MIRA INFORM REPORT
|
Report No. : |
344803 |
|
Report Date : |
12.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
COROB INDIA PRIVATE LIMITED (w.e.f. 01.04.2014) |
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Formerly Known
As : |
CPS COLOR INDIA PRIVATE LIMITED |
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Registered
Office : |
158, Dani Compound, Vidya Nagari Marg, CST Road, Kalina, Santacruz
(East), Mumbai – 400098, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
25.02.1998 |
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Com. Reg. No.: |
11-113726 |
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Capital
Investment / Paid-up Capital : |
Rs.437.096 Million |
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|
|
|
CIN No.: [Company Identification
No.] |
U29290MH1998PTC113726 |
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|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUMC07141B |
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|
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PAN No.: [Permanent Account No.] |
AAACC8387P |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject
is engaged into manufacturing and sale of tinting and dispensing machines,
trading of shaker mixers, colorants and its related products and servicing of
such tinting and dispensing machines |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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|
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1998 and it is engaged in the
business of manufacturing and sale of tinting and dispensing machines, trading
of shaker mixers, colorants and its related products. It is an established company having a satisfactory track. Reserves of the company is low during 2014. However, company is operating
on its owned funds. Further, it possesses a decent profile marked by decent
networth base along with decent liquidity and profitability. Trade relations are fair. Business is active. Payment terms are
reported to be slow but correct. The company can be considered normal 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.
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
31-03-2015.
INFORMATION DENIED BY
|
Name : |
Mr. Shenoy |
|
Designation : |
Accountants Department |
|
Contact No.: |
91-22-66497777 |
|
Date : |
09.10.2015 |
LOCATIONS
|
Registered Office : |
158, Dani Compound, Vidya Nagari Marg, CST Road, Kalina, Santacruz
(East), Mumbai – 400098, Maharashtra, India |
|
Tel. No.: |
91-22-24900042 / 66497777/61280400 |
|
Fax No.: |
91-22-66497700 |
|
E-Mail : |
info@corob.com |
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|
|
|
Factory 1 : |
House No. 4/a-5, Survey No.747 and 748, Behind Bank of India Village
Kalaria, Nani Daman- 396210, Daman, India |
|
|
|
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Factory 2 : |
Plot No.10 to 13 and 13A, GDIDC, Daman Industrial Estate, Somnath
Road, Daman – 396210, India |
|
Mains Site: |
Located at:
|
|
Overseas Office: |
Located at:
|
DIRECTORS
As on 30.09.2013
|
Name : |
Dr. Nasser Arivoli |
|
Designation : |
Managing Director |
|
Address : |
D1-3-2, Millenium Towers, Sec-9, Sanpada, Navi Mumbai – 400705,
Maharashtra, India |
|
Date of Appointment : |
22.10.2012 |
|
PAN No.: |
ACAPN7968E |
|
DIN No.: |
06427148 |
|
|
|
|
Name : |
Mr. Timo Tapani Linna |
|
Designation : |
Director |
|
Address : |
Runeberginkatu 4C B 31, Helsinkl, Finland 28400 |
|
Date of Appointment : |
23.11.2006 |
|
DIN No.: |
01342559 |
KEY EXECUTIVES
|
Name : |
Mrs. Riddhi Pradip Doshi |
|
Designation : |
Secretary |
|
Address : |
D-11/1101, Sapphire, Poonam Garden, Mira-Bhayander Road, Mira Road (East), Thane - 401107, Maharashtra, India |
|
Date of Appointment : |
01.07.2015 |
|
PAN No.: |
AQQPD3499N |
MAJOR SHAREHOLDERS
As on 30.09.2013
|
Name of
Shareholders |
No of
Shares |
|
CPS Color Equipment SPA, Italy |
43709599 |
|
CPS Color Group OY Finland |
1 |
|
Total |
43709600 |
As on 30.09.2013
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 |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject
is engaged into manufacturing and sale of tinting and dispensing machines, trading
of shaker mixers, colorants and its related products and servicing of such
tinting and dispensing machines |
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|
|
|
Products : |
|
|
|
|
|
Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
|
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Auditors : |
|
|
Name : |
B
S R and Company Chartered Accountants |
|
Address : |
Lodha
Excelus, 1st Floor, Apolla Mills Compound, N M Joshi Marg,
Mahalakshmi, Mumbai, Maharashtra, India |
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PAN No.: |
AAIFB7357B |
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Holding Company : |
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Ultimate Holding
Company: |
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Fellow
Subsidiary Companies : |
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CAPITAL
STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60000000 |
Equity Shares |
Rs.10/-each |
Rs.600.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
43709600 |
Equity Shares |
Rs.10/-each |
Rs.437.096 Million |
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|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
437.096 |
437.096 |
437.096 |
|
(b) Reserves & Surplus |
267.113 |
104.687 |
