MIRA
INFORM REPORT
|
Report Date : |
01.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
HENKEL ADHESIVES TECHNOLOGIES INDIA PRIVATE LIMITED (w.e.f.17.11.2005) |
|
|
|
|
Formerly Known
As : |
HENKEL LOCTITE INDIA PRIVATE LIMITED (w.e.f.16.07.2002) LOCTITE INDIA PRIVATE LIMITED |
|
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|
|
Registered
Office : |
10th and 11th Floor, Kesar Solitaire, Plot No.
5, Sector 19, Palm Beach Road, Sanpada, Navi Mumbai – 400705, Maharashtra |
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|
Country : |
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|
|
|
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Financials (as
on) : |
31.03.2013 |
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|
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|
Date of
Incorporation : |
01.01.1990 |
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|
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|
Com. Reg. No.: |
11-234233 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 412.147 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U28933MH1990PTC234233 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRH01954B |
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|
|
|
PAN No.: [Permanent Account No.] |
AAACL1954B |
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|
|
|
Legal Form : |
Private Limited
Liability Company |
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|
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|
Line of Business
: |
Manufacturer and Exporter of Industrial Adhesives Products and Trader of Hair Care Products. |
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|
No. of Employees
: |
650
(Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 22000000 |
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|
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|
Status : |
Good |
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|
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well-established and reputed company having a fine track
record. The rating reflects sound financial risk profile supported by adequate
liquidity position and decent profitability of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular ad 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.
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 that 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. Prasad Mulay |
|
Designation : |
Finance Department |
|
Contact No.: |
91-9833143736 |
|
Date : |
28.08.2014 |
LOCATIONS
|
Registered/ Head Office / Factory 1 : |
10th
and 11th Floor, Kesar Solitaire, Plot No 5, Sector 19, Palm Beach
Road, Sanpada, Navi Mumbai – 400705, Maharashtra, India |
|
Tel. No.: |
91-22-39296600 |
|
Mobile No.: |
91-9833143736 (Mr. Prasad Mulay) |
|
Fax No.: |
91-22-39296602 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory 2 : |
D73/2, D74/2, D74/6, TTC Industrial Area, Off Thane Belapur Road, Turbhe Naka, Navi Mumbai – 400705, Maharashtra, India |
|
Tel. No.: |
91-22-61296229 |
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|
|
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Factory 3 : |
Plot No.1/1, Part – 2, TTC Industrail Area, Thane Belapur Road, Koparkhairrne, Navi Mumbai – 400710, Maharashtra, India |
|
Tel. No.: |
91-22-77787348 |
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|
|
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Branch Offices
: |
Located at · Gurgaon ·
Uttarakhand ·
Chennai ·
Pune ·
Navi Mumbai |
DIRECTORS
AS ON 28.09.2013
|
Name : |
Mr. Sundararaman Ramakrishnan Iyer |
|
Designation : |
Alternate Director |
|
Address : |
A-2/403, Gangotri Sadan CHS Limited, Bangur Nagar, Goregaon (West), Mumbai
– 400090, Maharashtra, India |
|
Date of Birth/Age : |
24.05.1960 |
|
Date of Appointment : |
