MIRA
INFORM REPORT
|
Report Date : |
03.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
ELIOKEM INDIA PRIVATE LIMITED |
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Registered
Office : |
707/708, Meadows, |
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Country : |
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Financials (as
on) : |
31.12.2010 |
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Date of
Incorporation : |
04.10.2007 |
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Com. Reg. No.: |
11-174698 |
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Capital
Investment / Paid-up Capital : |
U24296MH2007PTC174698 |
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CIN No.: [Company Identification
No.] |
Rs.0.100 Million |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUME07045D |
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PAN No.: [Permanent Account No.] |
AABCE8488J |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturer of Synthetic Rubbers. |
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No. of Employees
: |
315 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
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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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a part of Eliokem, worldwide. It is a company having moderate track. There appears a huge
accumulated losses being recorded by the company. However, trade relations
are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
|
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 |
|
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
|
Name : |
Mr. R. Vaidhyanathan Iyer |
|
Designation : |
Accounts Manager |
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Contact No.: |
91-9833155132 (Dir No.66840923) |
LOCATIONS
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Registered Office : |
707/708, Meadows, |
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Tel. No.: |
91-22-66840900 / 912 |
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Mobile No.: |
91-9833155132 (Mr. Vaidhyanathan) |
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Fax No.: |
91-22-66840901 |
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E-Mail : |
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Website : |
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Area : |
2000 Sq. ft. (Rented) |
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Head Office : |
14, Avenue Des Tropiques, Z.A. De Courtaboeuf 2, Villejust 91955
Courtboeuf Cedex – |
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Tel. No.: |
33-1-69292700 |
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Fax No.: |
33-1-69292701 |
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North American
Office : |
Eliokem, Inc. 1452 East Archwood Avenue, Suite 240, Akron Ohio, 44306-3296 – USA Tel : +1 (330) 734 1100 Fax : +1 (330) 734 1101 Eliokem 1505 Harbour Ring Plaza, No 18 Xi Zang Zhong Road, Shanghai 200001, PRC Tel : +86 (21) 53 85 22 77 Fax : +86 (21) 53 85 37 88 |
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Factory 1 : |
Z. I. Du Harve, Route Du Noroit 76430, |
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Tel. No.: |
33-2-32792200 |
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Fax No.: |
33-2-32792394/5 |
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Factory 2 : |
1380 Tech way Drive, |
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Tel. No.: |
1-330-7341100 |
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Fax No.: |
1-330-7341101 |
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Factory 3 : |
308 Jiangbin Road, United Development Zone, Xiaogang Ningbo Economic
and Technical Development Zone, Zhejiang Province, P R China Post Code : 315
803 |
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Tel No.: |
86-574-86183719 |
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Fax No.: |
86-574-86226673 |
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Factory 4 : |
Village Dungri, Taluka Valia, Ankleshwar-393135, Dist. Bharuch, |
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Tel. No.: |
91-2643-270442 / 43 |
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Fax No.: |
91-2643-270010 |
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Technology
Centers |
Located At: ·
·
·
·
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Representative
Offices : |
Located At: ·
·
·
·
· PRC ·
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DIRECTORS
(AS ON 04.05.2011)
|
Name : |
Mr. Olivier Faussadier |
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Designation : |
Director |
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Address : |
3, Chemin D’Houjarray Bazoches |
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Date of Birth/Age : |
14.05.1966 |
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Date of Appointment : |
20.03.2009 |
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DIN No. : |
01879982 |
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Name : |
Mr. Deepak Birje |
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Designation : |
Whole Time Director |
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Address : |
B 36, B Wing, 201, Gokuldham, Goregaon (East), Mumbai – 400 063, |
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Date of Birth/Age : |
26.07.1958 |
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Qualification : |
MBA |
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Date of Appointment : |
20.03.2009 |
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DIN No. : |
