|
Report Date : |
24.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
LANXESS INDIA PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Lanxess House, Plot No. A 162, A 163, A 164, Road
No. 27, Wagle Estate, Opposite ITI College, MIDC,
Thane (West), Thane - 400604, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
20.02.2004 |
|
|
|
|
Com. Reg. No.: |
11-158377 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.
7415.190 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U24119MH2004PTC158377 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
PNEL03844B |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AACCB3880A |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturing and Trading of various chemical and chemical intermediates. |
|
|
|
|
No. of Employees
: |
800 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 31900000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of Lanxess
Deutschland GmbH, Profitability of the company appears to be under pressure due to
losses recorded by the company which has resulted into deterioration of the
reserves. However, trade relation reported to be fair. Business is active.
Payment terms are reported to be slow but correct. The company can be considered for business dealing with some caution. |
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
The finance ministry
has started preparations for Budget 2014/15. With general elections scheduled
to be held by May next year, there will only be an interim budget. The new government
will present the fiscal Budget.
The Supreme Court
has barred clinical trials for new drugs till a monitoring mechanism is put in
place to protect the lives of people on which the drugs are tested.
Mumbai has been
named the world’s second most honest city according to a survey on 15 cities
worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top
spot for the world’s most honest city while Lisbon, the capital of Portugal,
proved to be the least honest. The survey put hundreds of people to test
in four continents to find out just how honest they were by dropping wallets
and seeing how many would be returned.
3.7 % Growth of the
core sector in August, a seven month high. This takes the overall growth in
April-August this year to 2.3 % compared with 6.3 % in the corresponding period
next financial year.
$19 million
Estimated average spending by companies across the globe including India, on
social media this year, according to a global study by information technology
major Tata Consultancy Services. This will rise to $
24 million in 2015.
Rising inflation,
fewer employment avenues and dwindling earnings are taking a toll on the
spending capacity in India. Over 72 % respondents from middle and lower middle
income families would be forced to slash their Diwali
expenditure by 40 % and on average spend nearly 25 % of their monthly salary on
Diwali, according to a survey by Assochem.
Analysts believe the
shutdown of the US government would have limited impact in sectors such as IT or
tourism that are dependent on Visa clearances.
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. Deepak Paduale |
|
Designation : |
Head of Treasury Department |
|
Contact No.: |
91-22-25871000 |
|
Date : |
22.10.2013 |
LOCATIONS
|
Registered Office/ Factory 1 : |
Lanxess House, Plot No. A 162, A 163, A 164, Road No. 27, Wagle Estate, Opposite ITI College, MIDC, Thane (West), Thane - 400604, Maharashtra, India |
|
Tel. No.: |
91-22-25871000/ 25311234/ 21729200 |
|
Fax No.: |
91-22-25455039/ 25826348 |
|
Email : |
|
|
Website : |
|
|
|
|
|
Factory 2 : |
29/3, |
|
|
|
|
Factory 3 : |
Post – Birlagram, Nagda, District |
|
Tel. No.: |
91-7366-245104/ 245104/ 245447/ 248735 |
|
Fax No.: |
91-7366-246283 |
|
|
|
|
Factory 4 : |
