MIRA
INFORM REPORT
|
Report Date : |
28.06.2013 |
IDENTIFICATION
DETAILS
|
Name : |
DIVERSEY INDIA PRIVATE LIMITED [w.e.f. 05.03.2010] |
|
|
|
|
Formerly Known As : |
JOHNSONDIVERSEY
INDIA PRIVATE LIMITED JOHNSON
WAX PROFESSIONAL PRIVATE LIMITED |
|
|
|
|
Registered Office : |
501, 5th
Floor Ackruti Centre Point MIDC
Central Road, Andheri (East), Mumbai – 400093, Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
01.10.2001 |
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|
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Com. Reg. No.: |
11-178568 |
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|
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|
Capital Investment / Paid-up Capital : |
Rs. 253.096 Millions |
|
|
|
|
CIN No.: [Company Identification No.] |
U74999MH2001PTC178568 |
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|
|
|
PAN No.: [Permanent Account No.] |
AAACJ9744R |
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|
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|
Legal Form : |
Private Limited
Liability Company |
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|
|
|
Line of Business : |
Subject is engaged
in the business of manufacture, marketing and trading of institutional and industrial
cleaning hygiene products. |
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|
|
|
No. of Employees : |
354
(Approximately) |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED
CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit
Limit : |
USD 2600000 |
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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 financials i.e.
2011-12 are missing from the government department. From the previous year
record, it seems that the company is performing well. Trade relations are
reported as fair. Business is active. Payments are reported to be usually
correct. 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.
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
PARTED BY
|
Name : |
Mr. Narendra Sahu |
|
Designation : |
Senior Finance
Manager |
|
Contact No.: |
91-22-66444222 |
|
Date : |
27.06.2013 |
LOCATIONS
|
Registered
Office : |
501, 5th
Floor, Ackruti Centre Point, |
|
Tel. No.: |
91-22-66444222/
22025986/ 66444200 |
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Fax No.: |
91-22-66444223/
22015625 |
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E-Mail : |
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|
Website : |
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|
Area : |
800 sq. ft. |
|
Location : |
Rented |
|
|
|
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Factory : |
Village Rangwal
Apartment, GPI Textile, |
DIRECTORS
AS ON: 24.09.2012
|
Name : |
Mr. Andrew Jeffrey
Warren |
|
Designation : |
Director |
|
Address : |
397, |
|
Date of
Birth/Age : |
04.06.1964 |
|
Date of
Appointment : |
29.11.2006 |
|
DIN No. |
01189271 |
|
|
|
|
Name : |
Mr. Hemant Shivram
Godbole |
|
Designation : |
Director |
|
Address : |
A-901, Serenity
Complex, Off |
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Date of
Birth/Age : |
10.09.1955 |
|
Date of
Appointment : |
29.10.2007 |
|
Voter ID No.: |
ACC2062412 |
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DIN No. |
02015943 |
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|
|
|
Name : |
Mr. Himanshu Jain |
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Designation : |
Managing Director |
|
Address : |
61 C Jai
Apartment, 102 IP Extension, |
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Date of
Birth/Age : |
08.01.1966 |
|
Date of
Appointment : |
26.09.2011 |
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DIN No. |
03540481 |
KEY
EXECUTIVES
|
Name : |
Mr. Narendra Sahu |
|
Designation : |
Senior Finance
Manager |
MAJOR
SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 24.09.2012
|
Names of
Shareholders |
No. of Shares |
|
Diversey Inc., |
25309599 |
|
Professional Share
Holding Inc., |
1 |
|
TOTAL |
25309600 |
AS ON: 24.09.2012
|
Equity Share 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 : |
Subject is engaged
in the business of manufacture, marketing and trading of institutional and
industrial cleaning hygiene products. |
|
|
|
|
Products : |
· Carpet Deodorizer · Carpet Detergent · Clax Action · Clax Boost · Clax Build · Clax Hypo · Clax Xtrasoft · Floor Maintainer · P.O.G. Spotter Gel · Sealer and Finish For Hard Floors · Solvent · Wood Floors Stripper · Bottlewashing System · Dairy Farm Hygiene · General Purpose Spotter · Infection Control · Stainless Steel Polish · Injection Extraction Machines Extraction · Vacuum Cleaners · Central Dispensing Equipment · Carpet Cleaning Machines · Carpet Spotting Kit · Soft Care Bulk Dispenser · Touch-Free Dispenser · Automatic Scrubber Driers · High Shine Crystalline Powder · Sanitizers · Hard Surface Cleaners · Single Disc Machines · Emulsifiers · Softcare Plus · Detergents · Polishing Powder · Drain Cleaners · Floor Strippers · High Pressure Cleaners · Grill Cleaners · Rust Remover · Tannin Stain Remover · Softeners · Liquid Crystallizer · Kitchen Care Descalers |
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Exports : |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
Cash, Credit |
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Purchasing : |
Cash, Credit |
GENERAL
INFORMATION
|
Customers : |
End Users |
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|
|
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No. of
Employees : |
354
(Approximately) |
|
|
|
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Bankers : |
City Bank, Fort
Mumbai, Maharashtra, India |
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|
|
|
Banking Relations : |
-- |
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|
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Auditors : |
|
|
Name : |
S.R. Batliboi and Associates Chartered Accountants |
|
Address : |
