MIRA
INFORM REPORT
|
Report Date : |
24.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
SOLVAY SPECIALITIES INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No.3526/27, GIDC Estate, Panoli, Bharuch – 394 116, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
20.06.2005 |
|
|
|
|
Com. Reg. No.: |
04-062544 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.3250.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74130GJ2005PTC062544 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAJCS0613F |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Specialty Polymers. |
|
|
|
|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (33) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 12000000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of SOLVAY S. A. It is an established company having moderate
track record. The management has reported a profit during 2013, with the help of
which the company has wiped off a decent chunk of its accumulated losses. The ratings also take into consideration the average financial profile
marked by no external borrowings recorded during 2013, which further
strengthens the liquidity position. Trade relations are fair. Business is active. Payment terms are
reported as slow but correct. In view of strong technical, managerial and financial support from the
promoting group, the subject can be considered normal for business dealings
with slight caution. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
The worst is over for India’s economy with gross domestic product likely
to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s
Analytics. Concerns over the rupee and current account deficit are under
control, said the agency. Ratings firm Crisil has forecast 6 % growth for
2014/15 up from the estimated 4.8 % for 2013/14. Total economic growth,
infrastructure bottlenecks and lack of transparency and consistency in foreign
direct investment policies seem to have taken a toll on India’s attractiveness
as an investment destination, says an Ernst & Young survey. Projects
with FDI component fell 16.4 % across the globe in 2012 from the previous
year. The drop in India was steeper at 21 %. State run carrier Air India
is doling out free tickets to its 24000 employees, even as it expects to incur
a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn.
550000 number of jobs generated across India in 2013, a fall of 0.4 % as
compared to with a year earlier. The National Capital Region has a
one-fourth share in total jobs created, according to a study by industry lobby
group Assochem, Banks, real estate, automobile and telecommunications sectors
are showing a rise of job creation. $ 805 mn investments by venture capital
firms in India during 2013, registering a drop of about 18 % over the previous
year. The Information Technology and IT-Enabled Services Industry retained
its status as the favourable venture capital investors in 2013. Pakistan has
temporarily banned gold imports for the second time in six months, as it tries
to stem smuggling into India. India’s import duty on gold is 10 % and curbs on
purchases have dried up legal imports into what used to be the world’s biggest
bullion buyers. The World Gold Council puts the amount smuggled into India at
upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed
bank deposits estimated to be about Rs 35000 mn be used for education and awareness
among depositors. According to the plan, deposits that have not been
claimed for at least 10 years will be transferred to the scheme.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED
Management Non-Cooperative (91-2646-305313)
LOCATIONS
|
Registered Office : |
Plot No.3526/27, GIDC Estate, Panoli, Bharuch – 394 116, Gujarat,
India |
|
Tel. No.: |
91-2646-272575 / 272576 / 305313 |
|
Fax No.: |
91-2646-272141 |
|
E-Mail : |
DIRECTORS
AS ON 27.09.2013
|
Name : |
Mr. Prakash Raman |
|
Designation : |
Managing Director |
|
Address : |
Sowbhagya 13/2, Old No. 109, |
|
Date of Birth/Age : |
19.07.1971 |
|
Date of Appointment : |
01.04.2009 |
|
DIN No.: |
02596690 |
|
|
|
|
Name : |
Mr. Duraisway Gunaseela Rajan |
|
Designation : |
Director |
|
Address : |
Chitra-110, |
|
Date of Birth/Age : |
10.01.1941 |
|
Date of Appointment : |
09.05.2006 |
|
DIN No.: |
00303060 |
|
|
|
|
Name : |
Mr. Marco Ilvano Martinelli |
|
Designation : |
Director |
|
Address : |
Glov Anni Procida N.35, Milan, 20149, Italy |
|
Date of Birth/Age : |
08.07.1959 |
|
Date of Appointment : |
27.06.2011 |
|
DIN No.: |
03583303 |
|
|
|
|
Name : |
Mr. Kristian Thomas Dominic Marino saksida |
|
Designation : |
Director |
|
Address : |
Fili Cervi Res Ponti, Segrate, 20090, Italy |
|
Date of Birth/Age : |
05.10.1968 |
|
Date of Appointment : |
27.06.2011 |
|
DIN No.: |
03583318 |
|
|
|
|
Name : |
Mr. Sankaranarayanan Venkatapathi Sethumadhavan |
|
Designation : |
Whole-time Director |
