MIRA
INFORM REPORT
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Report Date : |
25.04.2013 |
IDENTIFICATION DETAILS
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Name : |
PMC RUBBER CHEMICALS INDIA PRIVATE LIMITED |
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Registered
Office : |
103, |
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Country : |
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Financials (as
on) : |
31.12.2009 |
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Date of
Incorporation : |
23.11.2005 |
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Com. Reg. No.: |
21-106272 |
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Capital
Investment / Paid-up Capital : |
Rs.30.220
millions |
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CIN No.: [Company Identification
No.] |
U24299WB2005PTC106272 |
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IEC No.: |
0205028781 |
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PAN No.: [Permanent Account No.] |
AADCP7639J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing and Sales of Rubber Chemicals and alike products. |
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No. of Employees
: |
150 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (44) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1507000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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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.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office/ Factory : |
103, |
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Tel. No.: |
91-33-26722515/ 26724734/ 26724737/ 26723863 |
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Fax No.: |
91-33-26721552 |
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E-Mail : |
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Website : |
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Area : |
70 acres |
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Location : |
Owned by company |
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Warehouse/ Godown : |
15, |
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Location : |
Rented |
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Sales Office : |
Flat No.4, 1st Floor, Sagar Apartments, BN 437, Balram
Nagar, Safilguda, Railway Station, Secunderabad – 500 047, |
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Tel No.: |
91-40-27223088 |
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91-9346434597 |
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Email : |
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Location : |
Rented |
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Corporate Office
: |
Flat No.8, 3rd Floor, Vijay Deluxe Apartment, 7 1st
Main Road, CIT Colony, |
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Tel No.: |
91-44-24968392 |
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Fax No.: |
91-44-24988523 |
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91-9346434597 |
DIRECTORS
As on 10.11.2010
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Name : |
Dr. Paritosh Mohan Chakrabarty |
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Designation : |
Director |
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Address : |
1288 R T, 73 Southmt Laurel, NJ08054
– 712248, |
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Date of Birth/Age : |
01.04.1940 |
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Date of Appointment : |
28.12.2005 |
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DIN No.: |
00819204 |
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Name : |
Mr. Christian C.H.M. Reuland |
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Designation : |
Director |
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Address : |
1A, Chemin Landaise 7501-ORCQ, |
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Date of Birth/Age : |
27.10.1950 |
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Date of Appointment : |
28.12.2005 |
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DIN No.: |
01206701 |
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Other Directorship :
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Name : |
Mr. Subir Kumar Sen |
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Designation : |
Managing Director |
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Address : |
Flat 3B, 3rd Floor, Mohan Block, Doshisymphny 129
Velachary, Tambram Road, Chennai – 600 100, Tamilnadu, India |
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Date of Birth/Age : |
27.07.1956 |
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Date of Appointment : |
11.12.2006 |
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DIN No.: |
01166134 |
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Other Directorship :
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Name : |
Mr. Rajaram R M |
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Designation : |
Director |
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Address : |
H2/E-123, |
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Date of Birth/Age : |
15.03.1946 |
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Date of Appointment : |
22.12.2005 |
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DIN No.: |
00161064 |
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Other Directorship :
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 10.11.2010
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Names of Shareholders |
No. of Shares |
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PMC Group |
2022015 |
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PMC Chemicals India Private Limited, |
1000000 |
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Total |
3022015 |
As on 10.11.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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66.91 |
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Bodies
corporate |
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33.09 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and Sales of Rubber Chemicals and alike products. |
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Products : |
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PRODUCTION STATUS (31.12.2009)
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Particulars |
Unit |
Installed
Capacity |
Actual
Production mean for sale |
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Rubber Chemicals and DPA |
Kgs |
8600000 |
3866481 |
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Notes:
v
Production meant for sale is after adjustment of shortages,
handling losses and quantity internally consumed and includes quantity
manufactured by third parties on behalf of the company.
v
Installed capacity is as certified by the
management.
