MIRA INFORM REPORT
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Report No. : |
303801 |
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Report Date : |
19.01.2015 |
IDENTIFICATION DETAILS
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Name : |
JOHNSON MATTHEY CHEMICALS INDIA PRIVATE LIMITED |
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Registered
Office : |
Plot No. 6A, MIDC
Industrial Estate, Taloja, District Raigad – 410 208, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
06.09.2002 |
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Com. Reg. No.: |
11-137100 |
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Capital Investment
/ Paid-up Capital : |
Rs.420.000 Millions |
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CIN No.: [Company Identification
No.] |
U24110MH2002FTC137100 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEJ05603D |
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PAN No.: [Permanent Account No.] |
AABCJ1620M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is in the business of manufacture and trading of catalysts and advanced materials . The Company’s primary business segments comprise four types of catalysts namely Process Technologies, Fine Chemicals, Precious Metal and Alfa Aesar. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (50) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having satisfactory track record. As per ROC the date of balance sheet (i.e.,financial filed) is shown as
31.03.2014 but the documents related to the financial for the year 2014 are
not available from any sources. As per the available financial of 2013, overall financial position of
company seems to be sound. Trade relations are reporte as fair. Business is active. Payment terms
are reported to be usually correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term Rating = AA (Suspended) |
|
Rating Explanation |
High degree of safety and very low credit risk |
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Date |
August 30, 2012 |
Reason for suspension :Non-Co-operation by the company to carry out
rating.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DENIED BY
Management non-Cooperative (91-22-27401710)
LOCATIONS
|
Registered Office / Precious Group Metal Catalysts : |
Plot No. 6A, MIDC
Industrial Estate, Taloja, District Raigad – 410 208, Maharashtra, India |
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Tel. No.: |
91-22-27401710/ 27401434 |
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Fax No.: |
91-22-27401711/ 27401421 |
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E-Mail: |
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Website: |
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Research Chemicals
Division : |
Alfa Aesar Division, 3rd Floor, No. 108, Survey
Nos 195-196, Kandlakoya |
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Tel. No.: |
91-8008812424 / 2525 / 2626 |
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Fax No.: |
91-8418 260060 |
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E-Mail: |
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Refineries &
Gas Division: |
6th Floor, Tower ' B', Global Business Park, Mehrauli Gurgaon Road, Gurgaon- 122002, Haryana, India |
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Tel. No.: |
91-1242359836-837- 838 |
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Fax No.: |
91 124 235 9844 |
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E-Mail: |
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Fax No.: |
91-22-27401711/ 27401421 |
DIRECTORS
As on 26.09.2014
|
Name : |
Mr. Saumendra
Tripathy |
|
Designation : |
Whole Time
Director |
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Address : |
Flat No. C 1001,
Petal Heritage, Plot No.15 and 17, Sector 7, Kharghar, Navi Mumbai - 410 201,
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Date of Birth/Age : |
25.05.1972 |
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Qualification : |
PGDM |
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Date of Appointment : |
30.11.2011 |
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DIN No.: |
02695123 |
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Name : |
Mr. Dhananjay
Vishnu Tapasvi |
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Designation : |
Managing Director
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Address : |
8, Earle Close, Yarm – TS159SN, United Kingdom |
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Date of Birth/Age : |
10.01.1967 |
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Date of Appointment : |
30.11.2011 |
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DIN No.: |
03309900 |
MAJOR SHAREHOLDERS
As on 26.09.2014
|
Names of Shareholders |
No. of Shares |
|
Matthey Finance B.V., Netherlands |
41999999 |
|
Johnson Matthey (Nominees) Limited, UK |
1 |
|
Total |
42000000 |
As on 26.09.2014
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 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is in the business of manufacture and trading of
