MIRA INFORM REPORT

 

 

Report Date :

16.02.2011

 

IDENTIFICATION DETAILS

 

Name :

ELIOKEM INDIA PRIVATE LIMITED

 

 

Registered Office :

707/708, Meadows, Sahar Plaza Complex, Andheri Kurla Road, Mumbai – 400059, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

04.10.2007

 

 

Com. Reg. No.:

11-174698

 

 

CIN No.:

[Company Identification No.]

U24296MH2007PTC174698

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUME07045D

 

 

PAN No.:

[Permanent Account No.]

AABCE8488J

 

 

Legal Form :

Private Limited Liability Company.

 

 

Line of Business :

Manufacturers of Synthetic Rubber

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (27)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a part of Eliokem, worldwide. It is a company having moderate track. The company is progressing well. Trade relations are reported as 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)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INFORMATION PARTED BY

 

Name :

Mr. Vaidhyanathan

Designation :

Accounts Manager

Contact No.:

91-9833155132

Date :

15.02.2011

 

 

LOCATIONS

                       

Registered Office :

707/708, Meadows, Sahar Plaza Complex, Andheri Kurla Road, Mumbai – 400059, Maharashtra, India

Tel. No.:

91-22-66840900/ 912

Mobile No.:

91-9833155132 (Mr. Vaidhyanathan)

Fax No.:

91-22-66840901

E-Mail :

vr_jyer@eliokem.com

deepakbirge@eleioken.com

rpavrey@vsnl.com

Website :

www.eliokem.com

Area :

2000 Sq. ft. (Rented)

 

 

Head Office :

14, Avenue Des Tropiques, Z.A. De Courtaboeuf 2, Villejust 91955 Courtboeuf Cedex – France

Tel. No.:

33-1-69292700

Fax No.:

33-1-69292701

 

 

Factory 1 :

Z. I. Du Harve, Route Du Noroit 76430, Sandouville, France

Tel. No.:

33-2-32792200

Fax No.:

33-2-32792394/5

 

 

Factory 2 :

1380 Tech way Drive, Akron, Ohio, 44306 – USA

Tel. No.:

1-330-7341100

Fax No.:

1-330-7341101

 

 

Factory 3 :

308 Jiangbin Road, United Development Zone, Xiaogang Ningbo Economic and Technical Development Zone, Zhejiang Province, P R China Post Code : 315 803

Tel No.:

86-574-86183719

Fax No.:

86-574-86226673

 

 

Factory 4 :

Village Dungri, Taluka Valia, Ankleshwar-393135, Dist. Bharuch, Gujarat, India

Tel. No.:

91-2643-270442 / 43

Fax No.:

91-2643-270010

 

 

Technology Centers

Located At:

 

·         France

·         Akron

·         China

·         India

 

 

Representative Offices :

Located At:

 

·         France

·         Akron

·         Germany

·         Singapore

·         PRC

·         India

 

 

DIRECTORS

 

AS ON 18.06.2010

 

Name :

Mr. Olivier Faussadier

Designation :

Director

Address :

3, Chemin D’Houjarray Bazoches Sur Guyonne, France 78490

Date of Birth/Age :

14.05.1966

Date of Appointment :

20.03.2009

 

 

Name :

Mr. Anil Kumar Santsaran Sinha

Designation :

Whole Time Director

Address :

416/ 12, Sardar Patel Soc., GIDC, Ankleshwar District Bharuch – 393 002, Gujarat, India

Date of Birth/Age :

11.06.1945

Qualification :

B. Technology

Date of Appointment :

20.03.2009

 

 

Name :

Mr. Deepak Birje

Designation :

Whole Time Director

Address :

B 36, B Wing, 201, Gokuldham, Goregaon (East), Mumbai – 400 063, Maharashtra, India

Date of Birth/Age :

26.07.1958

Qualification :

MBA

Date of Appointment :

20.03.2009

 

 

Name :

Philippe Agnan Carabin

Designation :

Director

Address :

42 Chemin De La Justice, Montlhery-91310, France

Date of Birth/Age :

14.07.1948

Date of Appointment :

