MIRA INFORM REPORT
|
Report Date : |
18.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
HEUBACH COLOUR PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 9002-9010, Phase VI, G.I.D.C., Ankleshwar – 393002, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
28.09.1993 |
|
|
|
|
Com. Reg. No.: |
04-033372 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.412.376 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24110GJ1993PTC033372 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BRDH00571E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACH2578P |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Organic
Pigments. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 7090000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an established company having a satisfactory track record. Financial position of the company appears to be sound. The company
performance seems to be good. Trade relations are reported to be decent.
Business is active. Payments are reported to be usually correct and as per
commitment. The company can be considered for normal business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like Tunisia, Egypt, Libya and Vietnam.
Once powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
BBB+ (Long Term Rating) |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
September 16, 2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A2 (Short Term Rating) |
|
Rating Explanation |
Strong degree of safety and low credit risk.
|
|
Date |
September 16, 2013 |
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/ Factory : |
Plot No. 9002-9010, Phase VI, G.I.D.C., Ankleshwar – 393002, Gujarat,
India |
|
Tel. No.: |
91-2646-251623/ 252160/ 252289/ 250363 |
|
Fax No.: |
91-2646-250343 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
5000 sq.fts |
|
Location : |
Owned |
|
|
|
|
Mumbai Office : |
Neelkanth Business Park, A-Wing, Office No-302, Khalia Village, Vidyavihar (West), Mumbai – 400 086. Maharashtra, India |
|
Tel. No.: |
91-22-65685999 |
|
|
|
|
Marketing Office : |
Land Mark", 2nd Floor, Gotri Road, Race Course Circle, Vadodara - 390007, Gujarat, India |
|
Tel. No.: |
91-265-2343310/ 2314860/ 2341651 |
|
Fax No.: |
91-265-2341682/ 2354827 |
|
E-Mail : |
DIRECTORS
As on: 29.09.2012
|
Name : |
Mr. |
|
Designation : |
Managing Director |
|
Address : |
91B, Lotus Court Wing, Near Hari
Bhakti Colony, Race Course Circle, Vadodara – 390015, Gujarat, India |
|
Date of Birth/Age : |
07.02.1961 |
|
Qualification : |
B.Com, Dip. In Journalism |
|
Date of Appointment : |
15.05.1994 |
|
PAN No.: |
AAFPK0850K |
|
DIN No.: |
01761752 |
|
|
|
|
Name : |
Mr. Ashok G. Chitre |
|
Designation : |
Whole Time Director |
|
Address : |
Plot No.1319, Near Gil Colony,
GIDC, Ankelshwar, Bharuch – 393002, Gujarat, India |
|
Date of Birth/Age : |
13.01.1945 |
|
Date of Appointment : |
01.07.2000 |
|
PAN No.: |
ABSPC2952L |
|
DIN No.: |
00110105 |
KEY EXECUTIVES
|
Name : |
Ms. Kirti Ramchandra Pawar |
|
Designation : |
Company Secretary |
|
Address : |
5, Dindayal Society, Munj Mahuda, Old Padra Road, Vadodara - 390020,
Gujarat, India |
|
Date of Birth/Age : |
19.07.1985 |
|
Date of Appointment : |
17.01.2011 |
|
PAN No: |
APJPP6699A |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 29.09.2012
|
Names of Equity Shareholders |
|
No. of Shares |
|
HP Colour Cyprus Limited, Cyprus |
|
873735 |
|
|
|
167 |
|
Pigment Colour Limited, |
|
6600 |
|
|
|
|
|
Total |
|
880502 |
|
Names of Preference Shareholders |
|
No. of Shares |
|
Pigment Colour Limited, Bermuda
|
|
3243260 |
|
|
|
|
|
Total |
|
3243260 |
Equity Share Break up (Percentage of Total Equity)
As on: 29.09.2012
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
99.98 |
|
Directors or relatives of directors |
|
0.02 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Organic
Pigments. |
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||||||||||||||||
|
Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
|
|||||||||||||||||||||
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|||||||||||||||||||||
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Facilities : |
(Rs.
