MIRA INFORM REPORT
|
Report Date : |
27.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
H.B. FULLER INDIA ADHESIVES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
A-503, BSEL Tech Park, Sector 30A, Vashi, Navi Mumbai – 400705,
Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
05.11.2008 |
|
|
|
|
Com. Reg. No.: |
11-187992 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 384.305 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74999MH2008PTC187992 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMH11947F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCH1671D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and
Seller of a wide range of Industrial Adhesives, Sealants. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1039000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record.
There appears some accumulated losses recorded by the company. However, trade relations are reported to be fair. Business is active.
Payments are reported to be slow but correct. The company can be considered for business dealings with slight
caution. |
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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.
LOCATIONS
|
Registered Office : |
A-503, BSEL Tech Park, Sector 30A, Vashi, Navi Mumbai – 400705, Maharashtra,
India |
|
Tel. No.: |
91-22-61450500 |
|
Fax No.: |
91-22-61450505 |
|
E-Mail : |
DIRECTORS
As on 28.09.2012
|
Name : |
Mr. Sandeep Garyali |
|
Designation : |
Director |
|
Address : |
Flat No. E/503, 5th Floor, AWHO, Dara Enclave, Plot No. 6,
Sector – 9, Nerul, Navi Mumbai – 400706, Maharashtra, India |
|
Date of Birth/Age : |
07.08.1962 |
|
Date of Appointment : |
05.01.2009 |
|
DIN No.: |
02500061 |
|
|
|
|
Name : |
Mr. Kevin Michael Gilligan |
|
Designation : |
Director |
|
Address : |
No. 3, Green Villas, Lane 888, Ming YUE Road, Pudong New Area, China |
|
Date of Birth/Age : |
26.05.1966 |
|
Date of Appointment : |
05.01.2009 |
|
DIN No.: |
02596758 |
|
|
|
|
Name : |
Brian John Collins |
|
Designation : |
Director |
|
Address : |
Sclossberg 3D, Risch - 6343 |
|
Date of Birth/Age : |
06.09.1968 |
|
Date of Appointment : |
18.03.2010 |
|
DIN No.: |
02945623 |
KEY EXECUTIVES
|
Name : |
Ujwal Kumar Kalita |
|
Designation : |
Secretary |
|
Address : |
House No. 15, Bhetapada Chariali, Barsajai, C, Chaudhari Path,
Beltala, Guwahati – 781028, Assam, India |
|
Date of Birth/Age : |
31.12.1979 |
|
Date of Appointment : |
07.12.2011 |
|
PAN No. : |
BHJPK2090P |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2012
|
Names of Equity Shareholders |
No. of Shares |
|
H.B. Fuller Company, Willow Lake BLVD |
9000 |
|
H.B. Fuller International INC., Minnesota |
1000 |
|
H.B. Fuller Benelux B.V. Netherlands |
2420500 |
|
|
|
|
Total |
2430500 |
|
Names of Preference Shareholders |
No. of Shares |
|
H.B. Fuller Benelux B.V., Netherlands |
27000000 |
|
H.B. Fuller Company, USA |
9000000 |
|
|
|
|
Total |
36000000 |
As on 28.09.2012
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 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business
: |
Manufacturer and
Seller of a wide range of Industrial Adhesives, Sealants. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
Bank of Tokyo-Mitsubishi |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Vaidya Nanakumar Dattatraya Chartered Accountant |
|
Address : |
11/2 Phule Nagar, Alandi Road, |
|
PAN.: |
AAOPV4214H |
|
Holding Company : |
|
|
|
|
|
Associates : |
|
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2500000 |
Equity Shares |
Rs.10/- each |
Rs. 25.000 Millions |
|
36000000 |
Preference Shares |
Rs.10/- each |
Rs. 360.000 Millions |
|
|
Total |
|
Rs. 385.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2430500 |
Equity Shares |
Rs.10/- each |
Rs. 24.305 Millions |
|
36000000 |
Preference Shares |
Rs.10/- each |
Rs. 360.000 Millions |
|
|
Total |
|
Rs. 384.305
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
384.305 |
204.305 |
24.305 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(124.434) |
(3.730) |
(6.789) |
|
|
NETWORTH |
259.871 |
200.575 |
17.516 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
233.025 |
60.000 |
40.000 |
|
|
TOTAL BORROWING |
233.025 |
60.000 |
40.000 |
|
|
DEFERRED TAX LIABILITIES |
2.552 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
495.448 |
260.575 |
57.516 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
313.472 |
57.625 |
4.284 |
|
|
Capital work-in-progress |
111.979 |
33.807 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
56.605 |
70.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.295 |
0.543 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
270.689
|
55.965 |
51.498 |
|
|
Sundry Debtors |
74.764
|
81.815 |
70.874 |
|
|
Cash & Bank Balances |
29.011
|
57.816 |
7.912 |
|
|
Other Current Assets |
24.920
|
0.060 |
0.000 |
|
|
Loans & Advances |
5.358
|
14.057 |
8.390 |
|
Total
Current Assets |
404.742
|
209.713 |
138.674 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
224.212
|
100.389 |
|
|
|
Other Current Liabilities |
88.972
|
9.281 |
85.985 |
|
|
Provisions |
78.166
|
1.195 |