GENERAL INFORMATION
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No. of Employees : |
150 (Approximately) |
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Bankers : |
v
Centurion Bank of Punjab Limited, 88, v
State Bank of v Standard Chartered Bank v
ICICI Bank, 36, v
The Hongkong and Shanghai Banking Corporation
Limited, Hongkong House, 31, B.B.D. Bag, Kolkata – 700 001, West v HDFC Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
A.R. Das and Associates Chartered Accountants |
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Address : |
JDS House, 2nd Floor, Plot-D2/1, Block-EP, Sector-V, |
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Tel. No.: |
91-33-23572429/ 30/ 31 |
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Fax No.: |
91-33-22812976 |
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E-Mail : |
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PAN No.: |
AADFA8553H |
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Holding Company
: |
PMC Group Address: 64 Rue Faijherbe BP 127, 59811, |
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Other Related
Parties : |
PMC Group International Inc |
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Subsidiary of
the Holding Company : |
PMC Chemicals India Private Limited |
CAPITAL STRUCTURE
As on 31.12.2009
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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4500000 |
Equity Shares |
Rs.10/- each |
Rs.45.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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3022015 |
Equity Shares |
Rs.10/- each |
Rs.30.220
millions |
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a) Out of above, 2022015 are held by holding company PMC Group
b) 1000000 equity shares of Rs.10/- each are allotted for consideration
other than cash.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
30.220 |
30.220 |
20.408 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
346.451 |
335.019 |
320.312 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
376.671 |
365.239 |
340.720 |
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LOAN FUNDS |
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1] Secured Loans |
106.298 |
71.253 |
65.633 |
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2] Unsecured Loans |
59.850 |
134.104 |
154.099 |
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TOTAL BORROWING |
166.148 |
205.357 |
219.732 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.068 |
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TOTAL |
542.819 |
570.596 |
560.520 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
254.159 |
275.292 |
294.080 |
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Capital work-in-progress |
16.915 |
4.522 |
0.000 |
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INVESTMENT |
5.445 |
5.345 |
0.000 |
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DEFERREX TAX ASSETS |
2.065 |
1.586 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
210.106
|
234.443 |
223.827 |
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Sundry Debtors |
275.034
|
213.219 |
209.607 |
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Cash & Bank Balances |
36.487
|
1.116 |
28.660 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
44.363
|
26.016 |
32.968 |
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Total
Current Assets |
565.990
|
474.794 |
495.062 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
175.094
|
55.348 |
119.421 |
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Other Current Liabilities |
111.624
|
114.397 |
96.420 |
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Provisions |
15.037
|
21.198 |
12.781 |
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Total
Current Liabilities |
301.755
|
190.943 |
228.622 |
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Net Current Assets |
264.235
|
283.851 |
266.440 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
542.819 |
570.596 |
560.520 |
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PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
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SALES |
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Income |
1002.268 |
881.654 |
777.867 |
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Other Income |
10.867 |
12.167 |
4.574 |
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TOTAL
|
1013.135 |
893.821 |
782.441 |
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EXPENSES |
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|
967.465 |
857.351 |
780.069 |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
967.465 |
857.351 |
780.069 |
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PROFIT BEFORE
TAX |
45.670 |
36.470 |
26.003 |
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Less |
TAX |
15.177 |
12.173 |
9.072 |
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PROFIT AFTER TAX
|
30.493 |
24.297 |
16.931 |
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EARNINGS IN
FOREIGN CURRENCY |
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Exports on FOB basis |
36.482 |
85.860 |
100.982 |
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TOTAL EARNINGS |
36.482 |
85.860 |
100.982 |
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IMPORTS |
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Raw Materials |
227.229 |
486.261 |
279.688 |
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Other items (including purchase of finished products) |
190.687 |
153.886 |
111.156 |
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TOTAL IMPORTS |
417.916 |
640.147 |
390.844 |
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Earnings Per
Share (Rs.) |
10.09 |
11.02 |
8.30 |
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%2025-Apr-2013_files/image001.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
PAT / Total Income |
(%) |
3.01
|
2.72 |
2.16 |
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Net Profit Margin (PBT/Sales) |
(%) |
4.56
|
4.14 |
3.34 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.57
|
4.86 |
3.30 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.10 |
0.08 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.24
|
1.09 |
1.32 |
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Current Ratio (Current Asset/Current Liability) |
|
1.88
|
2.49 |
2.17 |
LOCAL AGENCY FURTHER INFORMATION
BACKGROUND
Subject manufactures Rubber Chemicals at its works at Rishra,
District Hoogly,
In pursuance of a Business Transfer Agreement (BTA) dated 14th November 2005, the rubber chemicals business of ICI India Limited was transferred as a going concern to subject with effect from 28th December 2005, PMC Group France holds 51% shares in PMC.
