MIRA
INFORM REPORT
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Report Date : |
25.01.2012 |
IDENTIFICATION DETAILS
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Name : |
BLUESTREAM MANUFACTURING SERVICES PRIVATE LIMITED |
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Registered
Office : |
44, White Hall 143, August Kranti Marg, Mumbai – 400036, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
28.02.2005 |
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Com. Reg. No.: |
11-151667 |
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Capital
Investment / Paid-up Capital : |
Rs.0.600 Millions |
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CIN No.: [Company Identification
No.] |
U31100MH2005PTC151667 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMB14955D |
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PAN No.: [Permanent Account No.] |
AACCB5734D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject
is engaged in developing and sourcing components required by various
multinational organizations. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ca (16) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a company having moderate track. The performance of the
company shows downward trend. There appears some accumulated losses recorded
by the company. However, business is active. Payments are reported to be
slow. The company can be considered for business dealings on a secured 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.
INFORMATION DECLINED BY
|
Name : |
Ms. Anugha Joshi |
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Designation : |
Accountant |
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Date : |
24.01.2012 |
LOCATIONS
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Registered Office : |
44, White Hall 143, August Kranti Marg, Mumbai – 400036, Maharashtra,
India |
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Tel. No.: |
91-22-23633055/23630812 |
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Fax No.: |
91-22-66625983/24947011 |
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E-Mail : |
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Website : |
DIRECTORS
As on 30.09.2011
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Name : |
Mr. Mohan Naraindas Advani |
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Designation : |
Director |
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Address : |
309-Sumudra Mahal, Dr. Annie Besant Road, Worli, Mumbai – 400018,
Maharashtra, India |
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Date of Birth/Age : |
24.10.1936 |
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Date of Appointment : |
28.02.2005 |
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DIN No.: |
01898544 |
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Other Directorship :
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Name : |
Mr. Amit Mohan Advani |
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Designation : |
Director |
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Address : |
309-Sumudra Mahal, Dr. Annie Besant Road, Worli, Mumbai – 400018,
Maharashtra, India |
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Date of Birth/Age : |
01.01.1976 |
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Date of Appointment : |
28.02.2005 |
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DIN No.: |
01898244 |
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Other Directorship :
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Name : |
Mr. Pradip Pandurang Kamat |
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Designation : |
Director |
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Address : |
3929 E, Ash Lane, Orange VLG, Celeland, Ohio – 44122, USA |
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Date of Birth/Age : |
02.08.1953 |
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Date of Appointment : |
27.04.2005 |
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DIN No.: |
03601060 |
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KEY EXECUTIVES
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Name : |
Ms. Anugha Joshi |
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Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
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Names of Shareholders |
No. of Shares |
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Mohan Naraindas Advani |
25000 |
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Amit Mohan Advani |
5000 |
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Pradip Pandurang Kamat |
30000 |
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Total |
60000 |
As on 09.11.2011
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Names of Allottes |
No. of Shares |
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Mohan Naraindas Advani |
147500 |
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Pradip Pandurang Kamat |
147500 |
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Total |
295000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject
is engaged in developing and sourcing components required by various
multinational organizations. |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
Not Available |
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
V. N. Kewalramani and Associates Chartered Accountants |
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Address : |
108/109, Paradise Tower, Gokhale Road, Naupada, Thane – 400602,
Maharashtra, India |
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Tel. No.: |
91-22-25372532 |
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E-Mail : |
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PAN.: |
AGXPK2635E |
CAPITAL STRUCTURE
As on 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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400000 |
Equity Shares |
Rs.10/- each |
Rs.4.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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355000 |
Equity Shares |
Rs.10/- each |
Rs.3.550
Millions |
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As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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200000 |
Equity Shares |
Rs.10/- each |
Rs.2.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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60000 |
