MIRA
INFORM REPORT
|
Report Date : |
11.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
ASHLAND INDIA PRIVATE LIMITED |
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Registered
Office : |
601-606-608, Platinum Technopark, Plot No. 17-18, Sector – 30 A,
Vashi, Navi Mumbai – 400 705, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
19.09.2007 |
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Com. Reg. No.: |
11-172506 |
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Capital
Investment / Paid-up Capital : |
Rs.340.000 Millions |
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|
|
CIN No.: [Company Identification
No.] |
U24100MH2007FTC172506 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA30926A |
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|
Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturer and Exporter of Chemicals, Chemical Compounds, Plastics etc. |
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No. of Employees
: |
35 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a company having moderate track. There appears some
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 with some caution.
|
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Ayush Goyal |
|
Designation : |
Company Secretary |
|
Contact No.: |
91-9811825282 |
|
Date : |
11.11.2011 |
LOCATIONS
|
Registered / Corporate Office: |
601-606-608, Platinum Technopark, Plot No. 17-18, Sector – 30 A,
Vashi, Navi Mumbai – 400 705, Maharashtra, India |
|
Tel. No.: |
91-22-61489655 |
|
Fax No.: |
91-22-67214055 |
|
E-Mail : |
dsaxena@ashland.com ayush_goyal@ashland.com gayush@ashland.com fjumelet@ashland.com |
|
Website : |
www.ashland.com |
|
Location : |
Leased |
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|
|
|
Factory : |
Located at: Gujarat, India |
DIRECTORS
AS ON 30.09.2009
|
Name : |
Mr. Clive William Simpson |
|
Designation : |
Managing Director |
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Address : |
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Date of Birth/Age : |
26.08.1950 |
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Date of Appointment : |
17.08.2007 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation of the director |
Date of appointment at current designation |
Original date of appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U24100MH2007FTC172506 |
Ashland India Private
Limited |
Managing director |
17/08/2007 |
19/07/2007 |
- |
Active |
NO |
|
2 |
U02429MH2002PTC218797 |
HERCULES INDUSTRIAL
CHEMICALS PRIVATE LIMITED |
Director |
30/09/2009 |
09/01/2009 |
- |
Active |
NO |
|
Name : |
Mr. Frank Jacob Adriaan Jumelet |
|
Designation : |
Director |
|
Address : |
T VRI JE 53, 4301 JX Zierikzee, 4301 |
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Date of Birth/Age : |
14.02.1960 |
|
Date of Appointment : |
19.07.2007 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation of the director |
Date of appointment at current designation |
Original date of appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U24100MH2007FTC172506 |
Ashland India Private
Limited |
Director |
19/07/2007 |
19/07/2007 |
- |
Active |
NO |
|
Name : |
Mr. Robertus Servatius Reichgelt |
|
Designation : |
Director |
|
Address : |
Statenlaan 113-2582 GH The Hague 2582 |
|
Date of Birth/Age : |
24.06.1962 |
|
Date of Appointment : |
19.07.2007 |
|
Date of Ceasing : |
27.03.2009 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation of the director |
Date of appointment at current designation |
Original date of appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U24100MH2007FTC172506 |
Ashland India Private
Limited |
Director |
19/07/2007 |
19/07/2007 |
27/03/2009 |
Active |
NO |
|
Name : |
Mr. Michael William Swartzlander
|
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
24.10.1952 |
|
Date of Appointment : |
17.08.2007 |
|
Date of Ceasing : |
30.06.2009 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation of the director |
Date of appointment at current designation |
Original date of appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U74899DL1994PLC062425 |
VALVOLINE CUMMINS LIMITED |
Director |
24/05/2007 |
24/05/2007 |
30/06/2009 |
Active |
NO |
|
2 |
U24110MH1984PLC143564 |
CHEMBOND ASHLAND WATER
TECHNOLOGIES LIMITED |
Director |
04/06/2007 |
04/06/2007 |
14/05/2009 |
Active |
NO |
|
3 |
U24100MH2007FTC172506 |
Ashland India Private
Limited |
Managing director |
17/08/2007 |
17/08/2007 |
30/06/2009 |
Active |
NO |
KEY EXECUTIVES
|
Name : |
Mr. Deepak Saxena |
|
Designation : |
Senior Manager in Finance |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2009
|
Names of Shareholders |
|
No. of Shares |
|
|
|
1 |
|
|
|
28999999 |
