MIRA INFORM REPORT
|
Report Date : |
17.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
PPG ASIAN PAINTS PRIVATE LIMITED (w.e.f. 18.09.2012) |
|
|
|
|
Formerly Known
As : |
ASIAN PPG INDUSTRIES PRIVATE LIMITED (w.e.f. 10.08.2012) ASIAN PPG INDUSTRIES LIMITED ASIAN PPG INDUSTRIES PRIVATE LIMITED |
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|
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Registered
Office : |
6-A, Shanti Nagar Estate, Santacruz (East), Mumbai – 400055,
Maharashtra |
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|
Country : |
India |
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|
|
Financials (as
on) : |
31.03.2013 |
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|
|
|
Date of
Incorporation : |
19.02.1997 |
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|
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Com. Reg. No.: |
11-105961 |
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|
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Capital
Investment / Paid-up Capital : |
Rs.541.270 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24200MH1997PTC105961 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA11672D |
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|
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PAN No.: [Permanent Account No.] |
AAACA8832H |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Automobile Parts and Components Paints. |
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No. of Employees
: |
600 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 14400000 |
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|
|
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a second-largest manufacturer of automotive paints for
original equipment manufacturers (OEMs) in India. It is a well-established company
having fine track record. The rating reflects established position in the automotive paints
segment in India and market leadership in the automotive refinish segment.
Further rating also reflects healthy financial risk profile and decent
profitability levels of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered good 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.
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = AA- |
|
Rating Explanation |
High degree of safety and very low credit
risk |
|
Date |
07.08.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk |
|
Date |
07.08.2013 |
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.
INFORMATION PARTED BY
|
Name : |
Mr. Mosrold |
|
Designation : |
Accounts Executive |
|
Contact No.: |
91-22-30568700 |
|
Date : |
15.04.2014 |
LOCATIONS
|
Registered Office : |
6-A, Shanti Nagar Estate, Santacruz (East), Mumbai – 400 055,
Maharashtra, India |
|
Tel. No.: |
91-22-30568700 / 8800 |
|
Fax No.: |
91-22-30568764/ 26528044 |
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E-Mail : |
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|
Website : |
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|
Area : |
3500 Sq. ft. |
|
Location : |
Owned |
|
|
|
|
Head Office : |
158, Vidyanagri Marg, CST Road, Dani Wooltex Compound, Kalina,
Santacruz (East), Mumbai – 400 098, Maharashtra, India |
|
|
|
|
Factory 1 : |
APPG – Ankleshwar, 2602, GIDC Industrial Estate, Ankleshwar - 393 002, Gujarat, India |
|
Factory 2 : |
APPG – LBS Marg, Post Box No.7318, Bhandup, Mumbai - 400 078, Maharashtra, India |
DIRECTORS
As on 21.06.2013
|
Name : |
Mr. Manish Mahendra Chokshi |
|
Designation : |
Director |
|
Address : |
402, Shivtirth No.2, B. Desai Road, Mumbai – 400 026, Maharashtra,
India |
|
Date of Birth/Age : |
09.12.1967 |
|
Qualification : |
B.S. (Chem Engineering) and MBA |
|
Date of Appointment : |
08.08.2007 |
|
DIN No.: |
00026496 |
|
|
|
|
Name : |
Ms. Cynthia Ann Niekamp |
|
Designation : |
Director |
|
Address : |
915 S Glenhurst Dr, Birmingham-48009, USA. |
|
Date of Birth/Age : |
13.05.1959 |
|
Qualification : |
MBA |
|
Date of Appointment : |
22.03.2009 |
|
DIN No.: |
02789698 |
|
|
|
|
Name : |
Mr. Mike Horton |
|
Designation : |
Alternate Director to Ms. Cynthia Niekamp |
|
Address : |
House 72, Windsor Place, 2222 Jain He Road, Shanghai - 203336, China |
|
Date of Birth/Age : |
20.03.1959 |
|
Date of Appointment : |
15.08.2012 |
|
DIN No.: |
05343902 |
KEY EXECUTIVES
|
Name : |
Mr. Jagadish Gururaja Acharya |
|
Designation : |
Manager |
|
Address : |
31, Sr.