19.11.2010 |
|
DIN No.: |
03303029 |
|
|
|
|
Name : |
Mr. Priyaranjan Das |
|
Designation : |
Director |
|
Address : |
G-202, Lancor Central Park (West), Elcot Avenue, Sholinganallur,
Chennai – 600119, Tamilnadu, India |
|
Date of Birth/Age : |
03.10.1974 |
|
Date of Appointment : |
13.04.2011 |
|
DIN No.: |
03461415 |
|
|
|
|
Name : |
Jeremy Hunter |
|
Designation : |
Director |
|
Address : |
105 Webb, St Warrandyte VIC, Australia 3113 |
|
Date of Birth/Age : |
16.05.1960 |
|
Date of Appointment : |
01.08.2011 |
|
DIN No.: |
03536491 |
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|
|
|
Name : |
Marco Swoboda |
|
Designation : |
Director |
|
Address : |
Appartment, 2-3001 211, Xingfu Road, Changning District, Shanghai -
200052, China |
|
Date of Birth/Age : |
23.09.1971 |
|
Date of Appointment : |
14.12.2011 |
|
DIN No.: |
05146598 |
|
|
|
|
Name : |
May Ying Cheung |
|
Designation : |
Additional Director |
|
Date of Appointment : |
23.04.2013 |
|
DIN No.: |
06539553 |
KEY EXECUTIVES
|
Name : |
Mr. Prasad Mulay |
|
Designation : |
Finance Department |
|
|
|
|
Name : |
Mr. Sumant Khedekar |
|
Designation : |
Secretary |
|
Address : |
1204, Mystic Ashar Enclave, Kolshet Road, Dhokali, Thane (West) –
4000607, Maharashtra, India |
|
Date of Birth/Age : |
10.03.1988 |
|
Date of Appointment : |
03.10.2011 |
|
PAN No.: |
BDBPK8867Q |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.09.2013
|
Names of Shareholders |
No. of Shares |
%age |
|
Henkel KGaA,
Germany |
41214663 |
100.00 |
|
Inter
Beteligungsverwaltungs-Gesellschaft GmbH, Germany |
1 |
0.00 |
|
|
|
|
|
Total |
41214664 |
100.00 |
AS ON 30.09.2013
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
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 and Exporter of Industrial Adhesives Products
and Trader of Hair Care Products. |
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Products : |
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Exports : |
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Products : |
· Industrial Adhesives Products ·
Hair Care Products. |
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Countries : |
· Thailand · USA · UAE · Sri Lanka · Europe · Israel |
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Imports : |
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Products : |
Raw Material |
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Countries : |
· Germany · China · Malaysia |
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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 : |
End Users |
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|
No. of Employees : |
650 (Approximately) |
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|
|
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Bankers : |
· State Bank of India Industrial Finance Branch, Residency Road, Bangalore – 560025, Karnataka, India · State Bank of India Shiv Sagar Estate, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India · Deutsche Bank For Branch, Mumbai, Maharashtra, India |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
BSR and Company Chartered Accountants |
|
Address : |
Lodhi Excelus, 1st
Floor, Apollo Mills Compound, NM Joshi Marg, Mahalakshmi, Mumbai – 400011,
Maharashtra, India |
|
PAN No.: |
AAAFB9852F |
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|
|
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Holding
company : |
Henkel AG and Company KGaA, Germany |
|
|
|
|
Subsidiaries,
Joint venture and Associates of ultimate holding company with whom
transactions has taken place : |
· Acheson Industries (Europe) Limited, Netherlands Dongsung NSC
Indonesia Limited. Acheson
Industries (Europe) Ld., UK Dongsung
Vietnam Company Limited Dongsung Nsc
Koreas Limited Henkel
Adhesive Technologies Sdn Bhd Henkel
