MIRA
INFORM REPORT
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Report Date : |
05.08.2011 |
IDENTIFICATION DETAILS
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Name : |
LUBRIZOL INDIA PRIVATE LIMITED |
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Registered Office : |
2nd Floor, VIP House, 88-C, |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
20.07.1966 |
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Com. Reg. No.: |
11-13538 |
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Capital
Investment / Paid-up Capital : |
Rs. 192.000 Millions |
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CIN No.: [Company
Identification No.] |
U23201MH1966GOI013538 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUML04740B |
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PAN No.: [Permanent
Account No.] |
AAACL0126H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing and Marketing of Lubricants. |
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No. of Employees
: |
500 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (66) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 11100000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and a reputed 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 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 |
LOCATIONS
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Registered Office / Marketing Division: |
2nd Floor, VIP House, 88-C, |
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Tel. No.: |
91-22-24300672/0784/1856/2315/24222062/24302315/24370995 |
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Fax No.: |
91-22-24300251/24370994/24366097 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Regional Office: |
524/525, 5th Floor, Core - 6, Scope Complex, Tel No: 91-11-24361317 Fax No: 91-11-24362879 / 24361629
Tel: 91-44-2822 4949
.
Fax: 91-33-22825782 |
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Factory 1 / Technical Support Facility: |
9/3, |
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Tel. No.: |
91-22-27672568 |
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Fax No.: |
91-22-27672155 |
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Factory 2 : |
T-6, MIDC, Industrial Area, Taloja, District Raigad, |
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Tel. No.: |
91-22-27410813 |
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Fax No.: |
91-22-27410910 |
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Branches : |
Tel: 91-44-28224949
Tel. 91-44-24346451 Fax. 91-44-24330943
Tel. 91-33-22824063 Fax.
91-33-22825782 |
DIRECTORS
As on 05.05.2011
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Name : |
Mr. Madhukar Ramniklal Kumbhani |
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Designation : |
Managing Director |
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Address : |
99, Dariya Mahal B 80, |
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Date of Birth/Age : |
04.02.1950 |
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Date of Appointment : |
01.10.2006 |
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Din No.: |
01902492 |
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Name : |
Mr. Narasimachariar Gopaladesikachariar Kannan |
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Designation : |
Director |
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Address : |
K – 99, |
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Date of Birth/Age : |
08.06.1946 |
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Date of Appointment : |
01.04.2007 |
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Din No.: |
00142201 |
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Name : |
Mr. Darius Cavasji Shroff |
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Designation : |
Director |
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Address : |
Moonlight, Flat No.8, 158, |
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Date of Birth/Age : |
08.08.1944 |
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Date of Appointment : |
22.07.2004 |
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Name : |
Mr. David James Fries |
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Designation : |
Director |
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Address : |
2051, |
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Date of Birth/Age : |
14.02.1959 |
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Date of Appointment : |
22.07.2004 |
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Din No.: |
00655276 |
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Name : |
Mr. Anand Kumar |
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Designation : |
Director |
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Address : |
Flat No.508, 5th Floor, Sneh Kunj, Plot No. C-58/13, Sector
62, Noida – 201 307. |
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Date of Birth/Age : |
28.06.1950 |
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Date of Appointment : |
03.09.2007 |
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Name : |
Mr. Tapas Chattapadhyay |
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Designation : |
Director |
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Address : |
1A, |
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Date of Birth/Age : |
11.06.1950 |
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Date of Appointment : |
01.10.2008 |
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Name : |
Mr. Ravinder Kumar Malhotra |
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Designation : |
Director |
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Address : |
303, A.G.C.R. Enclave, New Delhi – 110092, Delhi, India |
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Date of Birth/Age : |
25.06.1954 |
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Date of Appointment : |
01.07.2010 |
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Name : |
Mr. Ramaswamy Vishwanathan |
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Designation : |
Director |
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Address : |
Flat 201, Bajaj Daimond, 2, Union Park, Pali Hills, Khar (West), Mumbai – 400052, Maharashtra, India |
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Date of Birth/Age : |
11.07.1953 |
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Date of Appointment : |
11.04.2011 |
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Name : |
Mr. Udaya Bhaskar Pasumarthy |
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Designation : |
Director |
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Address : |
Flat 402, Bajaj Diamond, Union Park, Khar(West), Mumbai – 400052, Maharashtra, India |
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Date of Birth/Age : |
05.01.1952 |
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Date of Appointment : |
01.07.2010 |
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Date of Ceasing : |
11.04.2011 |
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Name : |
Mr. John Louis Petric |
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Designation : |
Director |
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Address : |
9277 Regerncy Woods, |
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Date of Birth/Age : |
07.05.1951 |
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Date of Appointment : |
11.06.2009 |
KEY EXECUTIVES
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Name : |
Mr. Godse Nitin Indulekha |
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Designation : |
Secretary |
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Address : |
JN – 4/10/14, Blue Haven, Sector 10, Vashi, Navi Mumbai - 400703 |
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Date of Birth/Age : |
02.09.1963 |
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Date of Appointment : |
01.12.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 05.05.2011
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Names of Shareholders |
No. of Shares |
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Indian Oil Corporation Limited, U.S.A |
960000 |
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The Lubrizol Corporation, U.S.A |
960000 |
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Total |
1920000 |
As on 05.05.2011
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Category |
Percentage |
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Government
Companies |
50.00 |
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Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
50.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and Marketing of Lubricants. |
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Products : |
· Engine Oil – Additives · Viscosity Index- Improvers and Pour Point Depressant · Industrial Oil – Additives Product Code No. 38.1100 |
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Brand Names : |
“ LUBRIZOL” |
PRODUCTION STATUS AS ON 31.12.2009
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Particulars |
Unit |
Licensed
Capacity (MTPA)@ |
Installed
Capacity (MTPA)@ |
Actual
Production (MTPA) |
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Finished
Additive packing Chemical Additives
inclusive of: Metal Working Oil Additives, Anti – Oxidant, Corrosion Inhibitor,
Detergent Additives, Dispersant, Additives, Extreme Pressure Additives, V.I.
