MIRA
INFORM REPORT
|
Report Date : |
13.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
OMNOVA SOLUTIONS INDIA PRIVATE LIMITED (w.e.f. 22.12.2011) |
|
|
|
|
Formerly Known
As : |
ELIOKEM INDIA PRIVATE LIMITED |
|
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Registered
Office : |
707/ 708, Meadows, |
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Country : |
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Financials (as
on) : |
31.12.2010 |
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Date of
Incorporation : |
04.10.2007 |
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|
|
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Com. Reg. No.: |
11-174698 |
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Capital
Investment / Paid-up Capital : |
Rs.0.100
million |
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|
|
|
CIN No.: [Company Identification
No.] |
U24296MH2007PTC174698 |
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|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Synthetic Rubber. |
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No. of Employees
: |
325 Approximately |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (13) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
huge accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a secured 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.
INFORMATION PARTED BY
|
Name : |
Mr. Vaidhyanathan |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-22-66840900 |
|
Date : |
12.03.2012 |
LOCATIONS
|
Registered Office : |
707/ 708, Meadows, |
|
Tel. No.: |
91-22-66840900/ 66840912 |
|
Fax No.: |
91-22-66840901 |
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E-Mail : |
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|
Website : |
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Head Office : |
14, Avenue Des Tropiques Z.A. de Courtaboeuf 2 Villejust, 91955
Courtaboeuf Cedex - |
|
Tel. No.: |
+33 1 69 29 27 00 |
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Fax No.: |
+33 1 69 29 27 01 |
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Production Sites : |
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Factory 1 : |
Eliokem - Le Havre Plant |
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Tel. No.: |
+33 2 32 79 22 00 |
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Fax No.: |
+33 2 32 79 23 94/5 |
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Factory 2 : |
Eliokem - |
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Tel. No.: |
+1 (330) 869 4323 |
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Fax No.: |
+1 (330) 869 4338 |
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E-Mail : |
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|
Factory 3 : |
Eliokem - |
|
Tel. No.: |
+86 (574) 86 18 37 19 |
|
Fax No.: |
+86 (574) 86 22 66 73 |
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|
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|
Factory 4 : |
Eliokem - Valia Plant Village Dungri, Taluka Valia, Ankleshwar 393 135, District Bharuch, |
|
Tel. No.: |
91-2643-270442/ 43/ 45 |
|
Fax No.: |
91-2643-270010 |
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Overseas Office : |
Located at: v
v
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Technology Centers : |
Located at: v
v
v
v
Bharuch, |
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Representative Office : |
Located at: v
v
v
v
v
Mumbai |
DIRECTORS
AS ON 04.05.2011
|
Name : |
Olivier Faussadier |
|
Designation : |
Director |
|
Address : |
3 Chemin D’Houjarray, Bazoches |
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Date of Birth/Age : |
14.05.1966 |
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Date of Appointment : |
13.12.2007 |
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|
|
|
Name : |
Mr. Deepak Gopinath Birje |
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Designation : |
Whole Time Director |
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Address : |
B 36, B Wing, 201 Gokuldham, Goregaon
(East), Mumbai – 400 063, |
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Date of Birth/Age : |
26.07.1958 |
|
Qualification : |
Post Graduate |
|
Experience : |
27 Years |
|
Date of Appointment : |
08.02.2008 |
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|
|
|
Name : |
Mr. Anupkumar Sriram Srivastava |
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Designation : |
Whole Time Director |
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Address : |
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Date of Birth/Age : |
|
|
Date of Appointment : |
22.09.2010 |
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|
|
|
Name : |
Mr. Michael Eugene Hicks |
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Designation : |
Director |
|
Address : |
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Date of Birth/Age : |
10.06.1958 |
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Date of Appointment : |
09.12.2010 |
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|
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|
Name : |
Kevin Michael McMullen |
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Designation : |
Director |
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Address : |
541 Falls Road, |
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Date of Birth/Age : |
04.07.1960 |
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Date of Appointment : |
09.12.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 04.05.2011
|
Names of Shareholders |
No. of Shares |
|
Eliokem |
9999 |
|
Eliokem S.A.S., France |
1 |
|
Total |
10000 |
AS ON 04.05.2011
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Synthetic Rubber. |
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|
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Exports : |
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Products : |
Synthetic Rubber |
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Countries : |
Gulf Countries, European Countries, Asian Countries, African Countries
, USA, UAE |
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|
|
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Imports : |
|
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Products : |
Raw Materials |
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Countries : |
China, Saudi Arabia, United States |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
