|
Report Date : |
20.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
OWENS – CORNING (INDIA) PRIVATE LIMITED (w.e.f. 12.05.2011) |
|
|
|
|
Formerly Known
as : |
OWENS – CORNING ( |
|
|
|
|
Registered
Office : |
7th Floor, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
05.07.1995 |
|
|
|
|
Com. Reg. No.: |
11-124707 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1308.130 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U73100MH1995PTC124707 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMO01785A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACO1739M |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer, Exporter and Trader of Glass Fibre, Roofing Products,
etc. |
|
|
|
|
No. of Employees
: |
Not Available |
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 13800000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. Financially
company is performing well. Trade relations are reported to be fair. Business
is active. Payments are reported to be regular and as per commitments. The company can be considered for normal business dealing at usual
trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com while quoting report
number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.09.2011) |
Current Rating (31.12.2011) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
7th Floor, Alpha Building, Hiranandani Gardens, Powai,
Mumbai – 400076, Maharashtra, India |
|
Tel. No.: |
91-22-66681700 |
|
Fax No.: |
91-22-66681701 |
|
E-Mail : |
|
|
|
|
|
Corporate Office : |
301-310, A Wing, Bonanza, Sahar Plaza Complex, M. V. Road, Andheri
(East), Mumbai - 400 059, |
|
Tel. No.: |
91-22-28398250 |
|
Fax No.: |
91-22-28398251 |
|
|
|
|
Factory 1 : |
Plot No. T 28, MIDC, Phase 2, Taloja, District Raigarh – 410208, |
|
Tel. No.: |
91-22-39219100 / 27402108 |
|
Fax No.: |
91-22-39219101 |
|
|
|
|
Branches : |
Located at: · New Delhi ·
Mumbai |
DIRECTORS
AS ON 29.09.2011
|
Name : |
Yi Mun Samuel Chi |
|
Designation : |
Director |
|
Date of Appointment : |
01.03.2011 |
|
DIN No.: |
00671755 |
Other Directorship :
|
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 |
|
U26102MH2003FTC143522 |
Owens Corning
Enterprise (India) Private Limited |
Director |
3/01/2006 |
3/01/2006 |
17/03/2008 |
Active |
NO |
|
U73100MH1995PTC124707 |
Owens-Corning
(India) Private Limited |
Director |
29/09/2011 |
1/03/2011 |
- |
Active |
NO |
|
|
|
|
Name : |
Mr. Satish Gopalkrishna Kulkarni |
|
Designation : |
Managing director |
|
Date of Appointment : |
02.04.2003 |
|
DIN No.: |
01490481 |
Other Directorship :
|
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 |
|
U73100MH1995PTC124707 |
Owens-Corning
(India) Private Limited |
Managing
director |
2/04/2003 |
2/04/2003 |
- |
Active |
NO |
|
U26102MH2003FTC143522 |
Owens Corning
Enterprise (India) Private Limited |
Director |
29/09/2011 |
3/01/2006 |
- |
Active |
NO |
|
U70109MH2007PTC170674 |
Owens Corning
Building Solutions Private Limited |
Director |
8/05/2007 |
8/05/2007 |
- |
Strike off |
NO |
|
U26102AP1998FTC030183 |
OCV
Reinforcements Manufacturing Private Limited |
Director |
30/06/2008 |
1/11/2007 |
- |
Active |
NO |
|
|
|
|
Name : |
Sangkyoo Han |
|
Designation : |
Director |
|
Date of Appointment : |
17.03.2008 |
|
DIN No.: |
01872340 |
Other Directorship :
|
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 |
|
U26102AP1998FTC030183 |
OCV
Reinforcements Manufacturing Private Limited |
Director |
30/06/2008 |
1/11/2007 |
- |
Active |
NO |
|
U73100MH1995PTC124707 |
Owens-Corning
(India) Private Limited |
Director |
25/09/2008 |
17/03/2008 |
- |
Active |
NO |
|
U26102MH2003FTC143522 |
Owens Corning
Enterprise (India) Private Limited |
Director |
29/09/2008 |
17/03/2008 |
1/10/2008 |
Active |
NO |
|
|
|
|
Name : |
Mr. Shivanand Narsing Gulvady |
|
Designation : |
Alternate director |
|
Date of Appointment : |
