |
102.700 |
102.700 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
867.378 |
592.878 |
592.969 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
970.078 |
695.578 |
695.669 |
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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 |
253.836 |
308.580 |
283.220 |
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TOTAL BORROWING |
253.836 |
308.580 |
283.220 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1223.914 |
1004.158 |
978.889 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
435.319 |
443.424 |
471.090 |
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Capital work-in-progress |
3.984 |
61.628 |
7.573 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
4.031 |
13.327 |
15.645 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
629.869
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417.904
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506.419
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Sundry Debtors |
746.356
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716.324
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631.985
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Cash & Bank Balances |
99.227
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122.451
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79.968
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Other Current Assets |
0.000
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0.000
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0.000
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Loans & Advances |
78.664
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70.683
|
76.693
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Total
Current Assets |
1554.116
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1327.362 |
1295.065
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
718.427
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761.850
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708.884
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Current Liabilities |
26.888
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39.727
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42.936
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Provisions |
28.221
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40.006
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58.664
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Total
Current Liabilities |
773.536
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841.583 |
810.484
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Net Current Assets |
780.580
|
485.779 |
484.581
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1223.914 |
1004.158 |
978.889 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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TURNOVER |
3148.615 |
2592.871 |
2598.714 |
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TOTAL EXPENSES |
3073.608 |
2787.046 |
2527.305 |
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PROFIT BEFORE
TAX |
413.595 |
55.896 |
141.811 |
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Less |
TAX |
139.096 |
55.987 |
59.020 |
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PROFIT AFTER TAX
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274.499 |
(0.091) |
82.791 |
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EARNINGS IN
FOREIGN CURRENCY |
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FOB value of Exports |
72.517 |
90.279 |
64.399 |
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Agency Commission |
30.059 |
22.204 |
12.451 |
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Income from Engineering and Design Centre |
232.063 |
196.981 |
23.203 |
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TOTAL EARNINGS |
334.639 |
309.464 |
100.053 |
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IMPORTS |
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Raw Materials and Traded Goods |
1909.401 |
1621.743 |
1642.762 |
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Capital Goods |
1.137 |
9.193 |
5.620 |
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TOTAL IMPORTS |
1910.538 |
1630.936 |
1648.382 |
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Earnings Per
Share (Rs.) |
26.73 |
(0.01) |
9.15 |
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KEY RATIOS
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PARTICULARS |
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31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
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Net Profit Margin (PBT/Sales) |
(%) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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Return on Investment (ROI) (PBT/Networth) |
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Debt Equity Ratio (Total Liability/Networth) |
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Current Ratio (Current Asset/Current Liability) |
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LOCAL AGENCY FURTHER INFORMATION
CURRENT YEAR'S
OPERATIONS
The company's
operations were on track for growth
in the year under consideration. The one company two brand strategy introduced last
year is a success. Unlike last year when the company's profitability
suffered was on account of
currency erosion, in this year the currency recorded gain. The cost saving
measures introduced last year also helped shore the bottom-line. A revenue
growth of 21% for the year. PBT is at 13% of Sales.
FUTURE BUSINESS PROSPECTS
The company's
reorganization into two brands, Dow Corning brand and Xiameter brand is showing results. The
company is optimistic of continuing the good growth story in the year
2010-2011.
Bankers Charges
Report as per Registry
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Name of the company |
Universal silicon lubricants private limited |
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Presented By |
Mr. Avinash G. Gandhi |
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1) Date and description of instrument creating the change |
O.C.C.
(Hypothecation) Agreement Dated 14.10.1987
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.300 Million
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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 |
Raw Materials,
Stores and Spares Stock-In-Process and Finished goods and all other such
goods belonging to the borrower. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @ 5.5 %
p.a. above Bank Rate with a minimum of 15.5 % p.a. or at such rate bank may
specify form time to time |
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5) Name and Address and description of the person entitled to the charge. |
Canara Bank, |
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6) Date and brief description of instrument modifying the charge |
Supplemental
Agreement Dated 25.08.1992 for Rs. 0.100 Million |
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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. |
Open Cash Credit
Limit enhanced from Rs. 0.300 Million to Rs. 0.400 Million Interest @ 8.25 %
p.a. above the bank rate with a minimum of 20.25 % p.a. or at such rates bank
may specify from time to time. |
fixed assets:-
·
·
· Plant and Machinery
· Laboratory Equipment
· Air Conditioner
· Computer
· Office Equipments
· Vehicles
website details:-
Company Profile
Subject provides performance-enhancing solutions to serve
the diverse needs of more than 25,000 customers worldwide. A global leader in silicones,
silicon-based technology and innovation, subject offers more than 7,000
products and services via the company’s Dow Corning®
and XIAMETER® brands. Subject is a joint venture equally owned by The Dow
Chemical Company and
MEDIA AND
NEWS AND UPCOMING EVENTS
2005.11.17
Dow Corning Constructs New Plant in
New facility also features
customer applications lab
“Thanks to our customers, we have
been fortunate to enjoy excellent growth and increasing demand in
The site will also include an
Applications Engineering Technical Services laboratory designed to provide a
location for Dow Corning and customers to research, develop and innovate
products. The applications center will provide customers in the region
access to leading technological equipment as well as Dow Corning technical
professionals.
“Dow Corning has been serving
various Indian industries for over 20 years and the construction of this new
manufacturing facility validates our long-term commitment to this emerging
region,” said Robert D. Hansen, Dow Corning vice president and general manager
of core products. “We see significant potential for silicon-based
materials, technologies and solutions in this dynamic, fast-expanding market.”
The new Dow Corning plant will
manufacture an array of value-added products for the Indian and Asian market,
including polymers, lubricants, sealants, and emulsions. The facility is
located in a premier industrial area that is host to a diverse array of leading
Indian and multinational companies from the electronics, food manufacturing and
automotive industries.
The new plant will help Dow
Corning address soaring global demand for silicon-based materials in a wide
variety of industries and emerging markets. “Particularly in
Dow Corning (www.dowcorning.com) provides
performance-enhancing solutions to serve the diverse needs of more than 25,000
customers worldwide. A global leader in silicon-based technology and
innovation, offering more than 7,000 products and services, Dow Corning is
equally owned by The Dow Chemical Company and
Dow Corning India Private Limited
was established in February 2000 after acquiring its former joint venture
company.
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.44.45 |
|
|
1 |
Rs.71.58 |
|
Euro |
1 |
Rs.63.01 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
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--AFFILIATION |
YES/NO |
NO |
|
--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 |
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 |
|
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.