MIRA
INFORM REPORT
|
Report Date : |
13.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
CHEMETALL INDIA PRIVATE LIMITED (w.e.f 03.12.2013) |
|
|
|
|
Formerly Known
As : |
CHEMETALL INDIA LIMITED (w.e.f. 22.10.2013) CHEMETALL-RAI INDIA LIMITED PYRENE-RAI METAL TREATMENTS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Gat No.569, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
22.10.1964 |
|
|
|
|
Com. Reg. No.: |
25-131374 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.7.350 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U28920PN1964PTC131374 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUMC11488B / PNEC07837E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACP2287P |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer
of Metal Furnishing Chemicals and Equipments. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
A (61) |
|
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 2300000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established company having fine track record. There is dip in the profit of the company during 2013. However,
financial position of the company seems to be sound. Trade relations are fair. Business is active. Payment terms are
regular and as per commitment. The company can be considered for 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.
HENKEL RATING
|
HENKEL’s Rating : |
A (300, 301) (Moderate risk) |
|
Credit
Rating |
Henkel
Rating (Customer Risk Assesment- CRA) |
||
|
Mira
Inform |
Risk
Category |
Credit
Limit |
Description |
|
Aaa |
100 |
Inter Company, credit limit
not required |
Very low risk (blue ships) |
|
Aa |
200,
201 |
(120% of Gross Annualised
Sales/365)*Credit Term. |
Low risk |
|
A |
300,
301 |
(100% of Gross Annualised
Sales/365)*Credit Term. |
Moderate risk |
|
Ba |
350 |
(90% of Gross Annualised
Sales/365)*Credit Term. |
Significant risk |
|
B |
400 |
(80% of Gross Annualised
Sales/365)*Credit Term. |
High risk |
|
450 |
Very high risk |
||
|
Ca
or C |
500* |
NIL/ Legal/ Bad/No Transaction |
Doubtful accounts |
|
|
007* |
NIL |
Small unrated customers |
|
|
009* |
NIL |
Inactive customers |
|
|
999* |
Initially First Invoice vales,
CRA will be done and based on report the CL would get revised. |
New customer |
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization policies.
A firm called Ciane Analytics studied returns from assets including
equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate
outperformed every other asset classes during the 23-year period with an
annualized return of 20 % ! Equities came in second with annualized return of
15.5 % ! However, while these returns may seem mouthwatering, the fact is that
the return from equities adjusted for inflation came down to just 7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = A |
|
Rating Explanation |
Have adequate degree of safety and carry low
credit risk. |
|
Date |
August 01, 2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A1 |
|
Rating Explanation |
Have very strong degree of safety and carry
lowest credit risk. |
|
Date |
August 01, 2014 |
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
31-03-2014.
INFORMATION DECLINED BY
|
Name : |
Mr. A. Kumar |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-2137-618000 |
|
Date : |
13.08.2014 |
LOCATIONS
|
Registered/
Sales Office/ Factory 1 : |
Gate No. 569, Pune Nagar Road, Village Karegaon Bhima, Taluka Shirur,
Pune - 412207, Maharashtra, India |
|
Tel. No.: |
91-2137-666751/ 54/ 616000/ 616200/ 618000 |
|
Fax No.: |
91-2137-253128 |
|
E-Mail : |
k.narayanswamy@chemetail-rai.co.in
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory 2 : |
No 4, Sidco Industrial Estate Thirumudivakkam, Chrompet, Chennai – 600044, Tamilnadu, India |
|
|
|
|
Regional Offices : |
Located At: · Kolkata New Delhi Jamshedpur Mumbai Orgadam |
|
|
|
|
Branch Offices : |
Located At: ·
Kolkata Bangalore Chennai Mumbai Pune |
DIRECTORS
AS ON 18.03.2014
|
Name : |
Mr. Asis Ray |
|
Designation : |
Managing Director |
|
Address : |
A1/602, Landmark Gardens, 78 Kalyani, Pune – 411006, Maharashtra,
India |
|
Date of Birth/Age : |
25.12.1952 |
|
Date of Appointment : |
19.01.2013 |
|
PAN No.: |
ACHPR3728B |
|
DIN No.: |
01420166 |
|
|
|
|
Name : |
Joris Merckx |
|
Designation : |
Nominee director |
|
Address : |
Kerkstraat 18, 3391, Meensel-Kiezegem, Kiezegem-063005, Belgium |
|
Date of Birth/Age : |
02.07.1964 |
|
Date of Appointment : |
10.12.2008 |
|
DIN No.: |
02512484 |
|
|
|
|
Name : |
Mr. Michael John Watson |
|
Designation : |
Director |
|
Address : |
Flat 41A, Branksome 3A, Trgunter Path Mid-Levels, Hong Kong |
|
Date of Birth/Age : |
18.01.1957 |
|
Date of Appointment : |
20.12.2005 |
|
DIN No.: |
02239076 |
|
|
|
|
Name : |
Mr. Shailendrajit Charanjit Rai |
|
Designation : |
Director |
|
Address : |
G5, Farrjeste Apartment, Boat Club Road, Pune – 411001, Maharashtra,
India |
|
Date of Birth/Age : |
01.02.1956 |
|
Date of Appointment : |