26.05.2009

Date of Ceasing :

28.01.2010

 

 

Name :

Patrice Barthelmes

Designation :

Director

Address :

61 Rue Des Cevennes, Paris-75015, France

Date of Birth/Age :

27.05.1957

Date of Appointment :

18.06.2010

 

 

Name :

Mr. Robert Michael Pavrey

Designation :

Director

Address :

501, Chouhan Indira Classic, 5th Floor, 5th Road, TPS-3, Santacruz (East), Mumbai – 400 055, Maharashtra, India

Date of Birth/Age :

16.03.1962

Qualification :

Company Secretary

Date of Appointment :

04.10.2007

Date of Ceasing :

15.10.2008

 

 

Name :

Mrs. Urvashi Vijay Datwani

Designation :

Director

Address :

22, Ratna RAjul, M.G. Road, Kandivali West, Mumbai-400067, Maharashtra, India

Date of Birth/Age :

12.12.1970

 

 

Name :

Mr. Michael Eugene Hicks

Designation :

Additional Director

Address :

114 Brandywine Dr. Hudson OH 44236

Date of Birth/Age :

10.06.1958

Date of Appointment:

09.12.2010

 

 

Name :

Mr. Kevin Michael Mccmullen

Designation :

Additional Director

Address :

541 Falls Road, Chagrin Falls OH 44022

Date of Birth/Age :

04.07.1960

Date of Appointment:

09.12.2010

 

 

Name :

Mr. Anupkumar Sriram Srivastava

Designation :

Additional Director

Address :

FTB 31 Floor, 4th BL/Shrinagar CHS, PLL Marg, Chembur, Mumbai-400089, Maharashtra, India

Date of Birth/Age :

01.01.1955

Date of Appointment:

22.09.2010

 

 

KEY EXECUTIVES

 

Name :

Mr. Vaidhyanathan

Designation :

Accounts Manager

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 18.06.2010

 

Names of Shareholders

 

No. of Shares

Eliokem India France Holding S.A.S., France

 

9999

Eliokem S.A.S., France

 

1

 

 

 

Total

 

10000

 

AS ON 18.06.2010

 

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]

 

100.00

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturers of Synthetic Rubber

 

 

Exports :

 

Products :

Synthetic Rubber

Countries :
  • USA
  • Middle East

 

 

Imports :

 

Products :

Raw Material

Countries :
  • Saudi Arabia
  • China
  • USA

 

 

Terms :

 

Selling :

L/C / Cash / Credit (30 days / 60 days / 90 days)

 

 

Purchasing :

L/C / Cash / Credit (30 days / 60 days / 90 days)

 

 

GENERAL INFORMATION

 

Customers :

End Users, OEM’s and Others

 

 

No. of Employees :

300 (Approximately)

 

 

Bankers :

·         HSBC Bank, Andheri Branch, Mumbai

·         State Bank of India, Baruch

·         BNP Paribas Bank, Andheri, Mumbai

 

 

Facilities :

Unsecured Loan

As on 31.12.2009

(Rs. in Millions)

As on 31.12.2008

(Rs. in Millions)

Debentures

12000000, 10% fully and compulsorily convertible debentures of Rs.100/- each 

1200.000

1200.000

Interest accrued and due on Debentures

(Each debenture shall be converted into 10 Equity shares of Rs.10/- each at any time at the option of the debenture holder within a period of 5 years from the date of allotment viz. February 8, 2008 and failing which they shall be compulsorily converted into equity shares as aforesaid at the expiry of 5 years from the date of allotment.

