MIRA INFORM REPORT
|
Report Date : |
25.03.2014 |
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. |
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|
|
|
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 |
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|
|
Litigation : |
Exist |
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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.
INDIAN ECONOMIC OVERVIEW
India’s current account deficit for the fiscal third quarter ended
September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product
from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in
exports and moderation in gold imports. Manufacturing activity and new orders
in India showed their strongest growth in a year in February. The news comes as
a relief after data showed Asia’s third largest economy grew by a
slower-than-expected 4.7 % annually in the three months through December. The
HSBC Manufacturing Purchasing Managers’ Index which gauges the business
activity of India’s factories but not its’ utilities, rose to 52.5 in February,
its highest in a year from 51.4 in January. Overall new orders for factory
goods which rose to a one-year high of 54.9 contributed to the surge. China has
emerged as India’s biggest trading partner in the current financial year
replacing the United Arab Emirates and pushing it to the third spot.
India-China trade has reached $49.5 billion with a 8.7 % share in India’s total
trade. The US comes second at $46 billion with 8.1 % share during the first
nine months of the current financial year.
The Reserve Bank of India has granted an additional nine months to the
public to exchange currency notes printed before 2005 including Rs 500 and Rs
1,000 denominations, pushing the deadline to January 1, 2015. A day before
dates for the Lok Sabha polls were announced, the government decided to hike
interest rates on fixed deposit schemes offered by post offices up to 0.2 per
cent. The new rates will be effective April, 1. The Supreme Court will resume
hearing on March, 11 Nokia’s appeal against a ruling over transferring
ownership of its local mobile phones plant which is the subject of a tax
dispute to Microsoft Corp.
In the last days of the current Government, another scam has surfaced.
The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s
contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The
Central Bureau of Investigation will look into allegations that over $80
million was paid in kickbacks in a deal signed in 2011. India has asked Boeing
Co. to find a solution for problems with state-owned Air India’s 787
Dreamliners. The aircraft has experienced a series of malfunctions since its
debut in 2011.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Deepak Paduale |
|
Designation : |
Head of Treasury Department |
|
Contact No.: |
91-22-25871000 |
|
Date : |
24.03.2013 |
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 : |
|
|
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 |
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|
|
|
Branch Office : |
LOCATED AT: · Chennai · New Delhi · Kolkata |
DIRECTORS
As on 28.06.2013
|
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 : |
15.04.2013 |
|
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 / SHAREHOLDING PATTERN
As on 28.06.2013
|
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 28.06.2013
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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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, |
|
Income-tax
PAN of auditor or auditor's firm : |
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 |
|
|
|
|
|
|
|
Revenue from Operation |
13225.000 |
9964.000 |
7733.000 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
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
CURRENT MATURITIES OF LONG TERM DEBTS
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
|
|
|
|
|
Current maturities of long-term debt |
0.000 |
525.000 |
0.000 |
|
|
|
|
|
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
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 |
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 |
LITIGATION DETAILS
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
Presentation
Date:- 23/01/2014 |
|
Lodging No:
ITXAL/270/2014 Filing Date: 23/01/2014 Reg. No.: ITXA/334/2014 Reg. Date: 18/02/2014 |
|
Petitioner: COMMISSIONER OF INCOME TAX-1, Respondent:
M/S. LANXESS INDIA PVT LTD- Petn. Adv : SURESH KUMAR (I2100) District: THANE
|
|
Bench: DIVISION Status: Pre-Admission
Category: TAX APPEALS Last Date: 27/03/2014
Stage: Last Coram: ACCORDING TO SITTING LIST ACCORDING TO
SITTING LIST |
|
Act: Income Tax Act, 1961
UNDER SECTION: 260A |
INDEX OF CHARGES : NO
CHARGES EXIST FOR COMPANY
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 |
CHANGE OF ADDRESS
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
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 |
FIXED ASSETS
v
Tangible
assets
· Land
· Buildings
· Plant and equipment
· Furniture and fixtures
· Vehicles
· Office equipment
v
Intangible
assets
· 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 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.60.70 |
|
|
1 |
Rs.100.11 |
|
Euro |
1 |
Rs.83.81 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
MRI |
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 |
YES |
|
--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.