14th floor, Ruby 29, Senapati Bapat Marg, Dadar
(West) Mumbai - 400028 |
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Tel. No.: |
91-22-40356300 |
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Fax No.: |
91-22-40356400 |
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E-Mail : |
AABFS3421N |
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|
|
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Holding Company
: |
Diversey Inc., United States |
CAPITAL
STRUCTURE
AS ON: 24.09.2012
Authorised
Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
31000000 |
Equity Shares |
Rs.10/- each |
Rs. 310.000
Millions |
|
|
|
|
|
Issued,
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25309600 |
Equity Shares |
Rs.10/- each |
Rs. 253.096
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 |
253.096 |
253.096 |
253.096 |
|
|
2] Share
Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves &
Surplus |
404.583 |
168.402 |
24.620 |
|
|
4] (Accumulated
Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
657.679 |
421.498 |
277.716 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
284.427 |
284.427 |
|
|
TOTAL BORROWING |
0.000 |
284.427 |
284.427 |
|
|
DEFERRED TAX
LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
657.679 |
705.925 |
562.143 |
|
|
|
|
|
|
|
|
APPLICATION OF
FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net
Block] |
379.968 |
342.974 |
333.719 |
|
|
Capital
work-in-progress |
49.062 |
25.269 |
14.743 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX
ASSETS |
29.678 |
30.942 |
18.958 |
|
|
|
|
|
|
|
|
CURRENT ASSETS,
LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
325.843
|
241.799 |
254.724 |
|
|
Sundry Debtors |
244.386
|
205.911 |
137.507 |
|
|
Cash & Bank
Balances |
115.512
|
208.961 |
76.618 |
|
|
Other Current
Assets |
4.750
|
0.000 |
0.000 |
|
|
Loans &
Advances |
89.890
|
118.975 |
66.947 |
|
Total Current Assets |
780.381
|
775.646 |
535.796
|
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
554.459
|
449.970 |
200.644 |
|
|
Other Current
Liabilities |
0.000
|
0.000 |
117.377 |
|
|
Provisions |
26.951
|
18.936 |
23.052 |
|
Total Current Liabilities |
581.410
|
468.906 |
341.073 |
|
|
Net
Current Assets |
198.971
|
306.740
|
194.723
|
|
|
|
|
|
|
|
|
MISCELLANEOUS
EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
657.679 |
705.925 |
562.143 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
NA |
1923.953 |
1562.206 |
|
|
|
Other Income |
|
22.899 |
43.209 |
|
|
|
TOTAL
(A) |
NA |
1946.852 |
1605.415 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Costs |
NA |
858.109 |
742.738 |
|
|
|
Employees Costs |
|
214.377 |
184.696 |
|
|
|
Manufacturing and
Other Operating Expenses |
|
623.251 |
484.591 |
|
|
|
TOTAL
(B) |
NA |
1695.737 |
1412.025 |
|
|
|
|
|
|
|
|
Less |
PROFIT BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
NA |
251.115 |
193.390 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
NA |
33.942 |
33.159 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX, DEPRECIATION
AND AMORTISATION (C-D) (E) |
NA |
217.173 |
160.231 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
69.309 |
52.875 |
43.754 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX (E-F) (G) |
NA |
164.298 |
116.477 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
NA |
20.516 |
38.394 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX (G-H) (I) |
236.181 |
143.782 |
78.083 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
168.402 |
24.620 |
(53.463) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED TO THE B/S |
404.583 |
168.402 |
24.620 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN CURRENCY |
81.774 |
85.888 |
107.335 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share (Rs.) |
9.33 |
5.68 |
3.09 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total
Income |
(%) |
NA
|
7.39 |
4.86 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
8.54
|
1.05 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
14.69
|
13.40
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.39
|
0.42 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.67
|
1.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.34
|
1.65
|
1.57 |
LOCAL AGENCY
FURTHER INFORMATION
|
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 |
Yes |
|
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 |
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 |
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 |
No |
FACILITIES
(Rs in Millions)
|
Unsecured Loan |
As on 31.03.2011 |
As on 31.03.2010 |
|
Loan from Diversey Europe B.V. |
0.000 |
284.427 |
|
|
|
|
|
Total |
0.000 |
284.427 |
Note: The above loan is a
rupee denominated loan and is repayable in the year December 2011.
SUNDRY CREDITORS DETAILS
(Rs. In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
|
|
|
|
Creditors due
small micro enterprises |
0.000 |
0.000 |
0.000 |
|
Creditors due
others |
554.459
|
449.970 |
200.644 |
|
|
|
|
|
|
TOTAL |
554.459
|
449.970 |
200.644 |
NOTE
The registered office of the company has been shifted from A-8, Laxmi Towers, Bandra - Kurla Complex, Mumbai – 400051, Maharashtra, India to present address w.e.f. 29.11.2010
BACKGROUND
The company is
subsidiary of Diversey Inc.,
FINANCIAL RESULT
The company has earned a net profit of Rs. 236.181 Millions after tax Rs.
69.309 Millions provided for depreciation and Amortisation. The company is
expecting to further increase its revenue during the current year. There were
no transfers to Reserves and Surplus account during the year.
FIXED ASSETS:
·
Goodwill
·
Commercial
Benefits
·
Software
·
·
·
Lease
Hold Improvements
·
Plant
and Machinery
·
Furniture
ad Fixture
·
Office
Equipment
·
Computers
·
Dispensers and Pumps
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. 60.58 |
|
|
1 |
Rs. 92.91 |
|
Euro |
1 |
Rs. 78.94 |
INFORMATION
DETAILS
|
Information Gathered by : |
SVA |
|
|
|
|
Report Prepared by : |
DPT |
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.