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|
%20PRIVATE%20LIMITED%20-%20499199_MIRA%2022-Mar-2018_files/image015.jpg){kind=small}
%20PRIVATE%20LIMITED%20-%20499199_MIRA%2022-Mar-2018_files/image016.jpg)
%20PRIVATE%20LIMITED%20-%20499199_MIRA%2022-Mar-2018_files/image018.gif)
MIRA INFORM REPORT
|
Report No. : |
499199 |
|
Report Date : |
22.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
OWENS-CORNING (INDIA) PRIVATE LIMITED (w.e.f.12.05.2011) |
|
|
|
|
Formerly Known
As : |
OWENS-CORNING (INDIA) LIMITED |
|
|
|
|
Registered
Office : |
7th Floor, Alpha Building, Hiranandani Gardens, Powai,
Mumbai – 400076, Maharashtra |
|
Tel. No.: |
91-22-66681700 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2016 |
|
|
|
|
Date of
Incorporation : |
05.07.1995 |
|
|
|
|
Com. Reg. No.: |
11-124707 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 1308.100 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U73100MH1995PTC124707 |
|
|
|
|
IEC No.: |
0396032915 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACO1739M |
|
|
|
|
GST No.: |
27AAACO1739M1Z7 |
|
|
|
|
TIN No.: |
27310257070 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer
and Trader of Glass Fiber Products for use in Composites. [Registered
Activity] |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company incorporated in the year 1995. IPM Inc., United States holds 60% stake in the Subject Company and rest 40% held by OC NL Invest Cooperatief, Netherlands. Its products include chopped strand mats, roving’s and fiber glass reinforcement’s materials which are used in the composite industries. As per the Registrar of Companies date of balance sheet (i.e. financial filed) is shown as 31.03.2017 but documents related to the financial for the year 31.03.2017 are not available from any sources. Rating takes into consideration sound financial risk profile of the company marked by adequate networth base along with negligible debt level in FY2016. The company has reported significant increase in its revenue base along with decent profit margin of nearly 13.03% in the year under consideration. Rating continue to derive strength from company’s established track record of business operations marked by strong financial and managerial support that company receives from its joint venture entity and its well experienced management team. Trade relations are reported as fair. Payments seems to be regular and as per commitment. In view of aforesaid, the company can be considered good for normal 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 |
INDIA RATING |
|
Rating |
Long Term Loans = AA |
|
Rating Explanation |
High degree of safety and very low credit risk |
|
Date |
16.05.2017 |
|
Rating Agency Name |
INDIA RATING |
|
Rating |
Short Term Loans = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk |
|
Date |
16.05.2017 |
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 22.03.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DECLINED BY
|
Name : |
Mr. Pratik |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-22-66681700 |
|
Date : |
21.03.2018 |
LOCATIONS
|
Registered/ Head Office : |
7th Floor, Alpha Building, Hiranandani Gardens, Powai,
Mumbai – 400076, Maharashtra, India |
|
Tel. No.: |
91-22-66681700 |
|
Fax No.: |
91-22-66681701 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory: |
Located at: · Taloja, Raigarh, Maharashtra, India |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Jeffrey C Rodrigues |
|
Designation : |
Managing Director |
|
Address : |
7536 Nordic Way CT, Maumee, Ohio, 43537, United states of America |
|
Date of Birth/Age : |
04.07.1970 |
|
Date of Appointment : |
05.03.2015 |
|
DIN No.: |
02903831 |
|
|
|
|
Name : |
Linling Wu |
|
Designation : |
Additional director |
|
Address : |
Room 1002, No.7, Lane 500, Huang Jin Cheng Avenue, Changning District,
Shanghai 201103 |
|
Date of Birth/Age : |
26.05.1963 |
|
Date of Appointment : |
11.12.2013 |
|
DIN No.: |
06754034 |
|
|
|
|
Name : |
Mr. Rama Krishna Rao Chilakala |
|
Designation : |
Director |
|
Address : |
H.No.2-2-186/3 and 4, 203 Suchita Residency, RK Nagar,, Bagh Amberpet, Hyderabad - 500013, Andhra Pradesh, India |
|
Date of Birth/Age : |
