MIRA
INFORM REPORT
|
Report Date : |
06.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
RHODIA SPECIALTY CHEMICALS INDIA LIMITED [w.e.f. 13.06.2011] |
|
|
|
|
Formerly Known
As : |
ALBRIGHT AND WILSON CHEMICAL INDIA LIMITED |
|
|
|
|
Registered
Office : |
Phoenix House, A Wing, 4th Floor, 462, S.B. Marg, Lower
Parel (West), Mumbai-400013, Maharashtra
|
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.12.2011 |
|
|
|
|
Date of
Incorporation : |
25.09.1965 |
|
|
|
|
Com. Reg. No.: |
11-013331 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.33.756
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24110MH1965PLC013331 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on The Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Industrial Chemicals. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1550000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having satisfactory track. There
appears continues losses recorded by the company. However, networth of the company
seem to be strong. Trade relations are reported to be fair. Business is
active. Payments are reported to be usually correct and as per commitments. The company can be considered for normal 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.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
A+ (Long Term) |
|
Rating Explanation |
Having adequate degree of safety regarding timely servicing of
financial obligation, it carry low credit risk. |
|
Date |
July 2012 |
|
Rating Agency Name |
ICRA |
|
Rating |
A4 (Short Term) |
|
Rating Explanation |
It carry minimal degree of safety regarding timely payment of
financial obligation, it carry very high credit risk. |
|
Date |
July 2012 |
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
Phoenix House, A Wing, 4th Floor, 462, S.B. Marg, Lower
Parel (West), Mumbai-400013, Maharashtra, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
|
|
|
Factory 1 : |
Located at Ambernath, District Thane-421501, Maharashtra, India |
|
|
|
|
Factory 2 : |
Located at Roha, District Raigad-402116, Maharashtra, India |
DIRECTORS
As on 31.12.2011
|
Name : |
Mr. Thomas Leutner |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. D. D. Chopra |
|
Designation : |
Chairman Emeritus |
|
|
|
|
Name : |
Mr. Suresh Talwar |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Chen Pu |
|
Designation : |
Director |
|
|
|
|
Name : |
Ms. Quitterie Dupontreue-De-Pelleport |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Sanjeev Mukerjee |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ranjit Pa Ndit |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Yogesh Thar |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Niranjan Ketkar |
|
Designation : |
Legal Manager and Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2012
|
Category of
Shareholder |
Total No. of
Shares |
Total
Shareholding as a % of total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
31,686 |
0.94 |
|
|
31,686 |
0.94 |
|
|
|
|
|
|
2,461,974 |
72.93 |
|
|
2,461,974 |
72.93 |
|
Total shareholding of Promoter and Promoter Group (A) |
2,493,660 |
73.87 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
50 |
- |
|
|
100,070 |
2.96 |
|
|
225,507 |
6.68 |
|
|
325,627 |
9.65 |
|
|
|
|
|
|
120,299 |
3.56 |
|
|
|
|
|
|
351,421 |
10.41 |
|
|
70,549 |
2.09 |
|
|
14,044 |
0.42 |
|
|
4,253 |
0.13 |
|
|
2,084 |
0.06 |
|
|
7,707 |
0.23 |
|
|
556,313 |
16.48 |
|
Total Public shareholding (B) |
881,940 |
26.13 |
|
Total (A)+(B) |
3,375,600 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
3,375,600 |
- |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Industrial Chemicals. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS [AS ON 31.12.2011]
|
Particulars |
Unit |
Installed
Capacity* |
Actual
Production |
|
Sulphuric Acid |
Metric Tonnes |
45000 |
36934 |
|
Linear Alkyl Benzene Sulphonic Acid |
Metric Tonnes |
14000 |
2519 |
|
Surfactants** |
Metric Tonnes |
24500 |
29046 |
NOTE:
* As certified by
the management on which the auditors have placed reliance without verification,
being a technical matter.
** Installed capacity
of Surfactants is on active matter basis.
