MIRA
INFORM REPORT
|
Report Date : |
14.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
GALAXY SURFACTANTS LIMITED |
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Registered Office : |
C-49/2, TTC
Industrial Area, Pawne, Navi Mumbai - 400 703, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
20.05.1986 |
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Com. Reg. No.: |
11-39877 |
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CIN No.: [Company
Identification No.] |
U39877MH1986PLC039877 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMG00044C /
MUMG00440G |
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PAN No.: [Permanent
Account No.] |
AAACG1539P |
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Legal Form : |
A Closely Held
Public Limited Liability Company. |
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Line of Business : |
Manufacturing of organic
surface active agents (surfactants) and preparations based thereon,
detergents, auxiliary washing preparations (for rinsing or bleaching cloths)
and cleaning preparations (for floors / windows etc.) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 6100000 |
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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 good track. 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) |
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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 |
LOCATIONS
|
Registered Office : |
C-49/2, TTC
Industrial Area, Pawne, Navi Mumbai - 400 703, |
|
Tel. No.: |
91-22-27616666 /
65134444 / 24937571 |
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Fax No.: |
91-22-27615883 /
27615886 / 27614507 / 24937925 |
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E-Mail : |
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Website : |
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Head Office : |
Sector 36, Pace
City II, Gurgaon – 122004, |
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Factory : |
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Branches : |
No.4/1, Tel. No.
91-44-2441 6984 / 2441 6993 Fax No.
91-44-2441 9913 E Mail : madras@galaxysurfactants.com Contact Person
: Mr. Prasanna Nagarajan Block 5-A, C-40, Phase –11, Okhla
Industrial Area, New Delhi – 110 020 Contact Person
: Mr. Vijay sood Tel : 91-11-2691
4581 / 2691 6632 / 2691 6636 Fax : 91-11-2691 4581 E Mail : delhi@galaxysurfactants.com |
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Overseas
Office: |
5A, PP House, 25/2, Soi. Louis, Contact Person
: Mr. Deepak Ballal Tel. No. : 91- 662-2119791 Fax No. :
91-662-2133081
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Sales Deposit
Office : |
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4125, Level 41, United Center, 323, |
DIRECTORS
As On : 24.07.2010
|
Name : |
Mr. Shekhar
Unnathan |
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Designation : |
Managing Director
|
|
Address : |
Sardha Niwas, Plot No.53, Sector 28, Vashi-400703, Navi Mumbai, |
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Date of Birth/Age : |
18.02.1954 |
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Qualification : |
B. Chemical
Engineer |
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Experience : |
31 Years |
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Date of Appointment : |
24.10.2009 |
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DIN No : |
00265017 |
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Name : |
Mr. Ramakrishnan
Gopalakrishnan |
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Designation : |
Whole Time
Director |
|
Address : |
Raaj, Plot No.51, Sector 28,
Vashi-400703, Navi Mumbai, |
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Date of Birth/Age : |
26.05.1954 |
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Qualification : |
M. Com, FCA,
F.I.C.W.A., A.C.S. |
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Experience : |
31 Years |
|
Date of Appointment : |
24.10.2009 |
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DIN No : |
00264760 |
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|
|
Name : |
Mr. Sudhir
Dattaram Patil |
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Designation : |
Director |
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Address : |
Sumati, Plot No 4-B, Nandeep Cooperative Housing Society, Goregaon
(E), Mumbai-400063, |
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Date of Birth/Age : |
05.09.1954 |
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Qualification : |
B. Chemical
Engineer |
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Experience : |
31 Years |
|
Date of Appointment : |
29.06.2007 |
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DIN No : |
00264933 |
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Name : |
Mr. Shashikant
Rayappa Shanbhag |
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Designation : |
Director |
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Address : |
501, Tirupati, Plot No.32, Sector 19, Nerul-400706, Navi Mumbai, |
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Date of Birth/Age : |
25.01.1954 |
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Qualification : |
B. Com, A.C.A,
C.W.A. |
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Experience : |
31 Years |
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Date of Appointment : |
