MIRA
INFORM REPORT
|
Report Date : |
19.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
LANXESS INDIA PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Lanxess House, Plot No. A 162, A 163, A 164, Road No. 27, Wagle Estate,
Opposite ITI College, MIDC, Thane (West), Thane - 400604, Maharashtra |
|
|
|
|
Country : |
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|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
20.02.2004 |
|
|
|
|
Com. Reg. No.: |
11-158377 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.7415.190
Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U24119MH2004PTC158377 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
PNEL03844B |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AACCB3880A |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturing and Trading of various chemical and chemical intermediates. |
|
|
|
|
No. of Employees
: |
800 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 31900000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is a subsidiary of Lanxess Deutschland GmbH, Germany. Profitability of the company appears to be under pressure due to losses
recorded by the company which has resulted into deterioration of the
reserves. However, trade relation reported to be fair. Business is active.
Payment terms are reported to be slow but correct. The company can be considered for business dealing with some caution. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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.
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 PARTED BY
|
Name : |
Mr. Deepak Paduale |
|
Designation : |
Head of Treasury Department |
|
Contact No.: |
91-22-25871000 |
LOCATIONS
|
Registered Office/ Factory 1 : |
Lanxess House, Plot No. A 162, A 163, A 164, Road No. 27, Wagle Estate, Opposite ITI College, MIDC, Thane (West), Thane - 400604, Maharashtra, India |
|
Tel. No.: |
91-22-25871000/ 25311234/ 21729200 |
|
Fax No.: |
91-22-25455039/ 25826348 |
|
Email : |
|
|
Website : |
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|
Location: |
Owned |
|
Locality : |
Commercial |
|
|
|
|
Factory 2 : |
29/3, |
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|
|
|
Factory 3 : |
Post – Birlagram, Nagda, District |
|
Tel. No.: |
91-7366-245104/ 245104/ 245447/ 248735 |
|
Fax No.: |
91-7366-246283 |
|
|
|
|
Factory 4 : |
Plot No. 748/2/A, GIDC, Jhagadia Industrial Estate, District Bharuch - 393110, Gujarat, India |
|
Tel. No.: |
91-2645-226800 |
|
|
|
|
Branch Office : |
Located At: · Chennai New Delhi Kolkata |
DIRECTORS
As on 26.08.2013
|
Name : |
Dr. Dattaprasad Govind Talekar |
|
Designation : |
Director |
|
Address : |
Flat No. 403, Building No. 3, Wimbledon Park, Pokhran Road No. 1,
Opposite JK School, Thane – 400602, |
|
Date of Birth/Age : |
28.08.1957 |
|
Date of Appointment : |
10.03.2005 |
|
PAN No.: |
AAZPT5132B |
|
DIN No.: |
00012595 |
|
|
|
|
Name : |
Mr. Kugalur Ramsesha Venkata Subrahmanian |
|
Designation : |
Director |
|
Address : |
8, Rushilla, 17C, |
|
Date of Birth/Age : |
26.09.1933 |
|
Date of Appointment : |
17.06.2004 |
|
DIN No.: |
00005292 |
|
|
|
|
Name : |
Dr. Joerg Strassburger |
|
Designation : |
Managing Director |
|
Address : |
LANXESS House, Plot no: A 162-164, Road No 27, MIDC, Wagle Estate, Thane (West) – 400604, Maharashtra, India |
|
Date of Birth/Age : |
29.02.1964 |
|
Date of Appointment : |
10.03.2005 |
|
PAN No.: |
BCMPS5383K |
|
DIN No.: |
00223839 |
|
|
|
|
Name : |
Dr. Rainier Arnold Quirinus Maria van Roessel |
|
Designation : |
Chairman |
|
Address : |
Merkel Weg, 1A, Bergisch Gladbach, Bergisch Gladbach – 51427, Germany |
|
Date of Birth/Age : |
04.08.1957 |
|
Date of Appointment : |
30.08.2007 |
|
DIN No.: |
01599378 |
|
|
|
|
Name : |
Mr. Neelanjan Sarojkumar Banerjee |
|
Designation : |
Whole-time Director |
|
Address : |
240, 24th Floor, Hiranandani Meadows,Northside
Building, Gladys Alwares Road, Off Pokhran Road No.2, Thane (West) – 400610,
Maharashtra, India |
|
Date of Birth/Age : |
02.03.1973 |
|
Date of Appointment : |
09.08.2010 |
|
PAN No.: |
ADIPB2496A |
|
DIN No.: |
02743360 |
|
|
|
|
Name : |
Jacques Louis Albert Perez |
|
Designation : |
Additional director |
|
Address : |
Av. Adilson Seroa Da Motta, 150, COB1, Barra Da Tijuca,
Rio De Janeiro Rj 22612290 |
|
Date of Birth/Age : |
26.04.1962 |
|
