MIRA
INFORM REPORT
|
Report No. : |
315762 |
|
Report Date : |
04.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
FLINT GROUP INDIA PRIVATE LIMITED (w.e.f. 12.06.2006) |
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Formerly Known
As : |
INCOWAX PRIVATE LIMITED |
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Registered
Office : |
Plot No. 2, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
06.01.1989 |
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Com. Reg. No.: |
04-079311 |
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Capital
Investment / Paid-up Capital : |
Rs. 24.300 Million |
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CIN No.: [Company Identification
No.] |
U02422GJ1989PTC079311 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction & Collection
Account No.] |
BLRI00223G |
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PAN No.: [Permanent Account No.] |
AAACI5639L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing of Printing Ink. |
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No. of Employees
: |
180 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 2000000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established
company having moderate track record. Management of the company has not filed its financial with the government
department of the year 2014. As per available financial of 2013, the company has incurred a loss
from its operational activities. However, trade relations are reported as fair. Business is active.
Payments terms are reported to be slow but correct. The company can be considered for business dealings with some caution. |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Ritesh Shah |
|
Designation : |
Export Manager |
|
Contact No.: |
91-8511170325 |
|
Date : |
03.04.2015 |
LOCATIONS
|
Registered Office/ Factory : |
Plot No. 2, Shiv Industrial Infrastructure Park, Lamdapura, Taluka
Savli, Vadodara – 391775, Gujarat, India |
|
Tel. No.: |
91-2667.267311 |
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Mobile No.: |
91-8511170325 (Mr. Ritesh Shah) |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Area : |
8 acres |
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Location : |
Owned |
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|
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Factory 2 : |
NO.47-D, Bommasandra Industrial Area, Bangalore – 560099, Karnataka,
India |
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Factory 3 : |
Sipcot, Industrial Complex 66, Hosur – 635126, Tamilnadu, India |
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Factory 4 : |
Manjusar, GIDC, Savli, Vadodara, Gujarat, India |
DIRECTORS
AS ON 28.11.2014
|
Name : |
Upal Roy |
|
Designation : |
Managing Director |
|
Address : |
H-52/D, Saket, New Delhi – 110017, India |
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Date of Birth/Age : |
30.12.1965 |
|
Date of Appointment : |
30.09.2011 |
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DIN No.: |
05222906
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|
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Name : |
Brenton Andrew Stephen |
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Designation : |
Director |
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Address : |
32, Curlew Point, Patterson Lakes, Melbourne, 3197, Australia |
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Date of Birth/Age : |
20.11.1951 |
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Date of Appointment : |
30.09.2009 |
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DIN No.: |
06393526
|
|
|
|
|
Name : |
George Macfarlane Lyle |
|
Designation : |
Director |
|
Address : |
20 JLN 16/6, Seksyne 16, Jaya Selangor, 46530, Malaysia, Jaya Selangor |
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Date of Birth/Age : |
05.01.1948 |
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Date of Appointment : |
01.09.2008 |
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DIN No.: |
06393780
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KEY EXECUTIVES
|
Name : |
Mr. Ritesh Shah |
|
Designation : |
Export Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.11.2014
|
Names of Shareholders |
|
No. of Shares |
|
Flint Group Mauritius Limited |
|
2429999 |
|
Flint Group Incorporated |
|
1 |
|
|
|
|
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Total |
|
2430000 |
AS ON 28.11.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
99.99 |
|
Bodies corporate |
0.01 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Printing Ink. |
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Products : |
Printing Ink |
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Brand Names : |
Not Avaialble |
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Agencies Held : |
Not Avaialble |
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Exports : |
Not Avaialble |
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Imports : |
Not Avaialble |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
180 (Approximately) |
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Bankers : |
· Corporation Bank, 14-15 First Floor, National Plaza, R. C. Dutt Road, Alkapuri, Vadodara – 390007, Gujarat, India ·
HSBC Bank, Alkapuri Branch, Vadodara, Gujarat,
India |
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Auditors : |
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Name : |
Price Waterhouse Chartered Accountants |
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Address : |
‘Mittal Tower’, 10th Floor, ‘C’ Wing, 47/6, M G Road,
Bangalore – 560001, Karnataka, India |
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PAN No.: |
AAEFP3641G |
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Holding Company : |
FlintInk Corporation, USA |
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Fellow Subsidiaries : |
· Flint Group ShanghaI Management Company Limited Shanghai, China · Flint Group Italia SPA, Italy · Flint Group XSYS Print solutions, Sweden · Flint Ink, North America, USA · Flint Ink Netherland, Gravenzade · Flint Ink Australia Pty Limited, Australia · Day International (UK) Limited, UK · Day International-SDN BHD, Malaysia · Flint Ink (UK) Limited, Ruabon · Flint Ink NZ Limited, Auckland · Flint Group Germany -Stuttgurt, Germany · Flint GroupTintas De Impressao LTDA, Brazil · Arrowhead Hongkong Holding Co., China · Flint M.East LLC, UAE |
CAPITAL STRUCTURE
AS ON 28.11.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs. 30.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
2430000 |
Equity Shares |
Rs.10/- each |
Rs. 24.300
Millions |
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|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
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|
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(a) Share Capital |
24.300 |
24.300 |
24.300 |
|
(b) Reserves & Surplus |
775.310 |
783.609 |
713.142 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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|
|
|
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(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
799.610 |
807.909 |
737.442 |
|
|
|
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(3)
Non-Current Liabilities |
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|
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|
(a) long-term borrowings |
176.470 |
168.999 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
8.283 |
15.973 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
176.470 |
177.282 |
15.973 |
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|
|
|
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(4) Current Liabilities |
|
|
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|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
768.226 |
367.258 |
250.569 |
|
(c) Other current
liabilities |
60.727 |
28.726 |
12.096 |
|
(d) Short-term provisions |
3.274 |
32.064 |
21.058 |
|
Total Current Liabilities (4) |
832.227 |
428.048 |
283.723 |
|
|
|
|
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TOTAL |
1808.307 |
1413.239 |
1037.138 |
|
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II.
