MIRA
INFORM REPORT
|
Report Date : |
07.03.2008 |
IDENTIFICATION
DETAILS
|
Name : |
BERGER BECKER COATINGS PRIVATE LIMITED |
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Registered Office : |
19, DDA Commercial Complex, Kailash Colony Extension, Zamrudpur, New
Delhi 110048 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
30.09.1996 |
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Com. Reg. No.: |
55-82343 |
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CIN No.: [Company
Identification No.] |
U74899DL1996PTC082343 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing of Coil Coating Paints and all other kinds of Paints such as Automobile Paint, Wood-Paint, Finishes, Distemper, Primer, Oxide, Resin 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 800000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company engaged in manufacturing and marketing of Coil Coating Paints. It has achieved good turnover with impressive increase in the profitability during the financial year 2003-04, over the previous period. Directors are resourceful businessmen. Trade relations are reported as fair. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office/ Head Office : |
R. P. L. House, 19, D. D. A. Commercial Complex, Zamrudpur, Kailash Colony Extension, New Delhi - 110 048, India |
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Tel. No.: |
91-11-26480394 to 96 / 26431573 / 7449 / 26419969 / 29240394 |
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Fax No.: |
91-11-26447864 / 29247864 |
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E-Mail : |
info@bergerbeckerindia.com / rpl@rajdootpaint.com , deepti@rajdootpaints.com |
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Website : |
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Area : |
Owned - medium sized |
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Location : |
Commercial |
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Factory / Warehouse
: |
v 114 Pilerne Industrial Estate, Post Saligao, Bardez, Goa-403511 Tel No : 91-832-2407103 / 2407104 / 2407107 Fax No : 91-832-2407106 E-mail : info-asia@beckers-bic.com v Plot No. 316-317, Kundiam Industrial Estate, Kundiam, Ponda, Goa Tel No. 91-832-2395664 / 663 Fax No. 91-832-2395663 E-mail : rajesh@bergerbeckerindia.com |
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Area : |
Owned |
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Location : |
Industrial |
DIRECTORS
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Name : |
Mr. Kuldip Singh Dhingra |
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Designation : |
Director |
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Address : |
555, Sukhsarwar, Village Gadaipur P.O, Mehrauli, New Delhi 110030,
India |
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Date of Birth/Age : |
02.09.1947 |
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Date of Appointment : |
12.08.1997 |
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Name : |
Mr. Gurbachan Dhingra Singh |
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Designation : |
Director |
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Address : |
Rahen Basera, 6 Sultanpur Farms, Mehrauli, New Delhi 110030, India |
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Date of Birth/Age : |
09.04.1950 |
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Date of Appointment : |
30.09.1996 |
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Name : |
Mr. Sunil Sharma |
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Designation : |
Director |
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Address : |
3/2, Shanti Niketan, New Delhi 110021, India |
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Date of Birth/Age : |
15.11.1951 |
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Date of Appointment : |
30.09.1996 |
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Name : |
Mr. David James Bradley |
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Designation : |
Director |
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Address : |
16, Woolsington Park, South
Woolsington, New Castle Upon tine, United Kingdom |
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Date of Birth/Age : |
17.01.1948 |
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Date of Appointment : |
12.08.1997 |
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Name : |
Mr. Graham Wheeler |
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Designation : |
Director |
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Address : |
J-5, Marina Core, Hirams Highway, Saikung, Hongkong |
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Date of Birth/Age : |
14.05.1956 |
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Date of Appointment : |
22.11.2001 |
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Name : |
Mr. Bengt Ingman |
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Designation : |
Director |
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Address : |
Tetor Psnagen zo Se 194 39 Uppl Vasby Sweden |
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Date of Appointment : |
15.06.1999 |
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Name : |
Mr. Ralph Kabalo |
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Designation : |
Director |
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Address: |
105, Rue de Crequi 69006 Lyon France |
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Date of Appointment: |
22.03.2005 |
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Name : |
Mr. Olivier Laune |
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Designation : |
Director |
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Address: |
14, Bis Avenue De Grange Blanche 69160 Tassin-Da-Demi-Lane, France |
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Date of Appointment: |
22.03.2005 |
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Name: |
Mr. Michael Handerson |
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Designation |
Director |
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Address: |
71, Whinfell Road, Darass Mall Pote Land Mezoili, United Kingdom |