25.933

27.600

Short Term Loans and Advances

- From Banks

 

 

Bank Overdraft

0.000

6.662

Cash Credit/ Working Capital Demand Loans

(The above loan is made available against standby letter (SBLC) granted by BNP Paribas Bank, Paris out of the credit facility provided to Eliokem India France Holding SAS)

40.000

100.000

From Others

The Holding Company

50.477

24.997

Total

1316.410

1359.259

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Deloitte Haskins and Sells

Chartered Accountants

Address :

12, Dr. Annie Besant Road, Opposite Shiv Sagar, Worli, Mumbai-400018, Maharashtra, India

Tel. No.:

91-22-66679000

Fax No.:

91-22-66679100

 

 

Holding Company:

Eliokem India France Holding SAS, France

 

 

Ultimate Holding Company:

Eliokem International SAS

 

 

Subsidiary of Ultimate Holding Company :

·         Eliokem SAS

·         Eliokem India France Holding SAS

 

 

CAPITAL STRUCTURE

 

AS ON 18.06.2010

 

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

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.12.2009

31.12.2008

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

0.100

0.100

2] Share Application Money

 

0.000

0.000

3] Reserves & Surplus

 

0.000

0.000

4] (Accumulated Losses)

 

(114.944)

(171.374)

NETWORTH

 

(114.844)

(171.274)

LOAN FUNDS

 

 

 

1] Secured Loans

 

0.000

0.000

2] Unsecured Loans

 

1316.410

1359.259

TOTAL BORROWING

 

1316.410

1359.259

DEFERRED TAX LIABILITIES

 

0.000

0.000

 

 

 

 

TOTAL

 

1201.566

1187.985

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

693.169

731.880

Capital work-in-progress

 

8.020

0.879

 

 

 

 

INVESTMENT

 

2.528

2.528

DEFERREX TAX ASSETS

 

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

222.672

276.036

 

Sundry Debtors
 

306.151

280.223

 

Cash & Bank Balances
 

164.318

65.036

 

Other Current Assets
 

0.000

0.000

 

Loans & Advances
 

119.647

95.010

Total Current Assets
 

812.788

716.305

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
 

277.447

238.593

 

Other Current Liabilities
 

25.621

18.081

 

Provisions
 

11.871

6.933

Total Current Liabilities
 

314.939

263.607

Net Current Assets
 

497.849

452.698

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.000

0.000

 

 

 

 

TOTAL

 

1201.566

1187.985

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.12.2009

31.12.2008

 

SALES

 

 

 

 

 

Income

 

 

 

 

Other Income

 

 

 

 

 

TOTAL                                    

 

1890.771

1758.408

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Office Expenses

 

 

 

 

Administrative Expenses

 

 

 

 

 

Advertising Expenses

 

 

 

 

 

TOTAL                                    

 

1827.054

1929.251

 

 

 

 

 

 

PROFIT BEFORE TAX

 

63.717

(170.843)

 

 

 

 

 

Less

TAX                                                     

 

7.286

0.532

 

 

 

 

 

 

PROFIT AFTER TAX

 

56.431

(171.375)

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

 

346.569

283.221

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

 

373.918

656.257

 

 

Stores & Spares

 

2.158

4.190

 

 

Capital Goods

 

0.000

1.192

 

TOTAL IMPORTS

 

376.076

661.639

 

 

 

 

 

 

Earnings Per Share (Rs.)

 

5643.10

(17137.50)

 

 

Particulars

 

 

 

31.12.2010

Sales Turnover (Approximately)

 

 

2000.000

 

Expected Sales (2010-2011) : Rs.2500.000 Millions

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.12.2009

31.12.2008

PAT / Total Income

(%)
 

2.98

(9.75)

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

4.23

(11.80)

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

(0.55)

1.00

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

(14.20)

(9.48)

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

2.58

2.72

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Details of Sundry Creditors:

 

Particulars

 

31.12.2009

(Rs. in millions)

31.12.2008

(Rs. in millions)

Sundry Creditors

277.447

238.593

 

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

 

 

FIXED ASSETS:

 

·         Goodwill

·         Software

·         Freehold Land

·         Leasehold Land

·         Buildings

·         Plant and Machinery

·         Furniture and Fittings

·         Office Equipments

·         Computers

·         Leasehold Improvements

·         Vehicles

 

Trade References:

 

  • Nikita Transphase Adducts Private Limited, Mumbai
  • Pollution Protection Systems Mumbai Private Limited, Mumbai

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.45.45

UK Pound

1

Rs.72.90

Euro

1

Rs.61.43

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILIRY

1~10

2

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

2

--CREDIT LINES

1~10

3

--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

 

27

 

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

-

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.