19.02.2014 |
|
PAN No.: |
AABPR5786K |
|
DIN No.: |
00050950 |
KEY EXECUTIVES
|
Name : |
Mr. A. Kumar |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 18.03.2014
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Chemetall India Company Limited |
294000 |
40.00 |
|
Chemetall GmbH, Germany |
73500 |
10.00 |
|
Chemetall Asia Pte. Limited, Singapore |
367500 |
50.00 |
|
|
|
|
|
Total |
735000 |
100.00 |
AS ON 18.03.2014
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
of Metal Furnishing Chemicals and Equipments. |
||||
|
|
|
||||
|
Products : |
|
GENERAL INFORMATION
|
Suppliers : |
Solaris Limited |
|||||||||||||||
|
|
|
|||||||||||||||
|
Customers : |
Mahindra and Mahindra, Pune |
|||||||||||||||
|
|
|
|||||||||||||||
|
No. of Employees : |
Not Divulged |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
· Canara Bank Fort (Main)
Branch, Warden House, Sir P. M. Road, Mumbai – 400001, Maharashtra, India Citi Bank N.A. 2341, Pune
East, Street Camp, Pune - 411001, Maharashtra, India |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
|
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
|
|
Auditors : |
|
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
|
Address : |
706, B-Wing, ICC Trade Center, Senapati Bapat Road, Pune - 411016,
Maharashtra, India |
|
|
Tel. No.: |
91-20-66244600 |
|
|
Mobile No.: |
91-20-66244605 |
|
|
Income-tax
PAN of auditor or auditor's firm : |
AACFD4815A |
|
|
|
|
|
|
Enterprises which
are owned, or have significant influence of or are partners with Key management
personnel and their relatives : |
· Chemetall, GmbH., Germany Chemetall India Company Limited, U.K Enkei Wheels (India) Limited [L34300PN2009PLC133702] Alicon Castalloy Limited [L99999PN1990PLC059487] Silicon Meadows Design Limited [U72200MH2000PLC128571] Atlas Castalloy Limited [U27100MH1985PLC038111] |
|
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
750000 |
Equity Shares |
Rs.10/- each |
Rs.7.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
735000 |
Equity Shares |
Rs.10/- each |
Rs.7.350 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
FINANCIAL DETAILS FILE ATTACHED.
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 |
7.350 |
7.350 |
7.350 |
|
Reserves & Surplus |
413.103 |
510.087 |
563.957 |
|
Net
worth |
420.453 |
517.437 |
571.307 |
|
|
|
|
|
|
long-term borrowings |
2.350 |
0.845 |
0.284 |
|
Short term borrowings |
2.721 |
0.000 |
0.000 |
|
Total
borrowings |
5.071 |
0.845 |
0.284 |
|
Debt/Equity
ratio |
0.012 |
0.002 |
0.000 |
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 |
1036.364 |
1166.224 |
1270.392 |
|
|
|
12.530 |
8.932 |
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 |
1036.364 |
1166.224 |
1270.392 |
|
Profit |
142.208 |
163.486 |
151.642 |
|
|
13.72% |
14.02% |
11.94% |
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 |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
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 |
INDEX OF CHARGES
|
SR .NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10099255 |
14/01/2009 * |
16,000,000.00 |
CITIBANK N. A. |
2413, PARMAR HOUSE, EAST STREET, PUNE, MAHARASHTRA - 411001, INDIA |
A56227382 |
|
2 |
90241302 |
24/02/2009 * |
17,500,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
A59505966 |
|
3 |
90240394 |
15/11/2011 * |
65,000,000.00 |
CANARA BANK |
FORT (MAIN) BRANCH, WARDEN HOUSE, SIR P.
M. ROAD, |
B25664590 |
* Date of modification charge
CHANGE OF ADDRESS
The Registered Office of the ocmapny has been shifted from Nirlon House,
254 B, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India to the
present address w.e.f.01.01.2008.
COMPANY OPERATIONS:
The year (31.03.13) has resulted in a net profit of Rs. 151.642 Millions
after providing Rs. 42.318 Millions for Depreciation and Rs. 75.700 Millions
for Taxation. This amount together with the Profit of Rs. 386.033 Millions
brought forward from earlier years, aggregating to Rs.537.676 Millions is
available for appropriation.
The Company’s income grew by 10.7% over the previous year. Profit before
Tax has, come down by 11.8% over the previous year due to exceptional items
present in the previous year. (Current year Exceptional items are Nil when
compared to Previous year Rs.66.8 Millions). The Operational PBT has gone up by
19.79% compared to the previous year due to better mix of sale and higher
realizations.
The outlook for the coming year is positive.
FIXED ASSETS
· Land
Buildings
Factory
building
Plant
and equipment
Factory
equipments
Furniture
and fixtures
Vehicles
Motor
vehicles
Office
equipment
Other
equipments
Leasehold
improvements
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. 61.18 |
|
|
1 |
Rs. 102.56 |
|
Euro |
1 |
Rs. 81.78 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--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 |
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 |
|
61 |
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.