MIRA INFORM REPORT
|
Report No. : |
307693 |
|
Report Date : |
16.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
ARCHROMA INDIA
PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
A/3, Prasanna Jeevan
CHS Limited, Eksar Road, Near Rajdhani Hotel, Borivali (West), Mumbai –
400092, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
26.04.2013 |
|
|
|
|
Com. Reg. No.: |
11-242571 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 0.141
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24246MH2013FTC242571 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA44007F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AALCA6844Q |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing,
Processing and Formulating of Specialty Chemicals. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1252000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a relatively new company establishing itself gradually of moderate
trade track. The company has huge external borrowings. Profit margin of the
company appears to be low. However, trade relations are improving. Business is active. Payment
terms are reported to be slow but correct. The company can be considered for business dealings with some caution.
|
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
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.
LOCATIONS
|
Registered Office : |
A/3, Prasanna
Jeevan CHS Limited, Eksar Road, Near Rajdhani Hotel, Borivali (West), Mumbai
– 400092, Maharashtra, India |
|
Tel. No.: |
91-22-25315255/ 25315190 |
|
Fax No.: |
91-22-25315190 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
9th Floor, ‘D’ Building, MBC Park, Near
Hypercity Mall, Ghodbunder Road,
Kasarvadavali, Thane (West) – 400615,
Maharashtra, India |
|
Tel. No.: |
91-22-39385701 |
|
E-Mail : |
DIRECTORS
|
Name : |
Rajasekaran Padmanaban |
|
Designation : |
Additional director |
|
Address : |
No.798, 29th Street, TNHB Korattur, Chennai – 600080,
Tamilnadu, India |
|
Date of Birth/Age : |
09.07.1966 |
|
Date of Appointment : |
24.08.2013 |
|
DIN No.: |
06667769 |
|
|
|
|
Name : |
Mr. Michel Zumstein Pierre |
|
Designation : |
Additional Director |
|
Address : |
72, Farrer Road, Unit 04-02, Singapore 265851 |
|
Date of Birth/Age : |
02.08.1967 |
|
Date of Appointment : |
25.11.2013 |
|
DIN No.: |
06740291 |
|
|
|
|
Name : |
Mr. Thomas Winkler |
|
Designation : |
Additional Director |
|
Address : |
43, Jalan, Kampong Chantek, Singapore 588619 |
|
Date of Birth/Age : |
01.01.1961 |
|
Date of Appointment : |
25.11.2013 |
|
DIN No.: |
06740261 |
KEY EXECUTIVES
|
Name : |
Mr. Fareed Raja |
|
Designation : |
Accounts Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 19.04.2013
|
Names of Shareholders |
No. of Shares |
Percentage of
holding |
|
Archroma Textiles SARL, Luxembourg |
99000 |
99.00 |
|
Archroma Paper SARL, Luxembourg |
1000 |
1.00 |
|
|
|
|
|
Total |
100000 |
100.00 |
AS ON 21.03.2014
|
Names of Allottees |
No. of Shares |
|
Archroma Textiles SARL, Luxembourg |
40996 |
|
Archroma Paper SARL, Luxembourg |
414 |
|
|
|
|
Total |
41410 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing,
Processing and Formulating of Specialty Chemicals. |
|
|
|
|
Brand Names : |
-- |
|
|
|
|
Agencies Held : |
-- |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the Management. |
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Bankers : |
Not Divulged |
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||||||||||||||
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Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Associates Chartered Accountants |
|
Address : |
1st Floor, Lodha excelus, Apollo Mills Compound |
|
PAN No.: |
AADFB6889R |
|
|
|
|
Holding company : |
Archroma Textile SARL Luxemborg |
|
|
|
|
Associate : |
|
|
|
|
|
Fellow Subsidiary
company : |
|
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Re.1/- each |
Rs. 0.500 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
141410 |
Equity Shares |
Re.1/- each |
Rs. 0.141
Million |
|
|
|
|
|
FINANCIAL DATA
[All figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2014 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
0.141 |
|
(b) Reserves &
Surplus |
|
|
437.984 |
|
(c) Money received
against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