24.10.2009 |
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DIN No : |
00265103 |
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Name : |
Mr. Uday Kkrishna Kamat |
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Designation : |
Director |
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Address : |
9, Ganesh Villa, Tejpal Scheme, Road No.2, Vile Parle (E),
Mumbai-400057, |
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Date of Birth/Age : |
14.05.1954 |
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Date of Appointment : |
24.10.2009 |
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DIN No : |
00226886 |
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Name : |
Mr. Subodh
Satchitanand Nadkarni |
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Designation : |
Director |
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Address : |
D-32, Mangireesh, 520, |
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Date of Birth/Age : |
02.04.1956 |
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Date of Appointment : |
27.09.2002 |
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DIN No : |
00145999 |
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Name : |
Mr. Venkatesh Kasturirangan |
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Designation : |
Director |
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Address : |
359, |
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Date of Birth/Age : |
18.04.1947 |
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Date of Appointment : |
24.09.2005 |
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DIN No : |
00804869 |
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Name : |
Mr. Ganesan Melarkode Parameswaran |
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Designation : |
Director |
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Address : |
62-A, Technocrat CHS, Veer Savarkar Marg, Prabhadevi, Mumbai-400025, |
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Date of Birth/Age : |
18.06.1955 |
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Date of Appointment : |
24.09.2005 |
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DIN No : |
00792123 |
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Name : |
Mr. Ravindranath
Shekar Warriar |
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Designation : |
Director |
|
Address : |
Planet Godrej, Tower 3, Floor 30, Keshavrao Khadye Marg, Near Jacob Circle,
Mumbai, Maharashtra, India |
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Date of Birth/Age : |
07.10.1957 |
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Date of Appointment : |
10.09.2004 |
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DIN No : |
00011680 |
KEY EXECUTIVES
|
Name : |
Mr. Ganesh Kamath |
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Designation : |
Company Sectary |
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PAN No : |
AADPK8335M |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Shekhar
Unnathan |
|
2056720 |
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Mr. Ramakrishnan
Gopalakrishnan |
|
1165054 |
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Mr. Shashikant
Rayappa Shanbhag |
|
2029042 |
|
Mr. Uday Kkrishna Kamat |
|
51000 |
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Mr. Sudhir
Dattaram Patil |
|
2053020 |
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Mr. Subodh
Satchitanand Nadkarni |
|
15000 |
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Mr. Venkatesh Kasturirangan |
|
25000 |
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Mr. Ganesan Melarkode Parameswaran |
|
15000 |
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Mr. Ravindranath
Shekar Warriar |
|
15000 |
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Mr. Ganesh Kamath |
|
15000 |
AS ON 30.09.2010
|
Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
6.36 |
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Bodies corporate |
|
2.02 |
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Directors or relatives of directors |
|
74.31 |
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Other top fifty shareholders |
|
8.41 |
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Others |
|
8.90 |
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Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of
organic surface active agents (surfactants) and preparations based thereon,
detergents, auxiliary washing preparations (for rinsing or bleaching cloths) and
cleaning preparations (for floors / windows etc.) |
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Products : |
Generic Names of
Principal Products/Services of the company are as under :
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PRODUCTION STATUS
As On 31.03.2010
|
Particulars |
|
Unit |
Installed
Capacity |
Actual
Production |
|
Organic Surface Active
Agents / Preparations |
|
MT |
122000 |
#83713 |
|
Fatty
Alkanolamides/ Fatty Acid Esters |
|
MT |
8500 |
##3382 |
|
Specialty
Chemicals |
|
MT |
6940 |
4305 |
Note: The installed capacities are based on existing
product- mix and are as per the certificate given by a director
On which the
auditors have relied, being
a technical matter.
# Includes (i) 3403 MT (Previous Year 3109 MT) used for captive
consumption
(ii) 196 MT
(Previous Year 216 MT) processed from third parties.