|
Address : |
A-1/10, Maurya Residency, GIDC, Ankleshwar – 393 002, Gujarat, India |
|
Date of Birth/Age : |
19.05.1967 |
|
Date of Appointment : |
27.06.2011 |
|
DIN No.: |
03583511 |
KEY EXECUTIVES
|
Name : |
Mr. Ramanuj Chandra S Kankani |
|
Designation : |
Secretary |
|
Address : |
101, Dev Ashish Apartment, Near Reena Park, TTThal Road, Valsad – 396
001, Gujarat, India |
|
Date of Birth/Age : |
03.12.1980 |
|
Date of Appointment : |
27.06.2011 |
|
PAN No.: |
AKLPK0901H |
MAJOR SHAREHOLDERS
AS ON 27.09.2013
|
Names of Shareholders |
No. of Shares |
% of holding |
|
Solvay S. A., Begium |
449550 |
0.14 |
|
Solvay Holding Netherlands B V, Netherland |
324550450 |
99.86 |
|
Total |
325000000 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
AS ON 27.09.2013
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Specialty Polymers. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management. |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Harkins and Sells Chartered Accountants |
|
Address : |
Maker Towers E, Cuffe Parade, Mumbai – 400 005, Maharashtra, India |
|
PAN No.: |
AACFD4815A |
|
|
|
|
Ultimate Holding Company : |
Solvay S. A., Belgium |
|
|
|
|
Holding Company: |
Solvay Holdings Netherland BV, Netherlands |
|
|
|
|
Subsidiary Company : |
·
Solexis SAS France, France ·
Solvay Solexis SPA ·
Solvay Solexis Inc., United States ·
Solvay Advanced Polymers LLC, United States ·
Solvay Advanced Polymers, Belgium ·
Solvin France S A, France ·
Solvay Do Brazil Limited, Brazil ·
Solvay Specialty Polymers Korea Company Limited,
Korea ·
3S Solvay Shared Services, Portugal ·
Solvay Chemical International SA, Belgium ·
Solvay Quimica S. L., Spain ·
Solvay-Carbonate –France S.A.S., Spain ·
Solvay Specialty Polymers Management Srl, Italy ·
Solvay Specialty Polymers Germany GMBH, Germany ·
Solvay Specialty Polymers Changzhu Company
Limited, China ·
Rhodia Asia Pacific Pte Limited, Singapore ·
Rhodia Specialty Chemicals India Limited, India ·
Rhodia Polymers and Specialities India Private
Limited, India ·
Sunshield Chemicals Limited, India ·
Solvay Vishnu Barium Private Limited, india ·
Advanced Biochemical (Thailand) Company Limited,
Thailand |
CAPITAL STRUCTURE
AS ON 27.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
325000000 |
Equity Shares |
Rs.10/- each |
Rs.3250.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
325000000 |
Equity Shares |
Rs.10/- each |
Rs.3250.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2013 (12 Months) |
31.03.2012 (15 Months) |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
3,250.000 |
3,250.000 |
|
(b) Reserves & Surplus |
|
(43.326) |
(360.363) |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
3,206.674 |
2,889.637 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
58.787 |
0.646 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
139.942 |
147.869 |
|
Total Non-current Liabilities (3) |
|
198.729 |
148.515 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
0.000 |
0.000 |
|
(b) Trade payables |
|
300.905 |
271.495 |
|
(c) Other current
liabilities |
|
62.491 |
116.268 |
|
(d) Short-term provisions |
|
6.673 |
5.126 |
|
Total Current Liabilities (4) |
|
370.069 |
392.889 |
|
|
|
|
|
|
TOTAL |
|
3,775.472 |
3,431.041 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
1,924.062 |
1,348.320 |
|
(ii) Intangible Assets |
|
110.497 |
146.008 |
|
(iii) Capital
work-in-progress |
|
112.393 |
667.976 |
|
(iv) Intangible
assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
3.624 |
3.624 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
120.037 |
57.842 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current Assets |
|
2,270.613 |
2,223.770 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
353.195 |
302.783 |
|
(c) Trade receivables |
|
384.454 |
332.673 |
|
(d) Cash and cash
equivalents |
|
337.008 |
439.061 |
|
(e) Short-term loans and
advances |
|
424.329 |
132.318 |
|
(f) Other current assets |
|
5.873 |
0.436 |
|
Total Current Assets |
|
1,504.859 |
1,207.271 |
|
|
|
|
|
|
TOTAL |
|
3,775.472 |
3,431.041 |
|
SOURCES OF FUNDS |
|
|
31.12.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
3250.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
(487.110) |
|
|
NETWORTH |
|
|
2762.890 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2762.890 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
1759.690 |
|
|
Capital work-in-progress |
|
|
65.256 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
3.624 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
434.572 |
|
|
Sundry Debtors |
|
|
272.074 |
|
|
Cash & Bank Balances |
|
|
484.470 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
194.082 |
|
Total
Current Assets |
|
|
1385.198 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
0.000 |
|
|
Other Current Liabilities |
|
|
224.073 |
|
|
Provisions |
|
|
226.805 |
|
Total
