MIRA
INFORM REPORT
|
Report Date : |
05.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
ARKEMA PEROXIDES INDIA PRIVATE LIMITED |
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Registered
Office : |
1st
Floor, Balmer Lawrie House, 628, Teynampet, Chennai, Tamilnadu – 600 018 |
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Country : |
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Financials (as
on) : |
31.12.2010 |
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Date of
Incorporation : |
14.03.1985 |
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Com. Reg. No.: |
18-11641 |
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Capital
Investment / Paid-up Capital : |
Rs.9.500
Millions |
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CIN No.: [Company Identification
No.] |
U24111TN1985PTC011641 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEP00227D |
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PAN No.: [Permanent Account No.] |
AAACE1713F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer,
exporter and importer of all types of chemicals – hydrogen peroxide, sodium
chlorate, perchlorate, hydrazine and its derivatives for global market. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade relations
are reported as fair. Business is active. Payments are reported to be usually
correct 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
|
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
|
Registered
Office : |
1st
Floor, Balmer Lawrie House, 628, Teynampet, Chennai, Tamilnadu – 600 018, |
|
Tel. No.: |
91-44-52197500 /
52197518 / 42197530 / 42197400 / 42197518 |
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Fax No.: |
91-44-52197600 / 10
/ 42197630 / 42197401 / 42197610 |
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E-Mail : |
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Website : |
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Factory : |
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Area : |
15,000 sq. ft. |
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Location: |
Owned |
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Headquarter/
Sales Office: |
Ruby House, B
Building, 2nd Floor, Next to old Campa Cola Factory Worli, Mumbai
– 400028, Maharashtra, India |
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Tel. No.: |
91-22-24387500 |
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Fax No.: |
91-22-24387550 |
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Branches : |
Located At: ·
Kolkata ·
Mumbai ·
·
·
·
Tamilnadu
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DIRECTORS
As on 31.03.2011
|
Name : |
Mr. Yeong show
Yang |
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Designation : |
Director |
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Address : |
RM 3201, |
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Date of
Birth/Age : |
15.02.1955 |
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Date of
Appointment : |
15.09.2010 |
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Name : |
Mr. Suresh Ramachandran |
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Designation : |
Director |
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Address
: |
C-12, Fairlawn Society, Plot 7, Chembur, Mumbai-400071, |
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Date of
Birth/Age : |
28.03.1956 |
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Date of
Appointment : |
02.03.2007 |
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Name : |
Mr. Dominique Namer |
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Designation : |
Director |
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Address
: |
Royal Pavilion-Apt 1382, 688 Hua Shan Lu, Sanghai 200072 |
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Date of
Birth/Age : |
19.01.1952 |
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Date of
Appointment : |
06.12.2007 |
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Name : |
Mr. Benjamin Olivier Jacquot |
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Designation : |
Director |
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Address
: |
73, Rue Boursault, Paris-75017, |
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Date of
Birth/Age : |
17.09.1984 |
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Date of
Appointment : |
22.02.2011 |
KEY EXECUTIVES
|
Name : |
Mr. Vasudevan
Salem Ananthanarauyanan |
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Designation : |
Company Secretary
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Address : |
73 Rue Boursault,
Paris-75017, |
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Date of Birth/Age : |
01.02.1956 |
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Date of Appointment : |
11.10.2002 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2011
|
Names of Shareholders |
|
No. of Shares |
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|
1 |
|
Arkema |
|
949999 |
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Total |
|
950000 |
As on 31.03.2011
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Equity Share Breakup |
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Percentage of Holding |
|
Category |
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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 |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, exporter
and importer of all types of chemicals – hydrogen peroxide, sodium chlorate,
perchlorate, hydrazine and its derivatives for global market. |
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Products : |
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GENERAL INFORMATION
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Bankers : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
BSR and Company Chartered
Accountant |
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Address : |
10-Mahathma
Ghandhi Salai, Nungambakkam, Chennai – 600 034, |
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Tel No : |
91-44-39145000 |
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Fax No.: |
91-44-39145999 |
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Pan No.: |
AAAFB9852F |
CAPITAL STRUCTURE
As on 31.12.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4000000 |
Equity Shares |
Rs.10/- each |
Rs.40.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
950000 |
Equity Shares |
Rs.10/- each |
Rs.9.500
Millions |
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 |
9.500 |
9.500 |
9.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
247.025 |
221.555 |
184.778 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
256.525 |
231.055 |
194.278 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
6.385 |
7.413 |
7.808 |
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TOTAL |
262.910 |
238.468 |
202.086 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
76.764 |
81.644 |
74.550 |
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Capital work-in-progress |
1.514 |
0.000 |
0.044 |
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INVESTMENT |
0.024 |
0.024 |
0.024 |
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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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|
|
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Inventories |