# As per
notification no. 477(E) dated July 25, 1991 issued by the Ministry of Industry,
the Company’s industrial undertaking is exempt from the licensing provisions of
the Industries (Development and Regulation) Act, 1951. Accordingly, the
requirement concerning disclosure of licensed capacity is not applicable. The
production figures for Linear alkyl benzene Sulphonic Acid and Surfactants
exclude processing done for third parties of 3,013 MT (Previous year 1,409 MT)
and 2094 MT (Previous year Nil MT) respectively. The production figures for
Surfactants include the quantities produced by third parties of 439 MT
(Previous year 578 MT) and 969 MT (Previous year 959 MT) of products where
relabeling has been carried out. The production figures for Sulphuric acid
include quantities produced from other plant of 585 MT (Previous year 642 MT)
as by-product.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
·
State Bank of India ·
Corporation Bank ·
BNP Paribas Bank |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Company Chartered Accountants |
|
|
|
|
Solicitors : |
|
|
Name : |
Crawford Bayley and Company |
|
|
|
|
Holding Company : |
Rhodia UK Limited |
|
|
|
|
Ultimate Holding Company : |
Rhodia S.A., France |
|
|
|
|
Fellow Subsidiaries : |
·
Rhodia Inc. USA ·
Rhodia Nicca Limited ·
Rhodia Polyamide Company Limited, Korea ·
Rhodia (Zhenjiang) Chemicals Company Limited ·
Rhodia (China) Company Limited ·
Rhodia Asia Pacific Pte. Limited, Singapore ·
Rhodia Thai Holdings Limited ·
Rhodia Operations S.A.S., France ·
Rhodia Poliamida E Especialidades Limited A,
Brazil ·
PT Rhodia Manyar ·
Rhodia Speciality Chemicals Wuxi Company Limited ·
Rhodia Thai Industries Limited ·
Rhodia Polymers and Specialties India Private
Limited ·
Rhodia UK Limited |
CAPITAL STRUCTURE
As on 31.12.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4000000 |
Equity Shares |
Rs.10/- each |
Rs.40.000 Millions |
|
1000000 |
Unclassified Shares |
Rs.10/- each |
Rs.10.000 Millions |
|
|
Total |
|
Rs.50.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3375600 |
Equity Shares |
Rs.10/- each |
Rs.33.756
Millions |
NOTE:
Of the above,
(a) 105,000 shares
were allotted as fully paid-up equity shares, pursuant to a contract, without
payment being received in cash.
(b) 1,800,000 shares
were issued as fully paid-up bonus shares by capitalization of development
rebate reserve and a part of general reserve.
(c) 2,461,974
shares are held by Rhodia UK Ltd., a subsidiary company of Rhodia SA, France,
the ultimate holding Company.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
33.756 |
33.756 |
33.756 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
354.864 |
411.525 |
448.383 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
388.620 |
445.281 |
482.139 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
155.972 |
155.604 |
67.316 |
|
|
2] Unsecured Loans |
350.000 |
271.500 |
240.000 |
|
|
TOTAL BORROWING |
505.972 |
427.104 |
307.316 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
894.592 |
872.385 |
789.455 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
533.223 |
591.298 |
659.544 |
|
|
Capital work-in-progress |
8.784 |
0.917 |
0.304 |
|
|
Capital Advances |
11.831 |
1.353 |
0.265 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.003 |
0.003 |
0.003 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
368.933
|
289.486 |
135.669 |
|
|
Sundry Debtors |
307.459
|
183.235 |
141.401 |
|
|
Cash & Bank Balances |
94.820
|
26.113 |
0.477 |
|
|
Other Current Assets |
1.418
|
0.908 |
0.905 |
|
|
Loans & Advances |
186.849
|
176.804 |
161.528 |
|
Total
Current Assets |
959.479
|
676.546 |
439.980 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
550.941
|
325.771 |
239.859 |
|
|
Other Current Liabilities |
52.228
|
51.010 |
50.595 |
|
|
Provisions |
15.559
|
20.951 |
20.187 |
|
Total
