MIRA
INFORM REPORT
|
Report Date : |
11.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
CPS COLOR INDIA PRIVATE LIMITED |
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Formerly Known As : |
COROB INDIA PRIVATE LIMITED |
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Registered Office : |
158 Dani Compound Vidya Nagar Marg, C S T Road, Kalina, Santacruz (East),
Mumbai – 400098, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
25.02.1998 |
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Com. Reg. No.: |
11-113726 |
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CIN No.: [Company
Identification No.] |
U29290MH1998PTC113726 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC07141B |
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PAN No.: [Permanent
Account No.] |
AAACC8387P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Supplier of Postponed Colour Production Systems |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
USD 437992 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a Indo – Finnish joint venture. Available information
indicates high financial responsibility of the company. Trade relations are
fair. Payments are always correct and as per commitments. The company can be considered good for any normal business dealings.
It can be reported as a promising business partner in a medium to long-run. The company has technical and financial collaborations with CPS
Machine Group of Finland. |
LOCATIONS
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Registered Office : |
158 Dani Compound Vidya Nagar Marg, C S T Road, Kalina, Santacruz
(East), Mumbai – 400098, Maharashtra, India |
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Tel. No.: |
91-22-56497777 |
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Fax No.: |
91-22-56497700 |
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E-Mail : |
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Website : |
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Head Office : |
Cabin No. A, First Floor, Plot No.10-13 and 13-A, Goa 1DC, Somnath Road,
Daman – 396210, India |
DIRECTORS
|
Name : |
Mr. Nevil Oswald |
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Designation : |
Managing Director |
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Address : |
C/42, 503 Triveni Vihar, 2nd Pokhran Road, Thane – 400601,
India |
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Date of Birth/Age : |
11.04.1965 |
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Date of Appointment : |
20.10.2002 |
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Email : |
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Name : |
Mr. Nils Henrik Larsen |
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Designation : |
Director |
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Address : |
Via Nazario Sauro 31, 40100 Bologna Italy |
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Date of Birth/Age : |
27.08.1962 |
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Date of Appointment : |
09.05.2003 |
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Name : |
Mr. Kari Selmgren |
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Designation : |
Director |
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Address : |
Papikuja 2 A 26 Fin – 00530 Helsinki, Finland |
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Date of Appointment : |
09.05.2003 |
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Name : |
Mr. Jyrki Pertunnen |
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Designation : |
Director |
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Address : |
Kasaminkaty 38A 6, Fin – 00140, Helsinki, Finland |
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Date of Birth/Age : |
21.09.1963 |
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Date of Appointment : |
09.05.2003 |
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Name : |
Mr. Simo Laitala |
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Designation : |
Director |
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Address : |
27 Berrima Road, Singalore – 299906 |
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Date of Birth/Age : |
16.01.1958 |
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Date of Appointment : |
10.08.2004 |
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Name : |
Mr. Stefano Mele |
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Designation : |
Director |
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Address : |
VIA Monte Rose, 520057 Vediano Al Lambro (MI) Italy |
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Date of Birth/Age : |
24.11.1964 |
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Date of Appointment : |
10.08.2004 |
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Name : |
Mr. Semi Juhana Korpela |
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Designation : |
Director |
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Address : |
Radanarakentajantie 4 A 28 Helsinki 00520, Finland |
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Date of Birth/Age : |
15.07.1970 |
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Date of Appointment : |
23.11.2006 |
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Email : |
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Name : |
Mr. Timo Tapani Linna |
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Designation : |
Director |
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Address : |
Runeberginkatu 4cb 31 Helsinki 00100, Finland |
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Date of Birth/Age : |
12.03.1956 |
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Date of Appointment : |
23.11.2006 |
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Email : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 25.11.2005)
|
Names of Shareholders |
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No. of Shares |
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CPS Color Equipment SPA, Italy |
|
1499999 |
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CPS Machine Group of Finland |
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1 |
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Total |
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1500000 |
(As on 31.03.2006)
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Category |
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Percentage |
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Foreign Holding (FIIs, FCs, FFIs, NRIs, OCBs, or Others) |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Supplier of Postponed Color Production Systems |
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Products : |
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GENERAL
INFORMATION
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No. of Employees : |
60 |
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Bankers : |
Bandra Kurla
Complex, G Block Bandra (East), Mumbai – 400051, Maharashtra, India |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Price Waterhouse Chartered Accountant |
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Address : |
252, Veer Savarkar Marg, Shivaji Park, Dadar, Mumbai – 400028,
Maharashtra, India |
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Holding Company : |
CPS Color Equipment Spa |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
15.000 |
15.000 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
94.498 |
70.370 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
109.498 |
85.370 |
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LOAN FUNDS |
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1] Secured Loans |
|
0.858 |
0.200 |
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2] Unsecured Loans |
|
14.263 |
14.220 |
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TOTAL BORROWING |
|
15.121 |
14.420 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
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124.619 |
99.790 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
58.888 |
53.129 |
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Capital work-in-progress |
|
5.005 |
2.467 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
1.538 |
2.238 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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101.758 |
