MIRA INFORM REPORT
|
Report Date : |
16.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
HENKEL TEROSON INDIA LIMITED |
|
|
|
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Registered
Office : |
74 Industrial Development Colony, Gurgaon 122001, Haryana |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
31.10.1996 |
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Com. Reg. No.: |
033371 |
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CIN No.: [Company Identification
No.] |
U24222HR1996PLC033371 |
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|
|
|
Legal Form : |
Closely Held
Public Limited Liability Company |
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|
|
Line of Business
: |
Manufacturing and
exporting of adhesives, sealants and surface coating products in technical
and financial collaboration with Henkel AG of |
RATING & COMMENTS
|
MIRA’s Rating : |
A (61) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 1510000 |
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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 company having fine track. Financial
position of the company appears to be sound. Trade relations are reported as
fair. Business is active. Payments are reported to be regular and 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.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered
Office/Factory : |
74, Industrial
Development Colony, |
|
Tel. No.: |
91-124-2301097 /
4082409-10 / 4324100 |
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Fax No.: |
91-124-2321401 |
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E-Mail : |
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Website : |
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Location : |
Commercial |
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|
Branches : |
1, Sri Aurobindo
Marg, |
DIRECTORS
AS ON 20.09.2010
|
Name : |
Mr. Arvind Walia |
|
Designation : |
Director |
|
Address : |
C-222, Greater
Kailash, Part I, |
|
Mobile No. : |
91-9811067780 |
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Fax No. |
91-11-26862644 |
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E-mail : |
|
|
Other
Directorship : |
Gabriel India
limited U34101PN2001PLC015735 Whole Time
Director Anfilco Limited U99999HR2001PLC034614 Director |
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|
|
|
Name : |
Mr. Deepak Chopra |
|
Designation : |
Director |
|
Address: |
House No. 768,
Anfilco Housing Colony, |
|
Date of
Birth/Age : |
25.12.1954 |
|
Date of
Appointment : |
22.05.2002 |
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|
|
|
Name : |
Mr. Rohit Arora |
|
Designation : |
Director |
|
Date of
Birth/Age : |
16.09.1958 |
|
Date of
Appointment : |
01.12.2004 |
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|
|
|
Name : |
Mr. Naveen Seth |
|
Designation : |
Director |
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Date of
Birth/Age : |
25.10.1958 |
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Date of
Appointment : |
10.12.2009 |
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|
Name : |
Mr. EWE Kool Sam |
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Designation : |
Director |
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Date of
Birth/Age : |
14.09.1951 |
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Date of
Appointment : |
27.06.2008 |
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|
|
|
Name : |
Mr. Kazantzis
George |
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Designation : |
Director |
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Date of
Birth/Age : |
30.09.1970 |
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Date of
Appointment : |
17.09.2008 |
|
|
|
|
Name : |
Mr. Chi Wai
Benjamin Ho |
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Designation : |
Director |
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Date of
Birth/Age : |
12.10.1972 |
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Date of
Ceasing : |
19.12.2008 |
|
|
|
|
Name : |
Mr. Sundararaman
R Iyer |
|
Designation : |
Director |
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Date of
Birth/Age : |
24.05.1960 |
|
Date of
Appointment : |
22.11.2010 |
KEY EXECUTIVES
|
Name : |
Mr. Sanjay Saraf |
|
Designation : |
General Manager – Operations |
|
Address : |
74, Industrial Development Colony, |
|
Tel. No. : |
91-124-2321749/2321085 |
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Fax No. : |
91-124-2321401 |
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E-mail : |
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|
Name : |
Sanjeev Bhatia and Associates |
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Designation : |
Company Secretary |
|
Address : |
E-406, Rail Vihar, Sector-15 II, Gurgaon, Haryana |
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Tel. No. : |
91-124-2304628 |
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E-mail : |
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|
|
Name : |
Mr. D. J. Rao |
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Designation : |
Head of Operations |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 20.09.2010
|
Names of Shareholders |
No. of Shares |
|
Asia Investment Private Limited, |
670368 |
|
Mr. S. C. Patel Joint Holder with K K Jaggi |
1 |
|
Mr. K. N. Subramaniam Joint Holder with K K Jaggi |
1 |
|
K K Jaggi Joint Holder with Mr. Deepak Chopra |
1 |
|
Mr. K. P. Shrivastava Joint Holder with K K Jaggi |
1 |
|
Henkel AG and Company |
697735 |
|
Mr. Deepak Chopra Joint Holder with K K Jaggi |
1 |
|
Total |
1368108 |
AS ON 20.09.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
51.00 |
|
Bodies corporate |
|
49.00 |
|
|
Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and
exporting of adhesives, sealants and surface coating products in technical
and financial collaboration with Henkel AG of |
||||||||
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Products : |
·
Ride
Control-Gabriel Kayaba ·
Filtration-Purolator
·
Engine
·
Drivetrain-Spicer
·
Car
Care Products-STP, Armor All ·
Climate
Control-Behr ·
Engine
Bearings-Federal-Mogul ·
Friction
Materials-Valeo ·
Sealants
and Coatings-Henkel Teroson ·
Synchroniser
Rings-Chang Yun ·
Exhaust-Arvin
·
Tools
and Dies-Dytek ·
Hydraulic
Brakes-Mando ·
Air
Brake Components-Haldex
|
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
5000
Approximately |
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Bankers : |