Current Liabilities |
618.728
|
397.732 |
310.641 |
|
|
Net Current Assets |
340.751
|
278.814 |
129.339 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
894.592 |
872.385 |
789.455 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2473.886 |
1606.862 |
932.384 |
|
|
|
Other Income |
71.669 |
73.393 |
63.485 |
|
|
|
TOTAL (A) |
2545.555 |
1680.255 |
995.869 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials cost |
2072.714 |
1269.735 |
741.244 |
|
|
|
Personnel cost |
104.174 |
97.198 |
91.276 |
|
|
|
Other expenses |
302.501 |
238.364 |
219.712 |
|
|
|
Voluntary Retirement Scheme / Compensation |
0.000 |
0.000 |
103.494 |
|
|
|
TOTAL (B) |
2479.389 |
1605.297 |
1155.726 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
66.166 |
74.958 |
(159.857) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
44.641 |
31.877 |
18.496 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
21.525 |
43.081 |
(178.353) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
78.186 |
79.939 |
52.068 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(56.661) |
(36.858) |
(230.421) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
(24.700) |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(56.661) |
(36.858) |
(205.721) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
30.355 |
67.213 |
272.934 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(26.306) |
30.355 |
67.213 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
219.272 |
101.842 |
38.821 |
|
|
|
Indenting Commission |
3.543 |
4.206 |
4.891 |
|
|
|
Exchange Gain (Net) |
0.000 |
5.839 |
2.752 |
|
|
TOTAL EARNINGS |
222.815 |
111.887 |
46.464 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
495.795 |
383.044 |
138.931 |
|
|
|
Traded Goods |
184.579 |
149.060 |
163.882 |
|
|
|
Stores & Spares |
0.365 |
3.483 |
0.532 |
|
|
TOTAL IMPORTS |
680.739 |
535.587 |
303.345 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(16.79) |
(10.92) |
(60.94) |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
31.03.2012 |
30.06.2012 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
495.000 |
630.300 |
|
Total Expenditure |
|
482.700 |
600.500 |
|
PBIDT (Excl OI) |
|
12.300 |
29.800 |
|
Other Income |
|
4.700 |
4.600 |
|
Operating Profit |
|
17.000 |
34.400 |
|
Interest |
|
11.500 |
12.000 |
|
PBDT |
|
5.500 |
22.400 |
|
Depreciation |
|
19.700 |
20.300 |
|
Profit Before Tax |
|
(14.200) |
2.100 |
|
Profit After Tax |
|
(14.200) |
2.100 |
|
Net Profit |
|
(14.200) |
2.100 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
PAT / Total Income |
(%) |
(2.23)
|
(2.19) |
(20.65) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(2.29)
|
(2.29) |
(24.71) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(3.80)
|
(2.90) |
(20.95) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.15)
|
(0.08) |
(0.47) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.89
|
1.85 |
1.28 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.55
|
1.70 |
1.42 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
No |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
No |
|
31) PAN
of Proprietor/Partner/Director, if available |
No |
|
32) Passport
No of Proprietor/Partner/Director, if available |
No |
|
33) Voter
ID No of Proprietor/Partner/Director, if available |
No |
PERFORMANCE:
The Company incurred
a loss before tax of Rs. 56.700 Millions as against a loss of Rs. 36.900
Millions during the Previous Year. The Company incurred loss in the current
year mainly due to depreciation of Rs. 78.200 Millions, interest of Rs. 44.600
Millions (Previous Year: Rs. 31.800 Millions), foreign exchange loss of Rs.
21.900 Millions (Previous Year: gain of Rs. 5.800 Millions). The Company also
incurred cost of Rs. 11.300 Millions (Previous Year income of Rs. 19.800
Millions) on account of maintaining Ambernath factory, which adds to the loss.
