MIRA
INFORM REPORT
|
Report Date : |
09.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
STYROLUTION INDIA PRIVATE LIMITED (w.e.f. 10.12.2010) |
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Formerly Known
As : |
BASF STYRENICS PRIVATE LIMITED |
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Registered
Office : |
1st Floor, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
18.07.1990 |
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Com. Reg. No.: |
11-149830 |
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Capital
Investment / Paid-up Capital : |
Rs.615.446
Millions |
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CIN No.: [Company Identification
No.] |
U25202MH2004FTC149830 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMB07252A |
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PAN No.: [Permanent Account No.] |
AAACP2766R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Polystyrene. |
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No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (29) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 3187000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Trade
relations are fair. Business is active. Payments are reported to be slow but
correct. The company can be considered 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 |
|
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 |
INFORMATION PARTED BY
|
Name : |
Mr. R.K. Ramanathan |
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Designation : |
Secretary and Financial Controls |
LOCATIONS
|
Registered Office : |
1st Floor, |
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Tel. No.: |
91-22-66618000 |
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Fax No.: |
91-22-67582752 |
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E-Mail : |
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Website : |
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Area : |
4500 sq. ft. |
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Location : |
Owned |
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Factory: |
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Sales Office: |
Located At:
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DIRECTORS
As on 27.07.2010
|
Name : |
Mr. Chandran Prasad |
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Designation : |
Director |
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Address : |
16B, |
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Date of Birth/Age : |
20.04.1952 |
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Date of Appointment : |
08.11.2000 |
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Name : |
Mr. S. Regunathan |
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Designation : |
Director |
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Address : |
B-1404, Florentine, |
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Date of Birth/Age : |
22.05.1954 |
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Date of Appointment : |
25.06.2010 |
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Name : |
Mr. Chang Tae Hyung |
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Designation : |
Director |
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Address : |
156, |
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Date of Birth/Age : |
23.01.1952 |
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Date of Appointment : |
10.10.2002 |
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Name : |
Mr. Fonseca Roy |
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Designation : |
Director |
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Address : |
101, |
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Date of Birth/Age : |
06.08.1950 |
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Date of Appointment : |
16.03.2009 |
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Name : |
Mr. Bhagwan Deshmukh |
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Designation : |
Director |
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Address : |
C-22 Building CD-64, Shreerang Society, Thane-400601, |
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Date of Birth/Age : |
05.11.1949 |
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Date of Appointment : |
16.03.2009 |
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Name : |
Mr. Ramnath Sundaresan |
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Designation : |
Director |
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Address : |
122, |
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Date of Birth/Age : |
16.03.2009 |
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Date of Appointment : |
25.06.2010 |
KEY EXECUTIVES
|
Name : |
Mr. R.K. Ramanathan |
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Designation : |
Secretary |
|
Address : |
B-3, Nidhi Society, Sector 16-A, Vashi, Navi Mumbai-400703, |
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Date of Birth/Age : |
15.06.1938 |
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Date of Appointment : |
10.06.2010 |
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Name : |
Mr. Manohar Kamath |
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Designation : |
Secretary |
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Address : |
408, C Wing, Neelkamal Apartment, |
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Date of Birth/Age : |
13.06.1979 |
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Date of Appointment : |
07.12.2007 |
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Date of Ceasing: |
02.04.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.07.2010
|
Names of Shareholders |
|
No. of Shares |
|
BASF Styrenics Holding Company, |
|
61544576 |
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BASF Beteiligungsgesellschaft |
|
64 |
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Total
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|
61544640 |
As on 27.07.2010
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Equity Share Breakup |
|