|
|
Total
Current Liabilities |
391.350
|
110.865 |
85.985 |
|
|
Net Current Assets |
13.392
|
98.848 |
52.689 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
495.448 |
260.575 |
57.516 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
|
|
129.267 |
|
|
|
Other Income |
|
|
3.793 |
|
|
|
TOTAL |
521.566 |
369.574 |
133.060 |
|
|
|
|
|
|
|
|
Less |
|
|
|
|
|
|
|
|
Cost of Goods Sold |
|
|
101.541 |
|
|
|
Employees Remuneration and Benefits |
|
|
10.975 |
|
|
|
Administrative, Selling and General Expenses |
|
|
24.355 |
|
|
|
TOTAL |
591.247 |
364.905 |
136.871 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(69.681) |
4.669 |
(3.811) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
2.759 |
0.439 |
0.932 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
(72.440) |
4.230 |
(4.743) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
2.847 |
0.930 |
(0.548) |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(75.287) |
3.300 |
(4.195) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(3.730) |
(6.789) |
(2.594) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Preference Dividend Provided During The
Year |
(45.416) |
(0.241) |
0.000 |
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(124.433) |
(3.730) |
(6.789) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.96 |
0.11 |
0.12 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(14.43)
|
0.89 |
(3.15) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
(3.67) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(10.09)
|
1.58 |
(3.32) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.28)
|
0.02 |
(0.27) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.89
|
0.30 |
2.28 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.03
|
1.8 |
1.61 |
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 |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
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 |
No |
|
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 |
Yes |
|
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 |
UNSECURED LOAN:
|
Particulars |
As
on 31.03.2012 (Rs.
In Millions) |
As
on 31.03.2011 (Rs.
In Millions) |
|
Other Loans and advances |
47.840 |
60.000 |
|
Other External Commercial Borrowings |
185.185 |
0.000 |
|
Total |
233.025 |
60.000 |
FIXED ASSETES:
- Land and Building
- Office Equipment
- Computer Equipment
- Furniture and Fixture
- Vehicle
- Plant and Machinery
- Patent and Trade Mark
WEB DETAIL:
PRESS
RELEASE:
H.B. FULLER
INTRODUCES NEXT-GENERATION WATER-BASED LAMINATING ADHESIVES
April
11, 2013
H.B. Fuller Company today introduced a
family of water-based dry bond hybrid laminating adhesives for flexible packaging
in the food and industrial markets. This new Flextra water-based line-up,
PD2243, PD2167 and PD2207, is designed for high clarity, clean machining and
excellent cell release. Together, the water-based adhesives offer converters
three options to help maximize performance while balancing cost.
Customers packaging produce, bakery goods, snacks and confections need adhesives that match their performance needs," said Brian Glasbrenner, North American sales manager, flexible packaging at H.B. Fuller. "We developed the Flextra water-based dry bond hybrid laminating adhesives to give customers more choice with the high-end performance they can count on. With these products, you can laminate, pouch, ship and fill packages in as few as two days."
Flextra PD2243 offers the highest performance of H.B. Fuller's water-based line with excellent clarity on various films, high bond strength, high chemical resistance and high heat resistance. The adhesive is suitable for stand-up pouches. Its clean machining helps minimize production line shut-downs for clean-up.
Within the line, Flextra PD2167 provides the widest window of performance for its cost with good bond strength on a variety of films. It has good clarity and gravure cylinder cell release, leading to good adhesive transfer and easy clean-up.
The base product in the family, Flextra PD2207, is suitable for a bakery, snack and confectionary packaging, offering outstanding economics for a water-based adhesive.
About H.B. Fuller Company:
For over 125 years, H.B. Fuller has been a leading global
adhesives provider focusing on perfecting adhesives, sealants and other
specialty chemical products to improve products and lives. Recognized for
unmatched technical support and innovation, H.B. Fuller brings knowledge and
expertise to help its customers find precisely the right formulation for the
right performance. With fiscal 2012 net revenue of $1.9 billion, H.B. Fuller
serves customers in packaging, hygiene, general assembly, paper converting,
woodworking, construction, automotive and consumer businesses.
H. B. Fuller Company's common stock is traded on the New York Stock Exchange under the ticker symbol FUL.
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.55.61 |
|
|
1 |
Rs.83.98 |
|
Euro |
1 |
Rs.71.94 |
INFORMATION DETAILS
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
36 |
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.