00694998 |
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Name : |
Mr. Robert Michael Pavrey |
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Designation : |
Director |
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Address : |
A/1, Rainbow View Co-Operative Housing Society, |
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Date of Birth/Age : |
16.03.1962 |
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Qualification : |
Company Secretary |
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Date of Appointment : |
04.10.2007 |
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Date of Ceasing : |
15.10.2008 |
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DIN No. : |
00050362 |
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Name : |
Mrs. Urvashi Vijay Datwani |
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Designation : |
Director |
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Address : |
22, Ratna RAjul, |
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Date of Birth/Age : |
12.12.1970 |
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DIN No. : |
00066534 |
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Name : |
Mr. Michael Eugene Hicks |
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Designation : |
Additional Director |
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Address : |
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Date of Birth/Age : |
10.06.1958 |
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Date of Appointment: |
09.12.2010 |
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DIN No. : |
03363683 |
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Email : |
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Name : |
Mr. Kevin Michael McMullen |
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Designation : |
Additional Director |
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Address : |
541 Falls Road, |
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Date of Birth/Age : |
04.07.1960 |
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Date of Appointment: |
09.12.2010 |
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DIN No. : |
03344618 |
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Email : |
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Name : |
Mr. Anupkumar Sriram Srivastava |
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Designation : |
Additional Director |
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Address : |
FTB 31 Floor, 4th BL/Shrinagar CHS, PLL Marg, Chembur,
Mumbai-400089, |
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Date of Birth/Age : |
01.01.1955 |
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Date of Appointment: |
22.09.2010 |
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DIN No. : |
03122445 |
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Email : |
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Name : |
Mr. Anilkumar Santsaran Sinha |
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Designation : |
Whole Time Director |
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Address : |
416/12, Sardar Patel Society, GIDC Ankleshwar District, Bharuch – 393
002, |
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Date of Birth/Age : |
11.06.1945 |
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Date of Appointment: |
15.02.2008 |
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Date of Ceasing : |
22.09.2010 |
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Name : |
Mr. Patrice Barthelmes |
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Designation : |
Director |
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Address : |
61 Rue Des |
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Date of Birth/Age : |
27.05.1957 |
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Date of Appointment: |
18.06.2010 |
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Date of Ceasing : |
09.12.2010 |
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DIN No. : |
02955836 |
KEY EXECUTIVES
|
Name : |
Mr. R. Vaidhyanathan Iyer |
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Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 04.05.2011)
|
Names of Shareholders |
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No. of Shares |
|
Eliokem |
|
9999 |
|
Eliokem S.A.S., France |
|
1 |
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Total |
|
10000 |
(AS ON 04.05.2011)
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Category |
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Percentage |
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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
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|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Synthetic Rubbers. |
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Exports : |
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Products : |
Synthetic Rubber |
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Countries : |
African Countries (World Wide Except) |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
Saudi Arabia |
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Terms : |
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Selling : |
L/C, DP |
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Purchasing : |
L/C, Credit |
PRODUCTION STATUS (AS ON 31.12.2010)
|
Particulars |
Unit |
Installed Capacity |
Actual Production |
|
Synthetic Rubber |
MT |
24,875 p.a. |
15,916 |
GENERAL INFORMATION