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] |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Polystyrene. |
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Terms : |
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Selling : |
Cash, Credit (30 days, 60 days,
90 days) |
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Purchasing : |
Cash, Credit (30 days, 60 days,
90 days) |
GENERAL INFORMATION
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No. of Employees : |
100 (Approximately) |
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Bankers : |
Not Available |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
BSR and Company Chartered Accountants |
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Address : |
KPMG House, Kamla Mills Compound, 448, Senapati Bapat Marg, Lower
Parel, Mumbai-400013, Maharashtra, India |
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Tel. No.: |
91-22-30440800 |
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Fax No.: |
91-22-30440930 |
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Holding Company: |
BASF |
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Ultimate Holding Company: |
BASF SE |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000000 |
Equity Shares |
Rs.10/- each |
Rs.2000.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
61544640 |
Equity Shares |
Rs.10/- each |
Rs.615.446
Millions |
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|
|
|
|
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 |
615.446 |
615.446 |
615.446 |
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|
2] Share Application Money |
0.000 |
0.000 |
0.00 |
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3] Reserves & Surplus |
181.423 |
47.242 |
131.400 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
796.869 |
662.688 |
746.846 |
|
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.00 |
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2] Unsecured Loans |
0.000 |
497.000 |
14.000 |
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TOTAL BORROWING |
0.000 |
497.000 |
14.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
796.869 |
1159.688 |
760.846 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
825.930 |
904.249 |
984.903 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.116 |
0.116 |
0.116 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
452.090
|
253.894 |
429.646 |
|
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Sundry Debtors |
446.016
|
323.281 |
578.038 |
|
|
Cash & Bank Balances |
181.218
|
101.747 |
155.319 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
525.450
|
336.579 |
216.674 |
|
Total
Current Assets |
1604.774
|
1015.501 |
1379.677 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Sundry Creditors |
1598.094
|
718.861 |
1584.026 |
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Other Current Liabilities |
21.017
|
28.407 |
|
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|
Provisions |
14.840
|
12.910 |
19.824 |
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Total
Current Liabilities |
1633.951
|
760.178 |
1603.850 |
|
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Net Current Assets |
(29.177)
|
255.323 |
(224.173) |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
796.869 |
1159.688 |
760.846 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
3698.100 |
3386.210 |
4174.920 |
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PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
261.440 |
21.290 |
190.370 |
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|
Less |
FINANCIAL
EXPENSES |
11.910 |
18.410 |
6.120 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
249.530 |
2.880 |
184.250 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
86.090 |
86.160 |
85.290 |
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PROFIT BEFORE
TAX |
163.440 |
(83.280) |
98.960 |
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Less |
TAX |
29.260 |
0.880 |
13.720 |
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PROFIT AFTER TAX
|
134.180 |
(84.160) |
85.240 |
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|
BALANCE CARRIED
TO THE B/S |
167.980 |
33.800 |
117.960 |
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Earnings Per
Share (Rs.) |
2.18 |
(1.37) |
NA |
|
Expected Sales (2010-2011): Rs.4000.000 Millions
The above information has been parted by Mr. R.K. Ramanathan (Secretary and Financial Controls).
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Net Profit Margin (PBT/Sales) |
(%) |
4.42
|
(2.46) |
2.37 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.72
|
(4.34) |
4.19 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.20
|
(0.13) |
0.13 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
2.05
|
1.90 |
2.17 |
|
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|
Current Ratio (Current Asset/Current Liability) |
|
0.98
|
1.34 |
0.86 |
LOCAL AGENCY FURTHER INFORMATION
Note: The
registered office of the company has been shifted from RBC,
FINANCIAL RESULTS:
Sales for the year stood at Rs.3698.100
millions. The company posted a profit of Rs.134.180 millions for the year
against a loss of Rs.84.160 millions in the previous year on account of focus
on margins and better working capital management. Strong economic growth driven
by pick-up in manufacturing and increase expenditure in infrastructure and
growth in farm output helped the company to achieve good results during the
year under report.
The company focused on value addition for its
customers through market development and innovations. Continued adherence to
the time tested commodity business model was combined with improved flexibility
to fully meet the customer needs.
Strict adherence to working capital norms
ensured continued low levels of receivables and inventories.
FIXED ASSETS:
- Building
- Plant and Machinery
- Office Equipment
- Computer Systems
- Furniture and Fixtures
- Air Conditioners
- 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.44.61 |
|
|
1 |
Rs.73.27 |
|
Euro |
1 |
Rs.65.47 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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.