MIRA
INFORM REPORT
|
Report Date : |
23.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
BLUE COAT PRIVATE LIMITED |
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Registered Office : |
3rd Floor, Maharshi Complex, Sardar Patel Colony, P O
Navjivan, Ahmedabad – 380014, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
15.11.1989 |
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Com. Reg. No.: |
04-12995 |
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CIN No.: [Company
Identification No.] |
U24110GJ1989PTC012995 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Chemicals and Adhesives |
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 620000 |
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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 well established and reputed company having satisfactory
track. Trade relations are fair. Financial positions are good. Payments are
usually correct and as per commitments. Nothing adverse reported. The company can be considered good for any normal business dealings at
usual trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Sunil Tanlekar |
|
Designation : |
Chief Finances |
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Contact No.: |
91-9824106705 |
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Date : |
22.08.2008 |
LOCATIONS
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Registered Office/ Factory : |
3rd Floor, Maharshi Complex, Sardar Patel Colony, P O
Navjivan, Ahmedabad – 380014, Gujarat, India |
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Tel. No.: |
91-79-27682157/ 27680301 |
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Fax No.: |
91-79-27681302 |
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Mobile No.: |
91-9824106705 |
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E-Mail : |
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Website : |
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Area : |
2500 sq. ft. |
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Location : |
Owned |
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Administrative/ Branch Office : |
601 Trived Ohamber Ring Road, Surat - 395002, India |
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Tel. No.: |
91-261-2335490 |
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Fax No.: |
91-261-2329299 |
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Area : |
2500 sq. ft. |
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Location : |
Owned |
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Network : |
Daika (Chemiland) Limited,
" City Heart" Suite No. 07/06, 6th Floor, 67, Naya
Paltan, Dhaka : 1000, Bangladesh Tele: 880 - 2 - 9331604 Fax: 880 - 2 - 8316521 Massive Lanka (Private)
Limited. 18/5 New Galle Road, Egodauyana, Moratuwa,
Sri Lanka Tele: 009438 - 2231151 / 1193 / 1612 Fax: 009438 - 2233360 Jay
Sales 10, Narang Chambers, N R Road, 3rd Floor, Banglore -
560002 Tele: 91-80 - 2222 4530 / 7251 Fax:91-80 - 22216213 Saral Dye - Chem C/O., United Dyes and Chemicals, 1226/B,
Gali Telian, Tilak Bazar, Delhi - 6 Tele: 91-11 - 23913616 / 23930848 Mob: 91-98100 24522 |
DIRECTORS
|
Name : |
Mr. Pushkar Dalal |
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Designation : |
Director |
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Address : |
A-28, Monalisa Appartment, Nanpura, Surat, India |
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Date of Birth/Age : |
21.03.1954 |
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Qualification : |
B. Sc. |
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Experience : |
28 years |
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Date of Appointment : |
01.04.1999 |
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Name : |
Mr. Milan Dalal |
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Designation : |
Director |
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Address : |
43, Sardar Patel Colony, P O Navjivan, Ahmedabad – 380014, India |
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Date of Birth/Age : |
21.04.1959 |
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Qualification : |
C. A. |
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Experience : |
20 years |
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Date of Appointment : |
15.11.1989 |
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Name : |
Mr. Harivadan S. Dalal |
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Designation : |
Director |
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Address : |
43, Sardar Patel Colony, P O Navjivan, Ahmedabad – 380014, India |
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Date of Birth/Age : |
23.11.1929 |
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Date of Appointment : |
15.07.2001 |
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Name : |
Mr. Purav Pushkar Dalal |
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Designation : |
Director |
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Address : |
A-28, Monalisa Appartment, Nanpura, Surat, India |
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Date of Birth/Age : |
28.12.1980 |
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Date of Appointment : |
15.07.2001 |
KEY EXECUTIVES
|
Name : |
Mr. Ashish C. Doshi |
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Designation : |
Company Secretary |
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Mobile No.: |
91-9825064740 |
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Email : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
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Harivadan Dalal |
|
4920 |
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Ansuya Dalal |
|
5210 |
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Pushkar Dalal |
|
2050 |
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Parul Dalal |
|
5010 |
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Milan Dalal |
|
4600 |
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Punky Dalal |
|
5100 |
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Poorav Dalal |
|
50 |
|
Varun Dalal |
|
50 |
|
Harivadan S Dalal HUF |
|
22000 |
|
Narendra I. Jian |
|
5 |
|
Devyam N. Jain |
|
5 |
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|
|
|
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Total |
|
49000 |
(As on 312.03.2007)
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Category |
|
Percentage |
|
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|
|
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Chemicals and Adhesives |
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Products : |
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Brand Name : |
“BLUECOAT”. |
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Exports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
Credit (30 days) |
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Purchasing : |
Cash |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
30 (Office – 15 and Factory – 15) |
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Bankers : |
HDFC Banks, Ring Road, Surat |
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Banking
Relations : |
Good |
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Financial Institutions: |
Director of Industries Mrmber Secretary, Single Window Clearance Agency, Baddi – 173205, Himachalal
Paradesh, India |
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Auditors : |
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Name : |
Atul Dalal and Company Chartered Accountant |
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Address : |