(China) Company Limited Henkel
Adhesive Technologies Sdn Bhd, Malaysia Henkel
(China) Investment Company Limited Henkel
Adhesive Technology India Private Limited Henkel
(Malaysia) Sdn Bhd Henkel Ag and
Company Kgaa (Germany) Henkel
(Thailand) Limited Henkel
Corporation (USA) Henkel
Adhesive Technologies, Norden Ag Henkel India
Limited Henkel
Adhesives Company Limited Henkel Italia
S.P.A Henkel
Adhesives Company Limited, China Henkel of
America Henkel Ag and
Company Kgaa (Hong Kong Branch) Henkel Taiwan
Limited Henkel
Australia Limited ICI Pakistan
Limited, Nsc Business Henkel
Belgium N.V.Be National
Starch and Chemical Limited, Vietnam Henkel
Chembond Surface Technologies Limited National
Starch and Chemical (Shanghai) Limited Henkel Chife
Limited National
Starch and Chemical (Shanghai), Acheson Henkel
Industrial Adhesive Pakistan (Private) Limited National
Starch and Chemical, Ab, Sweden Henkel Kenya
Limited National
Starch and Chemical, France Henkel Kenya
Limited National
Starch and Chemical, Hong Kong Henkel
Loctite Adhesives Limited National
Starch and Chemical, Indonesia Henkel
Loctite Corporation National
Starch and Chemical, Malaysia Henkel Ltda National
Starch and Chemical, Netherlands Henkel New
Zealand National
Starch and Chemical, Singapore Henkel
Philippines Inc National Starch and Chemical, Taiwan Henkel
Singapore Pte Limited National
Starch and Chemical, USA Henkel
Teroson India Limited National
Starch and Chemical (Guangdong) Limited Inter
National Starch And Chemical Company Inc National
Starch and Chemical (Saudi Arabia) Monsanto
Europenv for National Adhesives Corp. National
Starch and Chemical, Australia National
Starch and Chemical, Italy National
Starch and Chemical, Thailand National
Starch and Chemical, Korea National
Starch China (Shanghai) National
Starch and Chemical (M) SDN Pt Dongsung
Nsc, Indonesia OOO Rushenk Turk Henkel
Kimya San Ve. Tic AS PT. Henkel
Indonesia |
CAPITAL STRUCTURE
AS ON 28.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
85750000 |
Equity Shares |
Rs.10/- each |
Rs. 857.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
41214664 |
Equity Shares |
Rs.10/- each |
Rs. 412.147 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 |
412.147 |
412.147 |
412.147 |
|
(b) Reserves & Surplus |
5023.946 |
4600.980 |
4151.673 |
|
(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) |
5436.093 |
5013.127 |
4563.820 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
4.001 |
3.249 |
3.282 |
|
(d) long-term provisions |
41.159 |
6.805 |
2.744 |
|
Total Non-current Liabilities (3) |
45.160 |
10.054 |
6.026 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
71.436 |
|
(b) Trade payables |
1538.021 |
918.064 |
1126.902 |
|
(c) Other current
liabilities |
406.856 |
445.139 |
82.333 |
|
(d) Short-term provisions |
272.795 |
177.386 |
149.189 |
|
Total Current Liabilities (4) |
2217.672 |
1540.589 |
1429.860 |
|
|
|
|
|
|
TOTAL |
7698.925 |
6563.770 |
5999.706 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2307.429 |
2351.465 |
2308.159 |
|
(ii) Intangible Assets |
316.504 |
472.704 |
621.772 |
|
(iii) Capital
work-in-progress |
142.929 |
81.804 |
36.644 |
|
(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) |
185.733 |
162.363 |
77.228 |
|
(d) Long-term Loan and Advances |
205.245 |
180.241 |
144.923 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
3157.840 |
3248.577 |
3188.726 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1132.443 |
999.916 |
1044.222 |
|
(c) Trade receivables |
1969.016 |
1711.900 |
1262.388 |
|
(d) Cash and cash
equivalents |
1039.212 |
322.799 |
264.395 |
|
(e) Short-term loans and
advances |
400.414 |
279.954 |
227.548 |
|
(f) Other current assets |
0.000 |
0.624 |
12.427 |
|
Total Current Assets |
4541.085 |
3315.193 |
2810.980 |
|
|
|
|
|
|
TOTAL |
