|
Report Date : |
18.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
DORF KETAL SPECIALITY CATALYST PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
1, Dorf Ketal Tower, D’ Monte Street, Orlem, Malad (West), Mumbai – 400
064, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
01.01.2010 |
|
|
|
|
Com. Reg. No.: |
11-198273 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 26.000 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24233MH2010PTC198273 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMD17731A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCD3088K |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Specialty Chemicals. |
|
|
|
|
No. of Employees
: |
75 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1290000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of DKC and DKC is wholly owned subsidiary of
DKC LLC, USA. Subject is a relatively newly established company having satisfactory track.
Company performance capacity seems to be high and it has strong managerial
business and financial support from its parent company. Financially company seems to be strong. Trade relations are reported
to be fair. Business is active. Payments are reported to be regular and as
per commitment. 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 |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
LONG TERM RATING : CRISIL A |
|
Rating Explanation |
Having adequate degree of safety regarding
timely servicing of financial obligation it carry low credit risk. |
|
Date |
September, 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ 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.
INFORMATION PARTED BY
|
Name : |
Mr. Ashok Rao |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-22-28833900 |
LOCATIONS
|
Registered Office : |
1, Dorf Ketal Tower, D’ |
|
Tel. No.: |
91-22-28880420 /21 /22 /23 / 28833901 |
|
Fax No.: |
91-22-28813655 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
107500 sq ft |
|
Location : |
Owned |
|
|
|
|
Factory : |
Plot Survey No.141, Near Water Treatment Plant of MPSEZ, Mundra-Kutch
– 370 421, |
|
Area : |
75000 sq m (Approximately) |
|
Location : |
Owned |
DIRECTORS
As on 27.09.2011
|
Name : |
Mr. Subodh Vijayraghava Menon |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
401, Swapna Lok, |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
08.08.1971 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Qualification : |
B.Sc. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment |
01.01.2010 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00972842 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other
directorship:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Sudhir Vijayaraghav Menon |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
5/501, Swapna Lok, |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
27.06.1963 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Qualification : |
Chemical Engineer, LLB, MBA |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of appointment
: |
01.01.2010 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
02487658 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other
directorship:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Naresh Prakashchand Aggarwal |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Additional Director |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
Plot No.20, Rajkamal Apartment, Chruch Road, Marol, Andheri (East),
Mumbai – 400 059, Maharashtra, India |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
28.03.1951 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
12.08.2010 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00940482 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
KEY EXECUTIVES
|
Name : |
Mr. Ashok Rao |
|
Designation : |
Finance Manager |
|
Contact No: |
91-22-28833900 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Sudhir Menon |
|
2500 |
|
Subodh Menon |
|
2500 |
|
Dorf Ketal Chemicals India Private Limited, India |
|
2595000 |
|
Total |
|
2600000 |
As on 27.09.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Speciality Chemicals. |
|
|
|
GENERAL INFORMATION
|
No. of Employees : |
75 (Approximately) |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
· State Bank of India, Kandivali Industrial Estate, Kandivali (East) · Axis Bank Limited, Laxmi The Mall, Bldg No 5, Laxmi Industrial Estate, New Link Road, Andheri (W), Mumbai - 400053, Maharashtra, India · State Bank of India, Offshore Banking Unit, New Banking Building, Seepz, Andheri (East), Mumbai – 400 096, Maharashtra, India |
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S.S. Gajja and Company Chartered Accountants |
|
Address : |
Andheri (East), Mumbai – 400 069, |
|
Tel. No.: |
91-22-26833093 / 26832983 |
|
Fax No.: |
91-22-26834094 |
|
E-mail Id : |
|
|
PAN No: |
AAAFS4063K |
CAPITAL STRUCTURE
After: 27.09.2011
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000000 |
Equity Shares |
Rs.10/- each |
Rs.400.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
37000000 |
Equity Shares |
Rs.10/- each |
Rs.370.000
Millions |
|
|
|
|
|
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs. 30.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2600000 |
Equity Shares |
Rs.10/- each |
Rs. 26.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
26.000 |
26.000 |
|
|
2] Share Application Money |
|
297.612 |
0.108 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
323.612 |
26.108 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
530.395 |
0.000 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
530.395 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
854.007 |
26.108 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
4.820 |
0.000 |
|
|
Capital work-in-progress |
|
702.477 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
24.249 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
62.081
|
0.000 |
|
|
Sundry Debtors |
|
0.000
|
0.809 |
|
|
Cash & Bank Balances |
|
13.410
|
0.000 |
|
|
Other Current Assets |
|
0.000
|
0.000 |
|
|
Loans & Advances |
|
76.792
|
25.041 |
|
Total
Current Assets |
|
152.283
|
25.850 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
0.000
|
0.000 |
|
|
Other Current Liabilities |
|
30.496
|
0.067 |
|
|
Provisions |
|
0.000
|
0.028 |
|
Total
Current Liabilities |
|
30.496
|
0.095 |
|
|
Net Current Assets |
|
121.787
|
25.755 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.674 |
0.353 |
|
|
|
|
|
|
|
|
TOTAL |
|
854.007 |
26.108 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
0.000 |
0.000 |
|
|
|
Other Income |
|
0.096 |
0.000 |
|
|
|
TOTAL |
|
0.096 |
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase |
|
0.000 |
0.000 |
|
|
|
Direct Expenses |
|
0.000 |
0.000 |
|
|
|
Other Expenses |
|
0.306 |
0.000 |
|
|
|
TOTAL |
|
0.306 |
0.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
|
(0.210) |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
(0.210) |
0.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
0.110 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
(0.320) |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
|
(0.320) |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
(0.320) |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
(0.12) |
NA |
|
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
1100.000 |
|
|
|
|
|
Expected Sales (2012-2013): Rs.2000.000 millions
The above information has been parted by Mr. Ashok Rao.