14.03.1964 |
|
Date of Appointment : |
14.03.2014 |
|
PAN No.: |
AASPC8233H |
|
DIN No.: |
06830820 |
|
|
|
|
Name : |
Mr. Paul John Wei |
|
Designation : |
Director |
|
Address : |
7495 Tallgrass Dr Temperance, MI, 481823008, United States of America |
|
Date of Birth/Age : |
01.08.1973 |
|
Date of Appointment : |
02.07.2015 |
|
DIN No.: |
07224008 |
KEY EXECUTIVES
|
Name : |
Mr. Paras Haren Shah |
|
Designation : |
Company Secretary |
|
Address : |
8, Dreamland, Jai Shastri Nagar, Mulund Colony, Mulund (West), Mumbai – 400082, Maharashtra, India |
|
Date of Appointment : |
07.12.2012 |
|
PAN No.: |
BHZPS0268K |
|
|
|
|
Name : |
Mr. Jagdish Banwari lal Agarwal |
|
Designation : |
Chief Finance Officer (KMP) |
|
Address : |
B-404 Caviana GHS Hiranandani Estate, Patlipada, Ghodbunder Road, Thane (West), Mumbai – 400607, Maharashtra, India |
|
Date of Appointment : |
18.12.2014 |
|
PAN No.: |
ACYPA1817D |
|
|
|
|
Name : |
Mr. Pratik |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
IPM Inc. Delaware, USA |
|
78487796 |
|
OC NL Invest Cooperatief U.A. |
|
52325196 |
|
OC NL Invest Cooperatief U.A. jointly with Satish Kulkarni |
|
01 |
|
OC NL Invest Cooperatief U.A. jointly with Phani Kumar A |
|
01 |
|
OC NL Invest Cooperatief U.A. jointly with Claire Dagommer |
|
01 |
|
OC NL Invest Cooperatief U.A. jointly with Magali Leroux |
|
01 |
|
OC NL Invest Cooperatief U.A. jointly with Edward Neunuebel |
|
01 |
|
|
|
|
|
Total |
|
130812997 |
AS ON: 17.08.2017
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Public/Other than promoters (Body corporate) |
100.00 |
|
|
|
|
Total |
100.00 |
%20PRIVATE%20LIMITED%20-%20499199_MIRA%2022-Mar-2018_files/image020.gif)
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
and Trader of Glass Fiber Products for use in Composites. [Registered
Activity] |
|
|
|
|
Brand Names : |
Not Divulged |
|
|
|
|
Agencies Held : |
Not Divulged |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
|
|
Selling : |
Not Divulged |
|
|
|
|
Purchasing : |
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 |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
· HDFC Bank Limited HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India · Citibank N.A. Fort House, Dr. D. N. Road, Fort, Mumbai-400001, Maharashtra, India · Centurion Bank Limited Maker Chambers III, Nariman Point, Mumbai, Maharashtra, India · The Bank of Nova Scotia Mittal Tower, Ground Floor, 'B' Wing, P.O. Box 11507, Nariman Point, Mumbai-400021, Maharashtra, India · Export-Import Bank of India Centre One Building, Floor-21, World Trade Centre Complex, Cuffe Parade, Mumbai, Maharashtra, India |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
|
|
Auditors : |
|
|
Name : |
Lovelock and Lewes Chartered Accountants |
|
Address : |
252, Veer Savarkar Marg, Shivaji Park, Dadar (West), Mumbai – 400028, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AABFL5878L |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding
company : |
OC NL Invest Cooperatief U.A |
|
|
|
|
Ultimate
Holding Company: |
Owens Corning Inc. |
|
|
|
|
Associate
Company: |
Owens Corning Kohold BV |
|
|
|
|
Fellow Subsidiary Company: |
· Owens Corning Composite Materials LLC, USA · Owens Corning Korea · Owens Corning Industries (India) Private Limited [U26102TG1998FTC030183] · Owens Corning Veil U.K. Limited · Owens Corning Mexico S. de R.L. de CV · Owens Corning Roofing & Asphalt Llc · Owens Corning Fiberglass France S.A. · European Owens Corning Fiberglas SA · Owens Corning Fiberglas A.S. LTDA · OCV Fabrics (Changzhou) Co. Limited · OCV Italia Srl. Besana · Owens Corning (Japan) Limited · Owens Corning (China) Investment Co. Limited · Owens Corning (Singapore) Pte Limited · OC Composite Materials, LLC · Owens Corning Technical Fabrics LLC · Owens Corning Technical Fabrics LLC · OCV Composites (China) Co. Limited · Owens Corning Hong Kong Limited · Owens Corning Sales, LLC · OC Insulating Systems Canada LP ·
O C V Reinforcements (Hangzhou) Co. Limited |
CAPITAL STRUCTURE
AS ON: 31.03.2016
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
225000000 |
Equity Shares |
INR 10/- each |
INR 2250.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
130812997 |