7698.925 |
6563.770 |
5999.706 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
9395.289 |
8010.435 |
6156.356 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL (A) |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
|
NA |
|
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
[Including
Financial Expenses] |
[Including
Financial Expenses] |
[Including
Financial Expenses] |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
921.149 |
1217.397 |
1074.605 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
293.169 |
521.362 |
290.177 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
627.980 |
696.035 |
784.428 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
205.320 |
246.728 |
321.861 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
422.966 |
449.307 |
462.567 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
1439.430 |
990.123 |
717.993 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
46.257 |
|
|
|
Dividend |
0.000 |
0.000 |
144.180 |
|
|
BALANCE CARRIED
TO THE B/S |
1862.396 |
1439.430 |
990.123 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export at FOB Value |
1028.240 |
814.513 |
727.976 |
|
|
|
Commission Earnings |
0.000 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
1028.240 |
814.513 |
727.976 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2876.236 |
2490.377 |
1492.059 |
|
|
|
Trading Goods |
414.545 |
387.782 |
692.960 |
|
|
|
Capital Goods |
65.506 |
34.212 |
0.065 |
|
|
TOTAL IMPORTS |
3356.287 |
2912.371 |
2185.084 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
10.26 |
10.90 |
11.22 |
|
|
Particulars |
|
|
31.03.2014 |
|
Sales Turnover (Approximately) |
|
|
15000.000 |
|
|
|
|
|
The above information has been parted by Mr. Prasad Mulay [Finance Head]
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Net Profit Margin (PBT/Sales) |
(%) |
6.68
|
8.69
|
12.74 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.52
|
11.01
|
13.33 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.14
|
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.00
|
0.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.05
|
2.15
|
1.97 |
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 |
412.147 |
412.147 |
412.147 |
|
Reserves & Surplus |
4,151.673 |
4,600.980 |
5,023.946 |
|
Net worth |
4,563.820 |
5,013.127 |
5,436.093 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
71.436 |
0.000 |
0.000 |
|
Total borrowings |
71.436 |
0.000 |
0.000 |
|
Debt/Equity ratio |
0.016 |
0.000 |
0.000 |
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 |
6,156.356 |
8,010.435 |
9,395.289 |
|
|
|
30.117 |
17.288 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Sales |
6,156.356 |
8,010.435 |
9,395.289 |
|
Profit |
462.567 |
449.307 |
422.966 |
|
|
7.51% |
5.61% |
4.50% |
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 |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
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 |
No |
LITITGATION DETAILS
|
HIGH COURT OF BOMBAY |
||||||
|
CASE DETAILS BENCH:- BOMBAY |
||||||
|
|
||||||
|
PRESENTATION DATE:- 16.05.2013 |
||||||
|
LODGING NO:- CPL/324/2013 |
FILING DATE:- 16.05.2013 |
REG. NO.: CP/300/2013 |
REG. DATE: 29.05.2013 |
|||
|
PETITIONER:- |
M/S. SUNDERLAND DEVELOPERS PVT. LTD. |
RESPONDENT:- |
HENKEL ADHESIVES TECHNOLOGIES INDIA PVT. LTD. |
|||
|
PETN.ADV:- |
AJAY LAW ASSOCIATES () |
RESP. ADV.: |
NEGANDHI SHAH & HIMAYATULLAH (832) |
|||
|
DISTRICT:- |
MUMBAI |
|||||
|
|
||||||
|
BENCH:- |
SINGLE |
|
|
|||
|
STATUS:- |
PRE-ADMISSION |
CATEGORY:- |
TAX APPEALS |
|||
|
NEXT DATE:- |
01.09.2014 |
STAGE:- |
FOR ADMISSION – FRESH [ORIGINAL SIDE MATTERS] |
|||
|
CORAM:- |
HON’BLE SHRI JUSTICE S.J. KATHAWALLA |
|||||
|
LAST DATE:- |
04.08.2014 |
STAGE:- |
FOR ADMISSION – FRESH [ORIGINAL SIDE MATTERS] |
|||
|
LAST CORAM:- |
