MIRA
INFORM REPORT
|
Report Date : |
02.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
DORF-KETAL CHEMICALS INDIA PRIVATE LIMITED |
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Registered
Office : |
1, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
12.05.1992 |
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Com. Reg. No.: |
11-66726 |
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Capital
Investment / Paid-up Capital : |
Rs.842.132
Millions |
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|
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CIN No.: [Company Identification
No.] |
U24100MH1992PTC066726 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMD04225E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing of Process Chemicals and Specialty Chemicals. |
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|
No. of Employees
: |
500 (20 in office
+ 480 in factory) (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 5800000 |
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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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office/ Marketing and Sales Department : |
1, |
|
Tel. No.: |
91-22-28880420/ 421/ 422/ 423/ 28833900/
28828374/ 28833901 |
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Fax No.: |
91-22-28813655/ 28882366 |
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E-Mail : |
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Website : |
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Area : |
107500 sq. ft. |
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Location : |
Owned |
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Corporate Office : |
11104 |
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Tel. No.: |
832-351-3492/351-3497 |
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Fax No.: |
832-351-3498 |
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E-Mail : |
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Factory 1 : |
W-165, MIDC, Taloja Chemical Zone, Taluka Panvel, District Raigad, |
|
Area : |
13500 sq. ft. |
|
Location : |
Owned |
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|
Dorf
Ketal Chemicals LLC 3727, Greenbriar, |
|
Tel. No.: |
281 491 3700 |
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Fax No.: |
281 491 3733 |
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E-Mail : |
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Dorf Ketal Brazl Ltda |
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Tel. No.: |
+55 51 3061 2211 |
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Fax No.: |
+55-51 3019 0890 |
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E-Mail: |
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India Dorf Ketal Chemicals Private Limited Pudong District, Shanghai-200122, |
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Tel. No.: |
+86 1560 225 5419 |
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E-Mail : |
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Dorf Ketal Chemicals Pte.
Limited 25 International Business Park, #03-72
German |
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H/P: |
+65 8268 1435 |
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Tel. No.: |
+65 6562 8255 |
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Fax No.: |
+65 6562 8253 |
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E-Mail : |
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Dorf Ketal
Chemicals ( |
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Tel No: |
97 -33- 678 0547 |
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E-Mail: |
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Dorf Ketal B.V. De Ring, Weegschaalstraat 3, 5632 CW, |
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Tel. No.: |
+31-40.290.13.85 |
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E-Mail: |
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Dorf Ketal
Chemicals ( |
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Tel. No.: |
+97 33 678 0547 |
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E-Mail: |
DIRECTORS
As on 27.09.2010
|
Name : |
Mr. Sudhir Vijayaraghavan Menon |
|
Designation : |
Chairman and Managing Director |
|
Address: |
5/ 501, Swapna
Lok, |
|
Date of
Birth/Age : |
27.06.1963 |
|
Qualification
: |
Chemical Engg., LLB, MBA |
|
Date of
Appointment : |
09.07.1995 |
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Pan No.: |
AAJPM4604R |
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DIN No.: |
02487658 |
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|
|
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Name : |
Mr. Subodh Vijayaraghavan
Menon |