Improvers /Pour Point Depressants and Flow Improvers |
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-- |
60000 |
40594 |
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Raw Material - Isobutylene |
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-- |
3000 |
3000 |
Note:
1. @ indicates as certified by Management
2. Production figures are inclusive of production
for captive consumption.
3. Since licenses are no longer required for products
manufactured, the date for the same are not given.
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
500 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
Plot No. 12, |
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Tel. No.: |
91 – 22 - 66679000 |
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Fax No.: |
91 – 22 - 66679025 |
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Parent Company / Joint Venture: |
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CAPITAL STRUCTURE
(As on 31.12.2010)
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1920000 |
Equity Shares |
Rs. 100/- each |
Rs. 192.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1920000 |
Equity Shares |
Rs. 100/-
each |
Rs. 192.000
Millions |
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Note:
Out of the above shares18,60,000 Equity Shares
of Rs.100/- each have been allotted as fully paid up bonus shares by
capitalization of General Reserve
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
192.000 |
192.000 |
192.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2593.820 |
2457.684 |
2035.518 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2785.820 |
2649.684 |
2227.518 |
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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 |
0.045 |
0.047 |
0.049 |
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TOTAL BORROWING |
0.045 |
0.047 |
0.049 |
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DEFERRED TAX LIABILITIES |
45.397 |
66.469 |
75.243 |
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TOTAL |
2831.262 |
2716.200 |
2302.810 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
758.302 |
778.357 |
750.112 |
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Capital work-in-progress |
45.946 |
10.786 |
67.007 |
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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 |
1508.114
|
1091.952
|
1316.288
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Sundry Debtors |
715.214
|
601.908
|
450.746
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Cash & Bank Balances |
890.997
|
740.376
|
108.724
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Other Current Assets |
0.000
|
0.000
|
0.000
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Loans & Advances |
245.576
|
211.340
|
331.987
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Total
Current Assets |
3359.901
|
2645.576
|
2207.745 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
785.758
|
527.271
|
446.792
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Current Liabilities |
37.595
|
42.869
|
487.074
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Provisions |
509.534
|
148.379
|
234.980
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Total
Current Liabilities |
1332.887
|
718.519
|
722.054
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Net Current Assets |
2027.014
|
1927.057
|
1485.691
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2831.262 |
2716.200 |
2302.810 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
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SALES |
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Sales and Other Income |
7286.194 |
5660.366 |
5456.391 |
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TOTAL (A) |
7286.194 |
5660.366 |
5456.391 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
5391.303 |
4144.719 |
4718.939 |
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Advertising Expenses |
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TOTAL (B) |
5391.303 |
4144.719 |
4718.939 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1894.891 |
1515.647 |
737.452 |
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Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.000 |
0.081 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1894.891 |
1515.647 |
737.371 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
87.576 |
92.365 |
95.405 |
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PROFIT BEFORE
TAX (E-F) (G) |
1807.315 |
1423.282 |
641.966 |
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Less |
TAX (I) |
597.699 |
495.698 |
222.879 |
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PROFIT AFTER TAX
(G-I) (J) |
1209.616 |
927.584 |
419.087 |
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
120.961 |
92.758 |
42.034 |
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Proposed Final Dividend |
307.200 |
0.000 |
96.000 |
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Tax on Proposed Dividend |
49.836 |
0.000 |
16.315 |
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Tax on Interim Dividend |
102.044 |
73.418 |
24.474 |
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Interim Dividend |
614.400 |
432.000 |
144.000 |
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BALANCE CARRIED
TO THE B/S |
446.210 |
431.035 |
101.627 |
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
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|
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FOB Value of exports |
NA |
780.016 |
1199.880 |
|
|
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Commission Earnings |
NA |
13.078 |
16.289 |
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TOTAL EARNINGS |
NA |
793.094 |
1216.169 |
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IMPORTS |
|
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|
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Raw Materials |
NA |
898.360 |
676.440 |
|
|
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Intermediates |
NA |
501.080 |
506.725 |
|
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Indigenous |
NA |
1595.037 |
2272.708 |
|
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TOTAL IMPORTS |
NA |
2994.477 |
3455.873 |
|
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|
|
|
|
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|
Earnings Per
Share (Rs.) |
-- |
483.11 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
PAT / Total Income |
(%) |
16.60 |
16.38 |
7.68 |
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Net Profit Margin (PBT/Sales) |
(%) |
24.80 |
25.14 |
11.76 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
43.88 |
53.79 |
21.70 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.64 |
0.53 |
0.29 |
|
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|
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|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.47 |
0.27 |
0.32 |
|
|
|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
0.27 |
3.68 |
3.06 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE:
The company ‘s 2010 PBT of Rs. 1807.300 millions.
