MIRA INFORM REPORT
|
Report Date : |
09.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
MOMENTIVE PERFORMANCE MATERIALS (INDIA) PRIVATE LIMITED (w.e.f
29.12.2006) |
|
|
|
|
Formerly Known
As : |
GE BAYER SILICONES (INDIA) PRIVATE LIMITED (w.e.f. 28.12.1998) GE SILICONES ( |
|
|
|
|
Registered
Office : |
Sy. No. 09, Electronic City (West), Hosur Road, Bangalore - 560100,
Karnataka |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
22.11.1995 |
|
|
|
|
Com. Reg. No.: |
08-019244 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 286.290 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24299KA1995PTC019244 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRG00578E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACG9931F |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacture (including manufacture through sub-contract)
and Distribution of Silicone and Silicone Related Products. |
|
|
|
|
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 5200000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow But Correct |
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|
|
Litigation : |
Clear |
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|
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|
Comments : |
Subject is a part of “Momentive Performance Materials Inc.”, USA. It
is an established company having moderate track record. The company possesses an average financial profile marked by decent net
worth base and slight working capital intensive operations during 2013. The ratings also significantly take into consideration the
deterioration in the financial as well as liquidity profile of the ultimate
holding company which may further affect the subject. However, trade relations are fair. Business is active. Payment terms
are reported as slow but correct. The company can be considered for business dealings 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.
ECGC Country Risk Classification List – December 1, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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
India’s current account deficit for the fiscal third quarter ended
September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product
from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in
exports and moderation in gold imports. Manufacturing activity and new orders
in India showed their strongest growth in a year in February. The news comes as
a relief after data showed Asia’s third largest economy grew by a
slower-than-expected 4.7 % annually in the three months through December. The
HSBC Manufacturing Purchasing Managers’ Index which gauges the business
activity of India’s factories but not its’ utilities, rose to 52.5 in February,
its highest in a year from 51.4 in January. Overall new orders for factory
goods which rose to a one-year high of 54.9 contributed to the surge. China has
emerged as India’s biggest trading partner in the current financial year
replacing the United Arab Emirates and pushing it to the third spot.
India-China trade has reached $49.5 billion with a 8.7 % share in India’s total
trade. The US comes second at $46 billion with 8.1 % share during the first
nine months of the current financial year.
The Reserve Bank of India has granted an additional nine months to the public
to exchange currency notes printed before 2005 including Rs 500 and Rs 1,000
denominations, pushing the deadline to January 1, 2015. A day before dates for
the Lok Sabha polls were announced, the government decided to hike interest
rates on fixed deposit schemes offered by post offices up to 0.2 per cent. The
new rates will be effective April, 1. The Supreme Court will resume hearing on
March, 11 Nokia’s appeal against a ruling over transferring ownership of its
local mobile phones plant which is the subject of a tax dispute to Microsoft
Corp.
In the last days of the current Government, another scam has surfaced.
The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s
contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The
Central Bureau of Investigation will look into allegations that over $80
million was paid in kickbacks in a deal signed in 2011. India has asked Boeing
Co. to find a solution for problems with state-owned Air India’s 787
Dreamliners. The aircraft has experienced a series of malfunctions since its
debut in 2011.