HON’BLE SHRI JUSTICE S.J. KATHAWALLA |
|||||
|
|
|
|||||
|
ACT:- |
COMPANIES ACT & RULES 1956 |
|||||
|
UNDER SECTION:- |
433(E)(F), 434(1)(A), 439(I)(B) |
|||||
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
90258976 |
10/03/2004 * |
25,900,000.00 |
BANK OF BAHRAIN
& KUWAIT BSC |
SOMAJIGUDA,
HYDERABAD, ANDHRA PRADESH, INDIA |
- |
|
2 |
90258919 |
10/03/2004 * |
25,900,000.00 |
BANK OF BAHRAIN
& KUWAIT BSC |
SOMAJIGUDA,
HYDERABAD, ANDHRA PRADESH, INDIA |
- |
|
3 |
90258491 |
30/04/1999 |
500,000.00 |
A.P.S.F.C. |
CHIRAG ALI LANE,
HYDERABAD, ANDHRA PRADESH, INDIA |
- |
|
4 |
90257696 |
31/01/1995 * |
1,000,000.00 |
CANARA BANK |
SOUTH EXTENSION
PART- 1, NEW DELHI, DELHI, INDIA |
- |
|
5 |
90263137 |
31/01/1995 * |
400,000.00 |
CANARA BANK |
SOUTH EXTENSION
PART- 1, NEW DELHI, DELHI, INDIA |
- |
|
6 |
90257465 |
12/06/1987 |
73,000.00 |
CANARA BANK |
SOUTH EXTENSION
PART- 1, NEW DELHI, DELHI, INDIA |
- |
|
7 |
90263133 |
21/07/1995 * |
100,000.00 |
CANARA BANK |
SOUTH EXTENSION
PART- 1, NEW DELHI, DELHI, INDIA |
- |
|
8 |
90257392 |
31/01/1995 * |
100,000.00 |
CANARA BANK |
SOUTH EXTENSION
PART- 1, NEW DELHI, DELHI, INDIA |
- |
|
9 |
90257373 |
31/01/1995 * |
225,000.00 |
CANARA BANK |
SOUTH EXTENSION PART-
1, NEW DELHI, DELHI, INDIA |
- |
|
10 |
90263132 |
27/11/1994 * |
225,000.00 |
CANARA BANK |
SOUTH EXTENSION
PART- 1, NEW DELHI, DELHI, INDIA |
- |
|
11 |
90257372 |
31/05/1985 |
110,000.00 |
CANARA BANK |
SOUTH EXTENSION,
NEW DELHI, DELHI, INDIA |
- |
* Date of charge modification
CHANGE OF ADDRESS
The Registered Office of the company has been shifted from D-3/D-4, MIDC Industrial Estate, Jejuri, Pune – 412303, Maharashtra, India to the present address w.e.f.10.07.2012.
ANALYSIS OF COMPANY’S RESULTS FOR YEAR 2012-13
Henkel Adhesives
Technologies India Private Limited has as its main business in the field of
Industrial Adhesives.
The Company has recorded a
turnover of Rs.9390.000 Millions for the year ended March 31, 2013. The profit
carried to the Balance Sheet was Rs.420.000 Millions.
The Company continued to
maintain its strong market share in relevant market segments.
BACKGROUND
The Company is a private
limited company incorporated under the provisions of the Companies Act, 1956 on
1 January 1990 and is a subsidiary of Henkel AG and Company KGaA, a company
incorporated in Germany. The Company is in the business of manufacture and sale
of industrial adhesive products and trading of hair care products in India.
During the previous year Henkel CAC Private Limited, a subsidiary of the
Company was amalgamated with the Company w.e.f. 1 April 2010. During the
previous year the Company had acquired the hair care products business from
Henkel India Limited.
AMALGAMATION OF COMPANY’S
WHOLLY OWNED SUBSIDIARY, HENKEL CAC PRIVATE LIMITED
The Scheme of Amalgamation (the Scheme) of Henkel CAC Private Limited (the Amalgamated Company) with the Company was sanctioned by the Hon’ble High Court of Judicature at Bombay on 10 June 2011. The Company has filed the certified copy of the Order with Registrar of Companies on 15 September 2011.
In accordance with the scheme, all assets and liabilities of
the Amalgamated Company were transferred to and vested in the Company with
effect from 1 April 2010 (The Appointed Date) and recorded by the Company at
their fair values. The Scheme was accordingly been given effect to in the
financial statements for the previous year ended 31 March 2011, which include
the assets and liabilities of the Amalgamated Company with effect from 1 April
2010 and the results of operations for the year ended 31 March 2011. In terms
of the Scheme, the fair value of assets and liabilities were required to be
adopted as at 1 April 2010. The fair value of the assets and liabilities of the
Amalgamated Company was determined by independent valuer.
