MIRA
INFORM REPORT
|
Report Date : |
10.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
CRAY VALLEY RESINS INDIA PRIVATE LIMITED |
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Registered
Office : |
Plot No. D – 43
(1), Trans Thane Creek, MIDC Industrial Area, |
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Country : |
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Financials (as
on) : |
31.12.2009 |
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Date of
Incorporation : |
31.01.1997 |
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Com. Reg. No.: |
11-105589 |
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Capital
Investment / Paid-up Capital : |
Rs.299.400 Millions
|
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CIN No.: [Company Identification
No.] |
U24132MH1997PTC105589 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMC06693B |
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Legal Form : |
A private limited
liability company. It is a subsidiary of Total Fina Elf S. A., France (part
of the Atofina group). |
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Line of Business
: |
Manufacturer of a
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1200000 |
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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 a subsidiary of Cray Valley S.A, France. It is an established
company having moderate track. The company has successful in wiping of the
accumulated losses of previous year. Trade relations are reported as fair.
Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some
cautions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office/ Factory : |
Plot No. D – 43
(1), Trans Thane Creek, MIDC Industrial Area, |
|
Tel. No.: |
91-22-55907103/27907101/08/56137108
/ 65173101 / 65137101 – 8 |
|
Fax No.: |
91-22-55907102/27610653/27687998
/ 27670901 |
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E-Mail : |
tr.raghuraman@crayvalley.com
|
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Website : |
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Area : |
Leased |
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Factory: |
C/O Noble Synthetics Ltd, 310, T V Industrial Estate, S K Mumbai, |
DIRECTORS
As on 19.04.2010
|
Name : |
Mr. Tirukalikundram
Ramamurthy Ramamurthy |
|
Designation : |
Managing Director
|
|
Address : |
Om Vill Row House
No. 8, Plot No. 57 61, Sector 21, Nerul, Navi Mumbai-400706, |
|
Date of Birth/Age : |
09.05.1956 |
|
Date of Appointment : |
29.11.2002 |
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|
|
|
Name : |
Mr. Mambakkam
Vishwanathan Ganeshan |
|
Designation : |
Director |
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Address : |
No. 1264, 32nd
‘G’ Cross, 28th Main, 4th T Block, Jayanagar, |
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Date of Birth/Age : |
29.09.1957 |
|
Date of Appointment : |
24.02.2006 |
|
Other Directorship: |
Bostik India
Private Limited U99999WB1999PTC090409 |
|
|
|
|
Name : |
Mr. Eddie Lee |
|
Designation : |
Director |
|
Address : |
LA Defence 2-12,
Place De Ltris, F-92062 |
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Date of Birth/Age : |
27.02.1955 |
|
Date of Appointment : |
08.03.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 19.04.2010
|
Names of Shareholders |
|
No. of Shares |
|
Total Chimie SA, |
|
170 |
|
Cray Valley SA, France |
|
29939829 |
|
|
|
|
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Total |
|
29939999 |
As on 19.04.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of a
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Products : |
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PRODUCTION STATUS (AS ON 31.12.2009)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Synthetic Resins (Solids) |
MT |
12148 |
*11522 |
|
Synthetic Resins (With Solvents) |
MT |
12148 |
**13652 |
Note:
- * Includes production from sub-processors (solid output) 4216 MT (31st
December 2008: 4114MT)
- ** Includes production from sub-processors 6346 MT (31st
December 2008: 6455 MT) and excludes semi finished goods.
- As per prevailing industrial licensing polity, no industrial license
is required.
- Installed capacity is as certified by the management and has not
been verified by auditors, as it is a technical matter.