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
|
(333.33) |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
(0.20) |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.00
|
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
1.73 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
4.99 |
272.11 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
two years |
Yes |
|
12] |
Profitability for last
two years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
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 |
No |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U24233MH2010PTC198273
|
|
Name of the
company |
DORF KETAL
SPECIALITY CATALYST PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
1, Dorf Ketal Tower, D’ E-Mail: vaspuja21@yahoo.in |
|
This form is for |
Modification
of charge |
|
Charge
identification (ID) number of the charge to be modified |
10265349 |
|
Type of charge |
· Immovable property · Book debts · Movable property (not being pledge) ·
Stock, P and M etc. |
|
Particular of
charge holder |
Axis Bank Limited, Laxmi The Mall, Bldg No 5, Laxmi Industrial Estate, New Link Road, Andheri (W), Mumbai - 400053, Maharashtra, India |
|
Nature of
instrument creating charge |
Supplemental
Simple Mortgage {SSM} dated 30.12.2011. |
|
Date of
instrument Creating the charge |
30.12.2011 |
|
Amount secured by
the charge |
Rs.1320.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per Sanction
Letter No. AXISB/CO/MC/NA/0227/11-12 dated 26.07.2011 or as stipulated by
Bank from time to time. Terms of Repayment As per Sanction Letter No.
AXISB/CO/MC/NA/0227/11-12 dated 26.07.2011 or as stipulated by Bank from time
to time. Margin As per Sanction
Letter No. AXISB/CO/MC/NA/0227/11-12 dated 26.07.2011 or as stipulated by
Bank from time to time. Extent and Operation of the charge Security of Imm.
prop. viz. Land situated at SEZ in Mundra, Dist. Kutch, Gujarat adm. 74,374
sq. mtrs. togetherwith Bldgs., structures, other assets thereon, des. in Sch.
to SSM incl. all rights, liberties, privileges, easement, etc. in respect
thereof, given earlier as security by way of paripassu charge with SBI, shall
extend as security for addl. facilities of Rs.500.000 millions granted by
Bank by pari passu 2nd charge. Thus total amt. secured on above property increased
from Rs.820.000 millions. to Rs.1320.000 millions. Others The aforesaid
Imm. Property given as security by way of 1st Pari passu charge to secure
credit facilities of Rs.820.000 millions. and 2nd pari passu charge to secure
credit facilities of Rs.500.000 millions. |
|
Short particulars
of the property charged |
Pari passu 1st charge on present and future P and M, fittings, fixtures etc., lying on the premises of the Co. or elsewhere or in the course of transit. Pari passu 1st charge on present and future stock of RM, SIP, FG wheresoever situated and/or in the course of transit. Pari passu 1st charge on present and future Book Debts, outstanding money receivables, claims, bills, etc. due and owing to Co. during the course of its business. All rights, title and int. of Co. in Land situated at SEZ in Mundra, Dist. Kutch, Gujarat adm. 74,374 sq. mtrs. Or thereabout by way of Simple Mortgage on pari passu with SBI. |
|
Date of latest
modification prior to the present modification |
30.11.2011 |
|
Particulars of
the present modification |
Security of Imm. prop. viz. Land situated at SEZ in Mundra, Dist. Kutch, Gujarat adm. 74,374 sq. mtrs. together with Bldgs., structures, other assets thereon, des. in Sch. to SSM incl. all rights, liberties, privileges, easement, etc. in respect thereof, given earlier as security by way of paripassu charge with SBI, shall extend as security for addl. facilities of Rs.500.000 millions granted by Bank by pari passu 2nd charge. Thus total amt. secured on above property increased from Rs.820.000 millions. to Rs.1320.000 millions |
PRESS RELEASE:
DORF KETAL ACQUIRES
VERTEC CATALYSTS BUSINESS FROM JOHNSON MATTHEY WITH ERNST & YOUNG AS
FINANCIAL ADVISOR
AUGUST 20, 2010
Dorf Ketal Chemicals India
Private Limited, a leading specialty chemical company announced that it has
acquired Johnson Matthey's VERTEC TM Specialty Catalysts Business through its
subsidiary Dorf Ketal Chemicals AG.Ernst & Young was the exclusive
Financial Advisor on this deal.