CONTINGENT LIABILITIES
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
|
|
(Rs. In
Millions) |
|
|
|
|
|
|
Contract
labour matter pending before the Industrial Tribunal, Maharashtra |
4.114 |
4.114 |
|
Appeal
against the Sales Tax Assessment orders, pending before the Sales Tax
Authorities |
7.102 |
1.109 |
|
Claims
against the Company for excise duty not provided |
90.354 |
51.300 |
|
Income
Tax matter for the year 2008-09 (A.Y. 2009-10) |
102.170 |
0.000 |
|
|
|
|
|
Total |
203.740 |
56.523 |
FIXED ASSETS:
· Land
· Buildings
· Factory building
· Plant and equipment
· Other plant and equipment
· Furniture and fixtures
· Vehicles
· Motor vehicles
· Office equipment
· Computer equipment’s
· Other equipment’s
· Leasehold improvements
· Goodwill
· Computer software
PRESS RELEASE
NEW BRANDING ARCHITECTURE FOR THE HENKEL ADHESIVE TECHNOLOGIES BUSINESS
SERVING INDUSTRIAL MARKETS
02/19/2013,
Düsseldorf / Germany
Henkel will introduce a new branding approach for its industrial adhesive technologies business. The company’s brand portfolio has grown strongly over the past decades and has enabled Henkel to become the global market leader in adhesives, sealants and surface treatments. To improve the navigation through the brand portfolio, Henkel will now re-group its industrial business for adhesive technologies under five technology cluster brands, each of which will represent a cluster of specific technologies and applications.
In addition to organic growth, Henkel has made numerous acquisitions over the past years. With this, Henkel has been able to provide its customers with high-quality service and a multitude of solutions. However, as Henkel has retained a large number of product names and brands, the offer of industrial adhesive technologies has become quite complex. This was confirmed by a recent customer survey.
Therefore, Henkel has decided to introduce a new branding approach that will align the portfolio under five brands. All products will be re-grouped under five technology cluster brands. Each of them will represent a cluster of specific technologies:
Henkel’s LOCTITE® is the trusted choice for engineered, high performance adhesive, sealant and coating solutions.
Henkel’s BONDERITE® products represent the surface technology solutions that create competitive advantage in the customers’ manufacturing processes.
Henkel’s TECHNOMELT® is the leading choice for hot melt adhesives designed for best results in the customers’ applications and production processes.
Henkel’s TEROSON® is the driving brand for bonding, sealing, coating and reinforcing in automotive body and vehicle repair and maintenance (VRM) applications.
Henkel’s AQUENCE® is the innovative, sustainable water-based adhesive solution.
“As the global leader in adhesives, sealants and surface technologies, we are committed to delivering a portfolio that our customers can navigate more intuitively,” said Jan-Dirk Auris, head of Henkel’s adhesives business. “In addition, this aligned structure will enable Henkel to provide optimized customer service and technology solutions more quickly in the future.”
HENKEL TO ACQUIRE POLISH LAUNDRY AND HOME CARE BRANDS FROM PZ CUSSONS
2/20/2013, Düsseldorf
/ Germany
Henkel has signed an agreement with the UK-based consumer products company PZ Cussons Plc to acquire their Polish Laundry and Home Care brands. The transaction includes predominantly detergents and fabric softeners of the “E” brand, and other smaller brands. The business operates mainly in Poland but also includes activities in Russia and other Central Eastern European countries.
The acquisition is in line with Henkel’s global strategy to further develop its three business sectors and strengthens a key growth region of the Laundry and Home Care business. “The acquisition is a perfect fit with our existing business in the CEE region and will further strengthen our position in Poland and Russia, which are both attractive markets for Henkel and within our growth regions”, said Bruno Piacenza, Executive Vice President and responsible for Henkel’s Laundry and Home Care business.
In fiscal year 2012, the Laundry and Home Care brands to be acquired generated sales of around 60 million euros. The agreement on the sale was signed on February 20, 2013. The acquisition is subject to merger control clearance and is expected to be closd in the third quarter of 2013.
HENKEL EXPANDS LINE-UP TO REDEFINE INDIAN FLEXI PACK LAMINATING AND
COATING INDUSTRY
10th October, Chennai: Henkel Adhesive Technologies India launched an extended line up of laminates and coating products both solvent and water based that are immensely beneficial to the flexi pack laminating process.
One of the world’s largest providers of adhesives, Henkel has a wide portfolio of products and applications that cater to a whole spectrum from manufacturing anaerobic adhesives, cyanoacrylate, polymer composites and seal laminating adhesives.