Current Liabilities |
|
|
450.878 |
|
|
Net Current Assets |
|
|
934.320 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2762.890 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 (12 Months) |
31.03.2012 (15 Months) |
31.12.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
NA |
NA |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
NA |
NA |
|
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
673.185 |
489.012 |
|
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.000 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
673.185 |
489.012 |
|
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
308.153 |
333.939 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
365.032 |
155.073 |
|
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
47.995 |
28.326 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
317.037 |
126.747 |
43.791 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(360.363) |
(487.110) |
NA |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(43.326) |
(360.363) |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
2290.336 |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.98 |
0.39 |
0.13 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 (12 Months) |
31.03.2012 (15 Months) |
31.12.2010 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.98 |
5.62 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11 |
0.05 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.07 |
3.07 |
3.01 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 (15 Months) |
31.03.2013 (12
Months) |
|
|
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
3250.000 |
3250.000 |
|
Reserves & Surplus |
(360.363) |
(43.326) |
|
Net
worth |
2,889.637 |
3,206.674 |
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
LOCAL AGENCY FURTHER INFORMATION
NOTE: Current Maturity
of Long term Debt is Not Available.
|
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 |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
No |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
No |
|
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 |
OPERATIONS:
The operations of
subject had shown positive trend during the year. Panoli Ketaspire PEEK plant
achieved significant increase in capacity utilization and export sales. Veradel
PESU and monomers also recorded higher sales and capacity utilization. The
commercial operations also achieved strong growth. The overall performance
results have improved significantly and directors are looking forward to a
sustainable growth. However, given the turbulent economic scenario, any
significant change in the global markets can have a bearing on Company also.
Directors of
subject had received from FICCI (Federation of Indian Chambers of Commerce and
Industry), India's premier Industry association "Excellence in
Safety" award in recognition of the performance of Safe practices and
achievement of excellent Safety performance of the company (Panoli and Savli
sites).
NOTE: No Charges
Exist for Company.
FIXED ASSETS:
·
·
Building
·
Plant and Machinery
·
Office Equipment
·
Computer
·
Furniture and Fixture
·
Vehicles
·
Goodwill
PRESS
RELEASE:
SOLVAY
HIKES STAKE IN RHODIA SPECIALTY CHEMICALS TO 91.3%
Public-listed
Rhodia Specialty Chemicals operates a plant in Maharashtra, producing
surfactants for home care, personal care and agrochemical markets.
Brussels-based
Solvay group has acquired an additional 18.39 per cent stake in Mumbai-based
Rhodia Specialty Chemicals India Ltd for Rs 51.89 crore ($8.66 million) through
an open offer, as per a stock market filing.
With
this, the firm has hiked its stake in Rhodia Specialty from 72.93 per cent to
91.32 per cent and will now be able to delist the subsidiary. Public-listed
firms need to maintain at least 25 per cent public holding.
Rhodia
Specialty Chemicals (formerly Albright & Wilson Chemicals India Ltd) is a
chemical manufacturing company and its products portfolio includes acids and
industrial phosphates. It is related to Rhodia’s Novecare business, serving
markets for home & personal care, industrial formulations and paints &
coatings, as well as oilfield chemicals. The company operates a plant at Roha
in Maharashtra, employs about 130 people and produces surfactants for the home
care, personal care and agrochemical markets.
Structured
around 11 global business units, the Solvay group is the partner of major
players in automotive, electronics, flavours & fragrances, health, personal
& home care, consumer goods and industrial markets. It employs around
14,250 people worldwide and generated sales of €6.17 billion in 2011.
Solvay
operates three companies in India – namely, Rhodia Specialty Chemicals India
Ltd which was acquired in 2000, Rhodia Polymers & Specialties India Pvt Ltd
(acquired in 2011) and Hindustan Gum & Chemicals (HICHEM), a joint venture
with MP Birla Group since 1962.
