1. Summary Information
|
|
|
Country |
|
|
Company Name |
PPG India Private Limited |
Principal Name 1 |
Mr. Jonothon B. Kennedy |
|
Status |
Moderate |
Principal Name 2 |
Mr. Bithika Anand |
|
|
|
Registration # |
18-073663 |
|
Street Address |
No.3, |
||
|
Established Date |
14.11.2006 |
SIC Code |
-- |
|
Telephone# |
91-44-42988333 |
Business Style 1 |
Trader |
|
Fax # |
91-44-42988399 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Paints for industrial
coating |
|
|
# of employees |
20 (Approximately) |
Product Name 2 |
-- |
|
Paid up capital |
Rs.4,000,000/- |
Product Name 3 |
-- |
|
Shareholders |
Bodies corporate – 100% |
Banking |
Citi Bank |
|
Public Limited Corp. |
No |
Business Period |
5 Years |
|
IPO |
NO |
International Ins. |
- |
|
Public |
NO |
Rating |
Ca (13) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Holding
Company |
|
PPG Industries Securities Inc |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.12.2008 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
70,275,000 |
Current Liabilities |
195,908,000 |
|
Inventories |
98,510,000 |
Long-term Liabilities |
27,274,000 |
|
Fixed Assets |
14,862,000 |
Other Liabilities |
698,000 |
|
Deferred Assets |
0 |
Total Liabilities |
223,880,000 |
|
Invest& other Assets |
0 |
Retained Earnings |
0 |
|
|
|
Net Worth |
(40,233,000) |
|
Total Assets |
183,647,000 |
Total Liab. & Equity |
183,647,000 |
|
Total Assets (Previous Year) |
57,113,000 |
|
|
|
P/L Statement as of |
31.12.2008 |
(Unit: Indian Rs.) |
|
|
Sales |
228,545,000 |
Net Profit Before Tax |
(40,624,000) |
|
Sales(Previous yr) |
50,760,000 |
Net Profit
Before Tax(Prev.yr) |
(2,166,000) |
MIRA
INFORM REPORT
|
Report Date : |
23.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
PPG INDIA PRIVATE LIMITED |
|
|
|
|
Registered Office : |
No.3, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.12.2008 |
|
|
|
|
Date of Incorporation : |
14.11.2006 |
|
|
|
|
Com. Reg. No.: |
18-073663 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U24222TN2006FTC073663 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
CHEP09065A |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAECP0710F |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Trader of Paints for Industrial Coatings. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (13) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a company having moderate track. There appears huge
accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a secured 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 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION DENIED BY
|
Name : |
Mr. Karthik |
|
Designation : |
Finance |
|
Date : |
09.03.2011 |
LOCATIONS
|
Registered Office : |
No.3, |
|
Tel. No.: |
91-44-42988300 / 42988327 |
|
Fax No.: |
91-44-42988399 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 30.06.2009
|
Name : |
Mr. Bithika Anand |
|
Designation : |
Director |
|
Address : |
A-169, Sushant Lok, Phase I, Gurgaon-122002, |
|
Date of Birth/Age : |
03.10.1961 |
|
Date of Appointment : |
14.11.2006 |
|
Date of Cessation : |
10.09.2009 |
|
DIN : |
00058839 |
|
|
|
|
Name : |
Mr. Viktoras Rimas Sekmakas |
|
Designation : |
Director |
|
Address : |
House D7, |
|
Date of Birth/Age : |
04.04.1960 |
|
Date of Appointment : |
14.11.2006 |
|
Date of Cessation : |
10.09.2009 |
|
DIN : |
00914579 |
|
|
|
|
Name : |
Mr. Gunendra Pal Singh |
|
Designation : |
Director |
|
Address : |
FLno U/16, Konark Campus, Viman Nagar, SNO 230/A1/1 to 6, Lohgaon, Pune
– 411014, Maharashtra, India |
|
Date of Birth/Age : |
01.06.1969 |
|
Date of Appointment : |
13.05.2008 |
|
Date of Cessation : |
03.11.2010 |
|
DIN : |
02206951 |
|
|
|
|
Name : |
Mr. Jonothon Bryan Kennedy |
|
Designation : |
Director |
|
Date of Appointment : |
31.12.2008 |
|
DIN : |
02413678 |
KEY EXECUTIVES
|
Name : |
Mr. Karthik |
|
Designation : |
Finance |
|
|
|
|
Name : |
N. Balachandran |
|
Designation : |
Company Secretary |
|
Address: |
C/2, Yamuna Flats, |
|
Tel. No. : |
91-44-22313354 |
|
Mobile No.: |
91-9444376560 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2009
|
Names of Shareholders |
|
No. of Shares |
|
PPG Industries Securities Inc, |
|
229999 |
|
PPG Industries International Inc, |
|
1 |
|
Total |
|
230000 |
As on 30.06.2009
|
Category |
Percentage |
|
|
|
|
Bodies corporate |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader of Paints for Industrial Coatings. |
|
|
|
|
Exports : |
|
|
Products : |
Paints |
|
Countries : |
|
|
|
|
|
Imports : |
|
|
Products : |
Raw Materials |
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
L/C / Cash / Credit |
|
|
|
|
Purchasing : |
L/C / Cash / Credit |
GENERAL INFORMATION
|
Customers : |
End Users and OEM’s |
|
|
|
|
No. of Employees : |
20 (in office) Approximately |
|
|
|
|
Bankers : |
Citi Bank, Anna Salai, |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountant |
|
Address : |
2nd Floor, |
|
Tel No.: |
91-44-66885000 |
|