GENERAL INFORMATION
|
Bankers : |
Not Available |
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Facilities : |
Note: Working capital
demand loans are secured by way of hypothecation of debtors and inventory. |
|
Financial Institution: |
BNP Paribas, |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
BSR and Company Chartered Accountant |
|
Address : |
KPMG House, Kamla Mills Compounds, 448, Sena Pati Bapat Marg, Lower
Parel, Mumbai-400013, Maharashtra, India |
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Tel. No.: |
91-22-30440800 |
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Fax No.: |
91-22-30440900 |
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|
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Holding Company: |
Cray Valley SA , France |
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Associates/Subsidiaries : |
Noble Synthetics Limited (U21200MH1980PLC022545) |
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Fellow Subsidiaries: |
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CAPITAL STRUCTURE
As on 19.04.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
29939999 |
Equity Shares |
Rs.10/- each |
Rs.299.400
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
299.400 |
299.400 |
249.400 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3.317 |
0.000 |
0.442 |
|
|
4] (Accumulated Losses) |
0.000 |
(40.773) |
(43.954) |
|
|
NETWORTH |
302.717 |
258.627 |
205.888 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
190.000 |
240.000 |
235.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
190.000 |
240.000 |
235.000 |
|
|
DEFERRED TAX LIABILITIES |
4.800 |
0.442 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
497.517 |
499.069 |
440.888 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
193.898 |
203.419 |
182.383 |
|
|
Capital work-in-progress |
0.874 |
0.828 |
0.121 |
|
|
|
|
|
|
|
|
INVESTMENT |
7.229 |
7.229 |
7.229 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
215.117
|
236.441
|
193.516
|
|
|
Sundry Debtors |
335.202
|
247.259
|
245.415
|
|
|
Cash & Bank Balances |
11.381
|
9.119
|
5.768
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
58.763
|
48.700
|
47.379
|
|
Total
Current Assets |
620.463
|
541.519
|
492.078
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
301.171
|
221.950 |
|
|
|
Other Current Liabilities |
14.847
|
25.477
|
230.235
|
|
|
Provisions |
8.929
|
6.499
|
10.688
|
|
Total
Current Liabilities |
324.947
|
253.926
|
240.923
|
|
|
Net Current Assets |
295.516
|
287.593
|
251.155
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
497.517 |
499.069 |
440.888 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
Manufacturing Sales |
1414.148 |
1230.690 |
977.490 |
|
|
|
Trading Sales |
61.982 |
60.926 |
0.000 |
|
|
|
Other Income |
11.369 |
7.632 |
0.000 |
|
|
|
TOTAL (A) |
1487.499 |
1299.248 |
977.490 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of goods sold |
1247.464 |
1107.754 |
|
|
|
|
Manufacturing expenses |
60.409 |
59.594 |
911.760 |
|
|
|
Personnel expenses |
32.466 |
30.317 |
|
|
|
|
Administrative and selling expenses |
46.877 |
58.315 |
|
|
|
|
TOTAL (B) |
1387.216 |
1255.980 |
911.760 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) I |
100.283 |
43.268 |
65.730 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
20.554 |
23.515 |
24.140 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
79.729 |
19.753 |
41.590 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
18.015 |
14.945 |
13.750 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
61.714 |
4.808 |
27.840 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
18.066 |
1.627 |
(34.510) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
43.648 |
3.181 |
62.350 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(40.773) |
(43.954) |
NA |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
2.875 |
(40.773) |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
65.613 |
76.638 |
39.500 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
416.174 |
388.780 |
305.850 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.46 |
0.11 |
2.50 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
PAT / Total Income |
(%) |
2.93
|
0.24 |
6.38
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.36
|
0.39 |
2.85
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.57
|
0.65 |
4.13
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20
|
0.02 |
0.14
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.70
|
1.91 |
2.31
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.90
|
2.13 |
2.04
|
LOCAL AGENCY FURTHER INFORMATION
BACKGROUNDS:
Cray Valley Resins India Private Limited (‘CVRIPL’ or ‘the company’) was
incorporated on 31 January 1997. Pursuant to amendment to section 43 A by
virtue of companies (Amendment) Act, 2000, the company has converted itself
into a private limited company effective October 2001. The company is in the
business of manufacture and sale of a wide range of synthetic resins. The
company is a subsidiary of Cray Valley SA France, which is in turn a wholly
owned subsidiary of total S.A. France being the ultimate holding company.