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Designation : |
Director |
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Address: |
4/ 401, Swapna
Lok, |
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Date of Birth
: |
08.08.1971 |
|
Qualification : |
B. Sc. |
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Date of
Appointment : |
12.05.1992 |
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Pan No.: |
AAAPM6916D |
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DIN No.: |
00972842 |
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|
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Name : |
Mr. Ramaswamy Neelakanthan Permangoda |
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Designation : |
Director |
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Address: |
501, Sand Pebble Off, |
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Date of
Birth/Age : |
22.12.1970 |
|
Date of
Appointment : |
12.05.1992 |
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Pan No.: |
AAAPR4696R |
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DIN No.: |
02480775 |
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|
|
|
Name : |
Mr. Aniparambil Menon |
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Designation : |
Director |
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Address: |
203, |
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Date of
Appointment: |
12.05.1992 |
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Pan No.: |
AADPM5584B |
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DIN No.: |
00019770 |
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|
|
|
Name : |
Mrs. Padmaja Vijayaraghavan
Menon |
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Designation : |
Director |
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Address: |
203, |
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Date of
Birth/Age : |
01.06.1940 |
|
Date of
Appointment : |
12.05.1992 |
|
Pan No.: |
AMIPM8138M |
|
DIN No.: |
02501009 |
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|
|
|
Name : |
Mr. Subramaniam E.S. Mahesh |
|
Designation : |
Director |
|
Address: |
A-3, 104 Raunat Park, |
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Date of
Birth/Age : |
16.09.1968 |
|
Date of
Appointment : |
31.03.2003 |
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Pan No.: |
AKJPS5615A |
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DIN No.: |
02507158 |
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|
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Name : |
Mr. Shaju Parambil Phadran |
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Designation : |
Director |
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Address: |
701, Sanket, Plot No.38, Khandelwal Layout, Evershine Nagar, Malad
(West), Mumbai – 400 064, |
|
Date of
Birth/Age : |
15.07.1971 |
|
Date of
Appointment : |
18.06.1994 |
|
Pan No.: |
AAAP4153H |
|
DIN No.: |
02480748 |
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|
|
|
Name : |
Mr. Pramod Gangadharan Menon |
|
Designation : |
Director |
|
Address: |
701, 7th Floor, Sand Pebble Off, |
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Date of
Birth/Age : |
04.01.1967 |
|
Date of
Appointment : |
01.04.2007 |
|
Pan No.: |
AAHPM718P |
|
DIN No.: |
02529703 |
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|
|
|
Name : |
Mr. George Mciver Brannon |
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Designation : |
Director |
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Address: |
10405 Manly |
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Date of
Birth/Age : |
13.10.1951 |
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Date of
Appointment : |
01.04.2010 |
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DIN No.: |
03033411 |
KEY EXECUTIVES
|
Name : |
Mr. V.R.
Venkatraman |
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Designation : |
President –
Specialty Chemicals. |
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Tel no. : |
91-986-756-4140 ( |
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|
|
|
Name : |
Mr. P.N.
Ramaswamy |
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Designation : |
Technical
Director |
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Tel No.: |
91-986-701-5009 ( 91-832-876-8518
(US) |
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|
|
|
Name : |
Mr. N. Pattabhi |
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Designation : |
Adfactors PR |
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Tel No. : |
91-986-738-7132 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2010
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Sudhir Menon |
5378330 |
63.87% |
|
Subodh Menon |
2798211 |