## Includes 47 MT used for captive consumption. (Previous Year: 38 MT)
GENERAL INFORMATION
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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 : |
S. V. Pinge and Company Chartered Accountants |
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Address : |
1/1, Mitrakul, |
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Direct Subsidiaries : |
Address: n Building, 242, 08854
Address: Level II, |
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Step Down
Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5,00,00,000 |
Equity Shares |
Rs. 10/- each |
Rs. 500.000 millions |
|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,77,27,376 |
Equity Shares |
Rs. 10/- each |
Rs. 177.273
millions |
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|
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|
Note :
Includes, 1,19,32,813 Equity Shares of Rs.10/-
each, issued as fully paid up Bonus Shares by capitlisation of Securities
Premium, Reserves and balance in Profit and Loss Account. (Previous Year :
33,69,125 Equity Shares of Rs. 10/- each)
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 |
177.274 |
85.637 |
85.637 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1350.298 |
1053.570 |
833.629 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1527.572 |
1139.207 |
919.266 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1321.327 |
1104.513 |
843.250 |
|
|
2] Unsecured Loans |
295.835 |
190.617 |
174.857 |
|
|
TOTAL BORROWING |
1617.162 |
1295.130 |
1018.107 |
|
|
DEFERRED TAX LIABILITIES |
182.119 |
161.506 |
154.918 |
|
|
|
|
|
|
|
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TOTAL |
3326.853 |
2595.843 |
2092.291 |
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1918.725 |
1453.540 |
1190.051 |
|
|
Capital work-in-progress |
74.736 |
104.899 |
64.521 |
|
|
|
|
|
|
|
|
INVESTMENT |
428.633 |
5.007 |
4.910 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Foreign Currency Monetary Item Translation Difference Account |
0.049 |
1.917 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
679.589
|
681.736 |
617.718 |
|
|
Sundry Debtors |
704.308
|
797.342 |
647.891 |
|
|
Cash & Bank Balances |
111.195
|
58.980 |
32.904 |
|
|
Other Current Assets |
0.011
|
0.206 |
0.154 |
|
|
Loans & Advances |
349.940
|
308.169 |
157.928 |
|
Total
Current Assets |
1845.043
|
1846.433 |
1456.595 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
515.071
|
378.888 |
NA |
|
|
Other Current Liabilities |
330.118
|
349.827 |
552.212 |
|
|
Provisions |
95.144
|
87.238 |
71.574 |
|
Total
Current Liabilities |
940.333
|
815.953 |
623.786 |
|
|
Net Current Assets |
904.710
|
1030.480 |
832.809 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3326.853 |
2595.843 |
2092.291 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5899.135 |
5560.183 |
3821.093 |
|
|
|
Other Income |
30.282 |
34.117 |
46.077 |
|
|
|
TOTAL |
5929.417 |
5594.300 |
3867.170 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials |
4121.334 |
4140.776 |
2701.558 |
|
|
|
Personnel Costs |
290.633 |
229.958 |
179.053 |
|
|
|
Other Manufacturing, Selling and
Administrative Expenses |
660.074 |
583.566 |
446.404 |
|
|
|
TOTAL |
5072.041 |
4954.300 |
3327.015 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
857.376 |
640.000 |
540.154 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
124.730 |
172.595 |
83.718 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
732.646 |
467.405 |
456.437 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
172.406 |
146.857 |
120.039 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
560.240 |
320.548 |
336.398 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
156.669 |
53.387 |
72.423 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
403.571 |
267.161 |
263.975 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
780.327 |
590.262 |
402.783 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
40.400 |
27.000 |
26.400 |
|
|
|
Interim Dividend |
42.818 |
0.000 |
0.000 |
|
|
|
Proposed Dividend |
26.591 |
42.818 |
42.818 |
|
|
|
Tax on Dividend |
11.796 |
7.277 |
7.277 |
|
|
BALANCE CARRIED
TO THE B/S |
162.293 |
780.328 |
590.263 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
3036.456 |
2904.132 |
2109.054 |
|
|
TOTAL EARNINGS |
3036.456 |
2904.132 |
2109.054 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1188.126 |
1824.711 |
949.020 |
|
|
|
Stores & Spares |
17.532 |
4.380 |
2.563 |
|
|
|
Capital Goods |
67.251 |
35.814 |
35.432 |
|
|
TOTAL IMPORTS |
1272.909 |
1864.905 |
987.015 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
23.56 |
15.60 |
30.82 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
6.81
|
4.78 |
6.83 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.50
|
5.77 |
8.80 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.89
|
9.71 |
12.71 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.37
|
0.28 |
0.37 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.79
|
1.85 |
1.79 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.96
|
2.26 |
2.34 |
LOCAL AGENCY FURTHER INFORMATION
BUSINESS
PERFORMANCE
Business
Conditions and Results:
The year
began on a note of caution based on turbulent economic, business and financial
conditions experienced in the previous year due to the financial melt down. The
Company navigated the flow of opportunities very well
during
the year.