In Millions)
Notes: Installments falling due in respect of all the above Loans upto March 31, 2013 (Previous year upto March 31, 2012) have been grouped under ?Current maturities of long-term debt Nature of Security and terms of repayment for Long Term secured borrowings:
Terms of repayment for Long Term unsecured borrowings: Repayable in 10 half-yearly installments starting from April 2012. Last installment due in September 2016. *Secured by land, building, plant and machinery and hypothecation of present and future inventories and book debts. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Lovelock and Lewes Chartered Accountants |
|
Address : |
President Plaza, First Floor, Opposite Muktidham, Derasar, Thaltej, Ahmedabad – 380054 |
|
PAN No.: |
AABFL5878L |
|
|
|
|
Ultimate Holding
Company : |
Heubach Research Centre s.r.o |
|
|
|
|
Associates : |
|
|
|
|
|
Subsidiary Company
: |
Heubach Japan Kabushikikaiysya |
|
|
|
|
Holding Company : |
|
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1250000 |
Equity Shares |
Rs.100/- each |
Rs.125.000 Millions |
|
3250000 |
Preference Shares |
Rs.100/- each |
Rs.325.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.450.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
880502 |
Equity Shares |
Rs.100/- each |
Rs.88.050 Millions |
|
3243260 |
Preference Shares |
Rs.100/- each |
Rs.324.326 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.412.376 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 |
412.376 |
412.376 |
412.376 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1360.718 |
1289.397 |
1159.058 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1773.094 |
1701.773 |
1571.434 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1294.823 |
1024.644 |
1188.837 |
|
|
2] Unsecured Loans |
257.829 |
289.332 |
325.008 |
|
|
TOTAL BORROWING |
1552.652 |
1313.976 |
1513.845 |
|
|
DEFERRED TAX LIABILITIES |
37.408 |
40.124 |
64.365 |
|
|
|
|
|
|
|
|
TOTAL |
3363.154 |
3055.873 |
3149.644 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1307.406 |
1125.427 |
1332.334 |
|
|
Capital work-in-progress |
122.116 |
226.345 |
95.696 |
|
|
|
|
|
|
|
|
INVESTMENT |
21.833 |
21.825 |
19.369 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
FOREIGN CURRENCY MONETARY ITEM TRANSLATION DIFFERENCE ASSET ACCOUNT |
36.214 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1252.789
|
1160.286 |
1121.893
|
|
|
Sundry Debtors |
718.742
|
627.578 |
568.865
|
|
|
Cash & Bank Balances |
92.689
|
38.666 |
29.023
|
|
|
Other Current Assets |
0.262
|
6.232 |
0.672
|
|
|
Loans & Advances |
395.644
|
369.867 |
297.988
|
|
Total
Current Assets |
2460.126
|
2202.629 |
2018.441 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
268.549
|
299.938 |
298.670
|
|
|
Other Current Liabilities |
294.903
|
213.212 |
10.305
|
|
|
Provisions |
21.089
|
7.203 |
7.221
|
|
Total
Current Liabilities |
584.541
|
520.353 |
316.196 |
|
|
Net Current Assets |
1875.585
|
1682.276 |
1702.245
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3363.154 |
3055.873 |
3149.644 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
NA |
NA |
2470.249 |
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
NA |
NA
|
2257.373 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
464.083 |
403.301 |
212.876 |
|
|
|
|
|
|
|
|
|
|
DEPRECIATION/
AMORTISATION |
273.644 |
274.073 |
270.873 |
|
|
|
|
|
|
|
|
|
|
PRIOR PERIOD
ITEMS |
0.000 |
0.000 |
4.388 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
190.439 |
129.228 |
(62.385) |
|
|
|
|
|
|
|
|
|
|
TAX |
37.284 |
7.379 |
(12.836) |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
153.155 |
121.849 |
(49.549) |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
976.061 |
842.470 |
NA |
|
|
|
|
|
|
|
|
|
|
ADJUSTMENT OF
FOREIGN CURRENCY |
(81.834) |
11.742 |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
71.321 |
133.591 |
909.299 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
173.94 |
138.39 |
(61.64) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
NA |
NA |
(2.01) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.05 |
3.88 |
(1.86) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11 |
0.08 |
(0.04) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.88 |
0.77 |
0.96
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.21 |
4.23 |
6.38
|
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 |
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 |
Yes |
|
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 |
Yes |
NOTE
Registered office has been shifted from Plot No. 9002-9010, Phase 4, GIDC,
Ankleshwar – 393002,
To the present address w.e.f. 10.02.2011
UNSECURED LOAN
(Rs. In Millions)
|
Particular |
As on 31.03.2012 |
As on 31.03.2011 |
|
Interest free loan from Pigment Colour Limited |
257.829 |
289.332 |
|
|
|
|
|
Total |
257.829 |
289.332 |
|
LITIGATION DETAILS |
|
HIGH COURT OF GUJARAT |
|
TAX APPEAL No. 702 of 2013 |
|
|
|
|
|
Status : PENDING |
( Converted from : O/ST/1645/2013 ) |
CCIN No : 001092201300702 |
|
|
||
|
|
|
S.NO. |
Name of the
Petitioner |
Advocate On Record |
|
1 |
COMMISSIONER OF INCOME TAX III |
