MIRA
INFORM REPORT
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Report Date : |
15.06.2011 |
IDENTIFICATION DETAILS
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Name : |
LUBRIZOL ADVANCED MATERIALS INDIA PRIVATE LIMITED (w.e.f. 29.06.2007) |
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Formerly Known
As : |
INDIAMALT PRIVATE LIMITED |
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Registered
Office : |
Savli-Vadodara Road, Manjusar, Tal-Salvi, Vadodara- 391775, Gujarat |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
01.02.1991 |
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Com. Reg. No.: |
015002 |
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Capital Investment
/ Paid-up Capital : |
Rs.10.000 Millions |
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CIN No.: [Company Identification
No.] |
U24110GJ1991PTC15002 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BRDI00130E |
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PAN No.: [Permanent Account No.] |
AAACI4361B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Cassia Gum Powder. |
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No. of Employees
: |
150 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (50) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1476324 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track.
General financial position is satisfactory. 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.
INFORMATION PARTED BY
|
Name : |
Mr. Sanjay Goyal |
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Designation : |
Finance Manager |
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Date : |
14.06.2011 |
LOCATIONS
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Registered Office/Factory : |
Savli-Vadodara Road, Manjusar, Tal-Salvi, Vadodara - 391775, Gujarat,
India |
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Tel. No.: |
91-2667-264368/9 |
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Fax No.: |
91-2667-264369 |
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E-Mail : |
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Area : |
100000sq.fts |
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Location : |
Owned |
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Branches : |
Mehra industrial Estate, Jaswanti, Vikhroli (West), Mumbai - 400079,
Maharashtra, India |
DIRECTORS
AS ON 31.08.2010
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Name : |
Mr. Agustinus Hubertus Verschuuren |
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Designation : |
Director |
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Address : |
3080, Tervuren, 12, Hazenlaan, Belgium, Europe |
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Date of Birth/Age : |
02.08.1964 |
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Date of Appointment : |
02.07.2001 |
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Name : |
Mr. Charles P Cooley |
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Designation : |
Director |
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Address : |
2524 Arlington Road, Cleveland Height, OH 44118, USA |
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Date of Birth/Age : |
20.09.1955 |
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Date of Appointment : |
23.06.2004 |
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Name : |
Mr. Dilip R Teredesai |
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Designation : |
Director |
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Address : |
301, Royal Accord, Gokhle Road (North), Dadar, Mumbai – 400028,
Maharashtra, India |
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Date of Birth/Age : |
18.05.1947 |
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Date of Appointment : |
13.12.2007 |
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Date of Ceasing: |
31.12.2009 |
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Name : |
Mr. Timothey Madden |
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Designation : |
Director |
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Address : |
Leopoldslei 68, BE 2930, Brasschaat, Belgium |
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Date of Birth/Age : |
04.01.1957 |
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Date of Appointment : |
13.12.2007 |
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Name : |
Mary Theresa Clerke |
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Designation : |
Director |
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Address : |
114, Thissell Lane, Wilmington, De 19807, Wilmington – 000000, USA |
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Date of Birth/Age : |
26.05.1961 |
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Date of Appointment : |
30.12.2008 |
KEY EXECUTIVES
|
Name : |
Mr. Sanjay Goyal |
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Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.08.2010
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Names of Shareholders |
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No. of Shares |
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Lubrizol Advanced Materials Diamalt GMBH and Co KG, Germany |
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740000 |
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Lubrizol Luxemborg SARL, Luxemborg |
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260000 |
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Total |
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1000000 |
AS ON 31.08.2010
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Category |
Percentage |
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Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) 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 Cassia Gum Powder. |
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Exports : |
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Countries : |
European Countries |
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Terms : |