Sannidhi, Shantiniketan CHS, YariI Road, Andheri (West), Mumbai – 400 061,
Maharashtra, India |
|
Date of Birth/Age : |
07.11.1956 |
|
Date of Appointment : |
12.08.2011 |
|
PAN No.: |
AJGPA7582C |
|
|
|
|
Name : |
Mr. Mosrold |
|
Designation : |
Accounts Executive |
MAJOR SHAREHOLDERS
As on 21.06.2013
|
Names of Shareholders |
|
No. of Shares |
|
Asian Paints Limited, India |
|
28518112 |
|
PPG Industries Securities Inc., USA |
|
28518109 |
|
PPG Industries Securities Inc. jointly with PPG Coatings (Hong Kong)
Company Limited, USA |
|
1 |
|
PPG Industries Securities Inc. jointly with PPG Coatings (Malaysia)
SDN BHD, USA |
|
1 |
|
PPG Industries Securities Inc. jointly with PPG Industries (Singapore)
Pte Limited, USA |
|
1 |
|
Total |
|
57036224 |
Equity Share Break up (Percentage of Total Equity)
As on 21.06.2013
|
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 |
50.00 |
|
Bodies corporate |
50.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Automobile Parts and Components Paints. |
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Products : |
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Exports : |
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Products : |
Automobile Parts and Components Paints |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
Cash and Advance Payment |
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Purchasing : |
Cash and Advance Payment |
GENERAL INFORMATION
|
Customers : |
Retailer and End Users |
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No. of Employees : |
600 (Approximately) |
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Bankers : |
Tel No.: 91-22-22614784
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Facilities : |
Total Facility : Rs.750.000 Millions (From State Bank of India, Fort)
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
12, Dr. Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai –
400 018, Maharashtra, India |
|
Tel. No.: |
91-22-66679000 |
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Fax No.: |
91-22-66679025 |
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PAN No.: |
AACFD4815A |
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|
Holding Company
: |
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Joint Venture : |
CIN No.: L24220MH1945PLC004598 |
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Subsidiary
Company : |
CIN No.:U24222TN1986PTC012894
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Associate : |
CIN No.:U24222TN2006FTC073663
CIN No.:U27300MH1997PTC107023
CIN No.:U24220MH2001PLC133523
CIN No.:U24100MH2010PLC210449
CIN No.:U24110MH2011PTC220557 |
CAPITAL STRUCTURE
As on 21.06.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
130000000 |
Equity Shares |
Rs.10/- each |
Rs.1300.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
57036224 |
Equity Shares |
Rs.10/- each |
Rs.570.362 Millions |
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
130000000 |
Equity Shares |
Rs.10/- each |
Rs.1300.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
54172000 |
Equity Shares |
Rs.10/- each |
Rs.541.270 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 |
541.270 |
292.500 |
292.500 |
|
(b) Reserves & Surplus |
3,050.190 |
2,041.160 |
1,779.530 |
|
(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) |
3,591.460 |
2,333.660 |
2,072.030 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
65.410 |
80.180 |
63.510 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
68.300 |
44.830 |
33.680 |
|
Total Non-current
Liabilities (3) |
133.710 |
125.010 |
97.190 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
751.490 |
827.010 |
749.620 |
|
(b) Trade
payables |
1,320.430 |
1,229.280 |
724.540 |
|
(c) Other
current liabilities |
161.330 |
128.690 |
82.120 |
|
(d) Short-term
provisions |
28.140 |
10.390 |
7.980 |
|
Total Current
Liabilities (4) |
2,261.390 |
2,195.370 |
1,564.260 |
|
|
|
|
|
|
TOTAL |
5,986.560 |
4,654.040 |
3,733.480 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1,233.580 |
970.790 |
714.240 |
|
(ii)
Intangible Assets |
59.650 |
63.240 |
78.100 |
|
(iii)
Capital work-in-progress |
0.060 |
29.030 |
3.170 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
86.490 |
86.490 |
40.100 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
316.590 |
435.570 |
373.860 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
1,696.370 |
1,585.120 |
1,209.470 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
2,031.890 |
1,532.250 |
1,189.560 |
|
(c) Trade
receivables |
1,509.550 |
1,212.930 |
1,058.620 |