91.887
|
65.106
|
102.222
|
|
|
Sundry Debtors |
79.711
|
83.624
|
54.852
|
|
|
Cash & Bank Balances |
78.926
|
69.536
|
26.406
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
17.403
|
19.116
|
21.975
|
|
Total
Current Assets |
267.927
|
237.382
|
205.455 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Sundry Creditors |
64.317
|
54.043
|
48.014 |
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Other Current Liabilities |
3.285
|
6.426
|
15.268
|
|
|
Provisions |
15.717
|
20.113
|
14.705
|
|
Total
Current Liabilities |
83.319
|
80.582
|
77.987 |
|
|
Net Current Assets |
184.608
|
156.800
|
127.468 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
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|
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TOTAL |
262.910 |
238.468 |
202.086 |
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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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Income |
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Other Income |
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TOTAL |
594.650 |
520.250 |
415.720 |
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Less |
EXPENSES |
|
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Office Expenses |
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Administrative Expenses |
446.190 |
401.080 |
323.830 |
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Advertising Expenses |
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Interest |
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Depreciation |
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TOTAL |
446.190 |
401.080 |
323.830 |
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PROFIT BEFORE
TAX |
148.460 |
119.170 |
91.890 |
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Less |
TAX |
49.880 |
41.270 |
32.290 |
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PROFIT AFTER TAX
|
98.580 |
77.900 |
59.600 |
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EARNINGS IN
FOREIGN CURRENCY |
219.200 |
170.690 |
NA |
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Earnings Per
Share (Rs.) |
103.77 |
82.00 |
62.74 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
PAT / Total Income |
(%) |
16.58
|
14.97 |
14.34 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
43.07
|
37.35 |
32.82 |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.58
|
0.52 |
0.47 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
0.32
|
0.35 |
0.40 |
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|
Current Ratio (Current Asset/Current Liability) |
|
3.22
|
2.95 |
2.63 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS:
Operations of the company resulted in profits before tax of Rs.148.460
millions. The profits has increased to Rs.148.460 millions from Rs.119.170
millions for the previous year. This is mainly on account of the increase in
volume in both domestic and export sales, marginal increase in selling prices
in some segments and also increased sales of in some segments. The total sales
volume has increased from 1575 to 1770 MT including an increase in exports
sales by 80 MT (589 MT in 2010 against 509 MT in 2009)
Domestic prices were under sever pressure due to competition from
imports mainly. The average net realization for domestic sales was marginally
lower, compared to last year (Rs. 313 per kg in the year 2010 against Rs. 320
per kg in the previous year.)
PROSPECTS:
With the growth of Indian Polymer Industry and
Automobile Industry the future prospectus are good. The market growth is
expected to be more than 8% to 9% and our capacity utilization is expected to
improve.
Bankers Charges
Report as per Registry
|
Name of the company |
PEROXIDES INDIA
LIMITED |
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Presented By |
P U Aravind, Secretary |
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1) Date and description of instrument creating the change |
27th
March 1993 Letter of
Hypothecation dated 27th march 1993 and hypothecation book debts dated
27.03.1993 executed by the company in favour of Indian Overseas Bank
Commercial and Institutional Credit Branch |
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2) Amount secured by the charge/amount owing on the securities of charge |
Cash Credit
facility to the Limited of Rs. 8.500 Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation and
change to the Bank by way of first charge all the book debts, outstanding moneys
receivables, claims and bills which now dye and owing or which may at any
time hereafter during the continuance of this security become due and owing
to company in the course of its business by any person, firm, company or by
the Government or any local body or authority as security for the due
repayment to the Bank at any time on demand at Madras. Hypothecation of
raw martial such as lauric acid, sodium hydroxide, hydrogen peroxide,
sulphuric acid, terriary buty alcohol, lauroyl chloride work in progress and
finished goods. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest at the
rate of 9.25 % over RBI rate of interest with a minimum of 21.25 % p.a. or
such other rates as may be notified by the bank from time to time with
quarterly rests shall be calculated and charged on the daily balance in the
Bank’s favour due upon the said Cash credit Account until the same is fully
liquidated and shall be paid by the company as and when demand by the Bank. On demand by the
bank the company shall pay to the bank the balance then due to the bank
together with all further charges and expenses to the date of payment. And such other
terms as mentioned in hypothecation of book debts and letter of hypothecation
dated 27.03.1993 |
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|
5) Name and Address and description of the person entitled to the charge. |
Indian Overseas
Bank, Commercial and Institutional, Credit Branch, 738 Anna Salai, Chennai –
600 002, |
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|
6) Date and brief description of instrument modifying the charge |
Supplemental deed
of hypothecation / pledge dated 7.05.1993 executed by the company in favour
of Indian Overseas Bank for enhancement cash credit from Rs.20.000 Millions
to Rs.30.000 Millions Hypothecation of
Book debts dated 07.05.1993 executed by the company in favour of Indian
Overseas Bank Letter of
Hypothecation dated 07.05.1993 executed
by the company in favour of Indian Overseas Bank for the facility of
letter of guarantee of Rs.3.000 Millions Letter of
Hypothecation dated 07.05.1993 executed
by the company in favour of Indian Overseas Bank for the facility of
Foreign Letter of Credit of Rs.3.000 Millions Letter dated
03.06.1993 from Indian Overseas Bank, commercial and Institutional Credit
Branch, 738 Anna Salai |
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|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The Cash Credit facility
with Indian Overseas bank has been enhanced to Rs. 30 Millions And also secure
the following facilities Letter guarantee
Rs. 3.000 Millions facility Rs. 3.000 Millions
|
FIXED
ASSETS:
- Land
- Building
- Plant and Machinery
- Furniture and Fixture
- 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.44.45 |
|
|
1 |
Rs.71.53 |
|
Euro |
1 |
Rs.64.62 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.