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Facilities : |
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Banking Relations
: |
-- |
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Auditors : |
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|
Name : |
BSR and Company Chartered Accountant |
|
Address : |
Building No. 10, 8th Floor, Tower B, |
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|
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Holding Company: |
Henkel AG and Company KGAA, |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
AS ON 20.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
Rs. 10 each |
Rs.20.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1368108 |
Equity Shares (of the above 697735 equity shares of Rs. 10 each are held by Hankel
AG and Company KGAA the holding company and also the ultimate holding
company) |
Rs. 10 each |
Rs.13.681 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
13.681 |
13.681 |
13.681 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
364.941 |
239.709 |
187.201 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
378.622 |
253.390 |
200.882 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
46.899 |
132.500 |
|
|
TOTAL BORROWING |
0.000 |
46.899 |
132.500 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
6.479 |
6.886 |
|
|
|
|
|
|
|
|
TOTAL |
378.622 |
306.768 |
340.268 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
154.402 |
175.170 |
173.080 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
8.421 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
2.623 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
125.224
|
107.653 |
117.572 |
|
|
Sundry Debtors |
178.731
|
165.567 |
140.373 |
|
|
Cash & Bank Balances |
128.733
|
8.023 |
32.363 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
56.370
|
60.232 |
51.556 |
|
Total
Current Assets |
489.058
|
341.475 |
341.864 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
158.137
|
149.179 |
135.764 |
|
|
Other Current Liabilities |
11.590
|
15.415 |
16.114 |
|
|
Provisions |
97.734
|
45.283 |
31.219 |
|
Total
Current Liabilities |
267.461
|
209.877 |
183.097 |
|
|
Net Current Assets |
221.597
|
131.598 |
158.767 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
378.622 |
306.768 |
340.268 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
1629.542 |
1092.731 |
1076.328 |
|
|
|
Other Income |
18.483 |
7.127 |
9.699 |
|
|
|
TOTAL (A) |
1648.025 |
1099.858 |
1086.027 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials |
44.823 |
58.148 |
52.220 |
|
|
|
Material |
865.720 |
628.143 |
667.209 |
|
|
|
Manufacturing Expenses |
160.013 |
121.652 |
141.707 |
|
|
|
Increase/(Decrease) in Finished Goods |
1.303 |
8.439 |
1.046 |
|
|
|
Selling and Distribution Expenses |
55.138 |
39.545 |
44.604 |
|
|
|
Other Expenses |
75.322 |
70.763 |
180.196 |
|
|
|
|
|
|
|
|
|
|
TOTAL (B) |
1202.319 |
926.690 |
986.982 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
445.706 |
173.168 |
99.045 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1.910 |
13.184 |
13.224 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
443.796 |
159.984 |
85.821 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
25.085 |
24.934 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
418.711 |
135.050 |
85.821 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
133.418 |
34.524 |
19.117 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
285.293 |
100.526 |
66.704 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
223.100 |
1.641 |
0.389 |
|
|
|
|
|
|
|
|
|
IMPORTS |
284.574 |
234.247 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
208.53 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
17.31
|
9.13 |
6.14 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
25.69
|
12.35 |
7.97 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
65.07
|
26.13 |
16.66 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
1.10
|
0.53 |
0.42 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.70
|
1.03 |
1.60 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.82
|
1.62 |
1.86 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL
HIGHLIGHTS
The net sales of the company were at Rs. 1630.000 millions which
exceeded previous year net sales by 49%. Profit before tax was at Rs. 418.700
millions, as against Rs. 135.000 millions in the previous year, there by
registering a growth of 210.1%.
The company continued its dominance in the market shares at around 60%.
Major achievements of the company during the year under review were as follows:
- Singnificant
price increase achieved from customers
- New business
gained
- Mahindra and
MAhindra Chakan Plant, Pune
- Filler
Pillar Business, Tata Motors, Sanand
HUMAN RESOURCE
DEVELOPMENT
The Company considers human resource as the primary driver for growth
& development of the Company. During the year under review, special focus
was given on training and development of its people in areas of technology as
well as attitude building. Training is imparted through internal training
faculty as well as outside faculty through
Fixed Assets:
- Lease hold
land
- Plant and
Machinery
- Vehicles
- Office
Equipment
- Computers
- Furniture
- Goodwill
- Non Compete
fees
FORM 8
|
Corporate
identity number of the company |
U24222HR1996PLC033371 |
|
Name of the
company |
HENKEL TEROSON INDIA LIMITED |
|
Address of the
registered office or of the principal place of business in |
74 Industries Development Colony, Gurgaon 122001, |
|
This form is for |
Creation of
charge |
|
Type of charge |
Movable property
(not being pledge) |
|
Particular of
charge holder |
Member Secretary Single Window
Clearing Agency, Parwanoo Solan, Email: gschauhan@aol.in |
|
Nature of
instrument creating charge |
1. Hypothecation
Agreement dated 26th March 2009 for availing benefits under Central Capital
Investment Subsidy Scheme, 2003. 2. Agreement for
availing Central Capital Investment Subsidy dated 26th March 2009. |
|
Date of
instrument Creating the charge |
26.03.2009 |
|
Amount secured by
the charge |
Rs. 3.000
millions |
|
Short particulars
of the property charged (Including location of the property) |
Plant and
Machinery that are eligible under the Scheme lying at Plot No. 19E, Sector 2,
Parwanoo 173 220, Dist. Solan, HP. |
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.44.52 |
|
|
1 |
Rs.72.72 |
|
Euro |
1 |
Rs.64.41 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
61 |
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.