Plot No. 748/2/A, GIDC, Jhagadia Industrial Estate, District Bharuch - 393110, Gujarat, India |
|
Tel. No.: |
91-2645-226800 |
|
|
|
|
Branch Office : |
LOCATED AT: · Chennai New Delhi Kolkata |
DIRECTORS
As on 28.06.2013
|
Name : |
Dr. Dattaprasad Govind
Talekar |
|
Designation : |
Director |
|
Address : |
Flat No. 403, Building No. 3, Wimbledon Park, Pokhran
Road No. 1, Opposite JK School, Thane – 400602, |
|
Date of Birth/Age : |
28.08.1957 |
|
Date of Appointment : |
10.03.2005 |
|
PAN No.: |
AAZPT5132B |
|
DIN No.: |
00012595 |
|
|
|
|
Name : |
Mr. Kugalur Ramsesha
Venkata Subrahmanian |
|
Designation : |
Director |
|
Address : |
8, Rushilla, 17C, |
|
Date of Birth/Age : |
26.09.1933 |
|
Date of Appointment : |
17.06.2004 |
|
DIN No.: |
00005292 |
|
|
|
|
Name : |
Dr. Joerg Strassburger |
|
Designation : |
Managing Director |
|
Address : |
LANXESS House, Plot no: A 162-164, Road No 27, MIDC, Wagle Estate, Thane (West) – 400604, Maharashtra, India |
|
Date of Birth/Age : |
29.02.1964 |
|
Date of Appointment : |
10.03.2005 |
|
PAN No.: |
BCMPS5383K |
|
DIN No.: |
00223839 |
|
|
|
|
Name : |
Dr. Rainier Arnold Quirinus Maria van Roessel |
|
Designation : |
Chairman |
|
Address : |
Merkel Weg, 1A, Bergisch
Gladbach, Bergisch Gladbach – 51427, Germany |
|
Date of Birth/Age : |
04.08.1957 |
|
Date of Appointment : |
30.08.2007 |
|
DIN No.: |
01599378 |
|
|
|
|
Name : |
Mr. Neelanjan Sarojkumar
Banerjee |
|
Designation : |
Whole-time Director |
|
Address : |
240, 24th Floor, Hiranandani
Meadows,Northside Building, Gladys Alwares Road, Off Pokhran Road
No.2, Thane (West) – 400610, Maharashtra, India |
|
Date of Birth/Age : |
02.03.1973 |
|
Date of Appointment : |
09.08.2010 |
|
PAN No.: |
ADIPB2496A |
|
DIN No.: |
02743360 |
|
|
|
|
Name : |
Jacques Louis Albert Perez |
|
Designation : |
Additional director |
|
Address : |
Av. Adilson Seroa
Da Motta, 150, COB1, Barra Da Tijuca,
Rio De Janeiro Rj 22612290 |
|
Date of Birth/Age : |
26.04.1962 |
|
Date of Appointment : |
15.04.2013 |
|
DIN No. : |
06548546 |
KEY EXECUTIVES
|
Name : |
Mr. Sreeram Venkey |
|
Designation : |
Secretary |
|
Address : |
8, Siddhivinayaka Vignahara
CHS Limited, Chedda Nagar,
Chembur, Mumbai – 400089, |
|
Date of Birth/Age : |
03.07.1962 |
|
Date of Appointment : |
01.07.2004 |
|
PAN No.: |
AABPV4846Q |
|
|
|
|
Name : |
Mr. Deepak Paduale |
|
Designation : |
Head of Treasury Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.06.2013
|
Names of Equity Shareholders |
|
No. of Shares |
|
Lanxess Deutschland GmbH,
Germany |
|
640718842 |
|
Lanxess Deutschland GmbH,
Germany Jointly With Sreeram Venkey |
|
3 |
|
Lanxess Deutschland GmbH,
Germany Jointly With Dattaprasad Talekar |
|
1 |
|
Total |
|
640718846 |
|
Names of Preference Shareholder |
|
No. of Shares |
|
Lanxess Deutschland GmbH,
Germany Jointly With Dattaprasad Talekar |
|
100800000 |
|
Total |
|
100800000 |
As on 28.06.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
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 : |
Manufacturing and Trading of various chemical and chemical intermediates. |
||||||||
|
|
|
||||||||
|
Products : |
|
||||||||
|
|
|
||||||||
|
Exports : |
|
||||||||
|
Products : |
Finished Goods |
||||||||
|
Countries : |
·
Germany ·
Singapore ·
USA |
||||||||
|
|
|
||||||||
|
Terms : |
|
||||||||
|
Selling : |
Cash, Credit |
||||||||
|
|
|
||||||||
|
Purchasing : |
Cash, Credit |
PRODUCTION STATUS [As on 31.03.2011]
|
Particulars |
Licensed and
Installed Capacity |
Actual
Production |
|
Manufacturing Chemicals and Chemical Intermediates |
363569 MT and 20000 m3 |
207799 |
|
1. Installed Capacity mentioned above has been certified by the Management upon which auditors have relied. 2. Production is net off captive consumption for the year |
||
GENERAL INFORMATION
|
Customers : |
End Users |
|
|