Equity Shares |
Rs.10/- each |
Rs.0.600
Million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.600 |
0.600 |
0.600 |
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2] Share Application Money |
2.458 |
0.704 |
1.154 |
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3] Reserves & Surplus |
0.000 |
1.430 |
1.361 |
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4] (Accumulated Losses) |
(1.702) |
0.000 |
0.000 |
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NETWORTH |
1.356 |
2.734 |
3.115 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.046 |
0.027 |
0.005 |
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TOTAL |
1.402 |
2.761 |
3.120 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
5.075 |
5.866 |
0.059 |
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Capital work-in-progress |
4.485 |
4.485 |
11.813 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
1.609
|
1.439 |
1.289 |
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Sundry Debtors |
0.701
|
0.555 |
4.275 |
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Cash & Bank Balances |
0.218
|
1.666 |
2.608 |
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Other Current Assets |
0.106
|
1.644 |
3.696 |
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Loans & Advances |
0.794
|
1.319 |
0.131 |
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Total
Current Assets |
3.428
|
6.623 |
11.999 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
0.000
|
0.021 |
3.202 |
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Other Current Liabilities |
11.614
|
13.486 |
16.753 |
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Provisions |
0.000
|
0.740 |
0.838 |
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Total
Current Liabilities |
11.614
|
14.247 |
20.793 |
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Net Current Assets |
(8.186)
|
(7.624) |
(8.794) |
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MISCELLANEOUS EXPENSES |
0.028 |
0.034 |
0.042 |
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TOTAL |
1.402 |
2.761 |
3.120 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Export Sales |
0.000 |
4.988 |
15.390 |
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Local Sales |
2.983 |
1.526 |
1.428 |
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Other Income |
0.846 |
5.116 |
6.978 |
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TOTAL (A) |
3.829 |
11.630 |
23.796 |
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Less |
EXPENSES |
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Increase/ (Decrease) in stock |
(0.170) |
(0.149) |
(0.035) |
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Purchases |
1.492 |
5.572 |
14.141 |
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Designing and Technical Charges |
0.000 |
0.000 |
0.045 |
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Labour Charges |
0.002 |
0.068 |
0.001 |
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Administrative Expenses |
4.605 |
5.082 |
7.352 |
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Miscellaneous Expenses w/off |
0.007 |
0.007 |
0.007 |
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Selling and Distribution Expenses |
0.118 |
0.000 |
0.000 |
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TOTAL (B) |
6.054 |
10.580 |
21.511 |
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Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(2.225) |
1.050 |
2.285 |
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Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.000 |
0.000 |
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PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION
(C-D) (E) |
(2.225) |
1.050 |
2.285 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.839 |
0.959 |
0.028 |
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PROFIT/(LOSS) BEFORE TAX (E-F) (G) |
(3.064) |
0.091 |
2.257 |
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Less |
TAX (H) |
0.069 |
0.022 |
0.801 |
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PROFIT/(LOSS) AFTER TAX (G-H) (I) |
(3.133) |
0.069 |
1.456 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1.430 |
1.361 |
(0.095) |
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BALANCE CARRIED
TO THE B/S |
(1.703) |
1.430 |
1.361 |
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EARNINGS IN
FOREIGN CURRENCY |
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FOB value of Service Charges |
0.379 |
1.091 |
6.948 |
|
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FOB value of Trading Goods |
0.000 |
4.447 |
13.308 |
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TOTAL EARNINGS |
0.379 |
5.538 |
20.256 |
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Earnings/(Loss) Per Share (Rs.) |
(52.21) |
1.15 |
24.28 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
81.82
|
0.59 |
6.12 |
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Net Profit Margin (PBT/Sales) |
(%) |
(102.72)
|
1.40 |
13.42 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(3.60)
|
0.73 |
18.72 |
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Return on Investment (ROI) (PBT/Networth) |
|
(2.26)
|
0.03 |
0.72 |
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Debt Equity Ratio (Total Liability/Networth) |
|
8.56
|
5.21 |
6.68 |
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Current Ratio (Current Asset/Current Liability) |
|
0.30
|
0.46 |
0.58 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
In Millions)
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
0.000
|
0.021 |
3.202 |
|
Total |
0.000
|
0.021 |
3.202 |
Year in
Restrospect
The Company achieved a turnover and other income of Rs.3.829 Millions
compared to Rs.11.631 Millions in the previous year. The Loss for the year was Rs.3.064
Millions compared to profit of Rs.0.091 Million in the previous year.
The Management is looking at various options to improve the performance
of the Company.
The Management is confident of achieving better results in the future
years.
FIXED ASSETS
·
Computers
·
Plant and Machinery
·
Office Equipment
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.49.97 |
|
|
1 |
Rs.77.74 |
|
Euro |
1 |
Rs.65.09 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
1 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
16 |
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.