The definitive range includes Electron Beam Coatings Liofol OP 1329, Heat Seal Liofol Range, CAC 4644, a water-based emulsion for laminating film/or paper and Liofol LA 7749 & UR 6020. The introduction of the expanded line-up in the Indian market is a reflection of the faith Henkel customers repose in the products. It is also an affirmation of Henkel’s commitment to innovation, quality and perfection.
The line-up was unveiled by Mr. Thomas Auris, Senior VP, Asia-Pacific, Henkel
Group. The EB Coatings or Electron Beam Cured Coatings Liofol OP 1329 is a
state of the art radiation cure technology coating. EB coating is
superior to UV coating in terms of food safety. This coating helps to
reduce the 3-ply laminate to 2-ply and a 2-ply to a mono-web, by enabling
surface printing without the risk of print scuffing. It is mono-component
grade, having near infinite pot life and is processed at a room temperature and
affords attractive optics whether high gloss or matt.
Heat Seal Liofol Range of Coatings is water based and solvent based for
lidding. This finds application chiefly in yoghurt cups lids and blister packs
of medicine tablets. The lacquer is applied as a coating on a
substrate which is then sealed through heat and pressure. Substrates can range
from aluminum to various kind of plastics and papers. The cup stock can
be Polyester, Polystyrene, PVC, Polypropylene, PE, PAper etc and a range of heat
seal coating has been designed to optimise the various combinations of cups,
lids and the products to be packed. The coatings conform to the
relevant food safety regulation pertinent to direct contact with food.
CAC 4644, a water based wet lamination adhesive works on different types of
paper like glassine, chromo art, poster, etc. and has extremely low odour
level. It is environment friendly and is a single component requiring
practically no dilution and mixing.
Liofol LA 7749 / UR 6020 is the latest offering from the Liofol Solvent Free
Adhesives range which is a cold applied (35-40 deg C) and has excellent
wettability. It gives good optics in metalized films and foil. It can be
run at high speeds in the machine increasing productivity.
The Liofol brand under Henkel is a 40 year old brand today because it has
consistently delivered performance and quality to its stakeholders. It is
trusted by the packaging industry from the Americas to Europe and Asia. In
spite of a slowing global economy, India has been a rapidly growing market,
with the size of the packaging industry being pegged at USD 18.8 billion and
growing at 15% per annum.
For Henkel, India is central to the APAC region and presents a huge
opportunity. Speaking on the occasion, Mr. Ashish Pradhan, Business Director,
Henkel India averred, “One of the key focus areas for Henkel is On Site
Services that include Start-up and technical support during production and
start-through assistance of qualified Henkel specialists. This is a key
differentiator and definite value add for customer.”
A detailed start-up protocol is part of Henkel service and it includes
individual technical training on clients production lines by Henkel
specialists. This also includes troubleshooting analysis with quality control
support for optimal processing with quality check of produced parts and
detailed test reports. The focus is on application, development and evaluation
of improvements in adhesive processing. The joint analysis of current
production process ensures maximum efficiency control options and optimization
of processes.
About Henkel India
Henkel Adhesive Technologies India Private Limited is the market leader in
adhesives, sealants and surface treatments for consumers, craftsmen, and
industrial applications. Headquartered in Mumbai, Henkel has a well balanced
portfolio of international, regional and local products that are used in
diverse segments ranging from electronics, automotive, manufacturing aerospace
to biomedical industries. Well-known brands include Loctite, Teroson and
Bonderite. Under the Cosmetics/Toiletries division, Henkel portfolio includes
Schwarzkopf Professional and Indola Professional. Henkel Adhesive Technologies
India Private Limited is a subsidiary of Henkel AG & Co.KGaA Germany.
Henkel operates worldwide with leading brands and technologies in three
business areas: Laundry and Home Care, Beauty Care and Adhesive Technologies.
Founded in 1876, Henkel holds globally leading market positions both in the
consumer and industrial businesses with well-known brands such as Persil,
Schwarzkopf and Loctite. Henkel employs about 47,000 people and reported sales
of 15,605 million euros and adjusted operating profit of 2,029 million euros in
fiscal 2011. Henkel’s preferred shares are listed in the German stock index DAX
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. 60.47 |
|
|
1 |
Rs. 100.35 |
|
Euro |
1 |
Rs. 79.86 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
54 |
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.