Equity Shares |
INR 10/- each |
INR 1308.100
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1308.100 |
1308.100 |
1308.100 |
|
(b) Reserves & Surplus |
4439.400 |
3506.400 |
3259.500 |
|
(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 |
5747.500 |
4814.500 |
4567.600 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
3.600 |
3.900 |
6.300 |
|
(b) Deferred tax liabilities (Net) |
143.300 |
168.700 |
398.600 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
113.400 |
83.100 |
28.000 |
|
Total
Non-current Liabilities |
260.300 |
255.700 |
432.900 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
1141.300 |
818.400 |
398.000 |
|
(c)
Other current liabilities |
270.600 |
223.200 |
149.600 |
|
(d)
Short-term provisions |
157.000 |
179.400 |
162.500 |
|
Total
Current Liabilities |
1568.900 |
1221.000 |
710.100 |
|
|
|
|
|
|
TOTAL |
7576.700 |
6291.200 |
5710.600 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
1770.800 |
1949.300 |
2634.100 |
|
(ii)
Intangible Assets |
8.100 |
3.600 |
4.400 |
|
(iii)
Capital work-in-progress |
242.400 |
39.200 |
9.400 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
1572.400 |
1572.400 |
0.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
70.800 |
78.700 |
78.200 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
3664.500 |
3643.200 |
2726.100 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1271.500 |
896.900 |
675.300 |
|
(c)
Trade receivables |
1219.100 |
953.100 |
796.600 |
|
(d)
Cash and cash equivalents |
1273.200 |
689.900 |
1368.300 |
|
(e)
Short-term loans and advances |
145.800 |
106.100 |
122.400 |
|
(f)
Other current assets |
2.600 |
2.000 |
21.900 |
|
Total
Current Assets |
3912.200 |
2648.000 |
2984.500 |
|
|
|
|
|
|
TOTAL |
7576.700 |
6291.200 |
5710.600 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
7158.300 |
5038.400 |
4246.400 |
|
|
|
Other Income |
74.800 |
70.300 |
210.800 |
|
|
|
TOTAL |
7233.100 |
5108.700 |
4457.200 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1758.200 |
1064.000 |
997.600 |
|
|
|
Purchases of Stock-in-Trade |
1525.300 |
452.300 |
159.700 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(377.400) |
(127.300) |
(108.800) |
|
|
|
Employees benefits expense |
518.400 |
467.500 |
434.300 |
|
|
|
Other expenses |
2104.900 |
2004.800 |
1884.200 |
|
|
|
TOTAL |
5529.400 |
3861.300 |
3367.000 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
1703.700 |
1247.400 |
1090.200 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
23.200 |
30.100 |
5.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
1680.500 |
1217.300 |
1084.500 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
248.200 |
832.400 |
345.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
1432.300 |
384.900 |
739.300 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
499.300 |
138.000 |
256.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
933.000 |
246.900 |
482.500 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of manufactured goods exported |
790.200 |
749.800 |
893.800 |
|
|
|
Other Earnings |
12.900 |
22.100 |
34.700 |
|
|
TOTAL EARNINGS |
803.100 |
771.900 |
928.500 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1200.500 |
449.000 |
453.500 |
|
|
|
Stores & Spares |
823.800 |
488.300 |
177.400 |
|
|
|
Capital Goods |
214.300 |
81.100 |
41.000 |
|
|
TOTAL IMPORTS |
2238.600 |
1018.400 |
671.900 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (INR) |
7.13 |
1.89 |
3.69 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Maturities of Long term debt |
3.200 |
3.200 |
2.800 |
|
|
|
|
|
|
Cash generated from operations |
NA |
NA |
NA |
|
|
|
|
|
|
Net Cash flow from (used in) Operations |
1490.800 |
1344.173 |
1148.729 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
62.16 |
69.05 |
68.47 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
5.87 |
5.29 |
5.33 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
126.87 |
197.00 |
125.52 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
1.34 |
1.39 |
1.61 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.84 |
0.63 |
0.41 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.21 |
0.20 |
0.13 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.27 |
