MIRA
INFORM REPORT
|
Report Date : |
05.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
JOHNSON MATTHEY
CHEMICALS INDIA PRIVATE LIMITED |
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Registered
Office : |
Plot No. 6A, MIDC
Industrial Estate, Taloja, District Raigad – 410 208, |
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Country : |
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Financials (as on)
: |
31.03.2011 |
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Date of
Incorporation : |
06.09.2002 |
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Com. Reg. No.: |
11-137100 |
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Capital
Investment / Paid-up Capital : |
Rs.420.000 Millions |
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CIN No.: [Company Identification
No.] |
U24110MH2002FTC137100 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEJ05603D |
|
PAN No.: [Permanent Account No.] |
AABCJ1620M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and
Exporter of Nickel Catalyst. |
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No. of Employees
: |
250 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 3800000 |
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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 record.
Latest financial i.e. 2011-12 are missing from the government department.
From the available financial i.e. 2011 it seems that the company has incurred
a loss. However, networth appears to be satisfactory. 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.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
WORKING CAPITAL DEMAND LOAN (SUSPENDED) : CRISIL AA |
|
Rating Explanation |
High degree of safety it carry very low credit risk |
|
Date |
31.08.2012 |
Note: Reason is not available
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED BY
|
Name : |
Mr. Manoj R |
|
Designation : |
Account Manager |
|
Contact No.: |
91-22-27401710/122/133 |
|
Date : |
04.01.2013 |
LOCATIONS
|
Registered Office / Factory : |
Plot No. 6A, MIDC
Industrial Estate, Taloja, District Raigad – 410 208, |
|
Tel. No.: |
91-22-27401710/ 27401434 |
|
Mobile No.: |
91-7838829700 (Mr. Sunil) |
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Fax No.: |
91-22-27401711/ 27401421 |
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E-Mail: |
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Website: |
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Research Chemicals
: |
Alfa Aesar Division, 3rd Floor, No. 108, Survey
Nos 195-196, Kandlakoya |
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Tel. No.: |
91-8008812424 / 2525 / 2626 |
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Fax No.: |
91-8418 260060 |
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E-Mail: |
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Refineries &
Gas |
6th Floor, Tower ' B', Global Business Park,
Mehrauli Gurgaon Road, Gurgaon |
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Tel. No.: |
91-1242359836-837- 838 |
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Fax No.: |
91 124 235 9844 |
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E-Mail: |
DIRECTORS
As on 21.09.2012
|
Name : |
Mr. Dhananjay Vishnu
Tapasvi |
|
Designation : |
Managing Director
|
|
Address : |
8, Earle Close, Yarm – TS159SN, United Kingdom |
|
Date of Birth/Age : |
10.01.1967 |
|
Date of Appointment : |
04.11.2010 |
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DIN No.: |
03309900 |
|
|
|
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Name : |
Mr. Saumendra
Tripathy |
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Designation : |
Whole Time
Director |
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Address : |
Flat No. C 1001,
Petal Heritage, Plot No.15 and 17, Sector 7, Kharghar, Navi Mumbai - 410 201,
|
|
Date of Birth/Age : |
25.05.1972 |
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Qualification : |
PGDM |
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Date of Appointment : |
22.09.2009 |
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DIN No.: |
02695123 |
KEY EXECUTIVES
|
Name : |
Mr. Rajender Kumar Arora |
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Designation : |
Secretary |
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Address : |
D-301, hiranandani Complex, Sector -7, Kharghar, Navi Mumbai – 410210,
Maharashtra, India |
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Date of Birth/Age : |
06.06.1974 |
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Date of Appointment : |
05.11.2007 |
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Pan No.: |
ABAPK9829S |
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|
|
Name : |
Mr. Manoj R |
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Designation : |
Account Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 21.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Matthey Finance
B.V., Netherlands |
|
41999999 |
|
Johnson Matthey
(Nominees) Limited, UK |
|
1 |
|
Total |
|
42000000 |
As on 21.09.2012
Equity Share Break up (Percentage of Total Equity)
|
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 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and
Exporter of Nickel Catalyst. |
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Products : |
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PRODUCTION STATUS
(Quantity
in tonnes)
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Particulars |
31.03.2011 |
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Catalysts: |
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Installed Capacity |
4670 |
|
Actual Production |
4035 |
Notes:
i) Production meant for sale includes production under Toll conversion and is after shortages, handling losses and excludes quantity internally consumed if any.
ii) Catalyst production is delicensed.
iii) Installed capacity disclosed is on an annual basis.