MANAGEMENT DISCUSSION AND ANALYSIS:
In the calendar
year 2011 sales increased to Rs. 2473.900 Millions as compared to Rs. 1606.800
Millions in 2010. This includes raw material sales without margin to tollers to
an extent of Rs. 430.000 Millions. Excluding this raw material sale, the growth
in 2011 amounts to 27%. This growth is partly due to a sharp increase of raw
material cost predominantly in the second half of the year, which was reflected
in the selling prices. These higher prices, together with the increased
production and sales volumes resulted in a consumption of materials amounting
to Rs. 2072.700 Millions versus Rs. 1269.700 Millions in the year 2010. The
employee cost rose by 7.2% from Rs. 97.200 Millions to Rs. 104.200 Millions, a
moderate increase given the continued inflationary environment in India. The
loss from Operations was Rs. 29.400 Millions, compared to a loss of Rs. 45.300
Millions in the Previous Year.
The Company is
making its best efforts to sell the lease rights of the shut down Ambernath
factory. The Company has appointed a real estate company of repute to achieve
this objective expeditiously. The Company is taking efforts to increase the
number of products whereby the Company will be in a position to increase the
margin on sales. The Company has used on an average 88.20% of the installed
capacity in the year 2011.
FUTURE OUTLOOK:
The Company
continues in its efforts to increase the utilization of its installed
capacities, which will be crucial to achieve an improvement in the operational
results. Priority is given to capitalize on the quality of its products and
services as well as to optimise its industrial operations and to assure a
competitive supply of raw materials. The Company is also taking efforts to
increase the product line whereby the Company will be in a position to increase
the margin on sales. An equally crucial action remains the identification of a
potential buyer for its land in Ambernath which could significantly reduce the
Company’s financial debt and interest charges and enhance the profitability.
CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
|
Matters relating to undervaluation of assessable value |
17.508 |
17.509 |
|
Nonpayment of
duty on clearance of goods meant for export by the customer |
5.815 |
5.815 |
|
Availment of modvat credit |
0.784 |
4.106 |
|
Total |
24.107 |
27.430 |
FIXED ASSETS:
Tangible Assets:
·
Freehold Land
·
Leasehold Land
·
Building and Roads
·
Plant and Machinery
·
Furniture and Fittings
·
Vehicles
Intangible Assets:
·
Patents
·
Technical Know-How
NEWS RELEASE:
RHODIA, VALEO AND PSA PEUGEOT CITROËN TOGETHER
DEMONSTRATE THE ENVIRONMENTAL BENEFITS OF RECYCLED TECHNYL® POLYAMIDE
Lyon, France, July 19 2012 – The environmental benefit of the use of recycled polyamide for
automotive applications has been validated by a Life Cycle Assessment (LCA)
jointly led by leading engineering plastics developer Rhodia (member of the
Solvay group), Valeo, one of the world’s top automotive suppliers and car-maker
PSA Peugeot Citroën.
Rhodia, Valeo and PSA combined their savoir-faire to carry out a multi-criteria
analysis on the entire life cycle of the fan and shroud assembly, an important
engine cooling component for the new Peugeot 208. The part is manufactured by
Valeo using recycled Technyl® polyamide (PA) from Rhodia Engineering Plastics.
The study, which was reviewed by an independent consultancy (BIO Intelligence
Service*) compared the environmental impact of using recycled Technyl® PA in
comparison with a standard Technyl® grade. It took into account the whole value
chain emphasizing seven key environmental criteria: climate change, the
depletion of non-renewable resources, the impact on the diminution of the ozone
layer, acidification, eutrophication, the consumption of primary energy and
photochemical oxidation.
The results demonstrate that selecting and using
recycled Technyl® PA significantly reduces the overall environmental impact of
the component throughout its entire life cycle. In effect, for the seven
targeted criteria the benefits range from -9% to -28%.
Furthermore, the results of the analysis indicate that the entire environmental
benefit derives from Rhodia Engineering Plastics’ production phase for the
manufacturing of the recycled polyamide. In addition, it is not altered in any
way during the injection molding process or during part assemblage and use
since the mechanical performance of the recycled Technyl® PA allows for cooling
module components with an identical design, weight and part life to that made
with a standard Technyl® grade.