Dorf Ketal Chemicals India Private Limited, a leading specialty chemical company announced that it has acquired Johnson Matthey's VERTEC TM Specialty Catalysts Business through its subsidiary Dorf Ketal Chemicals AG. The transaction is conditional upon regulatory clearance and is expected to be completed by 30th September 2010.. As a part of the agreement, Dorf Ketal acquires the business, trademarks, Intellectual Property and product know-how. Terms of the agreement are confidential and not being disclosed.
In December 2009, Dorf Ketal acquired DuPont's TYZOR® Specialty Catalyst business, and is the global leader in titanate and zirconate catalysts. The combined company will have the industry's most comprehensive product portfolio serving a broad spectrum of applications in industries as diverse as Oil & Gas production, Paints & Coatings, Printing Inks, Industrial Sealants, Corrosion Protection & Emission Reduction.
Ernst & Young India, which has successfully advised Dorf Ketal on its earlier acquisitions during last few years, acted as the exclusive Financial Advisor on this deal.
To facilitate an orderly customer transition, Johnson Matthey will provide
transition services including customer service, and sales and technical support
on behalf of Dorf Ketal until the end of September. Johnson Matthey will also
continue to manufacture the VERTEC range of products on behalf of Dorf Ketal
through March of 2011 under a supply agreement.
Commenting on the acquisition, Mr. Sudhir Menon, Chairman and Managing Director, Dorf Ketal said, "We look forward to welcoming Vertec customers to Dorf Ketal. Through this acquisition we continue to execute on our plans to assure that our customers will have the technology, quality, and assurance of supply they require to manage their business on a sustainable basis. Johnson Matthey and Dorf Ketal share many of the same customers, and which should result in a smooth transition period.
Subodh Menon, Founder Director of Dorf Ketal commented, "This acquisition
is another in a series that continues our commitment to rapid growth, and
builds upon our expertise in organic based specialty chemical applications.
Dorf Ketal is making significant investments to support the catalyst business.
Beginning next year, our customers will be served by a new, world class
manufacturing facility currently under construction in Mundra, India. The plant
at Mundra would be the largest capacity plant in the world for manufacturing
specialty catalysts."
About Dorf Ketal: Dorf Ketal, headquartered in Mumbai, is a global player in process chemicals, and additives for refineries, petrochemicals, fuels, plastics, lubricants and oilfield industries. In less than 15 years, Dorf Ketal has emerged as the largest Indian additives manufacturer of process chemicals and additives in the niche product segment of hydrocarbons used in refineries, petrochemical plants, plastics additives and lube additives. Dorf Ketal is one of the most rapidly growing global specialty chemical companies in recent times. In recent years, Dorf Ketal has successfully acquired and integrated five businesses including UOP's Refining Chemicals and Plastics Additives business in 2001 and 2003 respectively, ExxonMobil's component lubricant additive business in 2007, Intec Polymers and Dupont Organometallic Titanates in 2009 into their product offerings.
DORF KETAL ACQUIRES
DUPONT CHEMICALS AND FLUOROPRODUCTS SPECIALITY CATALYSTS BUSINESSS
JANUARY 05, 2010
Dorf Ketal Chemicals (India) Private Limited (Dorf Ketal), a leading specialty chemicals company headquartered in Mumbai, has acquired the Specialty Catalysts business (comprising organometallic titanates, zirconates and specialty additives) of DuPont Chemicals and Fluoroproducts (the industry pioneer and world leader in the business of Organometallic Titanates) through a new LLC company in the USA with immediate effect. This acquisition includesTyzor® titanates and zirconates and Avitex® hydrocarbon surfactants and antistatic agents used in a broad range of specialty markets and applications. Terms of the agreement are confidential and not being disclosed. Complemented with its earlier acquisition of organometallic titanates, blocked poly isocyanates and polyvinyl formals from an Indian business group earlier in May 2009, Dorf Ketal has become the global leader in these product areas. Ernst and Young India, which has successfully advised Dorf Ketal on its earlier acquisitions during last few years, acted as the exclusive Financial Advisor on this deal.