catalysts and advanced materials . The Company’s primary business segments comprise
four types of catalysts namely Process Technologies, Fine Chemicals, Precious
Metal and Alfa Aesar. |
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Products : |
Not Available |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
BSR and Company Chartered
Accountants |
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Address : |
Building No. 10, 8th Floor, Tower B, |
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Tel. No.: |
91-124-2549191 |
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Fax No.: |
91-124-2549101 |
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PAN.: |
AAAFB9852F |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Ultimate Holding Company: |
Johson Matthey Plc., UK |
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Holding company : |
Matthey Finance B.V., Netherlands |
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Fellow
subsidiaries: |
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CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
42000000 |
Equity Shares |
Rs.10/- each |
Rs.420.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
42000000 |
Equity Shares |
Rs.10/- each |
Rs.420.000 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 |
|
|
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|
(1)Shareholders' Funds |
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|
|
|
(a) Share Capital |
420.000 |
420.000 |
420.000 |
|
(b) Reserves & Surplus |
860.937 |
682.602 |
554.575 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
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(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
1280.937 |
1102.602 |
974.575 |
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|
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(3)
Non-Current Liabilities |
|
|
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|
(a) long-term borrowings |
2503.226 |
2388.943 |
1539.729 |
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(b) Deferred tax liabilities (Net) |
51.898 |
16.990 |
(12.014) |
|
(c) Other long term
liabilities |
97.338 |
5.016 |
10.131 |
|
(d) long-term
provisions |
102.038 |
181.117 |
239.473 |
|
Total Non-current
Liabilities (3) |
2754.500 |
2592.066 |
1777.319 |
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(4)
Current Liabilities |
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(a) Short
term borrowings |
778.837 |
792.042 |
50.082 |
|
(b) Trade
payables |
331.684 |
390.940 |
592.342 |
|
(c) Other
current liabilities |
661.895 |
201.571 |
193.331 |
|
(d) Short-term
provisions |
1.330 |
3.022 |
0.442 |
|
Total Current
Liabilities (4) |
1773.746 |
1387.575 |
836.197 |
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|
|
|
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TOTAL |
5089.183 |
5082.243 |
3588.091 |
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II.
ASSETS |
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(1)
Non-current assets |
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(a) Fixed
Assets |
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(i)
Tangible assets |
1570.022 |
773.830 |
669.843 |
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(ii)
Intangible Assets |
13.618 |
100.726 |
231.182 |
|
(iii) Capital
work-in-progress |
1137.473 |
1416.677 |
664.082 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
230.174 |
199.291 |
226.579 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
2951.287 |
2490.524 |
1791.686 |
|
|
|
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(2) Current
assets |
|
|
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(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1905.000 |
1811.007 |
1139.629 |
|
(c) Trade
receivables |
628.800 |
437.240 |
433.225 |
|
(d) Cash
and cash equivalents |
12.858 |
128.012 |
44.393 |
|
(e) Short-term
loans and advances |
309.743 |
197.487 |
162.782 |
|
(f) Other
current assets |
1.495 |
17.973 |
16.376 |
|
Total
Current Assets |
2857.896 |
2591.719 |
1796.405 |
|
|
|
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|
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TOTAL |
5809.183 |
5082.243 |
3588.091 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
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SALES |
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Income |
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Other Income |
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TOTAL (A) |
3704.300 |
3130.600 |
2732.700 |
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Less |
EXPENSES |
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TOTAL (B) |
2930.400 |
2521.400 |
2747.100 |
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Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
773.900 |
609.200 |
(14.400) |
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Less |
FINANCIAL
EXPENSES (D) |
244.900 |
211.000 |
0.000 |