"The
collaboration between partners such as Rhodia and Valeo, both strongly
committed to sustainable development, represents a real advantage in surpassing
the regulatory limits for CO2 emissions and further reducing the environmental
impact of automobiles," commented Louis David, Assistant
Director Paint, Materials and Process PSA Peugeot Citroën. "These
significant results validate the importance of the right choice of technically
high-performing recycled materials for better auto eco-design."
The recorded benefit is on the same scale to that of a large automotive series
production run. For example, the use of Rhodia’s recycled Technyl® PA for the
annual estimated fan and shroud assembly production for the Peugeot 208 averts
the generation of greenhouse gases (1) equivalent to that produced by 400,000
cars or photochemical oxidation (2) (responsible for ozone peaks) comparable to
that made by 2,200,000 vehicles all traveling around Paris’ ring road.
On average, 20 percent of a car comprises 150 to 250kg of plastic parts.
Therefore the collaborative initiative between Rhodia, Valeo and PSA
scientifically confirms the potential of the growing use of recycled plastics
to help answer the environmental challenges facing the automotive industry.
Rhodia, member of the Solvay group, is a specialty chemical company resolutely committed to sustainable
development. As a leader in its businesses, the Group aims to improve its
customers’ performance through the pursuit of operational excellence and its
ability to innovate. Structured around 11 Global Business Units, Rhodia is the
partner of major players in the automotive, electronics, flavors and
fragrances, health, personal and home care markets, consumer goods and
industrial markets. Rhodia employs around 14,250 people worldwide and generated
sales of €6.17 billion in 2011.
SOLVAY is an international chemical Group committed to sustainable development
with a clear focus on innovation and operational excellence. Its recent
acquisition of specialty chemicals company Rhodia created a much larger player,
which is realizing over 90% of its sales in markets where it is among the top 3
global leaders. Solvay offers a broad range of products that contribute to
improving the quality of life and the performance of its customers in markets
such as consumer goods, construction, automotive, energy, water and
environment, and electronics. The Group is headquartered in Brussels, employs
about 29,000 people in 55 countries and generated EUR 12.7 billion in net sales
in 2011 (pro forma). Solvay SA (SOLB.BE) is listed on NYSE Euronext in Brussels
and Paris (Bloomberg: SOLB.BB – Reuters: SOLBt.BR).
RHODIA ACETOW AND ACCSYS SIGN LICENCE AGREEMENT FOR
ACCOYA® WOOD TECHNOLOGY
JULY 2, 2012
Accsys and Rhodia Acetow GmbH, member of the Solvay
Group, announced the signature of a licence agreement for the production and
sale of Accoya® a high performance modified wood, based on Accsys’ cutting edge
acetylation technology. It converts sustainably grown softwoods and
non-durable hardwoods into "high technology wood”.
This conditional agreement that will be fully
effective in the second half of 2013 provides Rhodia Acetow the exclusive
rights to sell Accoya® in over 40 European countries for a 15-year period.
Furthermore, the agreement allows Rhodia Acetow the construction of multiple
Accoya production plants, with the first plant having an initial capacity of
approximately 63,000 m³ of finished Accoya® output.
Introducing Rhodia Acetow to Accsys’ distributors
and customers in the region is expected to drive greater market penetration of
Accoya® due to increased availability and competitiveness as a result of larger
scale production.
Paul Clegg, Accsys CEO, said: "It is pleasure to be able
to disclose the identity of our prospective licensee, Rhodia, with whom we have
been working closely for some time. Rhodia is a leader in the production and
sale of a wide range of performance materials sold into key market sectors of
relevance to Accoya®, including for use in buildings and the urban environment,
around the globe. As one of the world’s leading producers of cellulose acetate,
a material which shares certain processing components with our Accoya®
technology, they also have a set of technical capabilities which should further
contribute to the success of this licence.”