Date of Appointment : |
26.08.2013 |
|
DIN No. : |
06548546 |
KEY EXECUTIVES
|
Name : |
Mr. Sreeram Venkey |
|
Designation : |
Secretary |
|
Address : |
8, Siddhivinayaka Vignahara CHS Limited, Chedda Nagar, Chembur, Mumbai
– 400089, |
|
Date of Birth/Age : |
03.07.1962 |
|
Date of Appointment : |
01.07.2004 |
|
PAN No.: |
AABPV4846Q |
|
|
|
|
Name : |
Mr. Deepak Paduale |
|
Designation : |
Head of Treasury Department |
MAJOR SHAREHOLDERS
As on 26.08.2013
|
Names of Equity Shareholders |
|
No. of Shares |
|
Lanxess Deutschland GmbH, Germany |
|
640718842 |
|
Lanxess Deutschland GmbH, Germany Jointly With Sreeram
Venkey |
|
3 |
|
Lanxess Deutschland GmbH, Germany Jointly With Dattaprasad
Talekar |
|
1 |
|
Total |
|
640718846 |
|
Names of Preference Shareholder |
|
No. of Shares |
|
Lanxess Deutschland GmbH, Germany |
|
100800000 |
|
Total |
|
100800000 |
As on 26.08.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Trading of various chemical and chemical intermediates. |
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Products : |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
· Germany ·
Singapore ·
USA |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Licensed and
Installed Capacity |
Actual
Production |
|
Manufacturing Chemicals and Chemical Intermediates |
363569 MT and 20000 m3 |
207799 |
|
1. Installed Capacity mentioned above has been certified by the Management upon which auditors have relied. 2. Production is net off captive consumption for the year |
||
GENERAL INFORMATION
|
Customers : |
End Users |
|
|
|
|
No. of Employees : |
800 (Approximately) |
|
|
|
|
Bankers : |
· Bank of America ·
Citi Bank ·
Deutsche Bank |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Sharp and Tannan Associates Chartered Accountants |
|
Address : |
87, Nariman Bhavan, 227, Nariman Point, Mumbai – 400021, |
|
PAN No.: |
AAAFS1034J |
|
|
|
|
Holding company : |
LANXESS Deutschland GmbH, Germany |
|
|
|
|
Ultimate Holding
Company : |
LANXESS AG , Germany |
|
|
|
|
Fellow Subsidiaries
: |
· Lanxess (Pty.) Limited, South Africa Lanxess Buna GmbH, Germany Lanxess Butyle Pte. Limited, Singapore Lanxess Central Eastern Europe s.r.o., Slovakia Lanxess Chemical (China) Company Limited, China Lanxess Chemicals S.L., Spain Lanxess Corporation, USA Lanxess Distribution GmbH, Germany Lanxess Elastomeres SAS, France Lanxess Elastômeros do Brazil SA, Brazil Lanxess Elastomers B.V., Netherlands Lanxess Emulsion Rubber S.A.S., France Lanxess Hong Kong Limited, Hong Kong Lanxess Industria de Produtos Quimicos e Plasticos Ltda.,
Brazil Lanxess International S.A., Switzerland Lanxess K.K., Japan Lanxess Korea Limited,South Korea Lanxess Limited, United Kingdom Lanxess Liyang Polyols Company Limited, China Lanxess N.V., Belgium Lanxess Pte. Limited, Singapore Lanxess Pty Limited, Australia Lanxess S.A. de C.V., Mexico Lanxess S.A., Argentina Lanxess S.A.S., France Lanxess S.R.L., Italy Lanxess Shanghai Pigments Company Limited, China Lanxess Wuxi Chemical Company Limited,China OOO Lanxess - Russia Perlon-Monofil GmbH, Germany Rhein Chemie (Qingdao) Company Limited, China Rhein Chemie Argentina S.A., Argentina Rhein Chemie Corporation, USA Rhein Chemie Japan Limited, Japan Rhein Chemie Rheinau GmbH, Germany Rhein Chemie Uruguay S.A., Uruguay Saltigo GmbH, Germany |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
677407000 |
Equity Shares |
Rs.10/- each |
Rs.6774.070 Millions |
|
150000000 |
Preference Shares |
Rs.10/- each |
Rs.1500.000 Millions |
|
|
Total |
|
Rs.8274.070
Millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
640718846 |
Equity Shares |
Rs.10/- each |
Rs.6407.190 Millions |
|
144000000 |
Preference Shares |
Rs.10/- each |
Rs.1440.000 Millions |
|
|
Total |
|
Rs.7847.190
Millions |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
640718846 |
Equity Shares |
Rs.10/- each |
Rs.6407.190 Millions |
|
100800000 |
Preference Shares |
Rs.10/- each |
Rs.1008.000 Millions |
|
|
Total |
|
Rs.7415.190
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
7415.190 |
5496.090 |
5784.090 |
|
(b) Reserves & Surplus |
563.000 |
866.000 |
1730.000 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
7978.190 |
6362.090 |
7514.090 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
5180.000 |
4323.000 |
2775.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