|
|
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
|
|
438.125 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
1692.530 |
|
(b) Deferred tax
liabilities (Net) |
|
|
0.000 |
|
(c) Other long term
liabilities |
|
|
0.000 |
|
(d) long-term provisions |
|
|
24.362 |
|
Total Non-current
Liabilities (3) |
|
|
1716.892 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
0.000 |
|
(b) Trade payables |
|
|
779.027 |
|
(c) Other current
liabilities |
|
|
251.010 |
|
(d) Short-term provisions |
|
|
5.194 |
|
Total Current Liabilities
(4) |
|
|
1035.231 |
|
|
|
|
|
|
TOTAL |
|
|
3190.248 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
|
324.017 |
|
(ii) Intangible Assets |
|
|
1069.884 |
|
(iii) Capital
work-in-progress |
|
|
156.581 |
|
(iv) Intangible assets
under development |
|
|
0.000 |
|
(b) Non-current
Investments |
|
|
0.000 |
|
(c) Deferred tax assets
(net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
5.562 |
|
(e) Other Non-current
assets |
|
|
1.960 |
|
Total Non-Current Assets |
|
|
1558.004 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
0.000 |
|
(b) Inventories |
|
|
520.537 |
|
(c) Trade receivables |
|
|
584.749 |
|
(d) Cash and cash
equivalents |
|
|
480.536 |
|
(e) Short-term loans and
advances |
|
|
38.743 |
|
(f) Other current assets |
|
|
7.679 |
|
Total Current Assets |
|
|
1632.244 |
|
|
|
|
|
|
TOTAL |
|
|
3190.248 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2014 |
|
|
SALES |
|
|
|
|
|
Income |
|
|
2263.318 |
|
|
Other Income |
|
|
NA |
|
|
TOTAL |
|
|
NA |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
NA |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
|
NA |
|
|
|
|
|
|
|
Less |
TAX |
|
|
NA |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
|
|
2.583 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
|
|
0.000 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
|
|
2.583 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
|
|
18.27 |
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2014 |
|
Debt Equity Ratio (Total Debt /Networth) |
|
|
|
3.86 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
1.58 |
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 |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last one year |
Yes |
|
12] |
Profitability for last one year |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
No |
|
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 |
No |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
No |
|
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 |
INDEX OF CHARGES: NO CHARGES
EXIST FOR COMPANY
UNSECURED LOAN
|
PARTICULARS |
|
31.03.2014 (Rs.
in Millions) |
|
Long term
borrowing |
|
|
|
Fully convertible debentures intercorporate |
|
1692.530 |
|
|
|
|
|
Total |
|
1692.530 |
BUSINESS OVERVIEW
During the year, the Company has earned income of Rs. 2263.318 Millions and achieved a net profit of Rs. 2.583 Millions. The company could carry forward the profit of Rs. 2.583 Millions to the next year.
PURCHASE OF BUSINESS
The Company has acquired from Clariant Chemicals (India) Limited the Textile Chemicals, Paper Specialities and Emulsions business on going concern basis for a consideration of Rs. 2091.5 Millions on slump sale basis. Pending receipt of certain licenses and approvals in the name of the Company, the Company had entered into business continuation agreement with Clariant to run the business in its name for and on behalf of Archroma till the last of the permission and approval is received. On receipt of the last permission, the business continuation agreement was terminated on 31st January, 2014.
Segment
The Company is primarily engaged in the business of specialty chemicals, which is the primary business segment of the Company. Hence, there are no primary reportable segments, as required by 'Accounting Standard 17' on 'Segment reporting' as prescribed by the Companies (Accounting Standards) Rules, 2006. The Company has identified the Secondary Segment as geographical segment based on the location of customers.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 62.14 |
|
|
1 |
Rs. 95.78 |
|
Euro |
1 |
Rs. 71.05 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
32 |
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.