MIRA
INFORM REPORT
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Report Date : |
03.07.2007 |
IDENTIFICATION DETAILS
|
Name : |
COLORCON ASIA PRIVATE LIMITED |
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Registered Office : |
Plot
Nos M14 – M18, Verna Industrial Estate, Verna - 403722, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
22.04.1994 |
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Com. Reg. No.: |
24-3308 |
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CIN No.: [Company
Identification No.] |
U01122GA1994PTC003308 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRC04981E |
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PAN No.: [Permanent
Account No.] |
AAACC2281Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Importing and Exporting of Food colours, lake dyes, colouring
materials used in table coating, confectioneries, medicines, toiletries,
process foods, insecticides, plastics, cosmetics and chemicals. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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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Maximum Credit Limit : |
USD 2500000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track records. Directors are reported as experienced and respectable
businessmen. Trade relations are reported as fair. Business is active.
Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
Plot
Nos M14 – M18, Verna Industrial Estate, Verna - 403722, |
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Tel. No.: |
91-832-2883434 |
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Fax No.: |
91-832-2883440 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Stephen Francis Stephen William Zenuh |
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Designation : |
Director |
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Address : |
51, |
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Date of Birth/Age : |
18.08.1951 |
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Date of Appointment : |
01.06.2002 |
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Name : |
Mr. Kamlesh Pratapray Oza |
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Designation : |
Managing Director |
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Address : |
Shivprasad, 97, |
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Date of Birth/Age : |
19.08.1960 |
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Date of Appointment : |
22.04.1994 |
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Name : |
Mr. Cornels Woldemar Van Den Muyzenberg |
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Designation : |
Director |
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Address : |
51, Merchant Road, 06-05,
Merchant |
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Date of Birth/Age : |
20.01.1964 |
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Date of Appointment : |
07.02.2007 |
KEY EXECUTIVES
|
Name : |
Mr. Prashant Diwan |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Colorcon Limited |
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16,34,449 |
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Micron Limited |
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1 |
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Total |
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16,34,450 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Importing and Exporting of Food colours, lake dyes,
colouring materials used in table coating, confectioneries, medicines,
toiletries, process foods, insecticides, plastics, cosmetics and chemicals. |
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Products : |
v
Cellulose Ether v
Dry Dispersion v
Excipients |
GENERAL INFORMATION
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Bankers : |
Citi Bank NA Bandra Kurla Complex, G-Block Bandra [East], Mumbai – 400051, |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S. R. Batliboi and Company Chartered Accountants |
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Address : |
6th Floor, |
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Associates: |
v
Colorcon Limited v
Micron Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1634450 |
Equity Shares |
Rs. 10/- each |
Rs. 16.345 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1634450 |
Equity Shares |
Rs. 10/- each |
Rs. 16.345 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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|
SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
16.345 |
16.345 |
16.344 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
614.572 |
442.640 |
400.272 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
630.917 |
458.985 |
416.616 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
45.948 |
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TOTAL BORROWING |
0.000 |
0.000 |
45.948 |
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DEFERRED TAX LIABILITIES |
20.467 |
14.996 |
14.662 |
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TOTAL |
651.384 |
473.981 |
477.226 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
228.614 |
230.181 |
209.528 |
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Capital work-in-progress |
5.991 |
3.000 |
11.072 |
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INVESTMENT |
0.000 |
0.000 |
0.490 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
127.841 |
95.811 |
70.926 |
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Sundry Debtors |
255.781 |
158.021 |
137.330 |
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Cash & Bank Balances |
193.275 |
115.948 |
94.428 |
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Other Current Assets |
2.607 |
0.457 |
0.289 |
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Loans & Advances |
42.988 |
36.616 |
109.080 |
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Total
Current Assets |
622.492 |
406.853 |
412.053
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
99.388 |
72.869 |
58.774 |
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Provisions |
106.325 |
93.184 |
97.143 |
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Total
Current Liabilities |
205.713 |
166.053 |
155.917
|
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Net Current Assets |
416.779 |
240.800 |
256.136 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
651.384 |
473.981 |
477.226 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
982.000 |
N.A. |
584.763 |
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Profit/(Loss) Before Tax |
341.851 |
NA |
110.329 |
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Provision for Taxation |
63.876 |
NA |
39.599 |
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Profit/(Loss) After Tax |
277.975 |
NA |
70.730 |
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Earnings in Foreign Currency : |
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Export Earnings |
129.379 |
NA |
8.183 |
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Total Earnings |
129.379 |
NA |
8.183 |
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Imports : |
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Raw Materials |
0.000 |
NA |
246.650 |
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Capital Goods |
0.000 |
NA |
5.463 |
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Total Imports |
0.000 |
NA |
252.113 |
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Expenditures : |
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Travelling |
NA |
NA |
3.205 |
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Software Expenditure |
NA |
NA |
3.330 |
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Stores
|
NA |
NA |
0.266 |
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Interest
|
NA |
NA |
1.577 |
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Other Expenses
|
NA |
NA |
0.711 |
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Total Expenditure |
618.444 |
NA |
9.089 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
28.31 |
NA |
12.10 |
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Net Profit Margin (PBT/Sales) |
(%) |
34.81 |
NA |
18.87 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
39.88 |
NA |
17.75 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.54 |
NA |
0.26 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.33 |
0.36 |
0.48 |
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Current Ratio (Current Asset/Current Liability) |
|
3.03 |
2.45 |
2.64 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
COLORCON
ASIA PRIVATE LIMITED |
|
Presented By |
Mr. Kamlesh Oza |
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1) Date and description of instrument creating the change |
Goods Security
Agreement dated 21.06.2001 executed by
Colorcon Asia Private Limited in favour of Citi Bank |
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2) Amount secured by the charge/amount owing on the securities of charge |
Total Fund based
facilities for Rs. 24.000 Millions and Non Fund based facilities for Rs.