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. Aravind Menon |
|
Designation : |
Secretary |
|
Contact No.: |
91-80-49352222 |
|
Date : |
08.04.2014 |
LOCATIONS
|
Registered Office : |
Sy. No. 09, Electronic City (West), Hosur Road, Bangalore - 560100,
Karnataka, India |
|
Tel. No.: |
91-80-49352183 / 49352222 |
|
Fax No.: |
91-80-49352233 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Leased |
|
|
|
|
Factory : |
Phase II, SIPCOT Industrial Estate, Oragadam, Chennai,
Tamilnadu, India |
|
Location : |
Leased |
|
|
|
|
Research and
Development Centre : |
Located at · Bangalore |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mr. Ramaswamy Muthuraman |
|
Designation : |
Director |
|
Address : |
# 48/49 1A, Cross Banshankari 3 Stage, V Block, Bangalore – 560085, Karnataka, India |
|
Date of Birth/Age : |
02.06.1962 |
|
Date of Appointment : |
07.07.2004 |
|
PAN No.: |
AAGPH8403G |
|
DIN No.: |
00043521 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U24299KA1995PTC019244 |
MOMENTIVE
PERFORMANCE MATERIALS (INDIA) PRIVATE LIMITED |
Director |
07/07/2004 |
07/07/2004 |
Active |
NO |
|
2 |
U74120MH2011FTC213947 |
MOMENTIVE
SPECIALTY CHEMICALS (MUMBAI) PRIVATE LIMITED |
Director |
22/08/2012 |
01/03/2011 |
Active |
NO |
|
Name : |
Mr. Varghese Poulose Nalian |
|
Designation : |
Director |
|
Address : |
# 103, Sobha Ivory Apartments, |
|
Date of Birth/Age : |
03.09.1966 |
|
Date of Appointment : |
01.08.2004 |
|
PAN No.: |
ABBPN4660K |
|
DIN No.: |
00045961 |
|
|
|
|
Name : |
Mr. Robert Gnann |
|
Designation : |
Director |
|
Address : |
Buchenkamosweg 18, Bergisch, Gladbach 51427 |
|
Date of Birth/Age : |
16.06.1954 |
|
Date of Appointment : |
25.05.2011 |
|
DIN No.: |
03320237 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U24299KA1995PTC019244 |
MOMENTIVE
PERFORMANCE MATERIALS (INDIA) PRIVATE LIMITED |
Director |
30/09/2011 |
25/05/2011 |
Active |
NO |
KEY EXECUTIVES
|
Name : |
Mr. Aravind Menon |
|
Designation : |
Secretary |
|
Address : |
Flat No.103, Axis Sinopia Arekere Village, Bannergatta Road,
Bangalore-560072, Karnataka, India |
|
Date of Birth/Age : |
05.10.1985 |
|
Date of Appointment : |
26.03.2012 |
|
PAN No.: |
AWHPM5985B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Name
of Shareholders |
No.
of Shares |
%age |
|
Momentive Performance
Materials GmbH, Germany |
28,629,003 |
100.00 |
|
V P Nallian |
1 |
0.00 |
|
R Muthuraman |
1 |
0.00 |
|
TOTAL |
28,629,005 |
100.00 |
%20PRIVATE%20LIMITED%20-%20261252%2009-Apr-2014_files/image016.gif)
AS ON 30.09.2013
|
Equity Shares
Break Up |
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 : |
Manufacture (including manufacture through sub-contract)
and Distribution of Silicone and Silicone Related Products. |
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Products : |
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Exports : |
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Countries : |
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Imports : |
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|
Countries : |
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GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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|
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Bankers : |
The Hongkong and Shanghai Banking Corporation Limited, No.7, MG Road, Bangalore - 560001, Karnataka, India |
||||||||||||||||||||||||
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Facilities : |
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|
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountant |
|
Address : |
5th |
|
PAN No.: |
AAEFP3641G |
|
|
|
|
Ultimate Holding Company : |
Momentive Performance Materials Inc., USA |
|
|
|
|
Holding Company : |
Momentive Performance Materials GmbH |
|
|
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|
Fellow Subsidiaries : |
|
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs. 500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
28629005 |
Equity Shares |
Rs.10/- each |
Rs. 286.290
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 |
286.290 |
286.290 |
286.290 |
|
(b) Reserves & Surplus |
1014.769 |
885.729 |
730.416 |
|
(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) |
1301.059 |
1172.019 |
1016.706 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
220.043 |
369.192 |
461.676 |
|
(b) Deferred tax liabilities
