MIRA
INFORM REPORT
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Report Date : |
15.09.2011 |
IDENTIFICATION DETAILS
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Name : |
AHLSTROM FIBERCOMPOSITES INDIA PRIVATE LIMITED |
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Registered Office : |
Flat No. 121, Ansal Bhavan, Kasturba Gandhi Marg, New Delhi-110001 |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
27.03.2008 |
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Com. Reg. No.: |
11-175970 |
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Capital Investment / Paid-up Capital : |
Rs.1500.000 Millions |
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CIN No.: [Company
Identification No.] |
U74120DL2008FTC175970 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of High Performance fiber-based material. |
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No. of Employees : |
Not Divulged |
RATING & COMMENTS
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MIRA’s Rating : |
Ca (18) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Ahlstrom Corporation, Finland. It is a
relatively new 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.
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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
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Name : |
Mr. G Chalapathi Rao |
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Designation : |
Company Secretary and Finance Head |
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Contact No.: |
91-9909947199 |
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Date : |
14.09.2011 |
LOCATIONS
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Registered Office : |
Flat No. 121, Ansal Bhavan, Kasturba Gandhi Marg, New Delhi-110001, |
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Tel. No.: |
91-11-23753680 |
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Fax No.: |
91-11-23753681 |
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E-Mail: |
paul.marold@ahlstrom.com rahul.dharmadhikary@ahlstrom.com |
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Websites : |
www.ahlstrom.com |
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Factory : |
MITAP Plot No.7, Survey No.141, Mundra, Kutch – 370421, Gujarat, India
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Tel. No.: |
91-2838-619125 |
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Branch Office : |
4N, |
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Tel. No.: |
91-11-23766340 |
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Fax No.: |
91-11-23766341 |
DIRECTORS
AS ON 16.05.2011
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Name : |
Mr. Paul Anthony Marrold JR |
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Designation : |
Director |
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Address : |
5, |
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Date of Birth/Age : |
05.08.1961 |
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Date of Appointment : |
27.03.2008 |
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Date of Cessation : |
01.10.2008 |
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Name : |
Mr. Risto Aarni Ilmari Anttonen |
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Designation : |
Director |
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Address : |
Puustellintie 3, Porvoo-06100 |
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Date of Birth/Age : |
04.03.1949 |
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Date of Appointment : |
27.03.2008 |
Other Directorship:
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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 |
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1 |
U74120DL2008FTC175970 |
Ahlstrom Fibercomposites
India Private Limited |
Director |
27/03/2008 |
27/03/2008 |
31/12/2010 |
Active |
NO |
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Name : |
Mr. Rahul Krantikumar Dharmadhikary
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Designation : |
Director |
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Address : |
165, |
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Date of Birth/Age : |
25.07.1969 |
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Date of Appointment : |
28.03.2008 |
Other Directorship:
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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 |
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1 |
U74120DL2008FTC175970 |
Ahlstrom Fibercomposites
India Private Limited |
Managing director |
16/04/2008 |
28/03/2008 |
- |
Active |
NO |
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Name : |
Mr. William Arthur Casey |
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Designation : |
Director |
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Address : |
14 Stoneybrook Cir, Andover MA, United Status of America 01810 |
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Date of Birth/Age : |
30.04.1959 |
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Date of Appointment : |
04.03.2010 |
Other Directorship:
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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 |
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1 |
U74120DL2008FTC175970 |
Ahlstrom Fibercomposites
India Private Limited |
Director |
04/03/2010 |
04/03/2010 |
- |
Active |
NO |
KEY EXECUTIVES
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Name : |
Mr. G Chalapathi Rao |
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Designation : |
Secretary |
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Address : |
Plot No. 11, Matru Krupa, Umiya Nagar – 2, Behind Nature Care Center,
Mundra Kutch – 370 421, Gujarat |
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Date of Birth/Age : |
10.01.1963 |
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Date of Appointment : |
18.06.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 16.05.2011
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Names of Shareholders |
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No. of Shares |
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Ahlstrom Corporation, |
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149999999 |
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Mr. Rsito Anttonen |
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1 |
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Total
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150000000 |
AS ON 16.05.2011
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Foreign Holdings (FIIs / Fcs / FFIs / NRIs / OCBs) |
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100.00 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of High Performance fiber-based material. |
GENERAL INFORMATION
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No. of Employees : |
Not Divulged |
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Bankers : |
Not Divulged |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Uday Shah Chartered Accountants |
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Address : |
Price Waterhouse, 252 Veer Savarkar Marg, |
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Associates/Subsidiaries
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NIL |
CAPITAL STRUCTURE
AS
ON 31.12.2009
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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160000000 |
Equity Shares |
Rs. 10/- each |
Rs. 1600.000 millions |
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NOTE: During the
period, pursuant to resolution approved at the Extra Ordinary
General Meeting held on November 13, 2009 the authorized capital of the Company has been increased from 120,000,000 Equity Shares of Rs. 10/- each
to 160,000,000 Equity Shares of Rs. 10 each. |
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Issued, Subscribed
& Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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120000000 |
Equity Shares |
Rs. 10/- each |
Rs. 1200.000 millions |
NOTES:-
1) During the
period 15,000,000 equity shares of Rs. 10 each, fully paid-up, aggregating Rs.