0.25 |
0.16 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.35 |
0.41 |
0.58 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
73.44 |
41.44 |
191.26 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
13.03 |
4.90 |
11.36 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
12.31 |
3.92 |
8.45 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
16.23 |
5.13 |
10.56 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio (Current
Assets / Current Liabilities) |
2.49 |
2.17 |
4.20 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
1.68 |
1.43 |
3.25 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.76 |
0.77 |
0.80 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.01 |
0.01 |
0.01 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
2.49 |
2.17 |
4.20 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
1308.100 |
1308.100 |
1308.100 |
|
Reserves & Surplus |
3259.500 |
3506.400 |
4439.400 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
4567.600 |
4814.500 |
5747.500 |
|
|
|
|
|
|
Long-term borrowings |
6.300 |
3.900 |
3.600 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Current Maturities of Long
Term Debt |
2.800 |
3.200 |
3.200 |
|
Total
borrowings |
9.100 |
7.100 |
6.800 |
|
Debt/Equity
ratio |
0.002 |
0.001 |
0.001 |
%20PRIVATE%20LIMITED%20-%20499199_MIRA%2022-Mar-2018_files/image022.gif)
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
4246.400 |
5038.400 |
7158.300 |
|
|
|
18.651 |
42.075 |
%20PRIVATE%20LIMITED%20-%20499199_MIRA%2022-Mar-2018_files/image024.gif)
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
4246.400 |
5038.400 |
7158.300 |
|
Profit/ (Loss) |
482.500 |
246.900 |
933.000 |
|
|
11.36% |
4.90% |
13.03% |
%20PRIVATE%20LIMITED%20-%20499199_MIRA%2022-Mar-2018_files/image026.gif)
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
No |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
B64962202 |
10394333 |
HDFC BANK LIMITED |
03/12/2012 |
- |
- |
325000000.0 |
HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN |
|
2 |
G76791375 |
10068510 |
CITIBANK N.A. |
04/09/2007 |
- |
14/02/2018 |
210000000.0 |
FORT HOUSE, DR. D. N. ROAD,FORT,MUMBAIMH400001IN |
|
3 |
B65390759 |
80026946 |
HDFC BANK LIMITED |
29/03/2004 |
17/12/2008 |
01/01/2013 |
210000000.0 |
HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN |
|
4 |
B13268073 |
10152059 |
HDFC BANK LIMITED |
30/03/2009 |
22/02/2011 |
25/05/2011 |
408000000.0 |
HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN |
|
5 |
A69516326 |
10037715 |
CENTURION BANK OF PUNJAB LIMITED |
26/02/2007 |
27/11/2007 |
02/09/2009 |
250000000.0 |
DURGA NIWASM G ROADPANAJIGOAGA403001IN |
|
6 |
A65276032 |
10117640 |
CITIBANK N.A. MUMBAI |
04/08/2008 |
01/12/2008 |
19/06/2009 |
215000000.0 |
CITI CENTER, 6TH FLOOR, BANDRA KURLA COMPLEX,BANDRA (EAST),MUMBAIMH400051IN |
|
7 |
A54070099 |
90357610 |
CENTURION BANK LTD. |
05/04/2001 |
- |
30/12/2008 |
100000000.0 |
MAKER CHAMBERS IIINARIMAN POINTMUMBAIMHIN |
|
8 |
A50243278 |
80044377 |
THE BANK OF NOVA SCOTIA |
10/07/1997 |
28/08/2002 |
27/10/2008 |
2560000000.0 |
MITTAL TOWER, GROUND FLOOR,'B' WING,P.O.BOX 11507, NARIMAN POINT,MUMBAIMH400021IN |
|
9 |
A37187804 |
90353631 |
EXPORT-IMPORT BANK OF INDIA |
04/04/2005 |
- |
17/04/2008 |
7000000.0 |
WTC COMPLEXCUFFE PARADEMUMBAIMHIN |
|
10 |
A37187556 |
90356315 |
EXPORT -IMPORT BANK OF INDIA |
29/03/2004 |
- |
17/04/2008 |
240000000.0 |
CENTRE ONE BUILDING ; FLOOR-21WORLD TRADE CENTRE COMPLEX; CUFFE PARADEMUMBAIMHIN |
CHANGE OF ADDRESS:
The Registered address of the company has been shifted from Mahindra
Towers, Ground Floor, Road No.13, Worli, Mumbai – 400018, Maharashtra, India to
the present address w.e.f 25.03.2009
GENERAL INFORMATION
Subject (the Company) was incorporated in India on July 5, 1995. The Company is involved in the manufacture of glass fiber products for use in composites. The Company's manufacturing location is situated at Taloja, District Raigarh (Maharashtra) and the head office/registered office is at Powai, Mumbai. The Company was converted into a private limited company effective May 12, 2011 and accordingly, the name of Company was changed to Owens-Corning (India) Private Limited.