ASSETS |
|
|
|
|
(1) Non-current assets |
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|
|
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(a) Fixed Assets |
|
|
|
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(i) Tangible assets |
641.130 |
207.173 |
207.384 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
24.986 |
136.729 |
27.617 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.070 |
0.070 |
0.070 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
65.118 |
144.080 |
37.541 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
731.304 |
488.052 |
272.612 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
369.769 |
267.926 |
254.844 |
|
(c) Trade receivables |
545.635 |
470.469 |
409.077 |
|
(d) Cash and cash
equivalents |
42.117 |
120.889 |
33.564 |
|
(e) Short-term loans and
advances |
102.322 |
65.898 |
67.036 |
|
(f) Other current assets |
17.160 |
0.005 |
0.005 |
|
Total Current Assets |
1077.003 |
925.187 |
764.526 |
|
|
|
|
|
|
TOTAL |
1808.307 |
1413.239 |
1037.138 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2056.589 |
1932.913 |
1571.000 |
|
|
|
Other Income |
0.306 |
0.231 |
NA |
|
|
|
TOTAL |
2056.895 |
1933.144 |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
2058.163 |
1783.322 |
NA |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
(1.268) |
149.822 |
NA |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
14.758 |
4.353 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND
AMORTISATION |
(16.026) |
145.469 |
NA |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
36.217 |
18.844 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
(52.243) |
126.625 |
167.49 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(43.944) |
56.158 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(8.299) |
70.467 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings/ (LOSS)
Per Share (Rs.) |
(341.52) |
NA |
NA |
|
|
Particulars |
|
|
31.03.2014 |
|
Sales Turnover (Approximately) |
|
|
2500.000 |
The above information has been parted by Mr. Ritesh Shah (Accounts
Manager)
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
|
Net Profit Margin PAT / Sales |
(%) |
0.40
|
3.64 |
NA |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
0.06
|
7.75 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.93) |
9.92 |
16.59 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.07) |
0.16 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debts/Networth) |
|
0.22 |
0.21 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.29 |
2.16 |
2.69 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
24.300 |
24.300 |
24.300 |
|
Reserves & Surplus |
713.142 |
783.609 |
775.310 |
|
Net
worth |
737.442 |
807.909 |
799.610 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
168.999 |
176.470 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
168.999 |
176.470 |
|
Debt/Equity
ratio |
0.000 |
0.209 |
0.221 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1571.000 |
1932.913 |
2056.589 |
|
|
|
23.037 |
6.398 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1571.000 |
1932.913 |
2056.589 |
|
Profit |
167.490 |
126.625 |
(52.243) |
|
|
10.66% |
6.55% |
(2.54)% |
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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
two 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 |
No |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
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 |
No |
|
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 |
NOTE:
The registered office of the company has been shifted from
NO. 47-D, Bommasandra Industrial Area, Bangalore 560099, Karnataka, India to present address
w.e.f. 15.03.2014
REVIEW OF OPERATIONS:
Their sales during the period had increased by 10.60 % from 1932.900 Millions in last year to 2056.5900 Millions in current year. Their new packaging ink project Arjun at Lamdapura was commissioned in July 2012 and they have started production there. The increase in prices of raw materials coupled with increase in foreign exchange rates has hit their profitability very badly in the current financial year.
INDEX OF CHARGES
NO CHARGES EXIST FOR THE COMPANY.
UNSECURED
LOAN
(Rs. In Millions)
|
Particulars |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
LONG TERM
BORROWINGS |
|
|
|
Term loans from others |
176.470 |
168.999 |
|
|
|
|
|
Total |
176.470 |
168.999 |
FIXED ASSETS
·
Leasehold Land
·
Freehold Land
·
Buildings
·
Plant and Machinery
·
Research and Development
Equipment
·
Data Processing Machines
·
Office Equipment
·
Furniture and Fixtures
·
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 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. 62.59 |
|
|
1 |
Rs. 92.46 |
|
Euro |
1 |
Rs. 67.51 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
JYO |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
34 |
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.