33.23% |
|
Ramaswamy Neelakanthan
Permangoda |
26235 |
0.31% |
|
Aniparambil Menon |
4000 |
0.05% |
|
Padmja Menon |
2040 |
0.02% |
|
Mahesh Subramaniyam |
2500 |
0.03% |
|
Pramod Menon |
1000 |
0.01% |
|
Sudhir Menon HUF ` |
209000 |
2.48% |
|
Total |
8421316 |
100.00% |
Equity Share Breakup (Percentage of Total
Equity)
As on 30.09.2010
|
Category |
|
Percentage of Holding |
|
|
|
|
|
Directors
or relatives of directors |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Process Chemicals and Specialty Chemicals. |
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GENERAL INFORMATION
|
Suppliers : |
Ř Ř Ř Associated
Ř Reliance
Industries, Ř Godrej
Industries Limited, Ř Akshay Chemicals Ř A K Bhayani and Sons Ř Ambika Trading Company Ř Ankit Enterprises Ř Balaji Enterprises Ř Basf Limited Ř Chemo Ř Chemtreat International Inc. Ř DKC LLC Ř D. K. Pharma Chem Private Limited Ř Equate Packers Ř Esbee Chem Products Ř Excel Industries Private Limited Ř Flora Chemicals Ř Ganesh Impex Limited Ř Ř Indo Amines Limited Ř Omkar Corporation Ř R R Enterprises Ř R Nandlal and Sons Ř RKG Petroleum Private Limited Ř Rushabh Enterprises Ř S R Enterprises Ř SNF |
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Customers : |
Ř Corporates Ř Ř Kyrgyz Petroleum Company, Kyrgyztan, (Ex-USSR) Ř Manufacturers, Trading Firms, Government Bodies, End Users Ř Apolo Lubes Private Limited Ř Ashish Construction Ř C and G Ř Castrol Ř Chennai Petroleum Ř Eau Chemicals (Manufacturing) Private Limited Ř Gurara Agencies Ř Hindustan Petroleum Corporation Limited, Vizag Ř Indian
Oil Corporation Limited, Ř Indian Oil Corporation Limited, Taloja Ř Indian Trading Ř Ispat
Metallics Ř NOCIL Ř Oil and Natural Gas Corporation Limited Ř Reliance Industries Limited Ř Siddhichemico Ř Tata Iron and Stell Company Ř The Ahmedabad Electricity Company. Limited. (Sabarmati) Ř Tide
Water Oil Company. ( Ř Water Bird Water Treatment Chemicals |
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No. of Employees : |
500 (20 in office
+ 480 in factory) (Approximately) |
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Bankers : |
Tel. 91-22-28071710
Tel. 91-22-28682570
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Facilities : |
Note: * a) Secured by Hypothecation
of Present and Future Entire Current Assets of the Company. b) Equitable mortgage of company’s Land and Building at Plot no. J
10/3, Building and Civil Structure thereon at MIDC Taloja, Panvel, Raigad. c) First Charge on Plant and Machinery located at Plot nos. W 165 B, J
10/3, J 10/2, W 166 B - MJDC Taloja d) First Charge on Material handling, Storage facilities, Fire hydrant
and other Systems. e) First Charge on Other QC equipments, located at the above sites. I) First Charge on Furniture and Fixtures. g) First Charge on Office premises of the company at Nishita Apartment
Orlem. Malad (W) and further secured by personal guarantees of Mr. Sudhir
Menon and Mr. Subodh Menon. Directors of the Company and further secured by
corporate guarantees of Dorf Ketal Chemicals ** Secured by Equitable mortgage of company’s Land and Building at
Plot no. J 11 MIDC TaIoja and Buildings thereon and further secured by
personal guarantees of Mr. Sudhir Menon and Mr. Subodh Menon. Directors of
the Company and further secured by corporate guarantees of Dorf Ketal
Chemicals |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S. S. Gajja and Company Chartered Accountants |
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Address : |
9, Raj Mahal, |
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Tel. No.: |
91-22-268333093/ 26832983/ 65701444 |
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Fax No.: |
91-22-26834094 |
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E-Mail : |
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Subsidiaries :
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Associates and
Joint Ventures : |
Ř
Beeta
Chemicals and Flavours ( Ř
Fobeoz
( Ř
Octel
Dorfketal ( Ř
Dorf
Ketal Chemicals Pte Limited. |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8500000 |
Equity Shares |
Rs.100/- each |
Rs.850.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8421316 |
Equity Shares |
Rs.100/- each |
Rs.842.132
Millions |
|
|
|
|
|
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 |
842.132 |
30.131 |
30.132 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
607.920 |
433.487 |
375.043 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1450.052 |
463.618 |
405.175 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
692.651 |
415.896 |
221.259 |
|
|
2] Unsecured Loans |
16.747 |
549.330 |
440.397 |
|
|
TOTAL BORROWING |
709.398 |
965.226 |
661.656 |
|
|
DEFERRED TAX LIABILITIES |
107.730 |
78.030 |
62.930 |
|
|
|
|
|
|
|
|