The following highlights are
noteworthy:
- Sales during
2009-10 registered a growth of 6.1% over previous year. The fall in price
levels in 2009-10 vis-ŕ-vis 2008-09 has moderated the value growth;
otherwise your company achieved a volume growth of 25.7% during the year.
- Due to better
off takes and new customer acquisition efforts, the Company did experience
capacity constraints across its product range during the year.
- The year
showed improved profitability at 9.5% of PBT (% of Net Sales) as against
5.77% in the previous year.
- In terms of
profitability of the business and investments, the current year’s
performance has been heartening giving us confidence in scaling up
investments and laying the foundation for accelerated growth in next five
years.
Business Strategy and
Execution:
To
sustain growth with returns to investors, the Company is currently focusing on:
- Moving
manufacturing facilities near to customers and markets
- Increase the
global market share by acquiring new overseas customers
- Leverage customer relations by new
product offerings higher up the value chain
- Proximity to
customers operating in regional and local markets
The
Company has made good progress in moving business efforts in this direction.
The
following highlights are noteworthy
- The Company is putting up its first
green field facility outside
- The Company has firmed up investment
plans at Jhagadia,
- The Company has expanded the sulphation
capacity at Taloja. This facility should enable the Company to meet the
growth needs and improve domestic market play which is a promising growth
market.
FINANCIAL
PERFORMANCE:
Despite
the global concerns on economic growth and stability, the Company began the
year with optimism in its ability to weather the conditions and pitch for
future growth with confidence. It derived such confidence from the fact that it
operates in the Personal and Home Care industry, which is a robust business and
further the Company’s business is spread across all the regions globally.
The following
highlights are noteworthy:
- The ROCE on
average capital invested in business improved to 23.13% for the year from
21.04% in the previous year
- During the year 2009-10, the Company
did not suffer any translation loss in its USD based working capital
funds. Further, the borrowing costs were lower than 2008-09. Hence, there
is a reduction in Interest & Finance Charges for 2009-10.
- The Company continues to retain the
investment grade rating conferred by CRISIL for its bank loan limits as
per the requirements of the Basel II norms.
FORM 8
|
Corporate
identity number of the company |
U39877MH1986PLC039877 |
|
Name of the
company |
GALAXY SURFACTANTS LIMITED |
|
Address of the
registered office or of the principal place of business in |
C-49/2, TTC
Industrial Area, Pawne, Navi Mumbai - 400 703, |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable
property Book debts Floating charge |
|
Particular of
charge holder |
DBS Bank Limited,
3rd Floor, |
|
Nature of
instrument creating charge |
Memorandum of
Entry |
|
Date of
instrument Creating the charge |
22.07.2010 |
|
Amount secured by
the charge |
Rs. 100.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Interst /
Commission as may be negotiated / agreed between the Borrower and the Bank. Terms of repayment Loan shall be Repayable
on Demand. Margin 1) 20% against the Hypothicated Goods. 2) 20% against the said debts. Extent and operation of the charge First pari passu
charge on the current assets and Second pari passu charge on security given
by the Company, as described |
|
Short particulars
of the property charged (Including location of the property) |
1) Hypothecation of first pari passu charge
on the current assets of the Company, both present and future; and 2) Second pari passu charge along with other
lenders on immovable properities of the company situated at a) Tarapur
Industrial Area of MIDC, Taluka and Reign Dist. Palghar, Dist Thane. b)
Taloja Industrial Area of MIDC, Taluka and Reign Dist. Panvel, Dist. Raigad. |
|
Charge identification
number of the charge to be modified |
10141427 |
|
Particulars of
the present modification |
By present
modification, the existing charge of Rs. 100.000 millions is also now secured
on second pari passu basis with immovable property of the company situated at
a) Plot No.’s W-67 (B), M-3, N-46/1, W-44
(C), G-59 of MIDC, Tarapur b) Plot No. V23 of MIDC, Taloja and Plot No.1
of CIDCO, Taloja. |
Contingent Liabilities and Claims not
provided for:
|
Particulars |
31.03.2010 (Rs. in millions) |
|
a) Counter
Guarantees given to Banks |
16.250 |
|
b) Corporate Guarantee given to bank on behalf of subsidiary. |
22.445 |
|
c) Claims against
the Company not acknowledged as debts but disputed in appeals. |
|
|
- Excise Duty |
0.117 |
FIXED ASSETS
v
Goodwill
v
Leasehold land
v
Factory building
v
Plant and machinery
v
Furniture and fixtures
v
Vehicles
v
Office equipments
WEBSITE DETAILS:
PROFILE:
Subject
established in 1980, is the market leader in
They manufacture Anionic, Amphoteric, Cationic
and Non-Ionic surfactants and specialty chemicals, offering more than 70
products for applications in cosmetics, toiletries, detergents, soaps (Oral and
Personal Care)
All they products are developed in-house. Among
the key technologies mastered are Sulphation, Amidification, Quarternization,
Esterification, and Ethoxylation. They hold 18 Indian Patents, 8 US Patents.