08.06.2011 |
|
DIN No.: |
02321203 |
Other Directorship :
|
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 |
|
U26102AP1998FTC030183 |
OCV
Reinforcements Manufacturing Private Limited |
Alternate
director |
28/08/2008 |
28/08/2008 |
31/07/2009 |
Active |
NO |
|
U73100MH1995PTC124707 |
Owens-Corning
(India) Private Limited |
Alternate
director |
8/06/2011 |
8/06/2011 |
- |
Active |
NO |
KEY EXECUTIVES
|
Name : |
Mr. Phani Kumar Anupindi |
|
Designation : |
Secretary |
|
Date of Appointment : |
01.05.2008 |
|
PAN No.: |
ACDPA8017G |
|
|
|
|
Name : |
Mr. Jagdish Aggarwal |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2011
|
Names of Shareholders |
No. of Shares |
|
IPM Inc. Delaware |
78487796 |
|
OC NL Invest Cooperatief U. A. |
52325196 |
|
OC NL Invest Cooperatief U. A jointly with Satish Kulkarni |
1 |
|
OC NL Invest Cooperatief U. A jointly with Phani Kumar |
1 |
|
OC NL Invest Cooperatief U. A, Jointly with Mr. Edward Neunuebel |
1 |
|
OC NL Invest Cooperatief U. A, Jointly with Ms. Claire Dagommer |
1 |
|
OC NL Invest Cooperatief U. A, Jointly with Ms. Magali Leroux |
1 |
|
Total |
130812997 |
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2011
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Trader of Glass Fibre, Roofing Products,
etc. |
||||||
|
|
|
||||||
|
Products : |
|
PRODUCTION STATUS AS ON 31.03.2011
|
Particulars |
Unit |
Installed
Capacity* |
Actual
Production |
|
Glass Fibre Products |
|
|
|
|
Reinforcements@ |
Tonnes |
51010 |
50049 |
|
Technical Fabrics |
Tonnes |
10800 |
9351 |
* As Certified by the Management.
@ The actual production of reinforcements includes captive consumption
of 5,733 Tonnes (Previous Year - 8,419 Tonnes) for Technical Fabrics.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
· Standard Chartered Bank, Standard Chartered Grindlays Bank, New Delhi · Standard Chartered Grindlays Bank, Mumbai · Centurion Bank of Punjab Limited, Durga Niwas M G Road, Panaji, Goa 403 001, India · Export Import Bank of India, Centre One Building, 21st Floor, World Trade Centre Complex, Cuffe Parade, Mumbai 400 005, Maharashtra, India · HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel, (West), Mumbai-400013, Maharashtra, India |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
Amounts repayable within a year aggregate Rs.304.470 Millions(Previous Year Rs.147.485 Millions) NOTE: a) The foreign currency Loan is secured by (i) a first pari passu inter-se ranking charges, mortgages over all of the company immovable and tangible and intangible movable (excluding receivable and Inventories) present and future assets (ii) a first ranking charge on the assigned agreements for the exclusive benefic of IFC; and (iii) a second ranking hypothecation/charge/mortgage over all of the company receivable (other than the export receivables) and inventories of the company for the exclusive benefit of IFC subject to prior charge of the working capital leaders. b) The term loan are fully secured by a first ranking pari passu inter se charges, mortgage over all of the company immovable and tangible movable (excluding receivables and immovable) (Present and future) assets c) The cash credit is fully secured by a first charge over the current assets of the company. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse and Company Chartered Accountants |
|
Address : |
252, Veer Savarakar Marg, Opposite Shivaji Park, Dadar (West), Mumbai
- 400028, Maharashtra, India |
|
PAN No.: |
AAEFP3641G |
|
|
|
|
Ultimate Holding
Company : |
Owens Corning Inc., USA |
|
|
|
|
Holding Company
: |
IPM Inc. Delaware, USA |
|
|
|
|
Substantial
Interest in Voting Power of the Company (till November 24, 2010) : |
Mahindra and Mahindra Limited (‘M and M’), India |
|
|
|
|
Parties Under Common Control : |
·
Owens Corning Canada LP, Canada ·
Owens Corning Veil U.K. Limited, United Kingdom ·