|
(d) Cash
and cash equivalents |
74.070 |
60.040 |
76.490 |
|
(e)
Short-term loans and advances |
672.310 |
263.700 |
199.340 |
|
(f) Other
current assets |
2.370 |
0.000 |
0.000 |
|
Total
Current Assets |
4,290.190 |
3,068.920 |
2,524.010 |
|
|
|
|
|
|
TOTAL |
5,986.560 |
4,654.040 |
3,733.480 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
7703.290 |
6591.780 |
5645.490 |
|
|
|
|
Other Income |
NA |
NA |
72.240 |
|
|
|
|
TOTAL (A) |
NA |
NA |
5717.730 |
|
|
|
|
|
|
|
||
|
Less |
|
|
|
|
||
|
|
|
Cost of Materials Consumed |
|
|
3862.390 |
|
|
|
|
Purchase of Stock-in-trade |
|
|
422.000 |
|
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
|
|
420.150 |
|
|
|
|
Employee Benefits Expenses |
|
|
453.070 |
|
|
|
|
Other Expenses |
|
|
23.340 |
|
|
|
|
TOTAL (B) |
NA |
NA |
5180.950 |
|
|
|
|
|
|
|
||
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
319.800 |
479.130 |
536.780 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
67.640 |
63.500 |
31.090 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
252.160 |
415.630 |
505.690 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION (F) |
119.030 |
81.120 |
65.470 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
133.130 |
334.510 |
440.220 |
||
|
|
|
|
|
|
||
|
Less |
TAX (H) |
(13.230) |
69.300 |
108.770 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
146.360 |
265.210 |
331.450 |
||
|
|
|
|
|
|
||
|
Add |
Short
/ Excess Provision for tax provision in respect of earlier years |
(13.770) |
3.580 |
0.000 |
||
|
|
|
|
|
|
||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1907.160 |
1645.530 |
1316.340 |
||
|
|
|
|
|
|
||
|
|
BALANCE CARRIED
TO THE B/S |
2067.290 |
1907.160 |
1645.530 |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
||
|
|
|
Export Earnings |
5.100 |
1.900 |
NA |
|
|
|
|
Recharge Income |
20.520 |
0.000 |
NA |
|
|
|
TOTAL EARNINGS |
25.620 |
1.900 |
NA |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Raw Materials |
1981.670 |
|
|
|
|
|
|
Stock in trade |
3.500 |
|
|
|
|
|
|
Capital Goods |
2.610 |
|
|
|
|
|
TOTAL IMPORTS |
1987.780 |
NA |
NA |
||
|
|
|
|
|
|
||
|
|
Earnings Per
Share (Rs.) |
2.57 |
NA |
NA |
||
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
NA |
NA |
5.80 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.73 |
5.07 |
7.80 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.26 |
7.37 |
11.93 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04 |
0.14 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.21 |
0.35 |
0.36 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.90 |
1.40 |
1.61 |
Expected Sales (2013-2014): Rs.8000.000 Millions
Above information has been parted by Mr. Mosrold
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
292.500 |
292.500 |
541.270 |
|
Reserves & Surplus |
1779.530 |
2041.160 |
3050.190 |
|
Net
worth |
2072.030 |
2333.660 |
3591.460 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
749.620 |
827.010 |
751.490 |
|
Total
borrowings |
749.620 |
827.010 |
751.490 |
|
Debt/Equity
ratio |
0.362 |
0.354 |
0.209 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
5,645.490 |
6,591.780 |
7,703.290 |
|
|
|
16.762 |
16.862 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
5,645.490 |
6,591.780 |
7,703.290 |
|
Profit |
331.450 |
265.210 |
146.360 |
|
|
5.87% |
4.02% |
1.90% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
Rs.
In Millions
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Current maturities of long term debt |
0.000 |
0.000 |
0.000 |
|
Total |
0.000 |
0.000 |
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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
Yes |
|
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 |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
Short Term Borrowings |
|
|
|
Loans repayable on demand from banks |
120.000 |
400.000 |
|
Other loans and advances, others |
164.620 |
0.000 |
|
Total |
284.620 |
400.000 |
OPERATIONS DURING THE
YEAR
According to The Finance Ministry’s Annual Economic Survey released in
March 2013 with the economy exhibiting inflationary tendencies, the Reserve
Bank of India (RBI) started raising policy rates in March 2010. High rates as
well as policy constraints adversely impacted investment, and subsequently in
2012-13, the growth rate slowed to 5.0 per cent. The moderation in growth is
primarily attributable to weakness in industry (comprising the mining and
quarrying, manufacturing, electricity, gas and water supply, and construction
sectors), which registered a growth rate of only 3.1 per cent in 2012-13.