|
|
No. of Employees : |
800 (Approximately) |
|
|
|
|
Bankers : |
· Bank of America Citi Bank Deutsche Bank |
|
|
|
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Sharp and Tannan Associates Chartered Accountants |
|
Address : |
87, Nariman Bhavan,
227, Nariman Point, Mumbai – 400021, |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFS1034J |
|
|
|
|
Holding company : |
LANXESS Deutschland GmbH, Germany |
|
|
|
|
Ultimate Holding
Company : |
LANXESS AG , Germany |
|
|
|
|
Fellow Subsidiaries
: |
· Lanxess (Pty.) Limited,South Africa Lanxess Buna GmbH,
Germany Lanxess Butyle Pte. Limited, Singapore Lanxess Central
Eastern Europe s.r.o., Slovakia Lanxess Chemical
(China) Company Limited, China Lanxess Chemicals
S.L., Spain Lanxess Corporation,
USA Lanxess Distribution
GmbH, Germany Lanxess Elastomeres SAS, France Lanxess Elastômeros do Brazil SA, Brazil Lanxess Elastomers B.V., Netherlands Lanxess Emulsion
Rubber S.A.S., France Lanxess Hong Kong
Limited, Hong Kong Lanxess Industria de Produtos Quimicos e Plasticos Ltda., Brazil Lanxess
International S.A., Switzerland Lanxess K.K., Japan Lanxess Korea Limited,South Korea Lanxess Limited,
United Kingdom Lanxess Liyang Polyols Company Limited,
China Lanxess N.V.,
Belgium Lanxess Pte. Limited, Singapore Lanxess Pty Limited,
Australia Lanxess S.A. de
C.V., Mexico Lanxess S.A.,
Argentina Lanxess S.A.S.,
France Lanxess S.R.L.,
Italy Lanxess Shanghai
Pigments Company Limited, China Lanxess Wuxi Chemical Company Limited,China OOO Lanxess - Russia Perlon-Monofil GmbH,
Germany Rhein Chemie (Qingdao) Company
Limited, China Rhein Chemie Argentina S.A., Argentina Rhein Chemie Corporation, USA Rhein Chemie Japan Limited, Japan Rhein Chemie Rheinau GmbH, Germany Rhein Chemie Uruguay S.A., Uruguay Saltigo GmbH,
Germany |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
677407000 |
Equity Shares |
Rs.10/- each |
Rs. 6774.070 Millions |
|
150000000 |
Preference Shares |
Rs.10/- each |
Rs. 1500.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 8274.070 Millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
640718846 |
Equity Shares |
Rs.10/- each |
Rs. 6407.190 Millions |
|
144000000 |
Preference Shares |
Rs.10/- each |
Rs. 1440.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 7847.190 Millions |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
640718846 |
Equity Shares |
Rs.10/- each |
Rs. 6407.190 Millions |
|
100800000 |
Preference Shares |
Rs.10/- each |
Rs. 1008.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 7415.190 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
7415.190 |
5496.090 |
5784.090 |
|
(b) Reserves & Surplus |
563.000 |
866.000 |
1730.000 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
7978.190 |
6362.090 |
7514.090 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
5180.000 |
4323.000 |
2775.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
291.000 |
564.000 |
625.000 |
|
(d) long-term provisions |
50.000 |
53.000 |
52.000 |
|
Total Non-current Liabilities (3) |
5521.000 |
4940.000 |
3452.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1688.000 |
1936.000 |
1529.000 |
|
(b) Trade payables |
880.000 |
1170.000 |
901.000 |
|
(c) Other current
liabilities |
777.000 |
1124.000 |
132.000 |
|
(d) Short-term provisions |
261.000 |
199.000 |
465.000 |
|
Total Current Liabilities (4) |
3606.000 |
4429.000 |
3027.000 |
|
|
|
|
|
|
TOTAL |
17105.190 |
15731.090 |
13993.090 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
7761.000 |
6957.000 |
5778.000 |
|
(ii) Intangible Assets |
827.000 |
1000.000 |
1486.000 |
|
(iii) Capital
work-in-progress |
312.190 |
1009.090 |
1003.090 |
|
(iv)
Intangible assets under development |
0.000 |
4.000 |
15.000 |
|
(b) Non-current Investments |
11.000 |
11.000 |
0.000 |
|