TOTAL |
2267.180 |
1506.874 |
1129.761 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
901.680 |
561.461 |
454.048 |
|
|
Capital work-in-progress |
17.367 |
15.942 |
7.900 |
|
|
|
|
|
|
|
|
INVESTMENT |
51.438 |
227.100 |
25.380 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
265.655
|
136.541
|
180.156
|
|
|
Sundry Debtors |
1185.042
|
625.715
|
504.715
|
|
|
Cash & Bank Balances |
255.017
|
245.987
|
112.316
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
600.005
|
459.561
|
397.428
|
|
Total
Current Assets |
2305.719
|
1467.804
|
1194.615
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
262.717
|
209.972
|
200.095 |
|
|
Other Current Liabilities |
626.803
|
468.399
|
287.379 |
|
|
Provisions |
123.329
|
87.354
|
65.000 |
|
Total
Current Liabilities |
1012.849
|
765.725
|
552.474
|
|
|
Net Current Assets |
1292.870
|
702.079
|
642.141
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
3.825 |
0.292 |
0.292 |
|
|
|
|
|
|
|
|
TOTAL |
2267.180 |
1506.874 |
1129.761 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3020.417 |
1984.109 |
1383.649 |
|
|
|
Other Income |
218.208 |
42.917 |
19.281 |
|
|
|
TOTAL (A) |
3238.625 |
2027.026 |
1402.930 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials |
1397.932 |
1000.456 |
659.314 |
|
|
|
Manufacturing expenses |
117.427 |
75.671 |
60.039 |
|
|
|
Administrative and other expenses |
1284.510 |
658.497 |
452.808 |
|
|
|
Research and development expenditure |
21.221 |
28.757 |
19.987 |
|
|
|
Variation in stocks |
(20.922) |
(3.335) |
0.288 |
|
|
|
TOTAL (B) |
2800.168 |
1760.046 |
1192.436 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
438.457 |
266.980 |
210.494 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES/ INTEREST (D) |
141.326 |
106.395 |
73.671 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
297.131 |
160.585 |
136.823 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
55.035 |
28.764 |
22.209 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
242.096 |
131.821 |
114.614 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
67.663 |
38.125 |
31.131 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (I) |
174.433 |
93.696 |
83.483 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
401.368 |
352.294 |
312.296 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
-- |
30.131 |
30.032 |
|
|
|
Tax on proposed dividend |
-- |
5.120 |
5.104 |
|
|
|
Transfer to General Reserve |
-- |
9.370 |
8.350 |
|
|
BALANCE CARRIED
TO THE B/S |
575.736 |
401.368 |
352.294 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Import Value |
630.778 |
NA |
NA |
|
|
TOTAL IMPORTS |
630.778 |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
86.00 |
310.96 |
277.06 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.39
|
4.62
|
5.95 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.02
|
6.64
|
8.28 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.55
|
6.49
|
6.95 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.28
|
0.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.19
|
3.73
|
3.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.28
|
1.92
|
2.16 |
LOCAL AGENCY FURTHER INFORMATION
REVIEW OF OPERATIONS:
During the year, the
Company registered a robust growth in Sales and Profit driven by contribution
from new breakthrough products developed in house. The Sales increased by 52%
from Rs.1984.100 millions to Rs.3020.400 millions. Profit after tax increased
86% from Rs.93.600 millions to Rs.174.400 millions. The Company has made
substantial investment in new plant and machinery.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U24100MH1992PTC066726 |
|
Name of the
company |
DORF-KETAL CHEMICALS
INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
1, |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the charge to be modified |
90154378 |
|
Type of charge |
Immovable Property |
|
Particular of
charge holder |
State Bank of India, MID Corporate Loan Administration Unit,
1-5, ‘B’ Wing, Shri Hari Building, RTO Lane, Four Bunglows, Mumbai-400053,
Maharashtra, India |
|
Nature of
instrument creating charge |
Non Instrument,
Memorandum of deposit for creation of further charger for term loan/ overall
limit where the initial charge is created by way of mortgage by deposit of
title deeds |
|
Date of
instrument Creating the charge |
24.04.2010 |
|
Amount secured by
the charge |
Rs. 757.900
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest As per sanction
terms Terms of
Repayment As per sanction
terms Margin As per Sanction
terms |
|
Short particulars
of the property charged |
All present and future
goods, book debts and all other movable assets including document of title to
goods, outstanding moneys, receivables, claims, bills, invoices, documents,