(Net) |
29.237 |
22.053 |
13.841 |
|
(c) Other long term
liabilities |
13.850 |
10.706 |
10.251 |
|
(d) long-term provisions |
29.502 |
13.914 |
10.380 |
|
Total
Non-current Liabilities (3) |
292.632 |
415.865 |
496.148 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
293.112 |
229.005 |
0.000 |
|
(b) Trade payables |
625.795 |
360.537 |
403.555 |
|
(c) Other current liabilities |
323.644 |
214.101 |
141.938 |
|
(d) Short-term provisions |
5.549 |
46.118 |
26.381 |
|
Total
Current Liabilities (4) |
1248.100 |
849.761 |
571.874 |
|
|
|
|
|
|
TOTAL |
2841.791 |
2437.645 |
2084.728 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1123.476 |
784.181 |
346.458 |
|
(ii) Intangible Assets |
2.468 |
4.113 |
0.000 |
|
(iii) Capital work-in-progress |
3.071 |
193.187 |
352.902 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and
Advances |
101.520 |
210.080 |
189.998 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
1230.535 |
1191.561 |
889.358 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
457.772 |
468.550 |
400.050 |
|
(c) Trade receivables |
785.721 |
522.910 |
382.883 |
|
(d) Cash and cash equivalents |
249.378 |
177.430 |
344.195 |
|
(e) Short-term loans and
advances |
108.781 |
71.305 |
63.623 |
|
(f) Other current assets |
9.604 |
5.889 |
4.619 |
|
Total
Current Assets |
1611.256 |
1246.084 |
1195.370 |
|
|
|
|
|
|
TOTAL |
2841.791 |
2437.645 |
2084.728 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
Income (Gross) |
3,435.600 |
2808.100 |
2125.200 |
|
|
Other Income |
NA |
NA |
NA |
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
|
|
|
|
|
Purchases of Stock-in-Trade |
|
|
|
|
|
Employees benefits expense |
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
324.400 |
285.300 |
179.300 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
120.800 |
45.800 |
20.200 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
203.600 |
239.500 |
159.100 |
|
|
|
|
|
|
|
Less |
TAX |
74.600 |
84.200 |
53.300 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
129.000 |
155.300 |
105.800 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD (K) |
687.600 |
532.300 |
426.500 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S (J+K+L-M) |
816.600 |
687.600 |
532.300 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
417.821 |
231.786 |
154.888 |
|
|
Service Income |
217.368 |
47.989 |
53.793 |
|
|
TOTAL
EARNINGS |
635.189 |
279.775 |
208.681 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
424.743 |
345.995 |
180.955 |
|
|
Capital Goods |
0.000 |
69.923 |
6.593 |
|
|
TOTAL
IMPORTS |
424.743 |
415.918 |
187.548 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
4.51 |
5.43 |
3.84 |
%20PRIVATE%20LIMITED%20-%20261252%2009-Apr-2014_files/image003.gif){kind=small}
%20PRIVATE%20LIMITED%20-%20261252%2009-Apr-2014_files/image004.gif){kind=small}
%20PRIVATE%20LIMITED%20-%20261252%2009-Apr-2014_files/image005.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
Net Profit Margin |
(%) |
5.93 |
8.53 |
7.49 |
|
|
|
|
|
|
|
|
|
Return on Total Assets |
(%) |
7.17 |
10.67 |
9.19 |
|
|
|
|
|
|
|
|
|
Return on Investment (ROI) |
|
0.16 |
0.20 |
0.16 |
|
|
|
|
|
|
|
|
|
Debt Equity Ratio |
|
0.39 |
0.51 |
0.45 |
|
|
|
|
|
|
|
|
|
Current Ratio |
|
1.29 |
1.47 |
2.09 |
|
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns.) |
(INR
in Mlns.) |
(INR
in Mlns.) |
|
Share Capital |
286.290 |
286.290 |
286.290 |
|
Reserves & Surplus |
730.416 |
885.729 |
1,014.769 |
|
Net
worth |
1,016.706 |
1,172.019 |
1,301.059 |
|
|
|
|
|
|
long-term borrowings |
461.676 |
369.192 |
220.043 |
|
Short term borrowings |
0.000 |
229.005 |
293.112 |
|
Total
borrowings |
461.676 |
598.197 |
513.155 |
|
Debt/Equity
ratio |
0.454 |
0.510 |
0.394 |
%20PRIVATE%20LIMITED%20-%20261252%2009-Apr-2014_files/image018.gif)
YEAR ON YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales (Gross) |
2,125.200 |
2,808.100 |
3,435.600 |
|
|
|
32.133 |
22.346 |
%20PRIVATE%20LIMITED%20-%20261252%2009-Apr-2014_files/image020.gif)
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR) |
(INR) |
(INR) |
|
Sales (Gross) |
2,125.200 |
2,808.100 |
3,435.600 |
|
Profit |
105.800 |
155.300 |
129.000 |
|
|
4.98% |
5.53% |
3.75% |
%20PRIVATE%20LIMITED%20-%20261252%2009-Apr-2014_files/image022.gif)
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
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 |
|
Unsecured Loan |
Rs.
In Millions 31.03.2013 |
Rs.