They are known for creating and seeking
challenges – challenges that truly stretch them abilities.
They are getting transformed into a
process-based organization and them philosophy is to provide world-class
service to the customers through innovation, cost efficiency, value addition
and manufacturing excellence.
Awards/Accolades
- ISO 9001:2000 certified (Bureau Veritas Certification)
- TPM Excellence Award(1st Category)
- “Certified Preferred Supplier” of Colgate Palmolive (
- Certified by
Unilever as “JIT Vendor”
and “Star Supplier”
- Certified by
Indofil Chemicals (agro-division) and Reckitt Benckiser as “Green Channel Vendor”
- “Export House” status accorded by Ministry of Commerce &
Industry, Government of India
- First Lalit Doshi Award from SICOM and Lalit Doshi Memorial Foundation
Executive Directors
U. Shekhar – Chairman and Managing
Director
U.Shekhar is a chemical engineer from the University Department of Chemical
Technology, Mumbai and a post graduate in business management from IIM,
G. Ramakrishnan – Director Home and Personal
Care Business [Global]
G.Ramakrishnan is a chartered accountant, cost accountant and company
secretary. He is Director - Home and Personal Care Business(Global). Prior to
setting up Galaxy, he was with Colgate Palmolive.
Uday Kamat – Executive Director Finance
Uday Kamat is a Chartered Accountant and Cost Accountant. He possesses rich and
varied experience of 25 years in the industry and profession. His expertise
includes Finance, Commerce, Taxation, Projects, and General Management.
Shashi R. Shanbhag – Director
Shashi R. Shanbhag is a Chartered Accountant and Cost Accountant. Before
promoting Galaxy, he was with Colgate Palmolive
Non-Executive Directors
V. Kasturirangan
Kasturirangan joined
the board of Subject as an independent director with effect from October 15,
2004. He has a B.Tech (Hons) in Chemical Engineering from IIT Mumbai and MBA
from IIM Ahmedabad,
Subodh S. Nadkarni
Subodh is a fellow member of the Institute of Chartered Accountants of India
and The Institute of Company Secretaries of India. He possesses rich and varied
experience of 21 years in the industry. He is an expert in Finance, Project
Management, Commerce, Manufacturing, Sales, Marketing, Human Resources, and
General Administration. He is President - Asia Pacific (based at
Sudhir Patil
Sudhir is a chemical engineer from the University Department of Chemical
Technology, Mumbai and a recipient of the Distinguished Alumnus of UDCT Award
in 1998. Before setting up Galaxy, he was with Hindustan Lever and Hico
Products.
M. G. Parameswaran
Parameswaran joined the board of Subject as an independent director with effect
from June 27, 2005. He is chemical engineer from IIT Madras and an MBA from
IIM,
S.Ravindranath
S.Ravindranath joined the board of Subject as an independent Director with
effect from 29th June 2007. He is a B.Sc in Maths and Statistics and has
Masters in Operations Research and a fellow member of the
News Releases 2010
Galaxy Surfactants Ltd.
Galaxy is fully compliant with EU REACH Regulation (EC) NO.
1907/2006. All substances exported to EU which fell under the 30 November 2010
deadline for high volume were successfully REACH registered In addition,
substances with a later registration deadline have all been pre-registered and
are therefore also REACH compliant
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 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.45.13 |
|
|
1 |
Rs.71.05 |
|
Euro |
1 |
Rs.59.10 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
50 |
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.