Fax No.: |
91-44-66885050 |
|
PAN No.: |
AACFD3771D |
|
|
|
|
Sister Concern : |
Asian PPG Private Limited Activity: Trader of Paints
for industrial Coating |
|
|
|
|
Holding Company : |
PPG Industries Securities Inc, |
CAPITAL STRUCTURE
As on 30.06.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
230,000 |
Equity Shares |
Rs.400/- each |
Rs.92.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
230,000 |
Equity Shares |
Rs.400/- each |
Rs.92.000 Millions |
As on 31.12.2008
Authorised Capital : Rs.318.000 million
Issued, Subscribed & Paid-up Capital : Rs.4.000 million
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.12.2008 |
31.12.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
4.000 |
4.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
(44.233) |
(2.308) |
|
|
NETWORTH |
|
(40.233) |
1.692 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
27.274 |
30.000 |
|
|
TOTAL BORROWING |
|
27.274 |
30.000 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
(12.959) |
31.692 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
14.862 |
9.197 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
98.510 |
12.599 |
|
|
Sundry Debtors |
|
27.932 |
25.871 |
|
|
Cash & Bank Balances |
|
30.092 |
5.774 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
12.251 |
3.672 |
|
Total
Current Assets |
|
168.785 |
47.916 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
187.600 |
20.857 |
|
|
Other Current Liabilities |
|
8.308 |
4.516 |
|
|
Provisions |
|
0.698 |
0.048 |
|
Total
Current Liabilities |
|
196.606 |
25.421 |
|
|
Net Current Assets |
|
(27.821) |
22.495 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
(12.959) |
31.692 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.12.2008 |
31.12.2007 |
|
|
|
|
|
|
|
|
|
|
SALES |
|
228.545 |
50.760 |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
269.169 |
52.926 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
(40.624) |
(2.166) |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
|
1.053 |
4.492 |
|
|
TOTAL IMPORTS |
|
1.053 |
4.492 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.12.2008 |
31.12.2007 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
(22.12) |
(3.79) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
(1.01) |
(1.28) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
(5.56) |
32.75 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
0.86 |
1.88 |
LOCAL AGENCY FURTHER INFORMATION
NOTE :
The register office of the company has been shifted from Siddhartha
towers, 1st Floor, S-16, 15th main road, Thiru-vi-ka
industrial Estate, Guindy, Chennai – 600032, Tamilnadu, India to the present
address w.e.f. 30.06.2010
Tarde References
: Foxcon Bhiwadi Paralas
Performance : The company is
able to achieve a turnover of Rs.228.545 million during the second year of
operations. The company has incurred a loss of Rs. 40.624 million before tax.
FIXED ASSETS :
- Computers
- Plant and
Machinery
- Office
Equipments
- Furniture and
Fittings and Equipments
Press Release :
PPG completes acquisition of SigmaKalon Group
PPG
Industries (NYSE:PPG) announced on 2nd Jan 2008 that it had completed the
acquisition of SigmaKalon Group, a worldwide coatings producer based in Uithoorn,
Netherlands, from global private investment firm Bain Capital.
PPG Industries has completed the
acquisition of SigmaKalon Group, a worldwide coatings producer based in
“This acquisition is strongly
aligned with our vision and core strategies,” says Charles E. Bunch, chairman
and chief executive officer of PPG. “With SigmaKalon, we are accelerating our
transformation to focus on coatings and specialty products.”
Bunch noted that almost
three-quarters of the company’s sales from continuing operations will now come
from coatings, and over 80 percent will come from its coatings, optical and
specialty products businesses.
“The acquisition will greatly
expand our geographic footprint, extend our market presence in various end-use
markets, and sharply increase the proportion of sales coming from architectural
or decorative coatings,” Bunch says.
SigmaKalon produces architectural,
protective, marine and industrial coatings. The company operates 22 major
manufacturing facilities across
Bunch added that the SigmaKalon
acquisition gives PPG a strong platform for profitable growth from which it can
continue to generate earnings and increase shareholder value.
Notes to Editor
About PPG
Pittsburgh-based PPG is a global
supplier of paints, coatings, chemicals, optical products, specialty materials,
glass and fiber glass. The company employs more than 34,000 people and has 125
manufacturing facilities and equity affiliates in more than 25 countries. PPG
shares are traded on the New York Stock Exchange
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.44.97 |
|
|
1 |
Rs.73.34 |
|
Euro |
1 |
Rs.63.98 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
13 |
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.