MIRA INFORM REPORT
|
Report Date : |
18.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
BOSTIK INDIA PRIVATE LIMITED |
|
|
|
|
Formerly Known
As : |
BOSTIK FINDLEY INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
124/1 and 2A, Kachanayakanahalli, Behind Bommasandra, Industrial Area Off Hosur Road, Jigani Hobli, Anekal Taluka, Bangalore – 562106, Karnataka |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.12.2011 |
|
|
|
|
Date of
Incorporation : |
10.09.2001 |
|
|
|
|
Com. Reg. No.: |
08-029520 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.102.560 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24241KA2001PTC029520 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRB01477A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCB4627N |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacture and Trader of Industrial and Construction Adhesives. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2470000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
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|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is a subsidiary of ‘Bostik Australia Pty Limited, Australia’. It
is an established company having a satisfactory track record. There appears some dip in the profitability of the company during
2012, However, financial strength of the company appears to be good. Trade relations are reported as decent. Business is active. Payment
terms are reported as usually correct as per commitment. The company can be considered for business 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces of
its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to become
a major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office/ Factory : |
124/1 and 2A, Kachanayakanahalli, Behind Bommasandra, Industrial Area Off Hosur Road, Jigani Hobli, Anekal Taluka, Bangalore – 562106, Karnataka, India |
|
Tel. No.: |
91-80-27833520/ 27831324/ 27833940 |
|
Fax No.: |
91-80-27832405 |
|
E-Mail : |
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|
Website : |
|
|
|
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|
City Office : |
502/A,1st Main, 40th Cross, Jayanagar, 8th
Block, Bangalore-560011, |
|
|
|
|
Corporate Office : |
Coates of India Limited, |
|
|
|
|
Branches : |
Located at : Thane – 400607, Maharashtra, India |
|
|
|
|
Marketing Office: |
Located at: ·
·
Mumbai ·
Kolkata ·
Chennai ·
·
·
·
·
·
·
Jaipur |
DIRECTORS
As on: 23.04.2012
|
Name : |
Mr. Mambakkam Vishwanathan Ganeshan |
|
Designation : |
Managing Director |
|
Address : |
1264/16, 32, G Cross, 28th Main, 4th T Block,
Jayanagar, Bangalore - 560041, Karnataka, India |
|
Date of Birth/Age : |
22.09.1957
|
|
Qualification: |
B. Tech PGDBM |
|
Date of Appointment : |
24.04.2000
|
|
DIN No : |
01705135 |
|
|
|
|
Name : |
Mr. Tirukalikundram Ramamurthy Ramamurthy |
|
Designation : |
Director |
|
Address : |
Flat No. 8, Om Villa, Plot No. 57 and 61, Sector No. 21, Nerul, Mumbai
- 400706, Maharashtra, India |
|
Date of Birth/ Age: |
09.05.1956 |
|
Date of Appointment : |
11.11.2005 |
|
DIN No : |
00777714 |
|
|
|
|
Name : |
Mr. Zhaowen Sun |
|
Designation : |
Director |
|
Address : |
Room 403, No.2, Lane 47, Gaoan Road, Shanghai, Xunhui - 240347, China |
|
Date of Birth/Age : |
20.11.1969 |
|
Date of Appointment : |
23.09.2009 |
|
DIN No : |
02846550 |
|
|
|
|
Name : |
Laurent Peyronneau |
|
Designation : |
Director |
|
Address : |
4 RUE, Millandy 92360, Meudon LA Foret, France |
|
Date of Birth/Age : |
02.07.1970 |
|
Date of Appointment : |
23.04.2012 |
|
DIN No : |
05120136 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 23.04.2012
|
Names of Shareholders |
|
No. of Shares |
|
M. V. Ganeshan |
|
3 |
|
Bostik Australia Pty Limited, Australia |
|
10256000 |
|
|
|
|
|
Total
|
|
10256003 |
Equity Share Break up (Percentage of Total Equity)
As on: 23.04.2012
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture and Trader of Industrial and Construction
Adhesives. |
||||
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||||
|
Products : |
|
PRODUCTION STATUS (As on: 31.12.2011)
|
Particulars |
Unit |
Licensed
Capacity* |
Installed
Capacity** |
Actual
Production** |
|
Industrial Adhesives |
In Tonnes |
NA |
51200 |
13084 |
Notes:
* Exempted from the licensing provisions of the Industries (Development and Regulation) Act, 1951 in terms of notification No.S.O.477 (E) dated July 25, 1991.