SALES AND
MARKETING:
Domestic sales volume in 2010 is 14.49% higher than in 2009 as the
Indian economy continues to grow after the economic slow down in 2008.
Export sales volume in 2010 is 10.43% lower than in 2009 due to reduced
demand from LZ. Export Sales volume peaked in 2008 and the company expects
future export sales to be significantly lower than in recent years.
FIXED ASSETS
·
· Buildings
· Plant and Machinery
· Electrical Installations
· Furniture and Fixtures
· Office Appliance
· Canteen and Other Equipment
· Vehicles
FORM : 8
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U23201MH1966GOI013538 |
|
Name of the
company |
LUBRIZOL INDIA
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
2nd
Floor, VIP House 88 – C, |
|
Type of charge |
Book Debts Movable Property
(not being pledge) |
|
Particular of
charge holder |
State Bank of |
|
Nature of
description of the instrument creating or modifying the charge |
1. Agreement of
hypothecation of goods and assets 2. Letter
regarding the grant of individual limits within the overall limit (Collectively
Constitute Single Charge) |
|
Date of
instrument Creating the charge |
21.11.2008 |
|
Amount secured by
the charge |
Rs.120.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
- Interest – at SBAR at monthly rests Terms of
Repayment - The borrower shall on demand pay the whole amount due to the Bank
with interest and cost. Margin - 1. Raw
Materials, Stock in process, Finished Goods – 30% 2. Book debts –
50% Extent and
Operation of the charge - Security to cover principal amount together with
interest, costs, charges and expenses etc. Others - Details
of credit facilities as under: 1. Demand Cash
Credit Rs.60.000 Millions DCC Book Debts (sub limit)Rs.30.000
Millions EPC (sub limit) Rs.5.000 Millions 2. Letter of
credit Rs.30.000
Millions 3. Bank of
Guarantee Rs.30.000 Millions Total Rs.120.000
Millions |
|
Short particulars
of the property charged |
First and
exclusive charge and security by way of hypothecation of present and future
Stocks and Book Debts. |
WEB SITE DETAILS:
COMPANY PROFILE:
Subject was incorporated in 1966 in collaboration with The Lubrizol Corporation, U .S.A. (LC), world leaders in the additive business. At that time 60% of the subscribed equity capital of the company was held by the Government of India and the balance 40% was held by LC. On 31st March 2000, the company was restructured with 50% of the shares held by LC and the balance of the shares being held by Indian Oil Corporation Limited.
Additives are complex synthetic chemicals which are added to petroleum fuels and lubricants to achieve the desired end use applications. Present day automotive and industrial oils owe their performance mainly to the chemical additive system added to them. The additive packages have components which perform certain distinctive functions such as detergency, dispersancy, oxidation stability, anti wear property, rust and corrosion inhibition, viscosity index improvement, etc. For each of these basic functions, there are many different approaches requiring different chemicals or combination of chemicals that may provide the necessary performance characteristics. Chemical additives are also used for improving the flow characteristics of crude oil and petroleum products.
Subject develops, manufactures and markets Additive Systems for Automotive and Industrial Lubricants and for the treatment of Fuels. Subject's main production unit is situated at Trans Thane-Belapur Industrial Complex near Navi Mumbai. The manufacturing operations of the company have received ISO-9002 and ISO 9001-2000 Certification from the Bureau Verities Quality International as well as ISO-14001 and accreditation by implementing a comprehensive Environmental Management System.
The company was initially incorporated as a 'Private Limited' Company. By virtue of Section 43-A of the Companies Act, it became a Deemed Public Limited Company with effect from 27th December 1966. The Companies (Amendment) Act, 2000 (effective 13th December 2000), abolished the concept of 'Deemed Public Company', and accordingly, Subject reverted to a 'Private Limited Company' with effect from 13th March 2001.
Subject is one of the very few companies outside
The management control of the company with The Lubrizol
Corporation (NYSE:LZ) who is a global
provider of specialty additives and fluid technologies. These high performance
technologies focus on chemicals, systems and services for transportation and
industry .The company's customers use its technology to enhance a wide variety
of end use products, including engine lubricants and fuel; gear oil and other
vehicle related fluids; haudralic fluids and emission control systems; greases
and industrial fluids; personal care products and industrial cleaners; paints,
coating and inks; and mining chemicals. Lubrizol was founded in 1928 and owns
and operates 34 manufacturing plants in 15 countries. The
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. 44.41 |
|
|
1 |
Rs. 72.69 |
|
Euro |
1 |
Rs. 63.55 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
66 |
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.