MIRA
INFORM REPORT
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Report Date : |
06.04.2011 |
IDENTIFICATION DETAILS
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Name : |
LANXESS INDIA PRIVATE LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
20.02.2004 |
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Com. Reg. No.: |
11-158377 |
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CIN No.: [Company
Identification No.] |
U24119MH2004PTC158377 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEL03844B |
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PAN No.: [Permanent
Account No.] |
AACCB3880A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Specialty Chemicals |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (49) |
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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 29900000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a 100 % subsidiary of Lanxess Deutschland GmbH, The company can be considered normal for 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.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Mr. Sreeram |
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Designation : |
Finance Controller |
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Contact No.: |
91-22-21729200 |
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Date : |
02.04.2011 |
LOCATIONS
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Registered Office/ Factory: |
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Tel. No.: |
91-22-25311234/21729420 |
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Fax No.: |
91-22-25455039 |
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Email : |
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Website : |
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Area: |
5000sq.fts (Approximately) |
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Location : |
Owned |
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Factory 2 : |
29/3, |
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Factory 3 : |
Post – Birlagram, Nagda, District – |
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Factory 4 : |
Plot No. 748/2/A, GIDC, Jhagadia Industrial Estate,
District – Bharuch-393110, |
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Headquarters: |
Michael Wuest, Konrad-Adenaue-Ufer 41-45, D-50668 Koln,
Postfach 10 03 44, D-50443, Koln |
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Tel. No.: |
49 221 1647 190 |
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Fax No.: |
49 221 1647 281 |
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E-Mail : |
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Branch Office : |
Located at – v
Chennai v
v
Kolkata |
DIRECTORS
AS ON 09.08.2010
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Name : |
Mr. Neelanjan Sarojkumar Banerjee |
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Designation : |
Director |
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Address : |
7-C, Popular House, |
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Date of Birth/Age : |
02.03.1973 |
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Date of Appointment : |
01.09.2009 |
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Name : |
Dr. Joerg Strassburger |
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Designation : |
Managing Director |
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Address : |
Suraj Millennium, 28th Floor, |
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Date of Birth/Age : |
29.02.1964 |
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Date of Appointment : |
10.03.2005 |
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Name : |
Mr. KRV Subramanian |
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Designation : |
Director |
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Address : |
8, Rushilla, 17C, |
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Date of Birth/Age : |
26.09.1933 |
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Date of Appointment : |
17.06.2004 |
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Name : |
Mr. Venkatesh Sankaran |
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Designation : |
Director |
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Address : |
10/58-59 Savita, Chedda Nagar, Chembur, Mumbai – 400089, |
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Date of Birth/Age : |
05.10.1960 |
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Date of Appointment : |
10.03.2005 |
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Name : |
Dr. Dattaprasad Talekar |
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Designation : |
Director |
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Address : |
Flat No. 403, Building No. 3, Wimbledon park, Pokhran Road No. 1,
Opposite JK School, Thane – 400602, |
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Date of Birth/Age : |
28.08.1957 |
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Date of Appointment : |
10.03.2005 |
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Name : |
Mr. |
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Designation : |
Chairman |
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Address : |
Merkel Weg, 1A, Bergisch Gladbach, Bergisch Gladbach – 51427, |
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Date of Birth/Age : |
04.08.1957 |
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Date of Appointment : |
04.06.2007 |
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Name : |
Mr. Sreeram Venkey |
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Designation : |
Secretary |
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Address : |
8, Siddhivinayaka Vignahara CHS Limited, Chedda Nagar, Chembur, Mumbai
– 400089, |
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Date of Birth/Age : |
03.07.1962 |
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Date of Appointment : |
01.07.2004 |
KEY EXECUTIVES
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Name : |
Mr. Venkateswaran Sreeram |
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Designation : |
Company Secretary |
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Address : |
8, Siddhivinayak Vignahara Chs Limited, Chedda Nagar, Chembur, Mumbai
– 400089 |