6.327 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
704.209 |
541.783 |
443.423 |
|
|
|
|
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|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
3.059 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
23.350 |
22.463 |
11.199 |
|
Total Non-current
Liabilities (3) |
26.409 |
22.463 |
11.199 |
|
|
|
|
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(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
8.886 |
8.886 |
|
(b) Trade
payables |
294.311 |
560.985 |
369.330 |
|
(c) Other
current liabilities |
80.762 |
57.067 |
12.002 |
|
(d) Short-term
provisions |
10.782 |
14.229 |
25.515 |
|
Total Current
Liabilities (4) |
385.855 |
641.167 |
415.733 |
|
|
|
|
|
|
TOTAL |
1116.473 |
1205.413 |
870.355 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
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|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
151.437 |
155.048 |
110.341 |
|
(ii)
Intangible Assets |
1.011 |
0.637 |
0.645 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
7.250 |
0.000 |
|
(d) Long-term Loan and Advances |
47.974 |
47.288 |
40.604 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
200.422 |
210.223 |
151.590 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
275.943 |
285.182 |
198.755 |
|
(c) Trade
receivables |
480.535 |
466.538 |
289.739 |
|
(d) Cash
and cash equivalents |
17.295 |
93.431 |
82.860 |
|
(e)
Short-term loans and advances |
128.030 |
137.901 |
137.836 |
|
(f) Other
current assets |
14.248 |
12.138 |
9.575 |
|
Total
Current Assets |
916.051 |
995.190 |
718.765 |
|
|
|
|
|
|
TOTAL |
1116.473 |
1205.413 |
870.355 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
|
1173.175 |
938.937 |
|
|
|
Service Income |
|
154.017 |
121.809 |
|
|
|
Other Income |
|
21.091 |
19.629 |
|
|
|
TOTAL |
1619.315 |
1348.283 |
1080.375 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
1244.843 |
1084.280 |
|
|
|
Exceptional Item |
|
0.000 |
(36.668) |
|
|
|
TOTAL |
1366.58 |
1244.843 |
1047.612 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
Including Depreciation
Expenses |
103.440 |
32.763 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
9.667 |
8.156 |
|
|
|
|
|
|
|
|
|
|
PROFIT/LOSS
BEFORE TAX |
252.735 |
93.773 |
24.607 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
90.309 |
(4.586) |
5.857 |
|
|
|
|
|
|
|
|
|
|
PROFIT/LOSS AFTER TAX |
162.426 |
98.359 |
18.750 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN CURRENCY |
|
|
|
|
|
|
FOB value of exports |
1026.750 |
858.496 |
638.701 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
Raw materials/components |
365.105 |
476.845 |
160.013 |
|
|
|
Machinery for trading |
0.856 |
8.979 |
7.471 |
|
|
|
Colorants |
9.636 |
19.612 |
14.829 |
|
|
|
Capital goods |
4.648 |
30.563 |
0.533 |
|
|
|
TOTAL IMPORTS |
380.247 |
536.001 |
182.848 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.72 |
2.25 |
0.43 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
N.A |
N.A |
N.A |
|
Cash generated from operations |
N.A |
N.A |
N.A |
|
Net cash flow from operating activity |
40.750 |
63.407 |
N.A |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
10.03 |
7.30 |
1.74 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/ Total Income) |
(%) |
NA |
7.99 |
2.62 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
22.64 |
7.83 |
2.83 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.36 |
0.17 |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.02 |
0.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.37 |
1.55 |
1.73 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
437.096 |
437.096 |
437.096 |
|
Reserves & Surplus |
6.327 |
104.687 |
267.113 |
|
Net worth |
443.423 |
541.783 |
704.209 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
8.886 |
8.886 |
0.000 |
|
Total borrowings |
8.886 |
8.886 |
0.000 |
|
Debt/Equity ratio |
0.020 |
0.016 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Total Income |
1080.375 |
1348.283 |
1619.315 |
|
|
|
24.798 |
20.102 |
NET
PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Total Income |
1080.375 |
1348.283 |
1619.315 |
|
Profit |
18.750 |
98.359 |
162.426 |
|
|
1.74% |
7.30% |
10.03% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
BUSINESS SEGMENT:
The Company is engaged in the business of manufacturing and
sale of tinting and dispensing machines, trading of shaker mixers, colorants
and its related products and servicing of such tinting and dispensing machines.
There is no separate primary business line in terms of reportable segments as
per Accounting Standard 17 - "Segment Reporting". The Company has
disclosed geographical segments as secondary reportable segments.
INDEX OF
CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
90146192 |
23/05/2001 |
21,000,000.00 |
CITI BANK |
BNDRA KURLA
COMPLEX, G-BLOCK BANDRA (E), MUMBAI, |
- |
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
SHORT TERM
BORROWINGS |
|
|
|
Loan repayable on demand |
0.000 |
8.886 |
|
|
|
|
|
Total |
0.000 |
8.886 |
FIXED ASSETS
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
- Computer equipments
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 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.64.78 |
|
|
1 |
Rs.99.54 |
|
Euro |
1 |
Rs.73.08 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
RKI |
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 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
47 |
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.
SS