contracts, insurance policies, guarantees, engagements, securities,
investments and rights and all present and future machinery, raw materials,
stock in process, finished goods, export packing credit book debts/
receivables (90 Days cover), Letter of credit, bank guarantee. |
|
Date of
instrument modifying the charge |
29.01.2010 |
|
Particulars of the
present modification |
Now by the
present modification Dated 24.04.2010 the company created an extension of
charge by way of an equitable mortgage by deposits of title deeds over the
immovable properties created earlier on 08.01.2005 to secure the extended
credit facilities of Rs. 757.900 Millions the details of the immovable
properties. |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90154378 |
|
Corporate
identity number of the company |
U24100MH1992PTC066726 |
|
Name of the
company |
DORF-KETAL
CHEMICALS INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
1, |
|
Type of charge |
Book Debts Movable Property
(not being pledge) Others |
|
Number of charge
holder (s) |
1 |
|
Particular of
charge holder |
State Bank of |
|
Email |
|
|
Nature of description
of the instrument creating or modifying the charge |
Supplemental
Agreement of Hypothecation of Goods and Assets for Increase in the overall
limit |
|
Date of
instrument Creating the charge |
29.01.2010 |
|
Amount secured by
the charge |
Rs.757.900
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Working capital
facilities are repayable on demand. Terms of
Repayment Working capital
facilities are repayable on demand. Margin Raw materials
(Domestic and Imported) 25% Stock in
process
33% Finished
goods
25% Book
debts/receivables
40% (cover period 90
days) Extent and
Operation of the charge Security created
by way of first charge and to cover principal together with interest, cost,
charges, expenses etc. Others Security created
in respect of the following credit facilities: DCC (Stocks and
book debts): Rs.400.0 Millions Corporate Loan
(O/s): Rs.146.2 Millions Letter of
credit:
Rs.120.0 Millions Bank
guarantee:
Rs.80.0 Millions One time BG: Rs.11.7 Millions |
|
Short particulars
of the property charged |
I)
All
present and future goods, book debts and all other movable assets including
documents of title to goods, outstanding moneys, receivables, claims, bills
invoices documents, contracts, insurance II)
Policies,
guarantees, engagements, securities, investments and rights and all present
and future machinery. Raw materials, stock in process, finished good, export
packing credit, book debts / receivables III)
(90
days cover), Letter of credit, Bank Guarantee. |
|
Date of latest
modification prior to the present modification |
10.12.2008 |
|
Particulars of
the present modification |
Charge over
movable properties now stands enhanced from Rs.469.5 Millions to Rs.757.900
Millions. |
CONTINGENT LIABILITIES NOT PROVIDED FOR:
|
Particular |
31.03.2010 (Rs. in
Millions) |
31.03.2009 (Rs. In
Millions) |
31.03.2008 (Rs. In
Millions) |
|
In respect of bank guarantees |
42.628 |
15.800 |
30.300 |
|
In respect of letter of credit |
104.074 |
64.900 |
71.700 |
|
In respect of corporate guarantee issued in
favour of State Ban of India New York working capital credit lines extended
to subsidiary company Dorf Ketal Chemicals LLC |
202.500 |
77.100 |
0.000 |
|
In respect of Corporate Guarantee issued in
favour of State Bank of India New York for Term Loan extended to its ultimate
subsidiary Dorf Ketal Speciality Chemicals LLC. |
990.000 |
0.000 |
0.000 |
|
Total |
1339.202 |
157.800 |
102.000 |
FIXED ASSETS:
- Building – Office
- Building – Factory
- Plant and Machinery
- Furniture and Fixtures
- Office Equipments
- Motor Vehicles
- Computers
WEB DETAILS:
Corporate Overview
In a relatively brief span of 15 years, Subject has emerged
as the largest Indian manufacturer of research based specialty chemicals used
in the treatment of refineries, petrochemical plants and ancillary units. Their
world-class primary production
base and state-of-the-art Research
centre are situated at Taloja, in the suburbs of Mumbai, a major port on the
west coast of
They are ISO 9001, ISO 14001 and OHSAS 18001 certified and
today are the preferred supplier for a range of performance-engineered
specialty chemical programs in countries as diverse as UAE,
NEWS:
Matthew Knight Appointed President of Dorf Ketal Chemicals (
India’s leading manufacturer of research based specialty chemicals and a
leading global provider of refinery process chemicals and specialty catalysts
for production of high performance industrial polymers, announced that the
Board of Directors has appointed Matthew H. Knight as President and Chief
Executive Officer of its US subsidiaries, Dorf Ketal Chemicals LLC, and Dorf
Ketal Speciality Catalysts, LLC.