** As certified by Management and relied by the auditors, being a technical matter.
*** Actual production does not include sales return reused in production.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
B N P Paribas, Mumbai, Maharashtra, India |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Company Chartered Accountants |
|
Address : |
Maruthi Infotech Centre, 11-12 /1 Inner Ring Road, Koramangala, Bangalore, Karnataka, India |
|
PAN No.: |
AAAFB9852F |
|
|
|
|
Holding Company : |
Bostik Australia Pty. Limited |
|
|
|
|
Ultimate Holding
Company : |
Total SA |
|
|
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|
Parties under common
control with whom transactions have taken place during the year : |
|
CAPITAL STRUCTURE
As on: 31.12.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16000000 |
Equity Shares |
Rs.10/- each |
Rs.160.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10256003 |
Equity Shares |
Rs.10/- each |
Rs.102.560
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
102.560 |
102.560 |
102.560 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
517.100 |
477.955 |
392.566 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
619.660 |
580.515 |
495.126 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
249.167 |
294.685 |
24.809 |
|
|
TOTAL BORROWING |
249.167 |
294.685 |
24.809 |
|
|
DEFERRED TAX LIABILITIES |
2.326 |
(4.465) |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
871.153 |
870.735 |
519.935 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
348.491 |
241.759 |
190.712 |
|
|
Capital work-in-progress |
6.794 |
110.103 |
54.960 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
1.119 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
305.144
|
236.225 |
164.869 |
|
|
Sundry Debtors |
474.225
|
412.590 |
312.031 |
|
|
Cash & Bank Balances |
31.343
|
32.700 |
7.772 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
132.574
|
121.134 |
55.671 |
|
Total
Current Assets |
943.286
|
802.649 |
540.343 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
359.598
|
235.001 |
220.276 |
|
|
Other Current Liabilities |
28.573
|
9.076 |
14.154 |
|
|
Provisions |
39.247
|
39.699 |
32.769 |
|
Total
Current Liabilities |
427.418
|
283.776 |
267.199 |
|
|
Net Current Assets |
515.868
|
518.873 |
273.144 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
871.153 |
870.735 |
519.935 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
1707.519 |
1411.313 |
1083.259 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
1641.978 |
1292.884 |
946.215 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
65.541 |
118.429 |
137.044 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
26.396 |
33.040 |
50.292 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
39.145 |
85.389 |
86.752 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
477.141 |
391.752 |
305.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
516.236 |
477.141 |
391.752 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
116.730 |
90.070 |
86.502 |
|
|
TOTAL EARNINGS |
116.730 |
90.070 |
86.502 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
|
|
350.594 |
293.068 |
|
|
|
Traded Goods |
|
2.327 |
16.187 |
|
|
|
Capital Goods |
|
33.806 |
13.441 |
|
|
TOTAL IMPORTS |
602.000 |
386.727 |
322.696 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.82 |
8.32 |
8.46 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
PAT / Total Income |
(%) |
2.29 |
6.05 |
8.01 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.07 |
11.34 |
18.75 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11 |
0.20 |
0.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.40 |
0.51 |
0.05 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.21 |
2.83 |
2.02 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
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 |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
UNSECURED LOAN
(Rs.
In Millions)
|
|
As on 31.12.2011 |
As on 31.12.2010 |
|
Working capital loans banks unsecured |
249.167 |
294.685 |
|
|
|
|
|
Total |
249.167 |
294.685 |
PERFORMANCE REVIEW
OPERATIONS
The Company achieved an impressive growth of 21% in turnover. A net sale for the year was at Rs. 1707.520 Millions (Rs. 1411.310 Millions for the year 2010). Profit before tax at Rs. 65.540 Millions compared to Rs. 118.429 Millions for the year 2010.
FUTURE OUTLOOK
To grow by about 20% in Sales and Operating Income. Maintain No. 1 position in Footwear and in HMPSA. Improve Water Based technology for Footwear. Improve productivity for higher output of Flex am Adhesives. Improvement in Safe practices. Introduce periodic Audits in Electrical, Mechanical and Process Safety. To recruit and train a balanced sales team for C and C. Promote SMP technology aggressively in TP. Introduce stringent control mechanisms for TWC management Try and Enter into Contracts for Purchase and reduce spot buying. Introduction of Corporate Governance and Monitoring mechanism through Internal Audit.
FIXED ASSETS
- Land
- Land Improvements
- Building
- Factory Building
- Plant and Machinery
- Office Equipments
- Factory Equipments
- Computer Equipments
- Furniture and Fixtures
- Vehicles
- Leasehold Properties
- Computer Software
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 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 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.54.16 |
|
|
1 |
Rs.81.75 |
|
Euro |
1 |
Rs.70.50 |
INFORMATION DETAILS
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
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 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
52 |
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.