|
Report Date : |
29.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
STYROLUTION INDIA PRIVATE LIMITED (w.e.f.
10.12.2010) |
|
|
|
|
Formerly Known
As : |
BASF STYRENICS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
1st Floor, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
18.07.1990 |
|
|
|
|
Com. Reg. No.: |
11-149830 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.615.446
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25202MH2004FTC149830 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMB07252A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACP2766R |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Polystyrene. |
|
|
|
|
No. of Employees
: |
150 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3800000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. Trade relations
are reported as fair. Business is active. Payments are reported to be usually
correct and as per commitments. The company can be considered normal for 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.
INFORMATION PARTED BY
|
Name : |
Mr. R. K Ramantha |
|
Designation : |
Secretary and Finance Controls |
|
Contact No.: |
91-22-66618000 |
|
Date : |
27.03.2011 |
LOCATIONS
|
Registered Office : |
1st Floor, |
|
Tel. No.: |
91-22-66618000 |
|
Fax No.: |
91-22-67582752 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
4500 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Factory: |
|
|
|
|
|
Sales Office: |
Located At:
|
DIRECTORS
AS ON 19.08.2011
|
Name : |
Mr. Chandran Prasad |
|
Designation : |
Director |
|
Address : |
16B, |
|
Date of Birth/Age : |
20.04.1952 |
|
Date of Appointment : |
08.11.2000 |
|
DIN No.: |
00200379 |
|
|
|
|
Name : |
Mr. Regunathan Iyengar
Srinivasan |
|
Designation : |
Director |
|
Address : |
B-1404, Florentine, |
|
Date of Birth/Age : |
22.05.1954 |
|
Date of Appointment : |
25.06.2010 |
|
DIN No.: |
01437534 |
|
|
|
|
Name : |
Mr. Chang Tae Hyung |
|
Designation : |
Director |
|
Address : |
156, |
|
Date of Birth/Age : |
23.01.1952 |
|
Date of Appointment : |
10.10.2002 |
|
DIN No.: |
02425162 |
|
|
|
|
Name : |
Mr. Sushil Roy Ernest Fonseca |
|
Designation : |
Director |
|
Address : |
101, |
|
Date of Birth/Age : |
06.08.1950 |
|
Date of Appointment : |
16.03.2009 |
|
DIN No.: |
02583710 |
|
|
|
|
Name : |
Mr. Bhagwan Digamberrao
Deshmukh |
|
Designation : |
Director |
|
Address : |
C-22 Building CD-64, Shreerang Society,
Thane-400601, |
|
Date of Birth/Age : |
05.11.1949 |
|
Date of Appointment : |
16.03.2009 |
|
DIN No.: |
02583229 |
KEY EXECUTIVES
|
Name : |
Mr. R.K. Ramanathan |
|
Designation : |
Secretary and Finance Controls |
|
Address : |
B-3, Nidhi Society, Sector 16-A, Vashi, Navi Mumbai-400703, |
|
Date of Birth/Age : |
15.06.1938 |
|
Date of Appointment : |
10.06.2010 |
|
Pan No.: |
AAHPR6263R |
|
|
|
|
Name : |
Mr. Raghuchandra S Kotian |
|
Designation : |
Secretary |
|
Address : |
A-502, ACME Amay, (ABC) Co-operative Housing
Society Limited, |
|
Date of Birth/Age : |
01.02.1945 |
|
Date of Appointment : |
01.06.2011 |
|
Pan No.: |
AAJPK7816R |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 19.08.2011
|
Names of Shareholders |
No. of Shares |
|
Styrenics |
61544576 |
|
BASF Beteiligungsgesellschaft MBH, |
64 |
|
Total |
61544640 |
AS ON 19.08.2011
|
Equity Shares
Break Up |
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 and Exporter of Polystyrene. |
|
|
|
|
Exports : |
|
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
Cash, Credit (30 Days / 60 Days) |
|
|
|
|
Purchasing : |
Cash, Credit (30 Days / 60 Days) |
GENERAL INFORMATION
|
Customers : |
Manufacturer |
|
|
|
|
No. of Employees : |
150 (Approximately) |
|
|
|
|
Bankers : |
Not Divulged |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Company Chartered Accountants |
|
Address : |
KPMG House, Kamla Mills Compound, 448, Senapati Bapat Marg, Lower Parel,
Mumbai-400013, Maharashtra, India |
|
Tel. No.: |
91-22-30440800 |
|
Fax No.: |
91-22-30440930 |
|
|
|
|
Holding Company : |
·
Styrolution Holdings
Company (Formerly BASF Styrenics Holdings Company) |
|
|
|
|
Ultimate Holding Company : |
·
BASF SE |
|
|
|
|
Fellow Subsidiaries : |
·
BASF Company Limited ·
BASF Chemicals and Polymers ·
BASF India Limited ·
BASF South East Asia Pte
Limited ·
BASF Asia-Pacific Service Centre Sdn Bhd ·
BASF Lanka Private Limited ·
BASF Coatings ( ·
BASF Bangladesh Limited ·
BASF IT Services GMBH ·
BASF East Regional Headquarter ·
BASF Hong Kong Limited ·
BASF (Thai) Limited ·
BASF Taiwan Limited ·
BASF China Company Limited ·
Styrolution Korea Limited ·
Styrolution South ·
Styrolution GmbH |
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 |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
61544600 |
Equity Shares |
Rs.10/- each |
Rs. 615.446
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 |
615.446 |
615.446 |
615.446 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
354.309 |
181.423 |
47.242 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
969.755 |
796.869 |