2.500 Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of
Stock, Book Debts forming part of its assets both present and future. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
In consideration
of the lender having agreed to lend advance to the company. Fund based
facilities under agreement and declaration by the company, inter alia as
follow : Covenant by the
company to repay the facility as
[2] above and pay interest and all
other monies in the manner set out in the said agreement between the company
and the lender and to comply with the terms and conditions of the said
agreement. The said movables
hypothecated and property mortgaged, to the lender as and by way of first
charge as security for and be charged with the repayment of the loan with all
interest, liquidated, damages, premia on prepayment or on redemption, costs,
charges, and other expenses payable by the company to the lender in respect
thereof Margin : 36 % on
stock and 52 % on machinery The companies to
keep the said assets in marketable and good condition and also insured as
provided therein Power of entry,
power to take charge and / or possession of seize, recover, receive appoint
and sell, contract dispatch for realization of otherwise of or deal with all
or any part of the said goods etc, as provided therein. |
|
5) Name and Address and description of the person entitled to the charge. |
Citi Bank NA Bandra Kurla Complex, G-Block Bandra [East], Mumbai – 400051, |
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6) Date and brief description of instrument modifying the charge |
Deed of
Modification dated 31.01.2004 Relating to
enhancement of credit facilities |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
the original
charge was created on 21.06.2001 for securing fund based facilities of Rs.
24.000 Millions and non fund based facilities of Rs. 2.500 Millions again
hypothecation of stock and book debts. The bank has now
extended the facilities to the company and made a deed of modification to the
extend of Rs. 31.500 Millions which is an increase of Rs. 5.000 Millions
against the said stock and book debts hypothecated by way of first charge to
the lender Other terms and
conditions will remain same as per original Goods Security Agrement. |
AS PER WEBSITE
World-Class Pharmaceutical Excipients And Services
Colorcon, Inc. is a global company that develops, manufactures and
supplies specialty chemicals and excipients for the pharmaceutical
industry.
Their core business is the design and technical support of
advanced coating systems for pharmaceutical dosage forms for immediate,
sustained and enteric release. In addition, the company's technological
capabilities include assistance in the development of solid dosage
formulations.
In order to meet the diverse requirements of international
customers, they have positioned their business offices, manufacturing
facilities and technical service laboratories in strategic locations around the
world. This global network ensures the fast, timely access to the products and
services that customers demand today.
As an industry leader, Colorcon also makes a point of sharing its
expertise through a variety of ongoing educational courses, seminars and
symposiums. These efforts all support a common goal: To help their customers
succeed in the highly competitive and increasingly global pharmaceutical
market.
No-Tox® Products
Colorcon No-Tox Products is singularly devoted to the manufacture
of products that meet the highest standards set by national regulatory
agencies. They meet these standards because their products directly touch the
lives of millions of people the world over. Their non-toxic
printing inks are employed for direct and indirect contact applications
involving food, medical devices and associated packaging.
Food & Confectionery Products
Colorcon offers a wide variety of products to color, glaze,
polish, coat and enhance the appearance of your products; everything you need to
produce truly great confections and foods. Forms of colorants include dry color
dispersions, dry pigments, pastes and liquids using FD&C certified lakes,
dyes and natural colorants. Also available are sealants, barriers, polishes and
glazes.
Their expertise in developing customer color formulations
will help your product be easily recognized and memorable.
Partner Companies
Their affiliate company is:
Micron Technologies® - specialists in contract micronizing
and milling services. Micron helps pharmaceutical manufacturers worldwide
achieve greater product effectiveness through the application of particle size
reduction technologies.
Colorcon
provides a wide range of complete film-coatings systems, modified-release
technologies, and excipients. Their best-of-class products are
complemented by their value-added services, including global technical
assistance and regulatory information services, training seminars, and
independent research support.
As
the preferred supplier of major pharmaceutical companies worldwide, their
products feature some of the most advanced technology available in solid oral
dose formulations. Major pharmaceutical and nutritional supplement developers
rely on Colorcon to assist them in the development of cost-effective, high
quality products with superior performance and appearance.
The
Food & Confectionery Division of Colorcon offers a wide variety of products
to color, glaze, polish, coat and enhance the appearance of your products;
everything you need to produce truly great confections and foods.