AS ON 30.09.2009
|
Category |
|
Percentage |
|
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 and Exporter of Chemicals, Chemical Compounds, Plastics etc. |
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|
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
No. of Employees : |
35 (Approximately) |
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Bankers : |
·
Citi Bank, · HDFC Bank, Tulsian Chambers |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Price Waterhouse Chartered Accountant |
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Address : |
Building No.8, Tower B, 7th Floor, |
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Holding Company : |
Ashland Holding B.V. , Nether land |
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Associates/Subsidiaries : |
· Vallvolin Cumin Limited · Ashland Chembond Private limited |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
34000000 |
Equity Shares |
Rs.10/- each |
Rs.340.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
34000000 |
Equity Shares |
Rs.10/- each |
Rs.340.000 Millions |
|
|
|
|
|
Note: Of the above 33,99,999 (Previous Year
28,999,999) equity shares of Rs. 10/- each are held by Ashland Holdings B.V. and
1 (Previous Year : 1) equity share held by Ashland Canada Holdings.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
|
1] Share Capital |
465.000 |
340.000 |
290.000 |
46.000 |
|
|
2] Share Application Money |
35.000 |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(196.489) |
(149.465) |
(101.444) |
(30.244) |
|
|
NETWORTH |
303.511 |
190.535 |
188.556 |
15.756 |
|
|
LOAN FUNDS |
|
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
220.250 |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
220.250 |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
TOTAL |
523.761 |
190.535 |
188.556 |
15.756 |
|
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
69.367 |
65.763 |
69.660 |
11.999 |
|
|
Capital work-in-progress |
124.911 |
79.164 |
4.381 |
0.000 |
|
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
|
Inventories |
151.547
|
60.388
|
67.372 |
2.800 |
|
|
Sundry Debtors |
338.233
|
193.351
|
69.710 |
2.973 |
|
|
Cash & Bank Balances |
30.571
|
33.426
|
38.300 |
2.375 |
|
|
Other Current Assets |
0.145
|
0.063
|
0.033 |
0.416 |
|
|
Loans & Advances |
70.666
|
25.989
|
31.795 |
14.034 |
|
Total
Current Assets |
591.162
|
313.217
|
207.210 |
22.598 |
|
|
Less:CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
|
Sundry Creditors |
0.000
|
187.801
|
85.705 |
0.000 |
|
|
Current Liabilities |
259.247
|
77.938
|
5.790 |
18.222 |
|
|
Provisions |
2.432
|
1.870
|
1.200 |
0.619 |
|
Total
Current Liabilities |
261.679
|
267.609
|
92.695 |
18.841 |
|
|
Net Current Assets |
329.483
|
45.608
|
114.515 |
3.757 |
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
TOTAL |
523.761 |
190.535 |
188.556 |
15.756 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
|
|
|
|
|
|
Gross Sales |
NA |
720.932 |
191.989 |
3.313 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
NA |
(43.895) |
(66.220) |
(29.326) |
|
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
NA |
4.126 |
3.951 |
0.678 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
NA |
(48.021) |
(70.218) |
(30.004) |
|
|
|
|
|
|
|
|
|
|
Less |
TAX |
NA |
0.000 |
0.981 |
0.240 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
NA |
(48.021) |
(71.199) |
(30.244) |
|
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
NA |
|
|
|
|
|
|
|
Export Earnings |
|
50.000 |
244.000 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
NA |
(1.41) |
(3.56) |
(1.51) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
(12.67)
|
(25.36) |
(8.67) |
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
(0.25)
|
(0.37) |
(1.90) |
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.59
|
1.40
|
0.49 |
1.20 |
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.26
|
1.17
|
2.24 |
1.20 |
LOCAL AGENCY FURTHER INFORMATION
Company Performance:-
For the period ended 31st March 2010 the company has achieved
a turnover of INR 720.930 Millions as compared to Rs. 191.990 millions
respectively as compared to previous year.
trade references:-
Chemical Process Piping Limited, Gowandi, Mumbai
FIXED ASSETS:
- Land
- Leasehold
Improvement
- Plant and
Machinery
- Office
Equipment
- Computers
- Furniture and
Fittings
- 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.49.78 |
|
|
1 |
Rs.80.10 |
|
Euro |
1 |
Rs.68.81 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--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 |
|
26 |
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 |
- |
|
Maximum Credit Limit : |
USD 1214044 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.