2nd Floor, Abhishek, Above Girish Cold Drink, Shilp Char
Rasta, Ahmedabad – 380006, Gujarat, India |
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Associates/Subsidiaries : |
Purav Sales, Surat |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 Millions |
|
5000 |
Preference Shares |
Rs.100/- each |
Rs.0.500 Million |
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Total |
|
Rs.5.500
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
49000 |
Equity Shares |
Rs.10/- each |
Rs.4.900
Millions |
|
5000 |
Reference Shares |
Rs.10/- each |
Rs.0.500
Million |
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Total |
|
Rs.5.400 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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|
SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
5.400 |
5.400 |
4.900 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
117.853 |
49.880 |
25.528 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
123.253 |
55.280 |
30.428 |
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|
LOAN FUNDS |
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1] Secured Loans |
0.471 |
0.717 |
0.899 |
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2] Unsecured Loans |
32.448 |
41.505 |
45.199 |
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TOTAL BORROWING |
32.919 |
42.222 |
46.098 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
156.172 |
97.502 |
76.526 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
25.079 |
17.068 |
9.663 |
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Capital work-in-progress |
4.076 |
0.000 |
0.000 |
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INVESTMENT |
0.020 |
0.020 |
0.020 |
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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 |
16.556
|
8.319 |
5.828 |
|
|
Sundry Debtors |
105.989
|
76.151 |
59.214 |
|
|
Cash & Bank Balances |
15.546
|
5.090 |
6.491 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
15.060
|
11.628 |
4.701 |
|
Total
Current Assets |
153.151
|
101.188 |
76.234 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
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Current Liabilities |
11.916
|
11.780 |
5.971 |
|
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Provisions |
14.238
|
8.994 |
3.420 |
|
Total
Current Liabilities |
26.154
|
20.774 |
9.391 |
|
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Net Current Assets |
126.997
|
80.414 |
66.843 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
156.172 |
97.502 |
76.526 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
220.534 |
140.537 |
105.470 |
|
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Other Income |
3.149 |
0.534 |
0.440 |
|
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Total Income |
223.683 |
141.071 |
105.910 |
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|
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Profit/(Loss) Before Tax |
76.712 |
29.518 |
16.751 |
|
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Provision for Taxation |
8.716 |
7.159 |
1.894 |
|
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Profit/(Loss) After Tax |
67.996 |
22.359 |
14.857 |
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Expenditures : |
|
|
|
|
|
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Financial Charges |
2.754 |
2.895 |
3.201 |
|
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Depreciation & Amortization |
2.755 |
1.223 |
1.058 |
|
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Other Expenditure |
141.462 |
107.435 |
84.900 |
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Total Expenditure |
146.971 |
111.553 |
89.159 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
30.40
|
15.85 |
14.03 |
|
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Net Profit Margin (PBT/Sales) |
(%) |
34.78
|
21.00 |
15.88 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
43.04
|
24.96 |
19.50 |
|
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|
|
|
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Return on Investment (ROI) (PBT/Networth) |
|
0.62
|
0.53 |
0.55 |
|
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|
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Debt Equity Ratio (Total Liability/Networth) |
|
0.48
|
1.14 |
1.82 |
|
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|
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|
Current Ratio (Current Asset/Current Liability) |
|
5.86
|
4.87 |
8.12 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference:
- Praful
Industries, Surat
- Ranchan
Prints, Surat
- Maruti
Textile Limited, Surat
Form 8:
|
Corporate
identity number of the company |
U24110GJ1989PTC012995 |
|
Name of the
company |
BLUE COAT PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
3rd Floor, Maharshi Complex, Sardar Patel Colony, P O
Navjivan, Ahmedabad – 380014, Gujarat, India |
|
This form is for |
Creation of Charge |
|
Type of charge |
Movable Property |
|
Particular of
charge holder |
Director of Industries Mrmber Secretary, Single Window Clearance Agency, Baddi – 173205,
Himachalal Paradesh, India |
|
Nature of
instrument creating charge |
Agreement for
hypothecation for central capital investment subsidy |
|
Date of
instrument Creating the charge |
16.05.2008 |
|
Amount secured by
the charge |
Rs.1.489 Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of
Interests: Nil Terms of
Repayable: Not Applicable Margin: Nil Extent and
Operation of the charge: All the immovable
and assets as per sch. Attached to agreement of Hypothecation for due
fulfillment of terms and condition like not without taking prior permission
of the government shift the location not to go out production, shift the
location of the unit or substantial part of total fixed capital investment
within period of 5 years from the date of production or have obtain by
central subsidy by mis representation or false information’s. |
|
Particulars of
the property charged |
All the plant and
Machinery belonging to the company of its unit situated at 12, Himuda Industrial
Estate, Bhatoli Kala Baddi. Tahesil Nalagarh, District Solan, Himachal
Pradesh |
Website Details:
Profile:
Subject started the manufacturing activities in the year 1990.
Presently company is manufacturing various types of Engraving Chemicals which
are used for exposing designs in textile printing, Thermoplastic Adhesive for
flatbed printing machines, Wood adhesives for safe bonding of plywood,
laminates and other wood surfaces, Lamination Adhesives, Sticker Adhesives and
other Textile Finishing chemicals under the brand name of “BLUECOAT”.
They have huge capacity of production & their factories
are professionally managed by technocrats & with proper R & D
facilities. The company’s administration & marketing is run under the
directorship of Mr. Pushkar Dalal, Milan Dalal & Purav Dalal who are
experienced & competent to run the industries. They have excellent
marketing & efficient technical staff to serve the customers and our
network is established in whole of India with overseas distributors in Srilanka
& Bangladesh, Sultnate of Oman.
Manufacturing
Facilities:
They have state of the art manufacturing with
latest R & D facilities. They believe that Research & Development is a
continuous process which leads to innovative new products for valued customers.
The plants are under the supervision of most knowledgeable technical person
available in the industries.
The capacity to produce is not a limiting factor & they can
produce as much as their customer wants.
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.43.38 |
|
UK Pound |
1 |
Rs.81.34 |
|
Euro |
1 |
Rs.64.55 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
|