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Date of Appointment: |
12.08.1997 |
KEY EXECUTIVES
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Name: |
Mr. S. Sudhakar |
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Designation: |
Secretary |
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Address: |
359 –D, Pocket, II Phase –I, Mayur Vihar, Delhi 110091, India |
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Date of Birth: |
01.07.1957 |
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Date of Appointment: |
29.04.2004 |
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Date of Ceasing : |
08.06.2005 |
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Name : |
Mr. Prasanta Kumar Sahoo |
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Designation : |
Secretary |
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Address: |
CA-V/7, Sapana Garden, Chogum Road, Porvorim Goa |
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Date of Birth: |
04.05.1966 |
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Date of Appointment: |
26.09.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
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No. of Shares |
|
Gurbachan Dhingra |
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90 |
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Berger Paints India Limited |
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270850 |
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Becker Industrial Coatings HK Limited |
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281999 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Coil Coating Paints and all other kinds of Paints such as Automobile Paint, Wood-Paint, Finishes, Distemper, Primer, Oxide, Resin and Chemicals. |
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Products : |
v Primers v Enamels v Wall Finishes (Interior) v Wall Finishes (Exterior) v Wood Finishes v Stains |
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Exports : |
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Countries : |
Bangladesh, Nepal and Pakistan |
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Imports : |
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Countries : |
UK, Germany and Sweden |
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Terms : |
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Purchasing : |
L/C terms |
GENERAL
INFORMATION
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Suppliers : |
· Asian Paints India Limited, India · Becker Industrial Coating, India · Berger Paints India Limited, India · Croda Resins Limited, India · Overseas Polymers Private Limited, India |
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No. of Employees : |
100 |
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Bankers : |
v Axis Bank Limited v Punjab & Sind Bank, Kailash Colony Branch, Delhi v Barclays Bank Plc, 5th Floor, Mercantile House, 15, Kasturba Gandhi Marg, Delhi - 110 001 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
J. C. Bhalla & Company Chartered Accountants |
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Address : |
18-A, Nizamuddin West, New Delhi - 110 013 |
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Tel. No. : |
9-11-24350982 /24358924 |
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Fax No. : |
91-11-243563525 |
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Associates/Subsidiaries : |
Rakesh Containers Private Limited CIN No. : U74899DL1994PTC057203 |
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Parent Company
: |
·
Becker Industrial Coatings (HK) Limited, Hong Kong It is the Swedish company, AB With Becker, Europe’s largest
independent paint company. From its Swedish roots, the Becker Group has grown
into an international industrial group. Its products are sold in more than 120 countries worldwide The group employees 4000 persons in its set up. Its turnover of approximately SEK 7.000 billions. Activities Bercker Industrial Coatings is one of the largest manufacturers of
coil coatings and liquid special coatings for metal and plastic Becker Power
Coatings in Europe and North America Becker Acroma, Europe’s leading
manufacturer of paints, lacquers and stains for industrial finishing of wood
products ColArt, the world’s leading producer of artists materials for
professional and amateur artists. The company supplies liquid coatings for metal and plastic substrates.
Coil coatings are supplied to coaters
across Europe, Asia, North America and South Africa. It also supplies
“Special Coatings” to OEMs and their subcontractors in many major industrial
sectors including automotive and off highway vehicles and consumer
electronics. The company concentrates particularly on supplying advances coatings
for processes with lower environmental impact (such as coil coatings) or
coatings with inherently lower impact (such as waterborne, high solids or
radiation curing coatings) |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5600000 |
Equity Shares |
Rs. 10/- each |
Rs. 56.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5529390 |
Equity Shares |
Rs. 10/-
each |
Rs. 55.293
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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1] Share Capital |
55.293 |
55.293 |
55.294 |
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2] Share Application Money |
0.000 |
0.000 |
0.00 |
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3] Reserves & Surplus |
145.300 |
75.675 |
35.829 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.00 |
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NETWORTH |
200.593 |
130.968 |
91.123 |
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LOAN FUNDS |
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1] Secured Loans |
101.477 |
125.757 |
63.489 |
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2] Unsecured Loans |
0.000 |
0.000 |
-- |
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TOTAL BORROWING |
101.477 |
125.757 |
63.489 |
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DEFERRED TAX LIABILITIES |
5.700 |
7.053 |
2.991 |
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TOTAL |
307.770 |
263.778 |