Prior to joining Dorf Ketal, Mr. Knight was with Siemens Water
Technology where he served as the Global Vice President for Sales and
Marketing. Mr. Knight is the former President and CEO of Strategic Diagnostics
Inc. (SDIX), a biotechnology company providing of antibody technologies to the
life sciences markets, and industrial analytics for the water, environmental
and food safety markets. Mr. Knight began his specialty chemical career with
Nalco Chemical in 1980 advancing through a series of sales and marketing
management positions. In 1996, Mr. Knight became a General Manager for Nalco
Europe, and subsequently General Manager of the Company’s Industrial Water
Treatment Group in
Sudhir Menon, Chairman of Dorf Ketal Chemicals commented, “We are
pleased to welcome Matt to the senior management team at the Company. We feel
fortunate to have found an executive that so strongly complements our focus on
enhancing customer satisfaction through the delivery of value added products
and services. Matt will lead a growing team of specialty chemical professionals
dedicated to serving and growing our North American and Global businesses.”
About Dorf Ketal Chemicals Private Limited:
Dorf Ketal is the largest manufacturer of research
based specialty chemicals used in the treatment of refineries, petro-chemical
plants and ancillary units. Today the company is a preferred supplier of a
variety of performance engineered specialty chemical programs in countries as
diverse as the UAE,
Dorf Ketal acquires DuPont Chemicals and
Fluoroproducts Speciality Catalysts Businesss MUMBAI,
January 05, 2010
Dorf Ketal Chemicals (
The acquisition will provide Dorf Ketal with several product innovations and technological developments pioneered by DuPont in the business since 1960’s. The Tyzor® range of organic titanates and zirconates are used as catalysts for chemical manufacture; as curing and cross-linking agents for coatings, paints and adhesives; and as surface modifiers to improve the properties of electronics, glass, plastics, metals and nanocomposite materials. Important end-use segments include printing inks, corrosion inhibitors, paints and coatings, silicone sealants and plasticizers. The Business has used proprietary processes and technology to develop innovative catalyst solution for several challenging areas such as Sealants (elimination of tin from sealants for automotive and construction applications), Emissions control (to meet stricter air pollution regulations), Polyester catalysis (Consumer preferences and environmental stewardship are favoring antimony-free polyester bottles and food packaging grade film). The Business which generated revenue of around USD 50 mn in 2008, is expected to grow at a fast pace aided by the new product developments in the pipeline.
As a part of the deal, Dorf Ketal acquires DuPont assets associated with the Specialty Catalysts Business including trademarks, sales, marketing and customer service. Dorf Ketal will continue the emphasis of strong Research and Development which has been a key focal area for the business.
To assist with an orderly customer transition, a business transition team has
been formed. DuPont will continue to manufacture and supply Specialty Catalyst
products to Dorf Ketal for approximately one year under service and supply
agreements. During this time, Dorf Ketal will source and supply products made
by DuPont while building a new plant. DuPont is also assisting Dorf Ketal
with the technology transfer and start-up of new facilities. The transition
will be implemented in stages while ensuring business continuity for all
customers. This transaction underscores Dorf Ketal’s commitment to growth and
deliver world-class Products, Services and enhanced value to customers on a consistent
basis. The integration will be seamless, providing customers the ability to
leverage Dorf Ketal's world-class Products, Service and Technology.