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Selling : |
Depends |
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Purchasing : |
Depends |
GENERAL INFORMATION
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No. of Employees : |
150 (Approximately) |
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Bankers : |
ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
DELOITTE HASKINS AND SELLS Chartered Accountant |
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Address : |
31, Nutan Bhart Society, Alkapuri, Baroda – 390007, Gujarat, India |
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Tel No.: |
91-265-2333776 |
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Fax No.: |
91-265-2339729 |
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Associates/Subsidiaries : |
NA |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
770000 |
Equity Shares |
Rs.10/- each |
Rs.7.700
Millions |
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(Out of above, 569800 (previous year 569800) Equity
Shares of rs.10/- each are held by Lubrizol Asvanced Materails Diamalt GmbH and
Co. KG (Germany) and 200200 (Previous Year 200200) Equity Shares of Rs.10/-
each are held Lubrizol Luxembourg S.a.r.l)
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
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|
31.03.2011 |
|
Sales Turnover (Approximately) |
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|
400.000 |
The above information has been parted by Mr. Sanjay Goyal (Finance
Manager)
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
7.700 |
7.700 |
7.700 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
361.381 |
349.655 |
377.439 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
369.081 |
357.355 |
385.139 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
151.684 |
173.514 |
160.598 |
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TOTAL BORROWING |
151.684 |
173.514 |
160.598 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
520.765 |
530.869 |
545.737 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
294.809 |
315.588 |
328.631 |
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Capital work-in-progress |
2.319 |
10.647 |
33.610 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
22.653 |
19.562 |
1.817 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
115.756
|
179.288 |
186.582 |
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Sundry Debtors |
72.437
|
40.298 |
21.205 |
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Cash & Bank Balances |
15.385
|
11.038 |
10.619 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
27.964
|
30.973 |
19.723 |
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Total
Current Assets |
231.542
|
261.597 |
238.129 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
12.719
|
38.066 |
26.780 |
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Other Current Liabilities |
9.382
|
32.580 |
25.617 |
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Provisions |
8.457
|
5.879 |
4.053 |
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Total
Current Liabilities |
30.558
|
76.525 |
56.450 |
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Net Current Assets |
200.984
|
185.072 |
181.679 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
520.765 |
530.869 |
545.737 |
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PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Domestic |
19.900 |
39.400 |
24.298 |
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Export |
377.100 |
376.500 |
335.395 |
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Other Income / (Expenses) |
11.300 |
(16.000) |
1.245 |
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TOTAL (A) |
408.300 |
399.900 |
360.938 |
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EXPENSES |
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TOTAL (B) |
NA |
NA |
NA |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
74.900 |
34.200 |
68.411 |
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Less |
FINANCIAL
EXPENSES (D) |
4.100 |
10.500 |
3.846 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
70.800 |
23.700 |
64.565 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
51.700 |
63.600 |
35.192 |
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EXCEPTIONAL
ITEMS |
0.000 |
0.000 |
15.587 |
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PROFIT BEFORE
TAX (E-F) (G) |
19.100 |
(39.900) |
13.786 |
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Less |
TAX (I) |
7.400 |
(12.100) |
6.301 |
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PROFIT AFTER TAX
(G-I) (J) |
11.700 |
(27.800) |
7.485 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
279.900 |
307.600 |
300.907 |
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BALANCE CARRIED
TO THE B/S |
291.600 |
279.900 |
308.392 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
268.232 |
259.001 |
NA |
|
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TOTAL EARNINGS |
268.232 |
259.001 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.86
|
(6.95) |
2.07 |
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Net Profit Margin (PBT/Sales) |
(%) |
95.97
|
(101.27) |
56.74 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.63
|
(6.91) |
2.39 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.11 |
0.04 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
0.49
|
0.70 |
0.56 |
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|
Current Ratio (Current Asset/Current Liability) |
|
7.58
|
3.42 |
4.22 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
In Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
Micro, Small and Medium Enterprises
|
0.000 |
0.000 |
0.000 |
|
Others |
12.719 |
38.066 |
26.780 |
OPERATIONS AND OVERALL PERFORMANCE
During the year the cassia manufacturing
facility operations have been at the lower levels compared to the previous year
mainly on account of the lower sales volume. Actual volumes sold decreased from
2,964 MT to 2,268 MT resulting a volume decline of 23% with comparison to
previous financial year.
