%20PRIVATE%20LIMITED%20-%20162398%2007-Dec-2011_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
07.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
BUREAU VERITAS CONSUMER PRODUCTS SERVICES ( |
|
|
|
|
Registered
Office : |
Flat No. 507, Fancy Apartments, Vashudhra Enclave, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
14.06.1996 |
|
|
|
|
Com. Reg. No.: |
55-079646 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.10.844 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74900DL1996PTC079646 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELB06590D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACM67923 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Company is engaged in business of testing and Analysis services |
|
|
|
|
No. of Employees
: |
400 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1500000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having fine track. General
financial position is good. Trade relations are reported as fair. Business is
active. Payments are reported to be regular and as per commitments. The company can be considered normal for dealings at usual trade terms
and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Yogendra |
|
Designation : |
Account Officer |
|
Contact No.: |
91-120-4768100 |
|
Date : |
05.12.2011 |
LOCATIONS
|
Registered Office : |
Flat No. 507, Fancy Apartments, Vashudhra Enclave, |
|
Tel. No.: |
91-120-2424878 |
|
Fax No.: |
91-120-2424647 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Branch Office 1 : |
F-2 and E-57, Sector 8, Noida, Gb Nagar – 201301, |
|
Tel. No.: |
91-120-4768100 |
|
Area : |
30000 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Branch Office 2 : |
212, Udyog Vihar, Thafe – 4, Gurgaon, |
|
Tel. No.: |
91-124-4548100 |
|
Area : |
2000 sq. ft. |
|
Location : |
Owned |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Maxime Charles Jean Jacques Botton |
|
Designation : |
Director |
|
Address : |
Elat No. 1 F, Silverstar Villa, 4 Silver Star, Path Sai Kung, |
|
Date of Birth/Age : |
11.08.1970 |
|
Date of Appointment : |
27.07.2007 |
|
DIN No.: |
01534580 |
|
|
|
|
Name : |
Mr. Sanjiv Khullar |
|
Designation : |
Whole Time Director |
|
Address : |
H-2, E-184, |
|
Date of Birth/Age : |
07.12.1959 |
|
Date of Appointment : |
16.01.2010 |
|
DIN No.: |
02952863 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U74900DL1996PTC079646 |
BUREAU VERITAS
CONSUMER PRODUCTS SERVICES ( |
Whole-time
director |
16/01/2010 |
16/01/2010 |
- |
Active |
NO |
|
2 |
U45209TN2008PTC066992 |
SARGAM
LABORATORY PRIVATE LIMITED |
Director |
31/10/2011 |
31/10/2011 |
- |
Active |
NO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Bureau Veritas SA, |
|
1084419 |
|
Bureay Veritas International, France
|
|
10 |
|
|
|
|
|
Total |
|
1084429 |
AS ON 30.09.2010
|
Equity Shares
Break Up |
Percentage |
|
|
|
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Company is engaged in business of testing and Analysis services |
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|
|
|
Terms : |
|
|
Selling : |
Credit (30 days) |
|
|
|
|
Purchasing : |
Credit (30 days) |
GENERAL INFORMATION
|
Suppliers : |
|
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Customers : |
|
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No. of Employees : |
400 (Approximately) |
|
|
|
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Bankers : |
HSBC Bank, Noida, Sector – 18, |
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|
|
|
Facilities : |
---- |
|
|
|
|
Banking
Relations : |
---- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Water House Chartered Accountant |
|
Address : |
Building No. 8, Tower – B, |
|
Pan No.: |
AAEFP3641G |
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|
|
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Holding Company : |
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|
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Fellow Subsidiaries : |
|
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs. 20.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1084429 |
Equity Shares |
Rs.10/- each |
Rs.10.844
Millions |
|
|
|
|
|
NOTE :
Out of the above 1084419 Equity Shares of Rs.
10 each are held by the Bureau Verities, SA, the holding company.