150.000 millions were allotted at par pursuant to resolution approved by the Board
of Directors at their meeting held on June 10, 2009.
2) Of the
above 119,999,999 equity shares
(Previous Period 104,999,999) of Rs, 10 each are held by Ahlstrom Corporation,
Finland, the Holding Company and 1 equity share of Rs. 10 is held by Mr. Risto
Anttonen (Previous Period Mr. Paul Anthony Marold) as a nominee Director of
Ahlstrom Corporation, Finland, the Holding Company.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2010 |
31.12.2009 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1500.000 |
1200.000 |
1050.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(400.508) |
(108.287) |
(47.976) |
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NETWORTH |
1099.492 |
1091.713 |
1002.024 |
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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 |
1712.373 |
1100.000 |
0.000 |
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TOTAL BORROWING |
1712.373 |
1100.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2811.865 |
2191.713 |
1002.024 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2223.638 |
103.770 |
57.743 |
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Capital work-in-progress |
0.000 |
2044.828 |
1223.731 |
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INVESTMENT |
3.883 |
0.000 |
0.000 |
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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 |
149.812
|
24.625
|
0.000 |
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Sundry Debtors |
57.145
|
0.000
|
0.000 |
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Cash & Bank Balances |
212.962
|
51.278
|
12.403 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
279.905
|
39.402
|
8.293 |
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Total
Current Assets |
699.824
|
115.305
|
20.696 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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Other Current Liabilities |
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Provisions |
0.927
|
0.495
|
0.235 |
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Total
Current Liabilities |
115.480
|
72.190
|
300.146 |
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Net Current Assets |
584.344
|
43.115
|
(279.450) |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2811.865 |
2191.713 |
1002.024 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.12.2010 |
31.12.2009 |
31.03.2009 |
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SALES |
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Income |
674.200 |
0.000 |
0.000 |
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Other Income |
1.570 |
1.380 |
0.000 |
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TOTAL
(A) |
675.770 |
1.380 |
0.000 |
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Less |
EXPENSES |
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TOTAL (B) |
692.690 |
58.170 |
NA |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(16.920) |
(56.790) |
NA |
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Less |
FINANCIAL
EXPENSES (D) |
97.240 |
0.000 |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(114.160) |
(56.790) |
NA |
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Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
178.060 |
3.510 |
NA |
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PROFIT BEFORE
TAX (E-F) (G) |
(292.220) |
(60.300) |
NA |
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Less |
TAX (I) |
0.000 |
0.010 |
NA |
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PROFIT AFTER TAX
(G-I) (J) |
(292.220) |
(60.310) |
NA |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(108.290) |
(47.980) |
NA |
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BALANCE CARRIED
TO THE B/S |
(400.510) |
(108.290) |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2010 |
31.12.2009 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(43.24)
|
(4610.85) |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
(4.34)
|
NA |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(9.99)
|
(27.52) |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
(0.27)
|
(0.06) |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.66
|
1.07 |
0.30 |
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Current Ratio (Current Asset/Current Liability) |
|
6.06
|
1.59 |
0.07 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
Sundry Creditors details are not available .
SHARE CAPITAL
During the year, the company had increased the
authorized share capital from Rs.1200 Mio to 1600 Mio keeping in view of the
future working capital requirements and other business needs.
During the year, the promoters of the company
i.e. Ahlstrom Corporation had contributed Rs.300 Mio towards the Share capital
and now the paid up capital of the company stands at Rs. 1500 Mio.
OPERATIONS - IMPLEMENTATION OF THE PROJECT:
The
company had successfully completed the commissioning of the plant and
commercial production was started from 4
April,
2011.
During
the year, the company bad received a Working Capital Demand Loan of Rs.450 Mio
from Citi Bank - Mumbai to meet the working capital requirements of the
company.
The
directors' are happy to inform that, the company had gradually scaled up the
production over a period of time and achieved 80% to 90% of the rated
capacities in the later part of the year
Ahlstrom's
Main raw materials are Synthetic Fibers (Polypropylene) and the prices of these
fibers are in the increasing trend and the price development of these fibers is
difficult to estimate at the moment.
If
the prices of Raw materials remain at high levels or continue to rise and the
increased raw material costs can not be transferred (o selling prices, the
expected losses would be higher than as expected in 2011.
During
the year, the company's products were qualified by their Group Companies and
also by various external customers and as a result, they
are
getting continuous orders from the same.
Expansion
of the Plant:
The Directors
are happy to inform you that, they are putting up additional plant adjacent to
the existing facility to manufacture value added Technical Medical Fabric. This
does not involve the increase of the Additional capacities, as they will be
using the Fabric manufactured from the existing machine. The total cost of
project would be around Rs.450 Mio and the work is in full swing and is going
on as per the Schedules. This expansion is expected to be completed by end of
2011. On completion of the project, they will be able to command premium
price for their products.
FIXED ASSETS
·
·
Computer
·
Office Equipments
·
Vehicles
·
Laboratory Equipments
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.47.80 |
|
|
1 |
Rs.75.16 |
|
Euro |
1 |
Rs.65.11 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
-- |
|
--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 |
|
18 |
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.