MIRA
INFORM REPORT
|
Report Date : |
19.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
IMCD GROUP BV |
|
|
|
|
Branch office : |
1st Floor, Trade Centre, Bandra Kurla Complex, Bandra
(East), Mumbai – 400051, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
21.02.2008 |
|
|
|
|
FCRN : |
F03298 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 23.111 Millions |
|
|
|
|
Legal Form : |
Foreign Registered Company |
|
|
|
|
Line of Business
: |
Manufacture of Chemicals and Chemical Products. |
|
|
|
|
No. of Employees
: |
Not Divulged |
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 |
|
Status : |
Branch Office of A Foreign Registered Company |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a branch of a foreign registered company having moderate
track. It is an established branch office having moderate track. Management has failed to file the financials after the FY 2010, with
the statutory authorities. As per available financials, the office seems to have a modest scale
of operations incurring consecutive losses during FYE 2010. However, trade relations may improve as a result of benefit of an
international network, generating know how and the prevailing expertise from
its reputed parent. Further, business is active. Payment terms are unknown. In view of strong parentage and the acquisition of Indchem, which will
help in replicating groups strength in India, the entity can be considered
for business dealings on a safe and secured 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.
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the Companies
Act is the latest manifestation of a messy fight between a father and his
adopted son for the control of Rs 40000 mn business empire. The Central Bureau
of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as
bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would take
a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
BI 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. Pawan |
|
Designation : |
Finance Head |
|
Contact No.: |
91-22-61460941 |
|
Date : |
18.09.2014 |
LOCATIONS
|
Registered Office : |
Located at
: Netherlands |
|
|
|
|
Indian Branch office : |
1st Floor, Trade Centre, Bandra Kurla Complex, Bandra
(East), Mumbai – 400051, Maharashtra, India |
|
Tel. No.: |
91-22-61460900 |
|
Fax No.: |
91-22-61460910 |
DIRECTORS
As on: 31.12.2009
|
Name : |
Pieter Cornelis Jan Van Der Slikke |
|
Designation : |
Managing Director |
|
Address : |
Laan Van Nieuw Oosteinde 125, NL-2274 EE, Voorburg, The Netherlands |
|
Date of Birth/Age : |
01.09.1956 |
|
|
|
|
Name : |
Hendrikus Jacobus Jozef Kooijmans |
|
Designation : |
Managing Director |
|
Address : |
Muiderslot 1, Nl-3334 Bs, Zwijndrecht, The Netherlands |
|
Date of Birth/Age : |
08.02.1961 |
|
|
|
|
Name : |
Mr. Nitin Joshi |
|
Designation : |
Authorised Signatory |
|
Address : |
/7, Parle Pushpa Hsg Soc., Mahant Rd Extn., Vile Parle East, Mumbai –
400057, Maharashtra, India |
|
Date of Birth/Age : |
10/12/1962 |
|
PAN No.: |
AACPJ7551P |
KEY EXECUTIVES
|
Name : |
Mr. Pawan |
|
Designation : |
Finance Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 31.12.2009
NOT AVAILABLE
BUSINESS DETAILS
|
Line of Business : |
Manufacture of Chemicals and Chemical Products. |
||||
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||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
|
|
|
|
Bankers : |
Not Divulged |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S. L. Kabadi Chartered Accountant |
|
Address : |
D/6, 5th Floor, ‘Everest’, 156, Tardeo Road, Mumbai –
400034, Maharashtra, India |
|
Tel. No.: |
91-22-23520475 |
|
Fax No.: |
91-22-23515820 |
|
|
|
|
Sister Concern : |
Imcd Group B. V., Netherlands Imcd Participations Ii B. V., Netherlands Imcd Services B. V., Netherlands Imcd Benelux B. V., Netherlands Imcd Benelux N. V., Belgium Imcd Holding France S. N. C., France Imcd France S. A. S., France Imcd Holding Uk Limited, United Kingdom Imcd Uk Investments Limited, United Kingdom Imcd Uk Limited, United Kingdom Brian Jones Associated Limited, United Kingdom Winrush Limited, United Kingdom Optima Chemicals Limited, United Kingdom Honeywill And Stein Ireland Limited, Ireland Cbg Chemie Beteiligungsgesellschaft Gmbh, Germany Imcd Deutschland Gmbh And Company Kg, Germany Otto Alldag Handel Gmbh, Germany Tomek International S. R. O., Czech Republic Imcd Czech Republic A. S.Imcd Nordic Ab, Czech Republic Imcd Sweden Ab, Sweden Imcd Nordic Ab, Sweden Imcd Finland Oy, Finland Imcd Danmark As, Denmark Imcd Norway As, Norway IMCD Baltics Uab, Lithuania IMCD Espana Especialidadis Quimicas S. A., Spain IMCD Portugal Produtos Quimicos Limited, Portugal IMCD Maroc S. A. R. .L., Morocco IMCD Italia S. P. A., Italy IMCD Australasia Pty. Limited, Australia Internatio – Muller Australia/ New Zealand Pty. Limited, Australia IMCD Australia Limited, Australia IMCD New Zealand Limited, New Zealand IMCD Ploskasp. Z. O. O., Poland Com-Tech Holding Sa, Switzerland IMCD Switzerland Ag, Switzerland IMCD Swiss Ag, Switzerland IMCD Slovakia S. R. O., Slovak Rrpublic IMCD Hungary K I. L., Hungary IMCD South East Europe Gmbh, Austria IMCD Ticaret, Pazarlama Ve Danismanlik Limited Sirketi, Turkey Internatio Special Products Llc, Russia Optima Chemicals Sp. Z. O. O., Poland IMCD South Africa Pty. Limited, South Africa IMCD Tunisia S. A. R. L., Tunisia IMCD Shanghai Trading Company Limited, China |
CAPITAL STRUCTURE
As on: 31.03.2010
Authorized Capital: Not Available
Issued, Subscribed & Paid-up Capital: Rs. 23.111
Millions
FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
23.111 |
7.898 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
12.087 |
6.890 |
|
|
NETWORTH |
|
11.024 |
1.008 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
11.024 |
1.008 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
0.214 |
0.164 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
5.405 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
0.000 |
0.000 |
|
|
Sundry Debtors |