The consequent slowdown, especially in 2012-13, has been across the
board, with no sector of the economy unaffected. The rate of growth of the
manufacturing sector was even lower at 1.9 per cent the year as compared to 2.7
per cent in 2011-12.
In the current year, private final consumption expenditure has slowed
considerably, from 8 per cent in 2011-12 to 4 .1 per cent in 2012-13. The
moderation in industrial growth, particularly in the manufacturing sector, is
largely attributed to sluggish growth of investment, squeezed margins of the
corporate sector, deceleration in the rate of growth of credit flows.
This effect was seen in the OEM segment with Passenger Vehicles segment
growing at 2.78 % percent during April-Mar 2013 over same period last year. The
overall Commercial Vehicles segment registered de-growth of (-) 10.48 percent
in April-March 2013 as compared to the same period last year. Two Wheelers
registered a growth of only 1.90 percent during April-March 2013.
The year also saw high inflation which put cost pressures on the
Industry and the Company. In the Auto Refinish business the Company was able to
pass on the cost increases to a certain extent. In the OEM business, price
increases were secured in the latter part of the year which did not completely
offset the cost increases on raw materials. This has had an impact on the
bottom line growth for the Company.
Total revenue from operations increased to Rs.7703.290 Millions from
Rs.6591.780 Millions in the previous year with a growth of 16.9%. The profit
after tax dropped to Rs.160.130 Millions from Rs.261.630 Millions. The
consolidated revenue from operations was Rs.8014.240Millions and the profit
after tax was Rs.176.050 Millions.
EXPANSION
OF THE JOINT VENTURE
As
informed, in early 2011, PPG industries Inc. and Asian Paints Limited had
announced expansion of their 15-year relationship to accelerate growth of the
companies non-decorative coatings business in India. As part of that plan, the
Company had filed a Petition for a composite scheme of restructuring before the
Honble High Court of Judicature at Bombay for merging PPG Coatings India Private
Limited (PCIPL) and AP Coatings with the Company. Under the scheme, the
Appointed Date to give effect to the above restructuring was fixed as 1st April
2012.
The
said Scheme was approved by the High Court of Judicature at Bombay vide its
order dated 6th July, 2012. Under the said Scheme, PPG Coatings India Private
Limited ("PCIPL") and AP Coatings Limited were amalgamated with the
Company. Thereafter, as provided in the said Scheme, the Liquid Industrial
Paints, Protective Coatings and Powder business were de-merged into Asian
Paints PPG Private Limited (the second joint 50:50 joint venture between PPG
Industries Inc., and Asian Paints Limited).
On
10th August 2012, the company was converted into a private limited company and
on 18th September 2012 the Company's name was changed to "PPG Asian Paints
Private Limited" upon approval by the Registrar of Companies (ROC),
Maharashtra, Mumbai. The authorized share capital of the Company was increased
to Rs.1300.000 millions on the 1st of August 2012. Consequent to the
restructuring as stated above, the paid up share capital of the company
increased from Rs.292.500 millions to Rs.541.270 millions.
Currently
the company services (in addition to the automotive, general industrial and
auto-refinish market) the marine, protective coatings and industrial coatings
sectors under its new name "PPG Asian Paints Private Limited"
FUTURE PLAN OF
ACTION:
Identification of new and improved technologies, absorption, localization and adaptation to customer needs including following specific products / intermediates: Development / localization of new products for Automotive / Industrial / Refinish / Marine / Packaging customers Development of high solids / low VOC products Development / introduction of compact processes / low cure product in different paints systems / different customers Higher performance / low cost products for OEM & Refinish customers Development / Localization of new products for Surface protection technology Development of products to improve the productivity at manufacturing plant / customer end Development of products with improved appearance, durability and workability at customer end. Development of new colours for OEM customers and refinish market. Development of new shades for APA vendors. Development of high solid base coats and Clear coats for Industrial customers Assist customers in their quality / productivity improvement and cost saving plans. Rationalization of Raw materials / technologies to improve Supply chain management. Exploring the introduction of waterborne clear for refinish market
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
90147326 |
19/03/2008 * |
700,000,000.00 |
STATE BANK OF INDIA |
Corporate Accounts Group Branch, Voltas House, 23, J N Heredia Marg, Mumbai, Maharashtra - 400001, India |
A55043913 |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON DESIGNATED
PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government official
or a family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.23 |
|
UK Pound |
1 |
Rs.100.79 |
|
Euro |
1 |
Rs.83.91 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
64 |
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.