SOLVAY
GROUP TO ACQUIRE SURFACTANT UNIT IN 3 MONTHS
VADODARA: Brussels-based euro 12.7-billion Solvay Group
is in talks with local players to acquire a small surfactant
manufacturing unit in
Solvay Specialities India, a 100% subsidiary
of the Solvay Group was created in 2005. The first acquisition was Gharda
Chemicals' polymer division based at Panoli, Gujarat in 2006. It is now looking
for a second deal.
"We are in talks with a small local player
and would conclude the deal in the next three months," said Clamadieu,
CEO, Solvay Group. He further said the current acquisition would be in
surfactant segment in which the company has 20% market share. Solvay has
operations in three segments, polymer, surfactant and gaur.
Surfactants are used as one of the ingredient
in making products like shampoo, while gaur derivatives are used for number of
products but widely used by the petroleum drilling industry. India is the
largest producer of Gaur seeds in the world, constitute 80% of the total world
production. After surfactant, Solvay has 20% market share in gaur.
"We would now focus on India for our
overall growth" said Clamadieu. In the financial 2011-12, Solvay India had
Euro 200 million sales and expects to double it by 2015.
In 2010, Solvay Group, sold its pharma
business Solvay Pharmaceuticals to US-based Abbott Laboratories. In 2011,
Solvay acquired French chemicals maker Rhodia. It had had one plant in Panoli (
On Friday, Solvay inaugurated its research
and development (R&D) center for polymer in Savli, near Vadodara, with an
investment of Rs 40 crore, having initially 60 scientists. The company also
made Rs 38-crore investments at its polymer units in Gujarat in the financial
year 2011-12.
SOLVAY
EXPANDING IN INDIA
January
7, 2014
MUMBAI,
INDIA – Belgian based chemical company Solvay SA is rapidly expanding in India
as part of its global strategy of growing in the emerging economies.
India
subsidiary Solvay Speciality India Private Limited generated sales of around
227 million euros in 2013. "We are targeting to become double in size by
2016," said R. Prakash, the unit's managing director, at the Plastivision
2013 trade show in Mumbai.
Solvay
opened a global R&D center in Saveli in the middle of 2012, which focuses
on primary research and application development. It currently employs 50, and
Solvay plans to increase that to 200 in the next three years.
Currently
Solvay has more than 800 employees at eight facilities in India, including the
R&D center. The manufacturing plants make specialty polymers, engineering
plastics, surfactants and chemicals. Solvay is looking for organic and
inorganic growth in India, with M&A efforts focused, in part, on specialty
polymers.
SPECIALTY
CHEMICALS MARKET MAY REACH $70 BILLION BY 2020: REPORT
28
October 2013
The market for specialty
chemicals in the country has the potential to expand from around $23 billion at
present to $60-70 billion by 2020, according to a study report.
The Tata Strategic Management
Group said in a report on 'Indian Chemical Industry' that the current base of
specialty chemicals in India is small, but has the potential to expand.
While the growth rate has been
encouraging the consumption and overall penetration levels of speciality
chemicals and additives are still very low in India, due mainly to the small
base, the study pointed out.
"Indian speciality
chemicals market is currently valued at approximately $23 billion and has shown
a strong growth at 14 per cent per annum over the last 5 years. Our estimates
show that Indian speciality chemicals market has the potential to reach $60-70
billion by 2020," the study pointed out.
With an increase in the number
of end-user industries there could be a strong growth in both production and
demand of specialty chemicals over the next three to seven years, the report
said.
This, along with increased
adoption of speciality chemicals and newer applications, growth will further
expand the study pointed out.
India already has a strong
presence in overseas markets for specialty chemicals, especially in active
pharmaceuticals ingredients (APIs) and colourants (including dyes and
pigments).
The country exports speciality
chemicals to nearby Asia-Pacific countries, which do not have competitive scale
of production.
While India has a cost advantage
and manufacturing competitiveness in the developed markets, the study said,
much will also depend on Indian companies' ability to leverage low-cost talent
pool to ensure quality and comply with global regulations.
The study has focused on some
key speciality segments like agrochemicals, paints and coatings, construction
chemicals, colourants, fine chemicals, personal care chemicals and aromatic
chemicals. Going forward, the study said, sustainability of production, innovative
production techniques, the ability to adapt to more environment friendly
products and related regulation would be key to global competitiveness.
In addition to the high
production cost and the lack of innovative, cost effective production methods,
the domestic green chemicals industry has also been facing challenges related
to outdated technology/ process, limited investment in R&D and a negative
perception amongst end users, according to the study.
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.62.16 |
|
|
1 |
Rs.103.44 |
|
Euro |
1 |
Rs.85.27 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Report Prepared
by : |
NKT |
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 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
33 |
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.