The acquisition will provide Dorf Ketal with several product innovations and technological developments pioneered by DuPont in the business since 1960’s. The Tyzor® range of organic titanates and zirconates are used as catalysts for chemical manufacture; as curing and cross-linking agents for coatings, paints and adhesives; and as surface modifiers to improve the properties of electronics, glass, plastics, metals and nanocomposite materials. Important end-use segments include printing inks, corrosion inhibitors, paints and coatings, silicone sealants and plasticizers. The Business has used proprietary processes and technology to develop innovative catalyst solution for several challenging areas such as Sealants (elimination of tin from sealants for automotive and construction applications), Emissions control (to meet stricter air pollution regulations), Polyester catalysis (Consumer preferences and environmental stewardship are favoring antimony-free polyester bottles and food packaging grade film). The Business which generated revenue of around USD 50 mn in 2008, is expected to grow at a fast pace aided by the new product developments in the pipeline.
As a part of the deal, Dorf Ketal acquires DuPont assets associated with the Specialty Catalysts Business including trademarks, sales, marketing and customer service. Dorf Ketal will continue the emphasis of strong Research and Development which has been a key focal area for the business.
To assist with an orderly customer transition, a business transition team has
been formed. DuPont will continue to manufacture and supply Specialty Catalyst
products to Dorf Ketal for approximately one year under service and supply
agreements. During this time, Dorf Ketal will source and supply products made
by DuPont while building a new plant. DuPont is also assisting Dorf Ketal
with the technology transfer and start-up of new facilities.
The transition will be implemented in stages while ensuring business continuity for all customers. This transaction underscores Dorf Ketal’s commitment to growth and deliver world-class Products, Services and enhanced value to customers on a consistent basis. The integration will be seamless, providing customers the ability to leverage Dorf Ketal's world-class Products, Service and Technology.
Dorf Ketal is a leading global player in process chemicals and additives for
refineries, petrochemicals, fuels, plastics, lubricants and oilfield industries
with consolidated revenues of around USD 220 million. This acquisition clubbed
with the high organic growth rate, Dorf Ketal expects to achieve revenues of
over USD 300 million next year. Dorf Ketal is already the largest refinery
chemicals player in India and is now also the largest player in the
organo-metallic titanates space globally. Dorf Ketal has subsidiaries in USA,
Brazil, the Netherlands and representative offices in China and Bahrain. The
strong focus on research and manufacturing excellence has helped the company to
successfully acquire and integrate three acquired product lines including UOP’s
plastics additives business in 2003 and ExxonMobil’s component additive
business in 2007 into its product offerings.
Commenting on the acquisition of the business, Mr. Sudhir Menon, Chairman and Managing Director, Dorf Ketal said, “The acquisition of DuPont’s specialty catalysts business is a well thought plan to consolidate our position in newer product segments such as specialty catalysts. Besides, DuPont’s RandD focus and value added product portfolio including secondary titanates and zirconates will further complement and strengthen the capabilities of Dorf Ketal and help us in consolidating our position as a leading global specialty chemical player. I am happy that we have been able to complete this acquisition in a short time frame of 6 months despite difficult market conditions. In the pipeline are more such strategic acquisitions in the $100 - $200 Million range, we expect to close these in the current year and I am confident that our strong cash flows and under leveraged balance sheet will help us in closing such acquisitions with speed”.
Commenting on the acquisition, Mr. Subodh Menon, Founder/Director- Business and Operations , Dorf Ketal said, “The acquisition of DuPont specialty catalysts business will consolidate our position as a global leader in the business of specialty Catalysts. We are embarking on an ambitious project and a world class manufacturing facility to cater to these newer product lines is being planned at a new plant site in India. Dorf Ketal is focused on growth and the group aims to achieve a turnover exceeding $800 Million in the next few years. Dorf Ketal will make significant investments into new economy start ups involved in renewable energy, green chemistries, nano technologies with long product life cycles. There is significant accumulated knowledge in-house to spearhead this effort” commented Mr. Menon
About E.I. du Pont de
Nemours and Company:
DuPont is a science-based products and services company. Founded in 1802,
DuPont puts science to work by creating sustainable solutions essential to a
better, safer, healthier life for people everywhere. Operating in more
than 70 countries, DuPont offers a wide range of innovative products and
services for markets including agriculture and food; building and construction;
communications; and transportation.
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 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.54.63 |
|
|
1 |
Rs.88.40 |
|
Euro |
1 |
Rs.71.86 |
INFORMATION DETAILS
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.