Dorf Ketal is a leading global player in process chemicals
and additives for refineries, petrochemicals, fuels, plastics, lubricants and
oilfield industries with consolidated revenues of around USD 220 million. This
acquisition clubbed with the high organic growth rate, Dorf Ketal expects to
achieve revenues of over USD 300 million next year. Dorf Ketal is already the
largest refinery chemicals player in
Commenting on the acquisition of the business, Mr. Sudhir Menon, Chairman and Managing Director, Dorf Ketal said, “The acquisition of DuPont’s specialty catalysts business is a well thought plan to consolidate our position in newer product segments such as specialty catalysts. Besides, DuPont’s R and D focus and value added product portfolio including secondary titanates and zirconates will further complement and strengthen the capabilities of Dorf Ketal and help us in consolidating our position as a leading global specialty chemical player. I am happy that we have been able to complete this acquisition in a short time frame of 6 months despite difficult market conditions. In the pipeline are more such strategic acquisitions in the $100 - $200 Million range, we expect to close these in the current year and I am confident that our strong cash flows and under leveraged balance sheet will help us in closing such acquisitions with speed”.
Commenting on the acquisition, Mr. Subodh Menon, Founder/Director-
Business and Operations , Dorf Ketal said, “The acquisition of DuPont specialty
catalysts business will consolidate our position as a global leader in the
business of specialty Catalysts. We are embarking on an ambitious project and a
world class manufacturing facility to cater to these newer product lines is
being planned at a new plant site in
About E.I. du Pont de
Nemours and Company:
DuPont is a science-based products and services company. Founded in 1802, DuPont puts science to work by creating sustainable solutions essential to a better, safer, healthier life for people everywhere. Operating in more than 70 countries, DuPont offers a wide range of innovative products and services for markets including agriculture and food; building and construction; communications; and transportation.
Matthew Knight
Appointed President of Dorf Ketal Chemicals (
Mumbai, India, March 11, 2010, Dorf Ketal Chemicals Private Limited– India’s leading manufacturer of research based specialty chemicals and a leading global provider of refinery process chemicals and specialty catalysts for production of high performance industrial polymers, announced that the Board of Directors has appointed Matthew H. Knight as President and Chief Executive Officer of its US subsidiaries, Dorf Ketal Chemicals LLC, and Dorf Ketal Speciality Catalysts, LLC.
Prior to joining Dorf Ketal, Mr. Knight was with Siemens
Water Technology where he served as the Global Vice President for Sales and
Marketing. Mr. Knight is the former President and CEO of Strategic Diagnostics
Inc. (SDIX), a biotechnology company providing of antibody technologies to the
life sciences markets, and industrial analytics for the water, environmental
and food safety markets. Mr. Knight began his specialty chemical career with
Nalco Chemical in 1980 advancing through a series of sales and marketing
management positions. In 1996, Mr. Knight became a General Manager for Nalco
Europe, and subsequently General Manager of the Company’s Industrial Water
Treatment Group in
Sudhir Menon, Chairman of Dorf Ketal Chemicals commented, “We are pleased to welcome Matt to the senior management team at the Company. We feel fortunate to have found an executive that so strongly complements our focus on enhancing customer satisfaction through the delivery of value added products and services. Matt will lead a growing team of specialty chemical professionals dedicated to serving and growing our North American and Global businesses.”
About Dorf Ketal
Chemicals Private Limited
Dorf Ketal is the largest manufacturer of research based specialty chemicals
used in the treatment of refineries, petro-chemical plants and ancillary units.
Today the company is a preferred supplier of a variety of performance
engineered specialty chemical programs in countries as diverse as the UAE,
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.44.89 |
|
|
1 |
Rs.73.84 |
|
Euro |
1 |
Rs.64.76 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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.