L/C |
PRODUCTION STATUS (AS ON 31.12.2010)
Installed
Capacity: 24875 MT per annum
|
Particulars |
Actual
Production |
|
Synthetic Rubber |
15916 |
GENERAL INFORMATION
|
Customers : |
·
Wholesaler ·
Manufacturer |
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No. of Employees : |
325 Approximately |
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Bankers : |
·
HSBC Bank Limited
·
BNP Paribas Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
12, |
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Tel. No.: |
91-22-66679000 |
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Fax No.: |
91-22-66679100 |
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Income-tax
PAN of auditor or auditor's firm : |
AACFD4815A |
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Holding Company : |
Eliokem Address: 40, rue Madeleine Michelis, Neuilly
Sur Seine, France 92200 |
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|
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|
Ultimate Holding Company: |
Eliokem International S.A.S. |
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|
|
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Subsidiary of Ultimate Holding Company : |
Eliokem S.A.S. Address: 14 avenue des Tropiques ZA de Courtaboeuf
2, Villejust, Courtaboeuf cedex, |
CAPITAL STRUCTURE
AS ON 31.12.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100
million |
|
|
|
|
|
(Of the above 9.999 shares are held by Eliokem lndia
France Holding SAS, France, the holding company and 1 share is held by Eliokem
SAS, the subsidiary of the ultimate holding company)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
01.01.2010 to 31.12.2010 |
01.01.2009 to
31.12.2009 |
04.10.2007 to
31.12.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.100 |
0.100 |
0.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(214.865) |
(114.944) |
(171.375) |
|
|
NETWORTH |
(214.765) |
(114.844) |
(171.275) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
1503.772 |
1316.410 |
1359.259 |
|
|
TOTAL BORROWING |
1503.772 |
1316.410 |
1359.259 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1289.007 |
1201.566 |
1187.984 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
666.529 |
693.169 |
731.880 |
|
|
Capital work-in-progress |
0.000 |
8.020 |
0.879 |
|
|
|
|
|
|
|
|
INVESTMENT |
2.528 |
2.528 |
2.528 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
413.965
|
222.672 |
276.036 |
|
|
Sundry Debtors |
482.065
|
306.151 |
280.223 |
|
|
Cash & Bank Balances |
97.854
|
164.318 |
65.035 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
197.026
|
119.647 |
95.010 |
|
Total
Current Assets |
1190.910
|
812.788 |
716.304 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
534.136
|
277.447 |
238.593 |
|
|
Other Current Liabilities |
30.226
|
25.621 |
18.081 |
|
|
Provisions |
6.598
|
11.871 |
6.933 |
|
Total
Current Liabilities |
570.960
|
314.939 |
263.607 |
|
|
Net Current Assets |
619.950
|
497.849 |
452.697 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1289.007 |
1201.566 |
1187.984 |
|
PROFIT & LOSS
ACCOUNT
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover (Approximately) |
|
|
2700.000 |
Expected Sales (2011-2012) : Rs.3000.000 millions
The above information has been parted by Mr. Vaidhyanathan
|
|
PARTICULARS |
01.01.2010 to
31.12.2010 |
01.01.2009 to
31.12.2009 |
04.10.2007 to
31.12.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
2270.292 |
1890.771 |
1758.408 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
2270.292 |
1890.771 |
1758.408 |
|
|
|
|
|
|
|
|
Less |
|
|
|
|
|
|
|
|
Office Expenses |
2367.497 |
1827.054 |
1929.251 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
2367.497 |
1827.054 |
1929.251 |
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(97.205) |
63.717 |
(170.843) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
2.716 |
7.286 |
0.532 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(99.921) |
56.431 |
(171.375) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(114.944) |
(171.375) |
-- |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(214.865) |
(114.944) |
(171.375) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
233.826 |
346.569 |
283.221 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials & Components |
334.969 |
373.918 |
656.257 |
|
|
|
Spares |
1.292 |
2.158 |
4.190 |
|
|
|
Capital Goods |
0.000 |
0.000 |
1.192 |
|
|
TOTAL IMPORTS |
336.261 |
376.076 |
661.639 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
|
|
|
|
|
|
- Basic |
(9992.10) |
5643.05 |
(17137.46) |
|
|
|
- Diluted |
NA |
1.13 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
01.01.2010 to
31.12.2010 |
01.01.2009 to
31.12.2009 |
04.10.2007 to
31.12.2008 |
|
PAT / Total Income |
(%) |
(5.06)
|
2.98 |
(9.75)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(5.23)
|
0.04 |
(11.80)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.45
|
(0.55) |
1.00
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(9.66)
|
(14.20) |
(9.48) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.09
|
2.58 |
2.72 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The registered office of the company has been shifted from 23rd Floor, Express Towers, Nariman Point, Mumbai – 400 021, Maharashtra to the present address w.e.f. 07.02.2008.
FIXED ASSETS:
Intangible Assets Acquired
v
Goodwill
v
Software
Tangible Assets
v
Land - Freehold
v
Land - Leasehold
v
Buildings
v
Plant and Machinery
v
Furniture and Fittings
v
Office Equipments
v
Computers
v
Leasehold Improvements
v
Vehicles
|
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 |
-- |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
-- |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
Yes |
|
15) Capital in the business |
No |
|
16) Details of sister concerns |
No |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if
applicable) |
Yes |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter
involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
-- |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
No |
|
28) Incorporation details, if applicable |
-- |
|
29) Last accounts filed at ROC |
-- |
|
30) Major Shareholders, if available |
-- |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.94 |
|
|
1 |
Rs.78.25 |
|
Euro |
1 |
Rs.65.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
- |
|
--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 |
|
13 |
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.