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Date of Birth/Age : |
03.07.1962 |
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Date of Appointment : |
01.07.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 09.08.2009
|
Names of Shareholders |
No. of Equity
Shares |
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Lanxess Deutschland GMBH ( |
29509844 |
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Lanxess Deutschland GMBH Jointly With Venkatesh Sankaran ( |
1 |
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Lanxess Deutschland GMBH Jointly With Sreeram Venkey ( |
1 |
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Lanxess Deutschland GMBH ( |
9998 |
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Lanxess Deutschland GMBH Jointly With Venkatesh Sankaran ( |
1 |
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Lanxess Deutschland GMBH Jointly With Dattaprasad Talekar ( |
1 |
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Lanxess Deutschland GMBH ( |
206310000 |
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Lanxess Deutschland GMBH ( |
167664000 |
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Total |
403493846 |
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Names of Shareholders |
No. of
Preference Shares |
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Lanxess Deutschland GmbH |
144000000 |
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Total |
144000000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2009
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Category |
Percentage of
Holding |
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Foreign holdings [Foreign institutional investors, Foreign
Companies, Foreign Financial Institutions, Non-resident Indian or Overseas
corporate bodies or others] |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Specialty Chemicals |
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Products: |
Preventol |
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Export : |
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Products : |
Chemicals |
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Countries : |
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Import : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash, Credit (30 days, 60 days, 90 days) |
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Purchasing : |
L/C, Cash, Credit (30 days, 60 days, 90 days) |
GENERAL INFORMATION
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Customers : |
OEM |
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No. of Employees : |
300 (Approximately) |
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Bankers : |
Scheduled Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Sharp and Tannan Associates Chartered Accountants |
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Address : |
87, Nariman Bhavan, 227, Nariman Point, Mumbai – 400021, |
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Fellow Subsidiaries : |
· Borchers GmbH, Langenfeld · Bayer CropScience Limited ·
Lanxess (Pty) Limited, ·
Lanxess AG, · Lanxess B.V., Netherland · Lanexess Burna, Mari ·
Lanxess Company Limited, ·
Lanxess Corporation, ·
Lanxess Distribution GmbH – ·
Lanxess Elastomers – · Lanxess Emulsion Rubber – France · Lanxess Europe GmbH ·
Lanxess Industrial de Productos Qulmicos e Plasticos Limited – · Lanxess Internatioal S.A. Siwtzerland ·
Lanxess International Trading ( ·
Lanxess K.K – ·
Lanxess N.V. Amtwerpen – ·
Lanxess Pte. Limited – ·
Lanxess ·
Lanxess S.R.L. – ·
Lanxess Shanghai Pigments company Limited – ·
Lanxess Wuxi Leather Chemicals Company Limited, ·
·
Rhein Chemie Rheinau GmbH, ·
Rhein Chemie ( · Saltigo, GmbH · Sybron Chemicals Inc., Brimingham |
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Subsidiaries: |
Tel. 91-22-25311779 Fax. 91-22-25455071 E-mail. ashok.malhan@bayermaterialscience.com
CIN No.: L25200GJ1973PLC002436 |
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Holding Company: |
·
Lanxess Deutschland ·
Lanxess Ag, |
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Group Company : |
Lanxess Europe GmbH and Company KG Michael Wuest, Konrad-Adenaue-Ufer 41-45, D-50668 Koln,
Postfach 10 03 44, D-50443, Koln Tel. +49 221 1647 190 Fax. +49 221 1647 281 |
CAPITAL STRUCTURE
(AS ON 09.08.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
467407000 |
Equity Shares |
Rs. 10/- each |
Rs. 4674.070 Millions |
|
150000000 |
Preference Shares |
Rs. 10/- each |
Rs. 1500.000 Millions |
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Total |
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Rs. 6174.070
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
403493846 |
Equity Shares |
Rs. 10/- each |
Rs.4034.938 Millions |
|
144000000 |
Preference Shares |
Rs. 10/- each |
Rs.1440.000 Millions |
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Total |
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Rs. 5474.938 Millions |
Preference Shares are redeemable In 10 equal Installments starting form 6th year of the date of Issue 1.e December 7, 2004 or any earlier period as per the discretion of the Board.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
5474.938 |
1735.198 |
1735.098 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2018.781 |
1957.722 |
1889.098 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
7493.719 |
3692.920 |
3624.196 |
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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 |
2793.533 |
0.000 |
0.000 |
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TOTAL BORROWING |
2793.533 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
10287.252 |
3692.920 |
3624.196 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4530.268 |
220.631 |
249.671 |
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Capital work-in-progress |
3310.624 |
933.734 |
33.494 |
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INVESTMENT |
0.000 |
0.000 |
2079.798 |
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DEFERREX TAX ASSETS |
24.463 |
113.222 |
136.050 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
1102.459
|
501.899
|
566.764
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Sundry Debtors |
1449.949
|
526.447
|
692.522
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Cash & Bank Balances |
545.311
|
1283.885