Gérard Collette, President of Rhodia Acetow, commented: “We are delighted with this licence agreement that will allow us to
build on our acetylation know-how in the field of cellulose acetate. While we
will continue to develop our core businesses, cellulose acetate RHODIA® Filter
Tow and RHODIA® Acetol flakes, the Accoya® technology fits perfectly with our
strategy of product portfolio diversification. Moreover, combining a highly
attractive ecological profile and excellent performance, Accoya® is in line
with our ambition to become a leader in innovative and sustainable materials
and to deliver long-run returns to the Solvay group.”
Accsys Technologies PLC
(www.accsysplc.com) is an environmental science and technology company whose primary
focus is on the production of Accoya® wood and technology
licensing via its subsidiary, Titan Wood Limited, which has manufacturing
operations in Arnhem, the Netherlands (through its subsidiary Titan Wood B.V.),
a European office in Windsor, United Kingdom, and an American office in Dallas,
Texas (via its subsidiary Titan Wood, Inc). All group subsidiaries are
ultimately 100% owned by Accsys and trade as Accsys Technologies. Any
references in this announcement to agreements with Accsys shall mean agreements
with either Accsys or its subsidiary entities unless otherwise specified.
Accsys Technologies PLC is listed on the London Stock Exchange AIMmarket and on
Euronext Amsterdam by NYSE Euronext, under the symbols 'AXS'. Accsys'
operations comprise three principal business units: (i) Accoya®
wood production; (ii) technology development, focused on a programme of
continuous development of and improvements to the process engineering and
operating protocols for the acetylation of solid wood and the development of
technology for the acetylation of wood elements; and (iii) the licensing of
technology for the production of Accoya® wood and Tricoya®
wood elements across the globe.
Rhodia, member of the Solvay group, is a
special chemicals company with a clear commitment to sustainability. As one of
the market leaders in its business fields, Rhodia pursues the objective of
constantly increasing the level of customer satisfaction with its operational
excellence and innovative capability. With its eleven globally active business
areas (GBUs), Rhodia is a partner of well-known customers in the markets for
automobiles, electronics, aromas and scents, cosmetics, health products,
cleaning agents as well as consumer and industrial goods. Rhodia has about
14,250 employees and achieved a turnover of 6.7 billion euro in the year 2011.
Rhodia Acetow GmbH is an
international operating company which produces cellulose acetate fibres which
are used in particular for cigarette filters. With a market share of 16%,
Rhodia Acetow is the third-largest manufacturer of this product, with plants in
Germany, Brazil, France, Russiaand the USA. Its strategy is based on four
columns: first-class quality, constant improvement of competitiveness, product
innovations and active customer support.
Accoya® wood
(www.accoya.com) is produced using Accsys’ proprietary patented acetylation
technology, that effectively converts sustainably grown softwoods and
non-durable hardwoods into what is best described as a "high technology
wood". Distinguished by its durability, dimensional stability and, perhaps
most importantly of all, its reliability (in terms of consistency of both
supply and quality), Accoya® wood is particularly suited to
exterior applications where performance and appearance are valued. Unlike most
tropical and European hardwoods, its colour does not degrade when exposed to
ultraviolet light. Moreover, the Accoya® wood production process
does not compromise the wood's strength or machinability. The combination of UV
resistance, dimensional stability, durability and retained strength means that Accoya®
wood offers a wealth of new opportunities to architects, designers and
specifiers. For marine uses where weight is also important, Accoya®
wood for the first time provides boat builders with a wood that is strong,
lightweight, and durable and retains its natural beauty for far longer. For a
full archive of Accoya® news, visit www.accoya.com/news.asp.
Wood Acetylation is a
process which increases the amount of 'acetyl' molecules in wood, thereby
changing its physical properties. The process protects wood from rot by making
it "inedible" to most micro-organisms and fungi, without - unlike
conventional treatments - making it toxic. It also greatly reduces the wood's
tendency to swell and shrink, making it less prone to cracking and ensuring
that, when painted, it requires dramatically reduced maintenance.
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.56.08 |
|
|
1 |
Rs.87.03 |
|
Euro |
1 |
Rs.68.36 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
43 |
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.