(c) Deferred tax assets (net) |
559.000 |
479.000 |
340.000 |
|
(d) Long-term Loan and Advances |
767.000 |
1175.000 |
964.000 |
|
(e) Other Non-current assets |
2.000 |
4.000 |
8.000 |
|
Total Non-Current Assets |
10239.190 |
10639.090 |
9594.090 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
2472.000 |
1951.000 |
1633.000 |
|
(c) Trade receivables |
3006.000 |
1960.000 |
1636.000 |
|
(d) Cash and cash
equivalents |
315.000 |
305.000 |
434.000 |
|
(e) Short-term loans and
advances |
1069.000 |
873.000 |
693.000 |
|
(f) Other current assets |
4.000 |
3.000 |
3.000 |
|
Total Current Assets |
6866.000 |
5092.000 |
4399.000 |
|
|
|
|
|
|
TOTAL |
17105.190 |
14722.000 |
13993.090 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operation |
13225.000 |
9964.000 |
7733.000 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL (A) |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1210.000 |
572.000 |
529.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
694.000 |
497.000 |
228.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
516.000 |
75.000 |
301.000 |
|
|
|
|
|
|
|
|
|
|
Exceptional
Items |
170.000 |
174.000 |
(302.000) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1017.000 |
861.000 |
622.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(331.000) |
(612.000) |
(623.000) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(28.000) |
252.000 |
(911.000) |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(303.000) |
(864.000) |
(288.000) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
5354.000 |
3552.000 |
2245.136 |
|
|
|
Indenting Commission |
269.000 |
254.000 |
213.571 |
|
|
|
Marketing Services |
19.000 |
16.000 |
11.858 |
|
|
|
|
134.000 |
102.000 |
70.275 |
|
|
|
Other Earnings |
15.000 |
1.000 |
0.000 |
|
|
TOTAL EARNINGS |
5791.000 |
3925.000 |
2540.840 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
3045.000 |
1502.000 |
1040.392 |
|
|
|
Packing Materials |
15.000 |
24.000 |
1.389 |
|
|
|
Stores, Spares and Components |
23.000 |
15.000 |
2.737 |
|
|
|
Traded Goods |
2113.000 |
1731.000 |
1327.031 |
|
|
|
Capital Goods |
43.000 |
404.000 |
230.738 |
|
|
TOTAL IMPORTS |
5239.000 |
3676.000 |
2602.287 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(0.41) |
(1.99) |
(0.69) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Net Profit Margin (PBT/Sales) |
(%) |
(2.50)
|
(6.14)
|
(8.06)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.04)
|
(4.30)
|
(4.93)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.04)
|
(0.10)
|
(0.08)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.86
|
0.98 |
0.57 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.90
|
1.15 |
1.45 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT
MATURITIES OF LONG TERM DEBTS
|
Particulars |
31.03.2013 (Rs. In Millions) |
31.03.2012 (Rs. In Millions) |
31.03.2011 (Rs. In Millions) |
|
|
|
|
|
|
Current maturities of long-term debt |
0.000 |
525.000 |
0.000 |
|
|
|
|
|
|
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 |
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 |
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
INDEX OF CHARGES : NO
CHARGES EXIST FOR COMPANY
UNSECURED LOANS
|
PARTICULARS |
31.03.2013 (Rs. in Millions) |
31.03.2012 (Rs. in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Rupee term loans from banks |
455.000 |
455.000 |
|
Loans and advances from related parties |
4725.000 |
3868.000 |
|
SHORT TERM BORROWINGS |
|
|
|
Rupee term loans from banks |
500.0000 |
820.000 |
|
Loans repayable on demand from banks |
1188.000 |
1116.000 |
|
Total |
6868.000 |
6259.000 |
Note:
The registered office of the company has been shifted from Kolshet Road, Thane – 400607, Maharashtra, India to the present address w.e.f. 01.01.2012
BACKGROUND