GENERAL INFORMATION
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No. of Employees : |
250 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
BSR and Company Chartered
Accountants |
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Address : |
Building No. 10, 8th Floor, Tower B, |
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Tel. No.: |
91-124-2549191 |
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Fax No.: |
91-124-2549101 |
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PAN.: |
AAAFB9852F |
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Ultimate holding
company : |
Johnson Matthey Plc., UK |
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Holding company : |
Matthey Finance B.V., Netherlands |
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Fellow
subsidiaries: |
· Johnson Matthey Inc., USA · Johnson Matthey (Shanghai) Chemicals Limited, China · Johnson Matthey Japan Inc · Johnson Matthey Chemicals GmbH, Germany · Johnson Matthey India Private Limited · Johnson Matthey B.V., Netherlands · Avocado Research Chemicals Limited, UK · Tracerco Limited, UK |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
42000000 |
Equity Shares |
Rs.10/- each |
Rs.420.000
Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
42000000 |
Equity Shares |
Rs.10/- each |
Rs.420.000
Millions |
|
|
|
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Note:
Of the above 41,999,999 equity shares are held by Matthey Finance B.V., Netherlands, the holding company and 1 equity share is held by Johnson Matthey (Nominees) Limited, UK. The ultimate holding company is Johnson Matthey Plc., UK
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 |
420.000 |
420.000 |
420.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
554.574 |
607.006 |
392.220 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
974.574 |
1027.006 |
812.220 |
|
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LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
3.504 |
1.884 |
3.005 |
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2] Unsecured Loans |
1587.622 |
1229.574 |
1235.500 |
|
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TOTAL BORROWING |
1591.126 |
1231.458 |
1238.505 |
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DEFERRED TAX LIABILITIES |
0.000 |
49.728 |
93.409 |
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|
|
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|
|
|
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TOTAL |
2565.700 |
2308.192 |
2144.134 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
901.027 |
913.109 |
1009.256 |
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Capital work-in-progress |
664.082 |
344.304 |
167.017 |
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|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX ASSETS |
12.014 |
0.000 |
0.000 |
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
433.225
|
559.552
|
607.097 |
|
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Sundry Debtors |
44.393
|
446.169
|
370.247 |
|
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Cash & Bank Balances |
1139.629
|
212.304
|
67.857 |
|
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Other Current Assets |
16.376
|
0.000
|
0.000 |
|
|
Loans & Advances |
390.389
|
633.460
|
454.545 |
|
Total
Current Assets |
2024.012
|
1851.485
|
1499.746
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
745.826 |
147.766
|
80.578 |
|
|
Other Current Liabilities |
77.228
|
61.393
|
60.129
|
|
|
Provisions |
212.381
|
591.547
|
391.178
|
|
Total
Current Liabilities |
1035.435
|
800.706
|
531.885
|
|
|
Net Current Assets |
988.577
|
1050.779
|
967.861
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.00 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2565.700 |
2308.192 |
2144.134 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
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SALES |
|
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|
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Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
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TOTAL |
2732.700 |
2380.100 |
2676.600 |
|
|
|
|
|
|
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EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
2463.600 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
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TOTAL |
2747.100 |
2053.300 |
2463.600 |
|
|
|
|
|
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|
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|
PROFIT / (LOSS)
BEFORE TAX |
(14.400) |
326.800 |
212.900 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
38.100 |
112.000 |
80.100 |
|
|
|
|
|
|
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|
|
|
PROFIT / (LOSS)
AFTER TAX |
(52.500) |
214.800 |
132.800 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
607.000 |
392.200 |
259.400 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
554.500 |
607.000 |
392.200 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods
(FOB Basis) |
1430.333 |
1563.271 |
1579.967 |
|
|
|
Reimbursement of
expenses |
|
17.342 |
10.708 |
|
|
TOTAL EARNINGS |
1430.333 |
1580.613 |
1590.675 |
|
|
|
|
|
|
|
|
|
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1470.962 |
797.986 |
1236.377 |
|
|
|
Spare Parts |
1.871 |
4.503 |
3.207 |
|
|
|
Capital Goods |
108.517 |
25.004 |
16.836 |
|
|
TOTAL IMPORTS |
1581.350 |
827.493 |
1256.420 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
(1.25) |
5.11 |
3.16 |
|
|
|
- Diluted |
-- |
1.98 |
1.46 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(1.82)
|
9.02
|
4.96 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.49)
|
11.82
|
8.49 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.01)
|
0.32
|
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.70
|
1.98
|
2.18 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.95
|
2.31
|
2.82 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
(Rs. in millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
|
|
|
|
- Micro and Small
Enterprises |
1.886 |
1.937 |
4.533 |
|
- Others |
743.940 |
145.829 |
76.045 |
|
Total |
745.826 |
147.766 |
80.578 |
|
Sr. No. |
Check List by Info
Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last 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 involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
No |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
NOTE:
The registered office address of the company has been shifted from
“Taloja, Raigad – 410208, Maharashtra, India to the present address w.e.f.
16.02.2009.
CONTINGENT LIABILITIES:
(Rs. In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
|
Income Tax * |
258.558 |
0.000 |
*The Company has filed an appeal against the order of the Assessing officer and the dispute is pending with Commissioner of Income Tax (Appeals). The matter is sub judice and company considers the amounts described above as contingent liability
FIXED
ASSETS
Tangible Assets
·
Land –
Leasehold
· Plant and Machinery
· Motor Vehicles – Leased
· Motor Vehicles – Owned
· Building
· Furniture, Fittings and Equipment
Intangible Assets
· Software
· Goodwill
· Trademarks
· Patents and Know-How
· Non Complete Fee
·
Option
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 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.54.85 |
|
|
1 |
Rs.88.16 |
|
Euro |
1 |
Rs.71.54 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
45 |
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.