MIRA INFORM REPORT
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Report Date : |
09.04.2011 |
IDENTIFICATION DETAILS
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Name : |
STOLLBERG INDIA PRIVATE LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.12.2009 |
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Date of
Incorporation : |
15.07.1999 |
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Com. Reg. No.: |
089855 |
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CIN No.: [Company Identification
No.] |
U74999WB1999PTC089855 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CALS12880A |
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PAN No.: [Permanent Account No.] |
AAFCS0189L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Metallurgical Chemical and Other Products |
RATING & COMMENTS
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MIRA’s Rating : |
B (31) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 634000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
huge accumulated losses recorded by the company. However, trade relations are
fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some
cautions. |
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
|
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 |
LOCATIONS
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Registered Office : |
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Tel. No.: |
91-33-22233854 |
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Fax No.: |
91-33-22233854 |
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E-Mail : |
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Website : |
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Factory : |
Located At: |
DIRECTORS
AS ON 05.05.2010
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Name : |
Mr. Shib Krishna Chakrabarty |
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Designation : |
Director |
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Date of Birth/Age : |
27.11.1948 |
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Date of Appointment : |
15.07.1999 |
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Name : |
Mr. Ramesh Chandra Jha |
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Designation : |
Director |
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Date of Appointment : |
20.05.2009 |
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Name : |
Mr. Jurgen Sardemann |
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Designation : |
Director |
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Date of Appointment : |
30.09.1999 |
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Name : |
Mr. Dirk Steinkemper |
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Designation : |
Director |
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Date of Birth/Age : |
23.07.1966 |
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Date of Appointment : |
18.11.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 05.05.2010
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Names of Shareholders |
No. of Shares |
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Mr. Shib Krishna Chakrabarty |
10 |
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Mr. Ramesh Chandra Jha |
10 |
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S and B Industrial Minerals, |
17605617 |
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Total |
17605637 |
AS ON 05.05.2010
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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] |
|
99.99 |
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Directors or relatives of directors |
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0.01 |
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Total
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Metallurgical Chemical and Other Products |
PRODUCTION STATUS
AS ON 31.12.2009
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Continuous Casting Mould Fluxes |
MT |
10000.00 |
8072.92 |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
HDFC Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S R Batliboi and Company Chartered Accountant |
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Address : |
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Tel. No.: |
91-33-66153400 |
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Fax No.: |
91-33-22817750 |
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Immediate Holding Company: |
S and B Industrial Minerals Gmbh |
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Ultimate Holding Company: |
S and B Industrial Minerals S.A. |
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Fellow Subsidiaries: |
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CAPITAL STRUCTURE
AS ON 05.05.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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18000000 |
Equity Shares |
Rs. 10 each |
Rs. 180.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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17605637 |
Equity Shares |
Rs. 10 each |
Rs.176.056 millions |
Note:
Out of above, 17,605,617 shares are held by the holding company S and B
Industrial Minerals GmbH (includes 2,309,038 shares issued for consideration
other than for cash).
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
176.056 |
176.056 |
176.056 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(17.354) |
(45.074) |
(50.023) |
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NETWORTH |
158.702 |
130.982 |
126.033 |
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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 |
48.856 |
88.274 |
117.919 |
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TOTAL BORROWING |
48.856 |
88.274 |
117.919 |
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DEFERRED TAX LIABILITIES |
26.960 |
21.493 |
11.142 |
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TOTAL |
234.518 |
240.749 |
255.094 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
191.793 |
192.470 |
198.173 |
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Capital work-in-progress |
0.379 |
10.558 |
0.379 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
8.857
|
8.471 |
10.592 |
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Sundry Debtors |
63.738
|
55.683 |
52.428 |
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Cash & Bank Balances |
4.959
|
3.668 |
5.834 |
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Other Current Assets |
0.611
|
0.347 |
0.119 |
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Loans & Advances |
16.056
|
14.680 |
11.772 |
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Total
Current Assets |
94.221
|
82.849 |
80.745 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
42.976
|
37.179 |
32.889 |
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Other Current Liabilities |
4.132
|
2.931 |
1.708 |
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Provisions |
4.767
|
5.018 |
1.449 |
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Total
Current Liabilities |
51.875
|
45.128 |
36.046 |
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Net Current Assets |
42.346
|
37.721 |
44.699 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
11.843 |
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TOTAL |
234.518 |
240.749 |
255.094 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
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SALES |
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Sales |
334.498 |
306.606 |
278.286 |
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Other Income |
1.787 |
5.798 |
2.091 |
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TOTAL (A) |
336.285 |
312.404 |
280.377 |
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Less |
EXPENSES |
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Selling and Distribution Expenses |
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Office Expenses |
269.974 |
263.006 |
224.240 |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
269.974 |
263.006 |
224.240 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
66.311 |
49.398 |
56.137 |
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Less |
FINANCIAL
EXPENSES (D) |
7.953 |
10.365 |
11.587 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
58.358 |
39.033 |
44.550 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
19.533 |
18.740 |
20.980 |
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PROFIT BEFORE
TAX (E-F) (G) |
38.825 |
20.293 |
23.570 |
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Less |
TAX (H) |
NA |
NA |
NA |
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PROFIT AFTER TAX
(G-H) (I) |
NA |
NA |
NA |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
67.799 |
78.596 |
NA |
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Commission Earnings |
0.778 |
2.962 |
NA |
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TOTAL EARNINGS |
68.577 |
81.558 |
NA |
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IMPORTS |
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Raw Materials |
15.450 |
13.059 |
NA |
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Stores & Spares |
0.000 |
1.139 |
NA |
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TOTAL IMPORTS |
15.450 |
14.198 |
NA |
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Earnings Per
Share (Rs.) |
-- |
-- |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
PAT / Total Income |
(%) |
NA
|
NA |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
11.60
|
6.61 |
8.46 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
13.57
|
7.37 |
8.45 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.15 |
0.18 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.80
|
1.18 |
1.31 |
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Current Ratio (Current Asset/Current Liability) |
|
1.81
|
1.83 |
2.24 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS
The net sales registered a growth of Rs. 27.892
millions which is 9% higher than the figure for the year ended 2008.The
Earnings before Interest and Taxes registered a growth of Rs. 16.121 millions due to favourable
sale mix and cost control efforts initiated.
OPERATING
PERFORMANCE:
The Company continued export of Rice Husk Ash based
Insulation, However the sales were lower than last year due to global
recession.
FINANCE:
Loans:
The Company maintained its commitment of repayment
of borrowing from HDFC Bank as per schedule
Working Capital Loan:
The Company is currently enjoying Working Capital facility from HDFC Bank with a Limit of 85 million.
FUTURE OUTLOOK:
There are signs of bumpy gradual recovery especially
in India even though the Western economies continue lo struggle Company expects
similar growth of Sales volume for CCF products Competition from overseas and
influence from focal players however could adversely affect the margins The
overall annual volume growth in the subsequent years is expected To be driven by Granule
with gradual shift from powder.
The company is making continuous efforts to increase
its turnover through exports which was also severely effected by recent
recession.
The Indian Steel Industry though currently at a low
ebb show signs of significant growth in the years to come
FIXED ASSET:
- Property
Development Expenses
- Buildings
- Plant and
Machinery
- Office
Equipment
- Motor
Vehicles
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.44.04 |
|
|
1 |
Rs.72.20 |
|
Euro |
1 |
Rs.63.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
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|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
|
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|
--BANK CHARGES |
YES/NO |
YES |
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--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
31 |
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.