European Owens Corning Fiberglas Sprl., Belgium ·
Owens Corning Australia Pty Limited, Australia ·
Owens Corning Espana SA., Spain ·
Owens Corning Korea, Korea ·
Owens Corning Fiberglas France S.A. , France ·
Owens Corning Enterprise (India) Private Limited,
India ·
Owens Corning (Japan) Limited, Japan ·
Owens Corning HongKong Limited, Hong Kong ·
Owens Corning Britinvest Limited, United Kingdom ·
Owens Corning Mexico S De RL De CV, Mexico ·
OC NL Invest Cooperatief U.A., Netherlands ·
OCV Reinforcement Manufacturing Limited, India ·
Owens Corning Shanghai Composites Co Limited,
China OCV Italia SRL., Besana, Italy ·
Owens Corning (Singapore) Pte Limited, Singapore ·
OCV Composites (China) Company Limited, China ·
OCV Reinforcements Hangzhou, China ·
OCV Fabrics Changzhou Company Limited, China ·
OCV Reinforcement (Beijing) Co Limited, China ·
OCV Thailand Company Limited, Thailand ·
OCV Reinforcements Alcala Spain, S.L, Spain ·
Owens Corning Manufacturing Limited, Koga, Japan ·
Owens Corning Veil Netherlands B.V., Netherlands ·
OCV Chambery International, France ·
OCV Chambery, France ·
OCV Fabrics Belgium BVBA, Belgium ·
Owens Corning Fiberglass A.S. LIMITEDA., Brazil ·
OCV Czech SRO, Czech Republic ·
OC Composite Materials LLC, USA ·
OCV Italia SRL., Besana, Italy ·
Owens Corning (Singapore) Pte Limited, Singapore ·
OCV Composites (China) Company Limited, China |
|
|
|
|
Subsidiary of M
and M : |
·
Mahindra and Mahindra Financial Services Limited,
India (till November 24, 2010) ·
Mahindra Intertrade Limited, India (till November
24, 2010) |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity Shares |
Rs.10/- each |
Rs.2000.000 Millions |
|
2500000 |
Preference Shares |
Rs.100/- each |
Rs.250.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.2250.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
130812997 |
Equity Shares |
Rs.10/- each |
Rs.1308.130
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1308.130 |
1308.130 |
1308.130 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2164.653 |
1549.972 |
1219.217 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3472.783 |
2858.102 |
2527.347 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
308.455 |
455.772 |
1011.843 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
89.080 |
|
|
TOTAL BORROWING |
308.455 |
455.772 |
1100.923 |
|
|
DEFERRED TAX LIABILITIES |
533.143 |
513.947 |
265.828 |
|
|
|
|
|
|
|
|
TOTAL |
4314.381 |
3827.821 |
3894.098 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3267.516 |
3135.382 |
3341.267 |
|
|
Capital work-in-progress |
224.042 |
49.097 |
43.900 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.005 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
535.070
|
450.025
|
308.951
|
|
|
Sundry Debtors |
649.383
|
642.513
|
655.020
|
|
|
Cash & Bank Balances |
266.647
|
8.018
|
5.582
|
|
|
Other Current Assets |
1.966
|
0.931
|
1.214
|
|
|
Loans & Advances |
173.296
|
146.645
|
172.243
|
|
Total
Current Assets |
1626.362
|
1248.132
|
1143.010
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
683.397
|
482.186
|
543.197
|
|
|
Other Current Liabilities |
55.056
|
52.636
|
65.389
|
|
|
Provisions |
65.086
|
69.968
|
25.498
|
|
Total
Current Liabilities |
803.539
|
604.790
|
634.084
|
|
|
Net Current Assets |
822.823
|
643.342
|
508.926
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4314.381 |
3827.821 |
3894.098 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3879.799 |
3156.378 |
3062.870 |
|
|
|
Commission (Tax deducted at source Rs.5.859 Millions (Previous Year Rs.8.250
Millions)) |
54.345 |
50.417 |
84.906 |
|
|
|
Processing Charges |
0.000 |
0.000 |
27.724 |
|
|
|
Other Income |
86.169 |
133.719 |
63.178 |
|
|
|
TOTAL (A) |
4020.313 |
3340.514 |
3238.678 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Consumed |
833.315 |
628.084 |