During the year, the basic raw
material cassia seed, which is a naturally grown product, the supply of the
same was affected due to poor monsoon during the 2009 which resulted in low
quality of seeds and lower quantity availability. However, the Company was able
to return to profitability by increase of sales price and cost control. The
overall sales revenue of cassia products only declined by 2%.
The performance of the year was
satisfactory considering the slowdown of the world wide economic in last two
years.
In their Mountain Cat product line
they significantly increased production from 22 MT to 94 MT with corresponding
sales increasing from 22 to 70 MT. The company able to meet the business
requirements for Mountain CAT in the last year and the process of this product
has been established in the multipurpose plant.
The performance of the Rheoranger
did not meet their expectations. Regulatory approval was initially delayed and
they experienced difficulties producing sufficient quantities of products that
meet the product specifications.
This contributed to the overall
underutilization of the multipurpose plant. However, management is confident
that production issues for Rheoranger are being addressed and that they will be
in a position to produce sufficient quantities of Rheoranger that will meet the
customer's requirements.
The revenue from back office support
services to the group company is slightly increased during the year.
The trading operations of industrial
and performance chemicals products under Performance Coatings division
commenced during the previous year has achieved the sales of Rs.4.178 Millions during the
year 2009-10. The company is focusing to develop its customer and market shares
in coming years.
The operations have resulted in
PBIDT of Rs.74.900 Millions with comparative of last year’s PBIDT of Rs.34.200
Million. During the current year, the Company had net profit of INR 117 Million
as compared to last year loss of Rs.27.800 Millions after tax.
The company has incurred a foreign
currency fluctuation gain of Rs.8.500 Millions compared to previous year loss
of Rs.17.100 Millions.
The Company received a Demand cum
Show Cause notice for excise duty on clearance of cassia meal in domestic
tariff area from the Excise department. The management believes that this
product is not dutiable and has filled the appropriate interim reply of the
show cause notice to the Excise department.
FINANCE
During the year, the Company has
reduced its credit facilities from 100 million INR to INR 60 million. This facility is availed from The Royal
Bank of Scotland N.V., Vadodara and secured by against the Guarantee issued by
the ultimate parent company (Lubrizol Inc). During the year, the company has
not utilized the said facilities except on few occasions by making optimum
utilization of funds.
The Company entered into an agreement for External Commercial Borrowing of 1.25 Million Euro from its Luxembourg shareholder to meet the future capital expense requirement. The facility still not availed by the company.
TRADE REFERENCES:
·
E I Oupont India Private
Limited
·
P and G
FORM 8:
|
This form is for |
Modification of charge |
|
Charge identification number of the
modified |
90098638 |
|
Corporate identity number of the company |
U24110GJ1991PTC015002 |
|
Name of the company |
LUBRIZOL ADVANCED MATERIALS INDIA PRIVATE
LIMITED |
|
Address of the registered office or of the
principal place of business in |
Savli-Vadodra Roadmanjusar National Plaza Tal-Savli, Vadodra, Gujarat, India |
|
Type of charge |
Book Debts Movable Property Floating Charge Others
|
|
Particular of charge holder |
ICICI BANK LIMITED |
|
Nature of description of the instrument creating
or modifying the charge |
Deed of Modification for Hypothecation dated 30th August, 2007
executed by Indiamalt Private Limited in favour of ICICI Bank Limited |
|
Date of instrument Creating the charge |
30/08/2007 |
|
Amount secured by the charge |
Rs.50.000 millions |
FIXED ASSETS:
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Computer
·
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.44.77 |
|
|
1 |
Rs.73.45 |
|
Euro |
1 |
Rs.64.55 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.