43.098 |
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Sundry Debtors |
|
75.813 |
25.427 |
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Cash & Bank Balances |
|
16.277 |
6.035 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
33.785 |
44.283 |
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Total
Current Assets |
|
227.633 |
118.843 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
|
162.674 |
70.721 |
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Provisions |
|
5.771 |
6.166 |
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Total
Current Liabilities |
|
168.445 |
76.887 |
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Net Current Assets |
|
59.188 |
41.956 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
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124.619 |
99.790 |
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ROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
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Sales Turnover
(Estimated) |
|
322.710 |
181.090 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
322.710 |
181.090 |
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Profit/(Loss) Before Tax |
|
37.120 |
21.400 |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
37.120 |
21.400 |
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Expenditures : |
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Interests |
|
0.000 |
0.000 |
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Depreciation |
|
9.470 |
5.970 |
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Other Expenditure |
|
248.470 |
153.720 |
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Total Expenditure |
|
285.590 |
159.690 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2006 |
31.03.2005 |
|
PAT / Total
Income |
(%) |
|
11.50 |
11.82 |
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Net Profit Margin (PBT/Sales) |
(%) |
|
11.50 |
11.82 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
0.13 |
0.12 |
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Return on Investment (ROI) (PBT/Networth) |
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|
0.34 |
0.25 |
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Debt Equity Ratio (Total Liability/Networth) |
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|
1.68 |
1.07 |
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Current Ratio (Current Asset/Current Liability) |
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|
1.35 |
1.54 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Name of the company |
COROB INDIA PRIVATE
LIMITED |
|
Presented By |
Mr. Deepak Gupta |
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1) Date and description of instrument creating the change |
Dated 23rd
May 2001 Goods security
agreement executed by Corob India Private Limited. (Hereinafter
referred to as “the Company”) in favour of CITI Bank NA (Hereinafter
referred to as “the Lender”) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Non Funded
Facilities For Rs.21.000 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 and Book Debts |
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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 and advance to the company non funded
facilities under agreement and declaration by the company, inter alia as
follows: Covenant by the
company to repay the facilities at above and pay interests and all other
monies in the manner set out in the Good security Agreement between the company
and the lender and to comply with the terms and conditions of the said Good
and Security Agreement. The said stocks
and Book Debts Hypothecated to the lender as and by way of first charge as
security for and the be charged with the repayment of the loan with
interests, liquidated, damaged, premia on repayment or on redemption, costs,
charged and other expenses payable by the company to the lender in respect
thereof Margin – 32% The companies to
keep the said goods 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 or otherwise dispose of or deal
with all or any part of the said goods etc. as provided therein. |
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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, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
Company
History
2002:
Subject merges with Corob when the latter is one of the
leading manufacturers of dispensing and mixing equipment in the world. The new
company provides a complete offering of CPSCOLOR™ colorants, COROB™ dispensing
and mixing equipment, software, colour marketing tools and services and
becomes a quality supplier of postponed colour production systems.
2000:
Industri Kapital acquires Tikkurila CPS and Winter-Bouts
and renames the company into subject. This move makes the new company
the worldwide market leader in the tinting industry outside the USA. Swisslog
acquires the remaining 50% of the Corob Group, becoming the sole share holder. In
this same year, offices in Singapore, the United Kingdom, Russia, the Dominican
Republic and a factory in China are established. By buying Akzo Nobel
Decorative Coatings' Sneek plant, subject is able to lift its partnership with
Akzo to a higher level.
1998:
Swisslog Management AG, an international holding company,
acquires 50% of the Corob Group shares. As part of the agreement,
Corob Oy in Ulvila-Finland becomes part of the Corob Group. Winter-Bouts
in South Africa moves to new facilities in Johannesburg.
1997:
Corob is acquired by the Tikkurila Paints part of the Kemira
group and moves to new facilities in San Felice, Italy. New colorant plant in
Finland.
1996:
Tikkurila CPS opens a new plant in Philadelphia. In the same
year, the LaPorte factory in Australia is bought, for the production of
Tikkurila CPS colorants 'down-under'.
1995:
Winter-Bouts builds a new plant in Sittard and starts
producing colorants in South-Africa. The Dutch factory has the largest capacity
of all colorant plants outside the USA. Tikkurila CPS opens a new
office in Sao Paulo, Brazil.
1994:
In line with COROB's philosophy "think global act
local" Corob North America, Inc. is founded in Charlotte, North
Carolina, USA and Corob Ltd. in Hong Kong.
1991:
Corob Sud America s.a. is founded in
Montevideo, Uruguay as a sales/service and assembly support for the whole
of Latin America.
1990:
Tikkurila wants to focus more on tinting. Tikkurila CPS is
established as a separate entity. Tikkurila buys 100% of Winter-Bouts B.V.
and Lohja-Winter, which has an excellent reputation, especially in the
decorative market.
1986:
Lohja-Winter from Finland buys 50% of the shares of Bouts
B.V. and the name is changed into Winter-Bouts B.V. Tikkurila opens
several foreign units (a.o. unit in Dordrecht, Netherlands). Corob faces
the first big challenge when it becomes the dispensing equipment supplier of
ICI Paints UK.
1984:
Establishment of Corob in San Felice, Italy.
This automatic dispensing machine adventure lays the foundation for
the technologically advanced company it is today.
1982:
Netherlands: the first colorants are produced and marketed.
Vantaa: production of first industrial and decorative systems for the market
(Temacolor and Monicolor).
1981:
Management buy-out of Bouts B.V. Phasing out the
paint production
1970:
Tikkurila Oy in Finland starts using its first tinting
system (based on a colorant license from Color Corporation of America). This
license and system is used until the early '80s, when Tikkurila launches its
own system (for own use). In 1972, Kemira buys Tikkurila, which was
family-owned until then. In 1975, Tikkurila builds a new plant which will
produce base paints only, no conventional ready-mixed paints.
1960's:
Winter starts its first tinting activities in Scandinavia
1926:
Bouts B.V., in Venlo, the Netherlands starts producing paint
and will grow to a medium-sized company.
1862:
First activities in Vantaa, Finland. These finally lead to
the establishment of Tikkurila Oy, in Vantaa, Finland, now the biggest paint
producer in Scandinavia (top ten in Europe).
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.39.95 |
|
UK Pound |
1 |
Rs.78.91 |
|
Euro |
1 |
Rs.63.24 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
63 |
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. |
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 |
|