OPERATIONS
Overall
performance of the Company during the year 2009 was much better than the year
2008. Net sales increased by about
13.68% from Rs.881.650 Millions to Rs.1002.270 Millions while Profit after tax increased by about 25% from Rs.24.300
Millions to Rs.30.490 Millions. The production also went up from 3057 MT to 3866 MT.
The market
overcame the sluggishness witnessed in the first quarter and remained buoyant
during the later part of the year. The
Company sold 5046 MT of Rubber Chemicals in 2009 as against 4216 MT in 2008 but
the margins were under pressure due to stiff competition.
OUTLOOK
The demand for
Rubber Chemicals so far during the current year has been satisfactory but the margins continue to remain
under pressure due to stiff competition. Company's efforts at improving the
efficiency of operations and control of costs are continuing. The Company is
also hopeful of adding a few
more products to its stable which have been developed by its in house research team.
CONTINGENT
LIABILITIES NOT PROVIDED FOR: (As on 31.12.2009)
v
Income tax under appeal (For A.Y. 2006-07) –
Rs.0.807 million
v
Cenvat Credit – Rs.0.274 million
v
Sales tax for period ending 31st March,
2006 – Rs.0.998 million
FORM: 8
|
Corporate
identity number of the company |
U24299WB2005PTC106272 |
|
Name of the
company |
PMC RUBBER CHEMICALS INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
103, E-Mail: pmc_rc@pmc-rc.com |
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This form is for |
Creation of
charge |
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Type of charge |
Book Debts Movable Property Others (Stocks both
present and future) |
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Particular of
charge holder |
The Hongkong and Shanghai Banking Corporation Limited, Hongkong House,
31, B.B.D. Bag, Kolkata – 700 001, West E-Mail: mohanmotwani@gmail.com |
|
Nature of
description of the instrument creating or modifying the charge |
By this Deed of
Hypothecation for Stocks and receivable and Plant and Machinery and all other
Moveable Assets dated 09Jun11 executed by the Company in favour of Bank, the
Company has hypothecated the entire Stocks and Book Debts and the whole of
Plant and Machinery and other moveable assets including moveable plant and
machinery, machinery spares, tools, both present and future, by way of pari
passu 1st charge with other banks to secure the various credit facilities
sanctioned/to be sanctioned by the Bank. |
|
Date of
instrument Creating the charge |
09.06.2011 |
|
Amount secured by
the charge |
Rs.170.000
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: As per Bank's
agreed rate. Terms of
Repayment: Repayable on
demand. Margin: As per Deed of
Hypothecation for Stocks and receivable and Plant and Machinery and all other
Moveable Assets dated 09 June 2011. Extent and
Operation of the charge: The entire stocks
of raw materials, semi finished and finished goods and book debts and the
entire Plant and machineries and other movable plant and machinery, tools and
accessories and other movable fixed assets both present and future by way of
pari passu 1st charge with other banks to secure the due payment
of all moneys due or to become due by the Company under the various credit
facilities granted by the Bank to the extent of Rs.170.000 millions. |
|
Short particulars
of the property charged |
As per Deed of
Hypothecation for Stocks and receivable and Plant and Machinery and all other
Moveable Assets dated 09 June 2011. |
FIXED ASSETS:
v
v Buildings
v Plant and Machinery
v Motor Car
v Furniture, Fittings and Equipment
v Computer
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.54.30 |
|
|
1 |
Rs.82.88 |
|
Euro |
1 |
Rs.70.80 |
INFORMATION DETAILS
|
Report Prepared
by : |
BVA |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
44 |
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.