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Customers : |
End Users and Distributors |
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No. of Employees : |
315 (Approximately) |
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Bankers : |
· HSBC Bank M G Road, Fort Branch, Mumbai, Maharashtra, India · BNP Paribas Bank Fort Branch, Mumbai, Maharashtra, India · Credit Agri Cole Bank Nariman Point, Mumbai, Maharashtra, India · State Bank of India (Only General Accounting) |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deloitte Haskins and sells Chartered Accountant |
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Address : |
12, |
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Tel. No.: |
91-22-66679000 |
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Fax No.: |
91-22-66679100 |
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Holding Company: |
Eliokem |
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Ultimate Holding
Company: |
Eliokem International SAS |
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Subsidiary Company : |
·
Eliokem SAS ·
Eliokem |
CAPITAL STRUCTURE
(AS ON 31.12.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100
Million |
(Of the above 9999 shares are held by Eliokem
India France Holding SAS,
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.100 |
0.100 |
0.100 |
|
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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 |
|
|
4] (Accumulated Losses) |
(214.865) |
(114.944) |
(171.374) |
|
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NETWORTH |
(214.765) |
(114.844) |
(171.274) |
|
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LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
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2] Unsecured Loans |
1503.772 |
1316.410 |
1359.259 |
|
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TOTAL BORROWING |
1503.772 |
1316.410 |
1359.259 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
1289.007 |
1201.566 |
1187.985 |
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|
|
|
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APPLICATION OF FUNDS |
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|
|
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|
|
|
|
|
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FIXED ASSETS [Net Block] |
666.528 |
693.169 |
731.880 |
|
|
Capital work-in-progress |
0.000 |
8.020 |
0.879 |
|
|
|
|
|
|
|
|
INVESTMENT |
2.528 |
2.528 |
2.528 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
413.966
|
222.672 |
276.036 |
|
|
Sundry Debtors |
482.065
|
306.151 |
280.223 |
|
|
Cash & Bank Balances |
97.854
|
164.318 |
65.036 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
197.026
|
119.647 |
95.010 |
|
Total
Current Assets |
1190.911
|
812.788 |
716.305 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
534.136
|
277.446 |
238.593 |
|
|
Other Current Liabilities |
30.226
|
25.622 |
18.081 |
|
|
Provisions |
6.598
|
11.871 |
6.933 |
|
Total
Current Liabilities |
570.960
|
314.939 |
263.607 |
|
|
Net Current Assets |
619.951
|
497.849 |
452.698 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1289.007 |
1201.566 |
1187.985 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
REVENUE FROM
OPERATIONS |
2270.292 |
1890.771 |
1758.408 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
2367.497 |
1827.054 |
1929.251 |
|
|
|
|
|
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|
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|
PROFIT BEFORE
TAX |
(97.205) |
63.717 |
(170.843) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
2.716 |
7.286 |
0.532 |
|
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX |
(99.921) |
56.431 |
(171.375) |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(114.944) |
(171.375) |
-- |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(214.865) |
(114.944) |
-- |
|
|
|
|
|
|
|
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
233.826 |
346.569 |
283.221 |
|
|
TOTAL EARNINGS |
233.826 |
346.569 |
283.221 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
334.969 |
373.918 |
656.257 |
|
|
|
Stores & Spares |
1.293 |
2.158 |
4.190 |
|
|
|
Capital Goods |
0.000 |
0.000 |
1.192 |
|
|
TOTAL IMPORTS |
336.262 |
376.076 |
661.639 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(9,992.10) |
5643.10 |
(17137.46) |
|
|
Particulars |
|
|
As on 2011 |
|
Sales Turnover (Approximately) |
|
|
2150.000 |
|
|
|
|
|
The above information has been parted by Mr. R. Vaidhyanathan.
KEY RATIOS
|
PARTICULARS |
|
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
PAT / Total Income |
(%) |
(4.40)
|
2.98 |
(9.75) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(5.23)
|
4.23 |
(11.80) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.45
|
(0.55) |
1.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(9.66)
|
(14.20) |
(9.48) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.09
|
2.58 |
2.72 |
LOCAL AGENCY FURTHER INFORMATION
NOTE:
The registered office of the company has been shifted from
23rd Floor, Express Towers, Nariman Point, Mumbai, Maharashtra, India
to the present address w.e.f. 07.02.2008
TRADE REFERENCE:
· Bawa Maharaj Singh Distributing Company – Faridabad
· A B Brothers – Mumbai
FIXED ASSETS:
·
Goodwill
·
Software
·
·
·
Buildings
·
Plant and Machinery
·
Furniture and Fittings
·
Office Equipments
·
Computers
·
Leasehold Improvements
·
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.44.23 |
|
|
1 |
Rs.72.09 |
|
Euro |
1 |
Rs.62.98 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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.