MR KM PARIKH for: Appellant(s) |
|
S.NO. |
Name of the
Respondant |
Advocate On Record |
|
1 |
HEUBACH COLOUR PRIVATE LIMITED |
NOTICE NOT RECD BACK for :Opponent(s) |
|
Presented On |
: 19/06/2013 |
Registered On |
: 06/08/2013 |
|
Bench Category |
: - |
District |
: VADODARA |
|
Case Originated
From |
: THROUGH ADVOCATE |
Listed |
: 8 times |
|
StageName |
: NOTICE RETURNABLE MATTERS |
||
|
Court Proceedings |
|
S. No. |
Notified Date |
CourtCode |
Board Sr. No. |
Stage |
Action |
Coram |
|
1 |
04/07/2013 |
5 |
- |
undefined |
NEXT DATE |
REGISTRAR (JUDICIAL) |
|
2 |
05/07/2013 |
5 |
55 |
FOR OFFICE OBJECTION |
NEXT DATE |
HONOURABLE MR.JUSTICE M.R. SHAH HONOURABLE MS JUSTICE SONIA GOKANI |
|
3 |
20/07/2013 |
5 |
- |
undefined |
undefined |
HONOURABLE MS JUSTICE SONIA GOKANI |
|
4 |
12/08/2013 |
5 |
15 |
ADMISSION (FRESH MATTERS) |
NEXT DATE |
HONOURABLE MR.JUSTICE M.R. SHAH HONOURABLE MS JUSTICE SONIA GOKANI |
|
5 |
19/08/2013 |
5 |
43 |
ADJOURNED MATTERS |
NEXT DATE |
HONOURABLE MR.JUSTICE M.R. SHAH HONOURABLE MS JUSTICE SONIA GOKANI |
|
6 |
26/08/2013 |
5 |
44 |
ADJOURNED MATTERS |
NEXT DATE |
HONOURABLE MR.JUSTICE M.R. SHAH HONOURABLE MS JUSTICE SONIA GOKANI |
|
7 |
03/09/2013 |
5 |
23 |
ADJOURNED MATTERS |
FIXED NOTICE |
HONOURABLE MR.JUSTICE M.R. SHAH HONOURABLE MS JUSTICE SONIA GOKANI |
|
8 |
08/10/2013 |
5 |
- |
NOTICE RETURNABLE MATTERS |
undefined |
HONOURABLE MR.JUSTICE M.R. SHAH HONOURABLE MS JUSTICE SONIA GOKANI |
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Available Orders |
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S. No. |
Case Details |
Judge Name |
Order Date |
CAV |
Judgment/Order |
Download |
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1 |
TAX APPEAL/700/2013 |
HONOURABLE MR.JUSTICE M.R. SHAH HONOURABLE MS JUSTICE SONIA GOKANI |
03/09/2013 |
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ORDER |
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INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10355376 |
23/03/2012 |
465,354,300.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA |
B39525225 |
|
2 |
10330075 |
15/04/2013 * |
400,000,000.00 |
AXIS BANK LIMITED |
VARDHMAN COMPLEX, OPP. GEB CIRCLE, RACE COURSE CIRCLE, VADODARA, GUJARAT - 390007, INDIA |
B74844473 |
|
3 |
10300371 |
23/03/2012 * |
465,354,300.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA |
B39557996 |
|
4 |
10288540 |
11/07/2013 * |
400,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B79964680 |
|
5 |
10113490 |
26/04/2013 * |
670,000,000.00 |
IDBI Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B74666249 |
|
6 |
90099313 |
23/01/2001 |
40,000,000.00 |
ICICI BANK LTD. |
LAND MARK, RACE COURSE CIRCLE, BARODA, GUJARAT, INDIA |
- |
|
7 |
90098812 |
19/04/2012 * |
160,000,000.00 |
ICICI BANK LIMITED |
MEZANNINE FLOOR, LANDMARK BUILDING, RACE COURSE CIRCLE, VADODARA, GUJARAT - 390007, INDIA |
B37743994 |
|
8 |
90101834 |
15/04/1998 |
85,000,000.00 |
ICICI BANKING CORPORATION LIMITED |
LANDMARK, RACE COURSE CIRCLE, BARODA, GUJARAT, INDIA |
- |
* Date of charge modification
FIXED ASSETS
- Leasehold Land
- Buildings
- Plant and Machinery
- Vehicles
- Laboratory Equipments
- Computers
- Furniture and Fixtures
- Office Equipments
- GIDC Pipeline Development
- Computer Software
- Goodwill
- Trademarks
AS PER WEBSITE DETAILS
HEUBACH COLOUR, TOYO
INK IN PACT FOR ORGANIC PIGMENTS PLANT
VADODARA, APRIL
26:
Gujarat-based Heubach Colour Private Limited and Japan-headquartered Toyo Ink SC Holdings, on Friday, signed an agreement to for setting up an organic pigments manufacturing facility.
The joint venture company, Heubach Toyo Colour Private Limited, will manufacture azo pigments at Ankleshwar, Bharuch district, to cater to the two companies’ individual needs.
It would also work to develop new products and leverage capabilities of global marketing and sales of organic pigments, Ravi Kapoor, Managing Director, Heubach Colour, said here.
GLOBAL MARKET
The joint venture will have the advantage of synergising the technological expertise and experience of Toyo with Heubach's sustainable production model.
It will facilitate and strengthen Heubach’s presence in international market, especially South-East Asia.
The joint venture company’s factory, having a capacity to manufacture 2,000 tonnes of pigments annually, will start commercial production after May next year.
The company will use the most sustainable and eco-friendly process in manufacturing.
Katsumi Kitagawa, CEO, Toyo Ink, said the joint venture will serve as a key site for supplying products to the new offset ink factory at Dahej, also in Bharuch district of Gujarat, and to other ink manufacturing sites mainly in South-East Asia.
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] 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.63.38 |
|
|
1 |
Rs.100.86 |
|
Euro |
1 |
Rs.84.60 |
INFORMATION DETAILS
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--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 |
YES |
|
--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 |
|
47 |
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.