157.603 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
91.026 |
91.800 |
79.314 |
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Capital work-in-progress |
5.634 |
0.217 |
0.000 |
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INVESTMENT |
0.000 |
0.360 |
0.361 |
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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 |
144.072 |
109.942 |
54.081 |
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Sundry Debtors |
105.823 |
109.964 |
46.031 |
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Cash & Bank Balances |
63.592 |
13.411 |
1.587 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
47.178 |
47.377 |
30.476 |
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Total
Current Assets |
360.665
|
280.694 |
132.175 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
127.116 |
95.441 |
39.124 |
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Provisions |
22.439 |
13.871 |
15.315 |
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Total
Current Liabilities |
149.555
|
109.312 |
54.439 |
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Net Current Assets |
211.110 |
171.382 |
77.736 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.019 |
0.192 |
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TOTAL |
307.770 |
263.778 |
157.603 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
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Sales Turnover |
714.326 |
507.572 |
234.952 |
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Other Income |
8.245 |
2.408 |
0.000 |
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Total Income |
722.571 |
509.980 |
234.952 |
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Profit/(Loss) Before Tax |
76.970 |
54.950 |
41.502 |
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Provision for Taxation |
7.346 |
8.851 |
-- |
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Profit/(Loss) After Tax |
69.624 |
46.099 |
31.650 |
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Earnings in Foreign Currency : |
18.606 |
11.098 |
NA |
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]Total Imports |
297.354 |
184.363 |
NA |
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Expenditures : |
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Increase/(Decrease) in Finished Goods |
[26.697] |
[24.957] |
189.905 |
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Financial Charges |
7.387 |
7.442 |
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Depreciation & Amortization |
6.474 |
4.147 |
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Other Expenditure |
658.437 |
468.398 |
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Total Expenditure |
645.601 |
455.030 |
189.905 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total
Income |
(%) |
9.63
|
9.03 |
13.47 |
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Net Profit Margin (PBT/Sales) |
(%) |
10.77
|
10.82 |
17.66 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
17.04
|
14.75 |
19.62 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.38
|
0.41 |
0.45 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.25
|
1.79 |
1.29 |
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Current Ratio (Current Asset/Current Liability) |
|
2.41
|
2.56 |
2.42 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
Bankers Charges
Report as per Registry
|
This Form is for |
Modification of charge |
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Charge
identification number of the charge to be modified |
90039163 |
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Corporate identity
number of the company |
U74899DL1996PTC082343 |
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Name of the
company |
BERGER BECKER
COATINGS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
19, DDA Commercial Complex, Kailash Colony Extension, Zamrudpur, New
Delhi 110048, India |
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Type of charge |
Immovable Property |
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Particular of
charge holder |
Axis Bank Limited E-64, Greater
Kailash, New Delhi 110048, India |
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Nature of
description of the instrument creating or modifying the charge |
Declaration cum
confirmation deed |
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Date of
instrument Creating the charge |
20.04.2007 |
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Amount secured by
the charge |
Rs. 12.500
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of interest Interest @ 7%
p.a. [PLR 5%] [to be serviced monthly].
The rate of interest would be subject to review and change at the sole
discretion of the Bank. [b] Terms of
repayment Repayable in 16
equal quarterly installments [c] Margin As per agreement [d] Extent and
operation of the charge Extent and
operation 100% [e] Others Collateral : The
facility will be additionally secured by way of corporate guarantee of Berger
Paints India Limited. |
|
Short particulars
of the property charged |
All present and
future fixed assets of the Borrower including equitable mortgage of the
proposed factory land and building to be constricted thereon and all present
and future plant and machinery, current assets shall be hypothecated to the
Bank by way of first charge. |
|
Date of latest modification
prior to the present modification |
NA |
|
Particulars of
the present modification |
Term loan of Rs.
12.500 Millions already secured by 1st charge on all movable fixed
assets of the company shall further be colly secured by companies immovable
properties situated at Plot No. F-18, Ranjangaon Industrial Area, Off Pune
Nagar Road, MIDC, Village Karegaon, Taluka Shirur, Pune meas 6472 Sq. mtrs.
Together with all building and structures thereon or to be constructed
thereon and all plant and machinery installed therein or to be installed
therein both P/F. |
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 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. 40.29 |
|
UK Pound |
1 |
Rs. 79.97 |
|
Euro |
1 |
Rs. 61.23 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
45 |
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 |
|