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
10.844 |
10.844 |
10.844 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
361.652 |
259.236 |
181.856 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
372.496 |
270.080 |
192.700 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
372.496 |
270.080 |
192.700 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
179.996 |
144.778 |
122.040 |
|
|
Capital work-in-progress |
2.794 |
12.798 |
4.406 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
11.564 |
0.994 |
1.913 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
14.608
|
14.737 |
15.218 |
|
|
Sundry Debtors |
92.370
|
113.263 |
80.573 |
|
|
Cash & Bank Balances |
129.285
|
68.383 |
50.532 |
|
|
Other Current Assets |
2.675
|
14.745 |
2.539 |
|
|
Loans & Advances |
32.599
|
21.783 |
159.761 |
|
Total
Current Assets |
271.537
|
232.911 |
308.623 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
60.456
|
47.645 |
36.314 |
|
|
Other Current Liabilities |
19.151
|
18.383 |
17.768 |
|
|
Provisions |
13.788
|
55.373 |
190.200 |
|
Total
Current Liabilities |
93.395
|
121.401 |
244.282 |
|
|
Net Current Assets |
178.142
|
111.510 |
64.341 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
372.496 |
270.080 |
192.700 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income from Services |
601.757 |
509.982 |
401.732 |
|
|
|
Other Income |
6.458 |
15.509 |
|
|
|
|
TOTAL (A) |
608.215 |
525.491 |
401.732 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Stores and Spares Consumed |
25.344 |
|
|
|
|
|
Personnel Expenses |
130.437 |
107.949 |
|
|
|
|
Administrative, Selling and Distribution expenses |
193.086 |
137.443 |
|
|
|
|
Increase /decrease in Stock |
0.488 |
(0.166) |
|
|
|
|
TOTAL (B) |
349.349 |
266.544 |
|
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
258.866 |
258.947 |
240.415 |
|
|
|
|
|
|
(Including |
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.932 |
1.016 |
Financial |
|
|
|
|
|
|
And |
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
257.934 |
257.931 |
Depreciation |
|
|
|
|
|
|
Expenses) |
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
28.299 |
25.749 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
229.635 |
232.182 |
161.317 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
76.470 |
85.023 |
58.225 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
153.165 |
147.159 |
103.092 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
196.811 |
134.184 |
176.175 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
283.911 |
196.811 |
10.309 |
|
|
|
Interim Dividend |
43.377 |
21.688 |
Nil |
|
|
|
Proposed Dividend |
0.000 |
37.955 |
27.110 |
|
|
|
Corporate Tax Dividend |
15.3160 |
14.715 |
4.607 |
|
|
BALANCE CARRIED
TO THE B/S |
283.911 |
196.811 |
134.148 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Plant and Machinery |
46.728 |
28.090 |
NA |
|
|
|
Stores & Spares |
8.014 |
5.438 |
NA |
|
|
TOTAL IMPORTS |
54.742 |
33.528 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
141.24 |
135.70 |
NA
|
|
%20PRIVATE%20LIMITED%20-%20162398%2007-Dec-2011_files/image003.gif){kind=small}
%20PRIVATE%20LIMITED%20-%20162398%2007-Dec-2011_files/image004.gif)
Expected Sales (2011-2012) : Rs. 960.000 millions
The above information has been parted by Mr. Yogendra .
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
25.18
|
28.00 |
25.66 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
38.16
|
45.52 |
-- |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
50.85
|
61.47 |
37.45 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.61
|
0.85 |
0.83 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.25
|
0.44 |
1.26 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.90
|
1.91 |
1.26 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1. Year of Establishment |
Yes |
|
2. Locality of the firm |
Yes |
|
3. Constructions of the firm |
Yes |
|
4. Premises details |
Yes |
|
5. Type of Business |
Yes |
|
6. Line of Business |
Yes |
|
7. Promoter’s background |
------- |
|
8. No. of Employees |
Yes |
|
9. Name of person contacted |
Yes |
|
10. Designation of contact person |
Yes |
|
11. Turnover of firm for last three years |
Yes |
|
12. Profitability for last three years |
Yes |
|
13. Reasons for variation <> 20% |
---- |
|
14. Estimation for coming financial year |
Yes |
|
15. Capital in the business |
Yes |
|
16. Details of sister concerns |
Yes |
|
17. Major suppliers |
Yes |
|
18. Major customers |
Yes |
|
19. Payments terms |
Yes |
|
20. Export / Import details |
------ |
|
21. Market information |
------- |
|
22. Litigations that the firm / promoter involved |
------ |
|
23. Banking Details |
Yes |
|
24. Banking facility details |
Yes |
|
25. Conduct of the banking account |
------ |
|
26. Buyer visit details |
------ |
|
27. Financials, if provided |
No |
|
28. Incorporation details, if applicable |
------ |
|
29. Last accounts filed at ROC |
------ |
|
30. Major Shareholders, if available |
------ |
OPERATIONS
During the year, the Company generated a Fee of Rs.601.757 millions,
which amounted to 18% growth over the preceding year. Newly established Tirupur
Lab has been able to generate new business from the southern region. The
company maintained its market share in other service portfolios of Inspection
and assessment and increased its market share in testing services.
Gurgaon Lab commenced its operation in October 2006 to cater the need of
clients for EU Testing and is running successfully.
INTERNATIONAL ACCREDITATION
- New
Laboratory at Gurgaon has passed the NABL accreditation audit for IS0
- 17025. NOlDA
laboratory has been successfully maintaining its IS0 17025 accreditation
status and ISTA certification status
- The Indian operations
continue to maintain the IS0 9001: 2000 quality standards as per Global
corporate certification by BSI.
- Both NOIDA
and
NEW DEVELOPMENTS
In January 2008, the new Testing Lab was set up in TIRUPUR for
increasing Company's presence in the close proximity to customers. Laboratory
information management system of BVLAB has been successfully implemented at
Tirupur Laboratory.
The new facility of RSL Testing has been commenced at Bangalore Lab
Adding LCMS and GCMS equipments has increased restricted Substances
Testing laboratory capacity. With this capability has been expanded to include
detection of allergic disperse dyes, pesticide, volatile organic compounds,
organotins, APEO, NPEO etc.
PROSPECTS
Visiosn-2011 of ministry of textile envisages a phenomenal grow.th for
textile readymade garments export from
The Directors are confident that BVCPS India will be using all its
resources to capitalize on this opportunity to grow at the rate of 15% - 20%
each successive year and to attain and retain the position as the premium
consumer products services organization of the Country.
TRADE REFERENCES :
- Dart IT Networking
- Alfun System
- Sai Export Dertara
FIXED ASSETS :
- Leasehold Improvements
- Computers
- Furniture and Fixtures
- Plant and Machinery
- Office Equipments
- Vehicles
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. 51.39 |
|
|
1 |
Rs. 80.20 |
|
Euro |
1 |
Rs. 68.92 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
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 |
No |
|
--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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.