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|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
529.000 |
398.200 |
(14.400) |
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Less |
DEPRECIATION/
AMORTISATION (F) |
226.700 |
222.700 |
0.000 |
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PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
302.300 |
175.500 |
(14.400) |
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Less |
TAX (H) |
124.000 |
47.500 |
38.100 |
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PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
178.300 |
128.000 |
(52.500) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
682.500 |
554.500 |
607.000 |
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|
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BALANCE CARRIED
TO THE B/S |
860.800 |
682.500 |
554.500 |
|
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|
Earnings Per Share
(Rs.) |
4.25 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
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|
Net Profit Margin PAT / Total Income |
(%) |
4.81
|
4.08 |
(1.92) |
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Operating Profit Margin (PBDIT/Total Income) |
(%) |
20.89
|
19.45 |
(0.52) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.25
|
5.06 |
(0.53) |
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.16 |
(0.15) |
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|
Debt Equity Ratio (Total Debt /Networth) |
|
2.56
|
2.88 |
1.63 |
|
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|
Current Ratio (Current Asset/Current Liability) |
|
1.61
|
1.87 |
2.15 |
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 |
420.000 |
420.000 |
420.000 |
|
Reserves & Surplus |
554.575 |
682.602 |
860.937 |
|
Net worth |
974.575 |
1102.602 |
1280.937 |
|
|
|
|
|
|
long-term borrowings |
1539.729 |
2388.943 |
2503.226 |
|
Short term borrowings |
50.082 |
792.042 |
778.837 |
|
Total borrowings |
1589.811 |
3180.985 |
3282.063 |
|
Debt/Equity ratio |
1.631 |
2.885 |
2.562 |
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) |
|
Total Income |
2732.700 |
3130.600 |
3704.300 |
|
|
|
14.561 |
18.326 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Total Income |
2732.700 |
3130.600 |
3704.300 |
|
Profit |
(52.500) |
128.000 |
178.300 |
|
|
(1.92%) |
4.09% |
4.81% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Current maturities of long-term debt |
442.105 |
1.129 |
1.314 |
|
|
|
|
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Total |
442.105 |
1.129 |
1.314 |
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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 |
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 |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
No |
|
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 |
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 |
Yes |
LITIGATION DETAILS
|
CASE DETAILS |
|||||||
|
Bench:- Bombay |
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Lodging No. : |
LPETNL/60/2012 |
Failing Date:- |
20.01.2012 |
Reg. No.:- |
LPETN/60/2012 |
Reg. Date:- |
20.01.2012 |
|
Petitioner:- |
ODHARAM BULCHAND CLEARING AND FC |
Respondent:- |
JOHNSON MATTHEY CHEMICALS INDIA PRIVATE LIMITED |
||||
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Petn.Adv:- |
S.N. ACHARYA (0) |
Resp. Adv.: |
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District:- |
MUMBAI |
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Bench:- |
SINGLE |
Category:- LEAVE
PETITION UNDER CLAUSE XII |
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Status:- |
Pre-Admission |
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PERFORMANCE REVIEW
During the financial year, the Company’s sales grew by 18% (at Rs. 3704.300 Millions as compared to last year Rs. 3130.600 Millions), and, Operating Profit (PBIDT) has been increased by 27% (at Rs. 773.900 Millions as compared to last year Rs. 609.100 Millions). During the year, launch of new products and improvements in operating efficiencies have also contributed an increase in the operating profitability of the Company.
INDEX OF CHARGES
NO CHARGES EXIST
FOR THE COMPANY
UNSECURED LOANS
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
Long Term Borrowings |
|
|
|
Fully convertible
debenture others |
1141.700 |
1141.700 |
|
Term loans |
1360.028 |
1244.507 |
|
Short Term Borrowings |
|
|
|
Rupee term loans
from Banks |
722.505 |
690.000 |
|
Loans repayable
on demand |
56.332 |
102.042 |
|
|
|
|
|
Total |
3280.565 |
3178.249 |
FIXED ASSETS:
Tangible Assets
·
Land –
Leasehold
· Plant and Machinery
· Motor Vehicles – Leased
· Motor Vehicles – Owned
· Building
· Furniture, Fittings and Equipment
Intangible Assets
· Software
· Goodwill
· Trademarks
· Patents and Know-How
· Non Complete Fee
·
Option
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.61.89 |
|
|
1 |
Rs.93.92 |
|
Euro |
1 |
Rs.72.00 |
INFORMATION DETAILS
|
Information
Gathered by : |
GAY |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
50 |
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.