570.225 |
|
|
|
Cost of Traded Goods Sold |
263.447 |
60.667 |
121.991 |
|
|
|
(Increase)/ Decrease in Stock |
(96.664) |
(18.420) |
(63.688) |
|
|
|
Manufacturing Expenses |
1112.754 |
991.489 |
981.364 |
|
|
|
Employee Cost |
310.463 |
293.654 |
292.790 |
|
|
|
Administrative and other expenses |
447.361 |
360.020 |
631.295 |
|
|
|
TOTAL (B) |
2870.676 |
2315.494 |
2533.977 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1149.637 |
1025.020 |
704.701 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
11.973 |
32.067 |
97.061 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1137.664 |
992.953 |
607.640 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
298.615 |
293.921 |
289.451 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
839.049 |
699.032 |
318.189 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
224.367 |
368.277 |
186.674 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H)
(I) |
614.681 |
330.755 |
131.515 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
704.656 |
373.901 |
242.386 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
1319.337 |
704.656 |
373.901 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
878.646 |
896.546 |
1010.556 |
|
|
|
|
0.000 |
13.658 |
0.000 |
|
|
|
Commission Earnings |
1.224 |
0.000 |
1.227 |
|
|
|
Scrap Sales |
19.416 |
10.888 |
10.221 |
|
|
TOTAL EARNINGS |
899.286 |
921.092 |
1022.004 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
383.663 |
181.259 |
233.241 |
|
|
|
Other Consumables |
58.567 |
40.354 |
34.030 |
|
|
|
Traded Goods |
202.638 |
106.970 |
80.615 |
|
|
|
Capital Goods |
53.146 |
63.170 |
28.477 |
|
|
TOTAL IMPORTS |
698.014 |
391.753 |
376.363 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.70 |
2.53 |
1.01 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
15.29
|
9.90
|
4.06
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
21.63
|
22.15
|
10.38
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
17.14
|
15.95
|
7.09
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.24
|
0.12
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.32
|
0.37
|
0.68
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.02
|
2.06
|
1.80
|
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 |
-- |
|
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 |
Yes |
NOTE :
The registered address of the company Mahindra Towers, Ground Floor, Road
No. 13, Worli, Mumbai – 400018, Maharashtra, India has been shifted to present
address w.e.f. 25.03.2009
BACKGROUND
Owens Corning
(India) Limited (‘the Company’) was incorporated in India on July 5, 1995. The
Company is involved in the manufacture of glass fiber for use in composites.
The Company was converted into a private limited company effective May 12, 2011
and accordingly, the name of company has been changed to Owens-Corning (India)
Private Limited.
FINANCIAL HIGHLIGHTS
The revenue of the company grew from Rs.3341
Millions in the financial year 2009-10 to Rs.4020 Millions in the current
financial year, representing a growth of 20%. The production of reinforcements
for the year was 50049 MT compared to 46043 MT during the previous year.
OPERATIONS REVIEW
The Company continues to be a leading player
of glassfibre market in India. The Company recorded sales of 51,194 MT out of
own manufactured products of both Reinforcements and Technical Fabrics during
the year ended March 31, 2011, as against 46,504 MT of Reinforcements products
previous year.
The manufacturing facility continues to pursue
various cost saving measures including sourcing, energy efficiency and
productivity improvement initiatives. Taloja plant also initiated steps to
improve environmental footprint of our manufacturing operations.
The company has been successfully been
certified in the Surveillance Audit for the ISO Systems for ISO 9001-2008
version along with 14001 and 18001.