In Millions 31.03.2012 |
|
Long Term
Borrowings |
|
|
|
Loans and advances from related parties |
160.126 |
244.272 |
|
|
|
|
|
TOTAL |
160.126 |
244.272 |
INDEX OF CHARGES
|
S. No |
Charge ID |
Date of Charge Creation /Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN |
|
1 |
10150976 |
19/03/2009 |
350,000,000.00 |
INDIAN BANK |
66, RAJAJI SALAI, CHENNAI, TAMIL NADU -
600001, INDIA |
A60077153 |
|
2 |
10100135 |
06/05/2008 |
696,000,000.00 |
THE HONGKONG AND SHANGHAI BANKING CORPORATION
LTD |
NO.7, MG ROAD, BANGALORE, BANGALORE,
KARNATAKA - |
A37401544 |
NOTE
Registered office has been shifted from The Millenia Tower B, 4th
Floor, Murphy Road, Ulsoor, Bangalore-560008, Karnataka, India to the present
address w.e.f. 15.06.2012
YEAR IN RETROSPECT
The Company has
made considerable progress in the execution of its strategy this year,
delivering production growth and execution of projects. The aggregate sales of
Rs. 3435.600 Millions (P.Y. Rs.2808.100 Millions) for the year were higher by
22.35% when compared to the previous year. The profit after tax during the year
was at Rs.129.000 Millions when compared to Rs. 155.300 Millions during the
previous year. The increase in forex loss by 65.50% during the year contributed
to decrease in profit after tax.
FUTURE PROSPECTS
The Company will
continue to expand the product offerings through research and development
initiatives. Through these innovation initiatives they will continue to create new
generations of products and services which will drive revenue and earnings
growth.
The directors
believe that, the One Momentive will present opportunities to increase their
revenues by leveraging each of their and MSC's respective global footprints and
technology platforms and further provide opportunities to streamline their
business and reduce their cost structure.
PRODUCTS, SALES
AND MARKETS
One of the
Company’s strong points is its extensive network of channel partners and
dealers running across the lengths and breadths of the country. The Company
reviews and strengthens its distribution network on an ongoing basis.
The Company is
persistently looking out for escalation opportunities and has taken several
steps to pioneer new products, explore new markets, and perk up quality and to
reduce costs.
Besides this, the
marketing and sales division of the company works incessantly on ensuring that
its customers are well aware of the ways handling of its products and the
safety measures that are required to be taken care.
FIXED ASSETS
¯
Tangible
Assets
· Land
· Buildings
· Plant and equipment
· Furniture and fixtures
· Vehicles
· Office equipment
¯
Intangible
Assets
· Computer software
WEBSITE DETAILS
NEWS
MOMENTIVE OPENS
NEW R AND D CENTER IN BANGALORE
New facility would
also serve as regional business HQ
Pradeesh
Chandran | Bangalore November 1, 2012 Last
Updated at 13:40 IST
US-based Momentive
Performance Materials Holdings, a
provider of specialty chemicals and materials to Original
Equipment Manufacturers (OEMs)
in the areas of automotive, paints and agriculture
sectors, has announced the opening of
its research and development centre in Bangalore. The R and D Centre will work
on developing new technologies and products for both global and regional
markets in India, Africa and Middle East (West Asia).
The R and D Centre is being operated by its
subsidiaries, Momentive Performance Materials and Momentive Speciality
Chemicals and is located at Electronic City in Bangalore. The company has
invested $4.5 million (around Rs 230.000 Millions).
The company also said that its new center in
Bangalore would be the business headquarters for India, Middle East and Africa
(IMEA) region. The company is also planning to hire around 100 people for the
new centre. Presently, 37 engineers and scientists are working at the centre, V
P Nalian, Momentive’s Vice President and General Manager for IMEA said.
He said the R and D centre will work on the
global technology platforms and product development for new and existing
applications in diverse industry segments, such as personal care, energy,
healthcare, electronics, automotive, and construction.
In addition, the facility will house its
commercial, business support, business process and information technology functions.
Presently, Momentive has manufacturing Centre in
Chennai, which was opened in February this year. The company has invested $20
million at this facility.
“The IMEA region represents one of the fast-growing
regions for Momentive, and is projected to be a key growth area for the company
in the future,” Nalian added.
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. 59.94 |
|
|
1 |
Rs. 99.35 |
|
Euro |
1 |
Rs. 82.15 |
INFORMATION DETAILS
|
Information Gathered
by : |
PDT |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
DPT |
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 |
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 |
|
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.