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
|
5.183
|
0.800 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
0.931
|
0.232 |
|
Total
Current Assets |
|
6.114
|
1.032 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
0.000 |
0.000 |
|
|
Other Current Liabilities |
|
0.000 |
0.000 |
|
|
Provisions |
|
0.709
|
0.188 |
|
Total
Current Liabilities |
|
0.709
|
0.188 |
|
|
Net Current Assets |
|
5.405
|
0.844 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
11.024 |
1.008 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
|
0.839 |
0.199 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of Stock-in-Trade |
|
0.103 |
0.000 |
|
|
|
Other expenses |
|
11.194 |
6.950 |
|
|
|
TOTAL |
|
11.297 |
6.950 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE DEPRECIATION AND AMORTISATION |
|
(10.458) |
(6.751) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
0.143 |
0.070 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
(10.601) |
(6.821) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
0.000 |
0.069 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
|
(10.601) |
(6.890) |
|
|
|
|
|
|
|
|
|
Add |
DEFERRED TAX |
|
5.405 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
(6.890) |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
(12.086) |
(6.890) |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
|
(1263.53) |
(3462.31) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
(167.52) |
(570.32) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
(0.96) |
(6.77) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
8.62 |
5.49 |
FINANCIAL ANALYSIS
[All figures are
in Rupees Millions]
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2009 |
31.03.2010 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
|
Total Income |
0.199 |
0.839 |
|
|
|
321.608 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2009 |
31.03.2010 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
|
Total Income |
0.199 |
0.839 |
|
Profit |
(6.890) |
(10.601) |
|
|
(3462.31%) |
(1263.53%) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT: 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 |
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) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
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 |
No |
|
30] |
Major Shareholders, if available |
No |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
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 |
GENERAL INFORMATION:
IMCD Holding B.V is acting as a holding
company of IMCD group (“IMCD”), a group of companies active in the distribution
of chemicals, food and pharma ingredients. The group has offices and warehouses
in Europe, Africa, India, china, Australia and New Zealand.
IMCD has been able to navigate successfully
through 2009, a year that has been without precedent in recent economic
history. The first half of the year showed a strong decrease in demand. IMCD has
answered this challenge with a strong focus on maintaining and increasing
margins and on cost control. The second half of the year and in particular Q4
saw demand coming back. IMCD robust business model and the mix of its markets
and geographic regions mitigated the impact of the economic crisis. The group
generated an operating income of EUR 693 Millions, which was 13%, lower than
2008 (EUR 796 Millions). EBITDA was with EUR 51.2 Millions 5% lower than 2008
(EUR 53.7 Millions).
In Europe the construction and coating market
and the plastic and lubricants market in Germany, France, Spain and Italy were
hardest hit. Generally, markets in food and pharma were strong and our business
in the Benelux, UK, Nordic, Poland and Turkey performed very satisfactorily.
Australia had another strong year; New Zealand however was affected by the
impact of the crisis.
IMCD has incorporated a company in china and
integrated its existing representative office used for sourcing activities.
Similarly, we strengthened our activities in India. IMCD wants to become a
significant distributor in both countries.
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 records 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 judgment or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration:
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration:
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime:
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws:
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards:
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government:
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package:
Our market
survey revealed that the amount of compensation sought by the subject is fair and
reasonable and comparable to compensation paid to others for similar services.
10] Press Report:
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.05 |
|
|
1 |
Rs.99.55 |
|
Euro |
1 |
Rs.78.57 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
JAY |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
30 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely
sound financial base with the strongest capability for timely payment of interest
and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate
working capital. No caution needed for credit transaction. It has above
average (strong) capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial & operational
base are regarded healthy. General unfavourable factors will not cause fatal
effect. Satisfactory capability for payment of interest and principal sums |
Fairly
Large |
|
41-55 |
Ba |
Overall operation is considered
normal. Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome
financial difficulties seems comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent.
Repayment of interest and principal sums in default or expected to be in
default upon maturity |
Limited
with full security |
|
<10 |
C |
Absolute credit risk
exists. Caution needed to be exercised |
Credit
not recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.