BUSINESS OVERVIEW
The
company reported marked improvement in its performance in the year 2015-16 over
the last year. The total revenue went up by about 29.6%; the EBITDA improved by
36.6% over last year. The company has taken significant steps to further
improve efficiencies across all functions and which has led to improved
performance during the year. PAT has increased by INR 686.100 Million during
the year primarily driven by lower depreciation by INR 584.200 Million as
compared to previous year and the balance is contributed by improved
operational efficiencies, deflation in energy costs and overall market growth.
The cash profit also improved by 36% over last year.
Market started showing signs of recovery from beginning of the year. Overall demand improved globally with limited capacity addition led to improved capacity utilization and gives a positive perspective for the future. The company has retained its position as market leader in glass fiber market in India. While it continues to face pressure due to cheaper imports, company continued to enhance its competitiveness with improved products and value delivery to customers.
During the year, demand for their products increased by 35% year over year. It was majorly driven by wind energy, telecom, automotive and distribution segment. Export of goods to group companies was curtailed to meet the growing domestic demand. The global demand and supply scenario for glass fiber products as well as better value delivery has helped the company to realize the true value of their products.
The company recorded sales of 75,959 MT (PY 56,382 MT) and 7.35 MMm2 (PY8.54 MMm2) products of composite solution during the year ended March 31, 2016. The plant operations adopt the SQDC (safety, quality, delivery and cost) approach to monitor and drive the performance in plant. Taloja operations had 854 RIR free days as on 31stMarch, 2016. The internal auditor training was conducted to strengthen their OMS surveillance system.
In the year 2014, the company had commenced the journey of TPM. The goal of the journey was to have Manufacturing Excellence through stable, reliable, operation delivering Zero accidents, Zero defects and Zero breakdown. Training to employees has been conducted under different pillars of TPM to achieve the target set. This has not only helped the plant to look better but has ensured reliability in operations and high engagement among the workforce. In the year 2016-17, the company is planning to go for JIPM certification.
MARKET SCENARIO AND
BUSINESS OUTLOOK
Market demand for fiberglass products sprung back to growth from 2014 after 2 years of continuous shrinkage. The growth in demand was driven by wind energy market with the announcement of generation based incentives and accelerated depreciation benefit to wind energy manufacturers. They expect installation to be 3.6GW in 2016 up from 2.9GW in 2015 which brings about a demand growth of 24% in the segment. Apart from this, telecom market demand growth is at historic levels driven by NOFN (digital India) and export demand growth for their customers.
Automotive segment has shown revival of demand with increase in demand for vehicles coupled with more and more components being converted to lighter and stronger composites products which, makes vehicles lighter, safer and more fuel efficient. India has been lagging on use of composites in automotives and the gap versus advanced economies on adoption of composites is very high. Entry of large international players in automotive segment is likely to accelerate the conversions at much faster pace than earlier.
With investment cycle looking up in industrial, infra and wind segments the outlook for the industry is very positive and they expect demand for fiberglass to continue to grow in double digits. The policies of the government of India continue to be a driving force for anticipating a growth in demand for glassfibre products in wind energy and telecom segments. The company continues to find new application avenues for glassfibre products to provide stimulus to the growth of the company. The superiority in their quality of product, technology and customer support services helps the company to gain a competitive edge over others and hold the leadership position in the market. The company is contemplating options for expanding the capacity to serve the growing market demand.
The company has also filed a petition for renewal of anti-dumping duty against Chinese imports which is due to expire on July 2016.
FIXED ASSETS:
- Land
- Office
Building
- Leasehold
Improvement
- Computer
Equipment
- Building
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
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
|
INR |
|
US Dollar |
1 |
INR 65.22 |
|
UK Pound |
1 |
INR 91.33 |
|
Euro |
1 |
INR 79.96 |
INFORMATION DETAILS
|
Information
Gathered by: |
SVA |
|
|
|
|
Analysis Done
by: |
NIY |
|
|
|
|
Report Prepared
by: |
RUP |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.