291.000 |
564.000 |
625.000 |
|
(d) long-term provisions |
50.000 |
53.000 |
52.000 |
|
Total Non-current Liabilities (3) |
5521.000 |
4940.000 |
3452.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1688.000 |
1936.000 |
1529.000 |
|
(b) Trade payables |
880.000 |
1170.000 |
901.000 |
|
(c) Other current
liabilities |
777.000 |
1124.000 |
132.000 |
|
(d) Short-term provisions |
261.000 |
199.000 |
465.000 |
|
Total Current Liabilities (4) |
3606.000 |
4429.000 |
3027.000 |
|
|
|
|
|
|
TOTAL |
17105.190 |
15731.090 |
13993.090 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
7761.000 |
6957.000 |
5778.000 |
|
(ii) Intangible Assets |
827.000 |
1000.000 |
1486.000 |
|
(iii) Capital
work-in-progress |
312.190 |
1009.090 |
1003.090 |
|
(iv)
Intangible assets under development |
0.000 |
4.000 |
15.000 |
|
(b) Non-current Investments |
11.000 |
11.000 |
0.000 |
|
(c) Deferred tax assets (net) |
559.000 |
479.000 |
340.000 |
|
(d) Long-term Loan and Advances |
767.000 |
1175.000 |
964.000 |
|
(e) Other Non-current assets |
2.000 |
4.000 |
8.000 |
|
Total Non-Current Assets |
10239.190 |
10639.090 |
9594.090 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
2472.000 |
1951.000 |
1633.000 |
|
(c) Trade receivables |
3006.000 |
1960.000 |
1636.000 |
|
(d) Cash and cash
equivalents |
315.000 |
305.000 |
434.000 |
|
(e) Short-term loans and
advances |
1069.000 |
873.000 |
693.000 |
|
(f) Other current assets |
4.000 |
3.000 |
3.000 |
|
Total Current Assets |
6866.000 |
5092.000 |
4399.000 |
|
|
|
|
|
|
TOTAL |
17105.190 |
15731.090 |
13993.090 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
13225.000 |
9964.000 |
7733.000 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
1210.000 |
572.000 |
529.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
694.000 |
497.000 |
228.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
516.000 |
75.000 |
301.000 |
|
|
|
|
|
|
|
|
|
|
EXCEPTIONAL
ITEMS |
170.000 |
174.000 |
(302.000) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1017.000 |
861.000 |
622.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
(331.000) |
(612.000) |
(623.000) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(28.000) |
252.000 |
(911.000) |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
(303.000) |
(864.000) |
(288.000) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
5354.000 |
3552.000 |
2245.136 |
|
|
|
Indenting Commission |
269.000 |
254.000 |
213.571 |
|
|
|
Marketing Services |
19.000 |
16.000 |
11.858 |
|
|
|
|
134.000 |
102.000 |
70.275 |
|
|
|
Other Earnings |
15.000 |
1.000 |
0.000 |
|
|
TOTAL EARNINGS |
5791.000 |
3925.000 |
2540.840 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
3045.000 |
1502.000 |
1040.392 |
|
|
|
Packing Materials |
15.000 |
24.000 |
1.389 |
|
|
|
Stores, Spares and Components |
23.000 |
15.000 |
2.737 |
|
|
|
Traded Goods |
2113.000 |
1731.000 |
1327.031 |
|
|
|
Capital Goods |
43.000 |
404.000 |
230.738 |
|
|
TOTAL IMPORTS |
5239.000 |
3676.000 |
2602.287 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(0.41) |
(1.99) |
(0.69) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Net Profit Margin (PBT/Sales) |
(%) |
(2.50)
|
(6.14)
|
(8.06)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.04)
|
(4.30)
|
(4.93)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.04)
|
(0.10)
|
(0.08)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.86
|
0.98 |
0.57 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.90
|
1.15 |
1.45 |
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 |
5784.090 |
5496.090 |
7415.190 |
|
Reserves & Surplus |
1730.000 |
866.000 |
563.000 |
|
Net
worth |
7514.090 |
6362.090 |
7978.190 |
|
|
|
|
|
|
long-term borrowings |
2775.000 |
4323.000 |
5180.000 |
|
Short term borrowings |
1529.000 |
1936.000 |
1688.000 |
|
Total
borrowings |
4304.000 |
6259.000 |
6868.000 |
|
Debt/Equity
ratio |
0.573 |
0.984 |
0.861 |
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 |
7733.000 |
9964.000 |
13225.000 |
|
|
|
28.850 |
32.728 |
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
|
7733.000 |
9964.000 |
13225.000 |
|
Profit |
(288.000) |
(864.000) |
(303.000) |
|
|
(3.72%) |
(8.67%) |
(2.29%) |
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
Note: The registered office of the company has been shifted from Kolshet Road, Thane – 400607, Maharashtra, India to the present address w.e.f. 01.01.2012
UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
Long Term Borrowings |
|
|
|
Rupee term loans from banks |
455.000 |
455.000 |
|
Loans and advances from related parties |
4725.000 |
3868.000 |
|
Short Term Borrowings |
|
|
|
Rupee term loans from banks |
500.0000 |
820.000 |
|
Loans repayable on demand from banks |
1188.000 |
1116.000 |
|
Total |
6868.000 |
6259.000 |
BACKGROUND
Subject is a private company incorporated in India in February, 2004, was formed as a subsidiary of Lanxess Deutschland GmbH, which in turn is a subsidiary of Lanxess AG, Germany, a Company listed in Frankfurt stock exchange on 31st January, 2005. Our Company was formed to acquire the chemical and part of the polymer business of Bayer Group in India, pursuant to a global business reconstruction and realignment of the said business in 2004. Consequently the chemicals division of Bayer MaterialScience Private Limited (BMS) was demerged as per the order of the High Court with appointed date of 1st March, 2004, wherein all related assets and liabilities were acquired at book values and the effective date of the scheme of demerger was 1st July, 2004. The rubber chemical business of Bayer Polychem (India) Limited (BPCIL) was transferred to their Company on 1st July, 2004 through an Asset Deal (slump sale). Further the moveable assets and employee related assets and liabilities relevant to the restructuring was acquired by the Company on 1st July, 2004 from Bayer CropScience Limited (BCS).
SALES:
The Company achieved a strong overall growth of 33% from Rs 9964.000 million in last year to Rs 13225.000 million in the current year, driven by improved performance in all the three business segments Performance Polymers, Advanced Industrial Intermediates and Performance Chemicals. Improved production for Liquid Purification Technologies (LPT) (formerly known as Ion Exchange Resins), High Performance Materials (HPM), Rhein Chemie (RCH) and production startup of Material Protection Products (MPP) at Jhagadia site have supported the Sales growth, especially in Exports which grew by 46%.
Specialty Chemicals industry (paints and coatings, agro chemicals, water treatment chemicals, dyes and pigments, etc.) has grown at a significant rate, whereas the growth rate of automobile and tire industry were subdued during the year. Most of the Business Units therefore took advantage of the growth in the Specialty chemical industry and improved their performances in local as well as export market. Business Units HPM, MPP and RCH gained good volumes due to full year of production at Jhagadia site and the Sales was up by 193%, 54% and 28% respectively. Advanced Industrial Intermediates (AII) registered a strong growth of 22% due to higher Sales in the Export Market. Liquid Purification Technology (LPT) sales grew by 101%. Leather Chemicals (LEA) sales were up by 17%.Overall the Sales growth was extremely good for the Company.
Sales for the first two months of the financial year 2013-2014 has seen growth of 12% and estimates for June 2013 is likely to be the same. The major share is contributed by the segment Performance Polymers where Sales have increased almost by 31% as compared to the year under review. As regards segment Advances Industrial Intermediates (this segment being the largest of the three segments), the growth has been 9% and segment Performance Chemicals has also seen a higher growth of 13%.
The Sales growth over the last 9 years has recorded a CAGR of 111%.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
Central Excise and Value Added Tax |
8.000 |
4.000 |
|
Export obligations against Advance |
148.000 |
219.000 |
|
Bank Guarantees |
101.000 |
87.000 |
|
Letter of Credits |
155.000 |
0.000 |
NO CHARGES EXIST FOR THE COMPANY
FIXED ASSETS
· Land
Buildings
Plant
and equipment
Furniture
and fixtures
Vehicles
Office
equipment
Goodwill
Computer
software
Copyrights,
patents and other operating rights
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records 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.61.06 |
|
|
1 |
Rs.101.84 |
|
Euro |
1 |
Rs.81.56 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
|
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
30 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.