Their
best-of-class technologies are complemented by their value-added services,
including technical service, global regulatory information and independent
research support. With their expanding portfolio of advanced products and
services, and an organization built to provide product development team
support, they are dedicated to assuring their customers’ success from every
point of view.
Press Releases
November
2001 - Panning Special Effects
New
panned confectionery products on the market today rely on visual special
effects to give their appearance a point of difference. Confectioners have
several techniques at their disposal to decorate or change the appearance of
traditional panned confections including the speckling, striping, blushing,
engrossing, polishing and printing.
Brand identity, achieved through these methods, is a process manageable in any
facility if pan operators have an understanding of specific techniques and a
familiarization of challenges commonly encountered.
Pam
Gesford, Technical Services Manager at Colorcon, discusses challenges for
panned confections in a timely article appearing in Manufacturing Confectionery
Magazine.
Colorcon is singularly devoted to the manufacture of
products that meet the highest standards set by national regulatory agencies.
They meet these standards because their products directly touch the lives of
millions of people the world over.
Their non-toxic printing inks are employed for direct and
indirect contact applications involving food, medical devices and associated
packaging.
COLORCON INDIANAPOLIS
The
The
Colorcon and Dow ANNOUNCE A GLOBAL
CONTROLLED RELEASE
Colorcon and The Dow Chemical
Company have formed a global strategic alliance to better service their
customers' controlled release formulation development. As a result of
this new collaboration, Colorcon will become the exclusive global
representative of Dow Excipients with oral controlled release application.
Product lines affected include select METHOCEL™ Hypromellose polymers, all
premium or NF grade ETHOCEL™ Ethylcellulose polymers and all POLYOX™
Poly(ethylene oxide) resins used in pharmaceutical applications.
This collaboration places global
marketing, sales, technical support and customer service for these products in
Colorcon's hands. It complements Colorcon's Modified Release Technologies
portfolio of fully-formulated products, applications data and global technical
service and logistics infrastructure and enhances their ability to support
their customers' oral solid dosage development efforts throughout the world.
Colorcon
will begin the technical support of CR projects on the following effective
dates:
Region New CR Products Effective Date
ETHOCEL™
POLYOX™
EMEA ETHOCEL™
POLYOX™
Asia-Pacific
(ex JP) POLYOX™
COLORCON ANNOUNCES THE OPENING OF NEW TECHNICAL SERVICE LABORATORY IN
Colorcon
proudly opens its 17th Technical Service Laboratory (TSL), the first in
The
modern facility, now available for customer use will also serve as a
To contact a member of Colorcon's
Technical Team in
Tel: 514-337-8341, Fax:
514-337-9159 or
ANNOUNCING THE AVAILABILITY OF A UNIQUE COLOR GUIDE FOR TABLET FORMULATORS
Included in the Guide is a summary of the different types of pigments - Lakes, synthetic iron oxides and natural colorants - commonly used in pharmaceutical film coating formulas. Color options are organized according to color family for easy reference.
The new Guide was designed to accommodate updates and
changes implemented by the global regulatory authorities through the use
of a Color Selector which is a clear acetate overlay sheet.
These unique Selectors help pharmaceutical technical and brand development
teams confidently and accurately narrow the selection of colors for the regions
in which the dosage is to be marketed. One Selector is provided to limit
color choices appropriate for European Union Countries (EU) as well as for
Colorcon developed this Color Guide as part of its commitment to assist customers in making rapid and accurate color selections as part of the progression in launching a film coated, or enteric coated tablet. The options displayed in the Color Guide represent just a small sample of the colors available in fully formulated film coating systems. Compact and easy to store for ready reference, third Color Guide is backed by the support of the Colorcon technical and regulatory support staff.
For immediate release
COLORCON
ANNOUNCES THE OPENING OF THREE DESIGN CENTERS DEVOTED TO TABLET BRAND IMAGING
West
Point, Pennsylvania, USA, (date)— Effective May 1, 2005, the first three
Colorcon Global Tablet Design Centers™ (TDC™) will be open
and ready for client use. These specially equipped, high-tech conference
centers have been created to facilitate the research and design of distinctive pharmaceutical
tablet dosage forms.
Covering three continents, the first Tablet Design Centers
to open are located in
Each Design facility is equipped for efficient, effective
on-site collaboration between Colorcon experts and a client’s own project team.
Utilizing proprietary Colorcon software, a uniquely shaped and colored tablet
can be designed and viewed dimensionally on screen, demonstrating how the final
dosage form would look. Colorcon can also advise on unique trade dress options
such as shade, gloss, pearlesence, and unique brand identification marks
including printed or debossed logos. This supports brand recognition and
helps to combat the exposure to potential counterfeiting. Regulatory
acceptability of the final coating selection is determined through Colorcon’s
unique formulations database.
One Colorcon customer, on visiting the new
Pharmaceutical
manufacturers can bring their project teams to a
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.66 |
|
|
1 |
Rs.81.70 |
|
Euro |
1 |
Rs.55.05 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
85 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
53 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|