FINANCIAL RESULTS:
During the year, Sales at Us. 1487.500 million was higher by about
14.49% over the previous year sales amounting to Rs. 1299.250 million wing to
continued strong performance by the polyester segment besides impressive
performance of Alkyds segment.
Despite the impact of slow down in Q1109, the overall margin on all the
manufactured products in the year 2009 was higher at 12.7% over 10.1% in the
previous year. In terms of products, the polyamides suffered heavily in Q1109
and the subsequent recovery was still not good enough resulting in drop in
margins by about 10% and Acrylics just managed to retain the margins in the
current year at about 21%. Alkyds
margins increased significantly owing to favourable prices and increase in
exports of this product. The product mix also contributed to improved margins
as the share Polyesters was higher by 8% over the previous year with additional
margin of 3.7% while the share of UPR that gave negative margins in the
previous year reduced by 7% in the year 2009.
While the operating costs were under control, the company made a
provision of Rs. 11.800 million in the year 2009 towards stock obsolescence in
accordance with policy consistently followed in the past owing to certain items
of raw materials and finished goods stocks that were either procured or manufactured
against specific customer requests during Q412008 and Q112009 but the orders
from the customers were either cancelled or withdrawn subsequently in the
current year. The directors are confident that most of these stocks will be
liquidated in the current year.
The borrowing costs were lower on account of decrease in average cost of
borrowings by about 1.5% in the year 2009 over the previous year.
Due to impressive results in the current year, the accumulated losses
from the previous years were completely wiped out in the year 2009. In order to
consolidate the gains, the directors express their inability to recommend
payment of any dividends in the year under review.
FINANCE:
At the balance sheet date (31.12.2009) working
capital demand loans stood at Rs.190M as against Rs.240 M as on 31.22.2008.
There was a decline in Secured Loan by 50M
due to effective Working Capital Management.
FUTURE PROSPECTS:
With the economic trend and projected satisfactory monsoon during the current
year, and on this basis of the continuing support of the parent company,
the directors Look forward to a year of
further improvement and consolidation. The
company has prepared an ambitious 10 year plan to increase capacity and
invest on a new site. The proposal is under discussion and the directors are
hopeful of an approval by early 2011.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90148058 |
|
Corporate
identity number of the company |
U99999MH1997PTC105589 |
|
Name of the
company |
CRAY VALLEY
RESINS INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No. D – 43 (1),
Trans Thane Creek, MIDC Industrial Area, |
|
Type of charge |
Book Debts Movable Property
(not being pledge) |
|
Particular of
charge holder |
BNP Paribas, |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental
Facilities Cum Hypothecation Agreement (Supplemental Agreement) |
|
Date of
instrument Creating the charge |
30.11.2006 |
|
Amount secured by
the charge |
Rs.110.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest For Cash
Credit/WCDL- Interest on the daily debit balance at the Bank's prevailing
Benchmark Prime Lending Rate (BPLR) as prescribed from time to time by the
Bank. Terms of
Repayment As per terms and
conditions of the revised sanction. Margin 25% Extent and
Operation of the charge By pari passu
first charge on the stock and book debts. |
|
Short particulars
of the property charged |
All the movable assets
such as raw materials, stock-in-process, finished goods, lying at various
factories, godowns, warehouses, retail outlets, etc. wherever situated, or in
transit, both present and future belonging to the borrower and all the book
debts, outstanding moneys, receivables, claims and bills. |
|
Particulars of
the present modification |
By this
modification the charge is enhanced from Rs.55.000 Millions To Rs.110.000
Millions by and additional limit of Rs. 55.000 Millions. |
Fixed Assets:
v
Goodwill
v
v
Building
v
Plant
and Machinery
v
Effluent
Treatment Plant
v
Electrical
Installations
v
Computers
v
Furniture
and Fittings
v
Vehicles
v
Equipment
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.44.72 |
|
|
1 |
Rs.73.47 |
|
Euro |
1 |
Rs.65.38 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
30 |
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.