Subject is a private company incorporated in India in February, 2004, was formed as a subsidiary of Lanxess Deutschland GmbH, which in turn is a subsidiary of Lanxess AG, Germany, a Company listed in Frankfurt stock
exchange on 31st January, 2005. Our Company was formed to acquire the chemical and part of the polymer business of Bayer Group in India, pursuant to a global business reconstruction and realignment of the said business in 2004. Consequently the chemicals division of Bayer MaterialScience Private Limited (BMS) was demerged as per the order of the High Court with appointed date of 1st March, 2004, wherein all related assets and liabilities were acquired at book values and the effective date of the scheme of demerger was 1st July, 2004. The rubber chemical business of Bayer Polychem (India) Limited (BPCIL) was transferred to their Company on 1st July, 2004 through an Asset Deal (slump sale). Further the moveable assets and employee related assets and liabilities relevant to the restructuring was acquired by the Company on 1st July, 2004 from Bayer CropScience Limited (BCS).
SALES:
theCompany achieved a strong overall growth of 33% from Rs 9964.000 million in last year to Rs 13225.000 million in the current year, driven by improved performance in all the three business segments Performance Polymers, Advanced Industrial Intermediates and Performance Chemicals. Improved production for Liquid Purification Technologies (LPT) (formerly known as Ion Exchange Resins), High Performance Materials (HPM), Rhein Chemie (RCH) and production startup of Material Protection Products (MPP) at Jhagadia site have supported the Sales growth, especially in Exports which grew by 46%.
Specialty Chemicals industry (paints and coatings, agro chemicals, water treatment chemicals, dyes and pigments, etc.) has grown at a significant rate, whereas the growth rate of automobile and tire industry were subdued during the year. Most of the Business Units therefore took advantage of the growth in the Specialty chemical industry and improved their performances in local as well as export market. Business Units HPM, MPP and RCH gained good volumes due to full year of production at Jhagadia site and the Sales was up by 193%, 54% and 28% respectively. Advanced Industrial Intermediates (AII) registered a strong growth of 22% due to higher Sales in the Export Market. Liquid Purification Technology (LPT) sales grew by 101%. Leather Chemicals (LEA) sales were up by 17%.Overall the Sales growth was extremely good for the Company.
Sales for the first two months of the financial year 2013-2014 has seen growth of 12% and estimates for June 2013 is likely to be the same. The major share is contributed by the segment Performance Polymers where Sales have increased almost by 31% as compared to the year under review. As regards segment Advances Industrial Intermediates (this segment being the largest of the three segments), the growth has been 9% and segment Performance Chemicals has also seen a higher growth of 13%.
The Sales growth over the last 9 years has recorded a CAGR of 111%.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2012 (Rs. In Millions) |
31.03.2011 (Rs. In Millions) |
|
Central Excise and Value Added Tax |
8.000 |
4.000 |
|
Export obligations against Advance |
148.000 |
219.000 |
|
Bank Guarantees |
101.000 |
87.000 |
|
Letter of Credits |
155.000 |
0.000 |
FIXED ASSETS
v
Tangible
assets
Land
Buildings
Plant
and equipment
Furniture
and fixtures
Vehicles
Office
equipment
v
Intangible assets
Goodwill
Computer
software
Copyrights,
patents and other operating rights
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.61.78 |
|
|
1 |
Rs.99.66 |
|
Euro |
1 |
Rs.84.49 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
30 |
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.