662.688 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
497.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
497.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
969.755 |
796.869 |
1159.688 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
740.201 |
825.930 |
904.249 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.116 |
0.116 |
0.116 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
684.730
|
451.557
|
253.894 |
|
|
Sundry Debtors |
575.930
|
446.016
|
323.281 |
|
|
Cash & Bank Balances |
406.066
|
181.218
|
101.747 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
717.724
|
525.983
|
336.579 |
|
Total
Current Assets |
2384.450
|
1604.774 |
1015.501 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2119.014
|
1598.094
|
718.861 |
|
|
Other Current Liabilities |
27.104
|
21.017
|
28.407 |
|
|
Provisions |
8.894
|
14.840
|
12.910 |
|
Total
Current Liabilities |
2155.012
|
1633.951 |
760.178 |
|
|
Net Current Assets |
229.438
|
(29.177)
|
255.323 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
969.755 |
796.869 |
1159.688 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
|
SALES |
4958.500 |
3698.100 |
3386.210 |
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
303.900 |
261.440 |
21.290 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
1.900 |
11.910 |
18.410 |
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
302.000 |
249.530 |
2.880 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION |
86.100 |
86.090 |
86.160 |
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
215.900 |
163.440 |
(83.280) |
|
|
|
|
|
|
|
Less |
TAX |
43.000 |
29.260 |
0.880 |
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
172.900 |
134.180 |
(84.160) |
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
340.900 |
167.980 |
33.800 |
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
2.81 |
2.18 |
(1.37) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Net Profit Margin (PBT/Sales) |
(%) |
4.35
|
4.42
|
(2.46) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.91
|
6.72
|
(4.34) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.20
|
(0.13) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.22
|
2.05
|
1.90 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.11
|
0.98
|
1.34 |
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. Constructions 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 |
Yes |
|
13. Reasons for variation <> 20% |
No |
|
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 |
Yes |
|
20. Export / Import details |
Yes |
|
21. Market information |
------ |
|
22. Litigations that the firm / promoter involved |
------ |
|
23. Banking Details |
No |
|
24. Banking facility details |
No |
|
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 |
------ |
SUNDRY CREDITORS
DETAILS
(Rs. In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors
|
|
|
|
|
Creditors due small micro enterprises |
0.041 |
7.761 |
7.102 |
|
Creditors due others |
2118.973 |
1590.333 |
711.759 |
|
Total |
2119.014 |
1598.094 |
718.861 |
Note: The
registered office of the company has been shifted from RBC,
ACTIVITIES
The Company has
shown substantial increase in sales for the year ended 31st March, 2011
amounting to Rs.4958.5 million as compared to Rs.3698.10 millions for the year
ended 31st March, 2010, representing an increase of 34%. The Company recorded a
profit of Rs. 172.9 millions for the year ended 31st
March, 2011 as against a profit of Rs. 134.2 millions
in the previous year, representing an increase of 29%. Current year's profit
includes an amount of Rs.121 millions due to sale of surplus land at Dahej.
Changing
lifestyles, spurt in consumerism and higher disposable income fuelled demand
growth. The Company maintained its focus on margins and value addition for the
customers through market development and innovation.
Increased focus on
working capital management and strict adherence to the commodity business model
were followed throughout the year, coupled with flexibility in production, to
fully meet the customer needs.
Exports to South
Asian markets were revived with customers displaying a renewed confidence in
the Indian market.
With a view to
improve operational efficiencies and innovative thinking, employee skills were
enhanced with increased focus on training.
NAME CHANGE
The Company
changed its name from BASF Styrenics Private Limited
to Styrolution India Private Limited, during the
year.
CONTINGENT LIABILITIES (AS ON 31.03.2011)
Demand for taxes
and duties in respect of which the Company has preferred appeals with
appropriate authorities:
(i) Sales Tax: TRs. 8.778 Millions
(Previous Year TRs. 8.778 Millions)
(ii) Service Tax: TRs. 0.905 Million (Previous Year TRs.
0.905 Million)
FIXED ASSETS
·
·
Buildings
·
Plant and Machinery
·
Office Equipment
·
Computer Systems
·
Furniture and Fixtures
·
Air Conditioner
·
Vehicles
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. 50.91 |
|
|
1 |
Rs. 81.21 |
|
Euro |
1 |
Rs. 67.85 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.