CONTINGENT LIABILITIES AS ON 31.03.2011
(a) Service Tax Matters – Rs.41.991 Millions
(b) Excise Matters – Rs.82.584 Millions
(c) Income Tax Matters – Rs.50.073 Millions
(d) Bank Guarantees issued – Rs.77.600 Millions
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity
number of the company |
U73100MH1995PLC124707 |
|
Name of the
company |
OWENS-CORNING
(INDIA) LIMITED |
|
Address of the
registered office or of the principal place of business in |
7th Floor, Alpha
Building, Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India Email Id : Phani.Kumar@owenscorning.com |
|
This form is for |
Modification
of charge |
|
Charge
identification (ID) number of the charge to be modified |
10152059 |
|
Type of charge |
Immovable property |
|
Particular of
charge holder |
HDFC Bank
Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel West, Mumbai –
400013, Maharashtra, India Email Id : Farid.Virani@hdfcbank.com |
|
Nature of
instrument creating charge |
Loan amount of
INR 250.000 Millions of HDFC Bank Limited has been repaid in full and hence
the charge in favour to the extent of
INR 250.000 Millions is satisfied |
|
Date of
instrument Creating the charge |
22.02.2011 |
|
Amount secured by
the charge |
Rs.408.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest IFC: LIBOR +210
basis points Terms of repayment As decided by the
bank from time to time Margin As decided by the
bank from time to time Extent and operation of the charge 1) First PP
charge on all the Company's movable (excluding receivables and inventories)
and immovable assets both present and future be created as security for the
IFC 2) Assignment of
rights of the Company under the Existing Project Documents (as defined in the
Mortgage) and a second charge on all the Company's receivables (other than
export receivables) and inventories as security for the IFC 2nd loan. As more
described in the Indenture of Mortgage Others HDFC Bank Limited
is acting as Collateral Agent to the term lender International Finance
Corporation |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Property located
at Plot No.T-28 in the Taloja Industrial Area, within the village limits of
Tondare and Ghot within the limits of Municipal Council, Taluka Panvel,
District Raigad, Maharashtra, including assets as per schedule I, II and III
and details as per the Charging Clause No. 3.1 in the Indenture of Mortgage
dated 30th March, 2009 |
|
Particulars of
the present modification |
Loan amount of
INR 250.000 Millions of HDFC Bank Limited has been repaid in full and hence
the charge in favour of HDFC Bank Limited to the extent of INR 250.000
Millions is satisfied. HDFC Bank Limited will, though, continue to act as the
collateral agent for the charge for the loan facilities of INR 408.000
Millions of International Finance Corporation(IFC) |
FIXED ASSETS:
·
·
Buildings
·
Plant and Machinery
·
Office Equipments
·
Furniture and Fixtures
·
Vehicles
·
Computers
PRESS RELEASE:
IFC INVESTS IN GLASS FIBRE REINFORCEMENTS
PROJECT IN INDIA
WASHINGTON, D.C., Mar. 6—The International
Finance Corporation (IFC) has approved a loan of up to US$25 million to
Owens-Corning (India) Private Limited to build and operate a US$102 million
plant that will manufacture glass fibre reinforcements at Taloja, Maharashtra,
40 miles from Mumbai.
The plant will have the capacity to produce 30,000 tonnes per year of glass
fibre products used in the composites industry. Composites are fabricated
materials made of two or more components such as plastic resin and glass fibre.
They are used to replace traditional materials like aluminium, wood and steel.
Composites are found in more than 50,000 products ranging from computers,
automobiles, telecommunications and pipes to boats, appliances, snow skis and
aircraft. Until 1991, the composites industry in India was reserved for small-
and medium-scale enterprises only. Now that such constraints have been removed,
this sector offers a huge potential for growth.
The Maharashtra plant is expected to produce the lowest cost composites in the
world because of its size, state-of-the-art technology and abundant
availability of the necessary skills and raw materials. Three-quarters of the
plant’s production will be exported under a contractual arrangement with Owens
Corning’s global marketing organization and the remainder will be sold in the
domestic Indian market, which is likely to grow rapidly.
“The project will help industries with major export and job-creation potential,
such as automobiles, telecommunications and appliances, to cut costs and make
quality enhancing material substitutions as easily as their international
competitors,” said Geoffrey Hawkins of IFC’s South Asia Regional Mission in New
Delhi, India. “It will also demonstrate the viability of well-established
material substitutions to other potential clients.”
Owens-Corning (India) Private Limited is a joint venture between Owens Corning
of Toledo, Ohio, the world’s largest manufacturer of glass fibres, and Mahindra
& Mahindra Limited, India’s largest manufacturer of utility vehicles and
tractors. Owens Corning will be responsible for the management of the plant.
To date, IFC has made 174 investments in India totalling US$1.96 billion, of
which US$303 million was in the form of loan syndications. IFC’s held portfolio
at this time is US$847 million, including US$188 million of equity and
quasi-equity investments.
IFC, a member of the World Bank Group, is the largest multilateral source of
equity and loan financing for private sector projects in developing countries.
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.55.38 |
|
|
1 |
Rs.86.75 |
|
Euro |
1 |
Rs.68.06 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
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 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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.