|
1.998
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Other Current Assets |
0.000
|
0.000
|
0.079
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Loans & Advances |
714.409
|
719.381
|
870.103
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Total
Current Assets |
3812.128
|
3031.612
|
2131.466 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
939.133 |
280.792 |
365.185 |
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Other Current Liabilities |
408.324
|
320.609
|
588.488
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Provisions |
57.000
|
4.878
|
52.610
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Total
Current Liabilities |
1404.457
|
606.279
|
1006.283 |
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Net Current Assets |
2407.671
|
2425.333
|
1125.183 |
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MISCELLANEOUS EXPENSES |
14.226 |
0.000 |
0.000 |
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TOTAL |
10287.252 |
3692.920 |
3624.196 |
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Expected Sales (2010-2011) : Rs.5000.000 Millions
PROFIT & LOSS
ACCOUNT
|
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
|
2835.960 |
2653.230 |
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Other Income |
|
224.800 |
147.430 |
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TOTAL (A) |
4745.714 |
3060.760 |
2800.660 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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Other Expenses |
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TOTAL (B) |
4595.558 |
2839.670 |
1197.560 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
NA |
221.090 |
1603.100 |
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Less |
FINANCIAL
EXPENSES (D) |
NA |
2.680 |
3.460 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
NA |
218.410 |
1599.640 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
NA |
65.610 |
48.910 |
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PROFIT BEFORE
TAX (E-F) (G) |
150.156 |
152.800 |
1550.730 |
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Less |
TAX (H) |
99.105 |
82.330 |
109.400 |
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PROFIT AFTER TAX
(G-H) (I) |
51.051 |
70.470 |
1441.330 |
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
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|
FOB Value of Exports |
995.899 |
720.823 |
NA |
|
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Indenting Commission |
185.613 |
161.120 |
NA |
|
|
|
Marketing Services |
13.158 |
17.091 |
NA |
|
|
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Manufacturing Services |
0.352 |
4.445 |
NA |
|
|
|
|
51.062 |
31.171 |
NA |
|
|
|
Other Earnings |
10.433 |
1.187 |
NA |
|
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TOTAL EARNINGS |
1256.517 |
935.837 |
NA |
|
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
592.254 |
419.455 |
NA |
|
|
|
Stores & Spares |
0.937 |
4.644 |
NA |
|
|
|
Traded Goods |
1320.917 |
648.907 |
NA |
|
|
|
Capital Goods |
465.215 |
98.245 |
NA |
|
|
TOTAL IMPORTS |
2379.323 |
1171.251 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.23 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.08
|
2.30
|
51.46
|
|
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|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
5.39
|
58.45
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.80
|
4.70
|
65.13
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.04
|
0.43
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.56
|
0.16
|
0.27
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.71
|
5.00
|
2.12
|
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors
Details:
|
Particulars
|
Rs.
In Millions 31.03.2010 |
Rs.
In Millions 31.03.2009 |
Rs.
In Millions 31.03.2008 |
|
Sundry Creditors
|
|
|
|
|
Micro and Small Enterprises |
2.560 |
4.438 |
12.522 |
|
Others |
936.573 |
276.354 |
352.663 |
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|
NOTE:
The Registered Office of the company has been shifted from 1-2,
FINANCIAL PERFORMANCE
Sales:
The Company has shown a
significant improvement in sales with an overall growth of 62% (including sales
from Nagda from Sept'O9 to Mar'10) during the financial year 2009-10. Exports
grew by 45% Basic Chemicals (BAC) leads In terms of contribution to this
impressive growth and is now the biggest Business unit for your Company, post
the acquisition of the chemical businesses from Gwalior Chemicals Industries
Limited (GCIL) (Now Gee Cee Ventures Limited)
Rubber Chemicals (RUC) being the
erstwhile major business unit of the Company, lost volumes and its sales
dropped by 39% due to stoppage of manufacturing activities at Thane. The Plant
has now been relocated to Jhagadia in
Rhein Chemie (RCH) benefited from
the local manufacturing facility at
Overall the financial year 2009-10
was extremely challenging year for the Company, but the business has shown
strong performance in 2nd half compared to previous year same period
which was largely impacted by the slowdown in the user industries. Addition of
the newly acquired GCIL businesses has made the business more stable for your
Company.
The sales growth over the last 6
years has recorded a CAGR of 242%
Profitability:
Due to an increase in the Sales by
62% and after the integration of the newly acquired GCIL business (from Sept'O9
to Mar11O), the gross profit margin for the financial year 2009-10 increased to
37% from 32% In the previous year. This also resulted in an increased EBITDA
are exceptional margins to 12% from 8% in the previous year. However, the net
profit for the year dropped by 27%. due to increased Depreciation/Amortisation
and interest costs pertaining to the business acquisition of GCIL. Consequently
the Return on Capital employed (ROCE) dropped to 2.7% in financial year 2009-10
from 4.3% in financial year 2008-09
FIXED ASSETS:
Intangible Assets -
·
Computer Software
·
Business Agency Rights
·
Goodwill
·
Customer Relationship
·
Non-Compete Agreement
·
Beneficial Chlorine
Arrangement
Tangible Assets -
·
Roads and Buildings
·
Plant and Machinery
·
Equipments
·
Computers
·
Furniture and Fixtures
·
Motor and Vehicles
·
Land
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 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
49 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.