MIRA
INFORM REPORT
|
Report Date : |
02.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
BIKANERVALA FOODS PRIVATE LIMITED |
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Registered Office : |
A-28, Lawrence Road Industrial
Area, New Delhi - 110035 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
25.10.1988 |
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Com. Reg. No.: |
55-33644 |
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CIN No.: [Company
Identification No.] |
U74899DL1988PTC033644 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELB06399B |
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PAN No.: [Permanent
Account No.] |
AAACB0611P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and Exporters of Food Products |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 334000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a
well-established and reputed company having satisfactory track records.
Directors are reported as experienced and respectable businessmen. Trade relations
are reported as fair. Business is active. Payments are usually correct and as
per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered Office/
Corporate Office/Factory : |
A-28, Lawrence Road Industrial
Area, New Delhi - 110035 ( India ) |
|
Tel. No.: |
91-11-27151607, 27151612,
27151614, 27105958 |
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Fax No.: |
91-11-27196893 |
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E-Mail : |
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Website : |
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Head Office : |
P. O. Mangolpur Kalam, Delhi – 110035,
India |
DIRECTORS
|
Name : |
Mr. Kailash Chand Aggarwal |
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Designation : |
Director |
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Address : |
1723, Cheera Khananai Sarak, Chandni Chowk, Delhi – 110006, India |
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Date of Birth : |
30.08.1950 |
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Date of Appointment : |
10.02.1989 |
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Name : |
Mr. Ashok Kumar |
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Designation : |
Director |
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Address : |
1723, Cheera Khananai Sarak, Chandni Chowk, Delhi – 110006, India |
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Date of Appointment : |
01.10.1996 |
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Name : |
Mr. Manoj Kumar Aggarwal |
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Designation : |
Director |
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Address : |
1723, Cheera Khananai Sarak, Chandni Chowk, Delhi – 110006, India |
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Date of Birth : |
03.03.1970 |
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Date of Appointment : |
01.10.1996 |
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Name : |
Mr. Ganesh Kumar |
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Designation : |
Director |
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Address : |
1743, Cheera Khananai Sarak, Chandni Chowk, Delhi – 110006, India |
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Date of Birth : |
26.01.1971 |
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Date of Appointment : |
01.10.1996 |
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Name : |
Mr. Krishan Kumar Aggarwal |
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Designation : |
Director |
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Address : |
1724, Cheera Khana, Nai Sarak, Chandni Chowk, Delhi – 110006, India |
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Date of Birth : |
15.05.1960 |
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Date of Appointment : |
01.12.1996 |
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Name : |
Mr. Navrattan Aggarwal |
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Designation : |
Executive Director |
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Address : |
6/69, W. E. A. Karol Bagh, New Delhi – 110005, India |
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Date of Birth : |
18.07.1964 |
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Date of Appointment : |
26.07.2001 |
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Name : |
Mr. Manoj Aggarwal |
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Designation : |
Director |
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Address : |
1723, Cheera Khananai Sarak, Chandni Chowk, Delhi – 110006, India |
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Date of Birth : |
12.01.1966 |
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Date of Appointment : |
26.07.2001 |
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Name : |
Mr. Chetan Lal Aggarwal |
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Designation : |
Director |
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Address : |
37/78 Punjabi Bagh, [West], New Delhi – 110026 |
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Date of Birth : |
28.02.1963 |
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Date of Appointment : |
01.12.1998 |
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Name : |
Mr. Motilal |
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Designation : |
Director |
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Address : |
37/78 Punjabi Bagh, [West], New Delhi – 110026 |
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Date of Birth : |
04.12.1945 |
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Date of Appointment : |
01.12.1996 |
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Name : |
Mr. Shyam Sunder Aggarwal |
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Designation : |
Managing Director |
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Address : |
37/78 Punjabi Bagh, [West], New Delhi – 110026 |
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Date of Birth : |
29.10.1952 |
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Date of Appointment : |
25.10.1988 |
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Name : |
Mr. Kedarnath |
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Designation : |
Chairman |
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Address : |
1723, Cheera Khananai Sarak, Chandni Chowk, Delhi – 110006, India |
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Date of Birth : |
15.10.1937 |
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Date of Appointment : |
25.10.1988 |
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Name : |
Mr. Manish Aggarwal |
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Designation : |
Director |
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Address : |
37/78 Punjabi Bagh, [West], New Delhi – 110026 |
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Date of Birth : |
08.10.1977 |
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Date of Appointment : |
01.10.2004 |
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Name : |
Mr. Ashok Aggarwal |
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Designation : |
Executive Director |
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Address : |
37/78 Punjabi Bagh, [West], New Delhi – 110026 |
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Date of Birth : |
19.10.1969 |
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Date of Appointment : |
01.10.1996 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
|
No. of Shares |
|
Kedar Nath |
|
102668 |
|
Shyam Sunder |
|
350598 |
|
Moti Lal |
|
54418 |
|
Kishore Chand |
|
90018 |
|
Kishan Kumar |
|
69218 |
|
Radhey Mohan – HUF |
|
18 |
|
Manorama Devi |
|
18 |
|
Kanchan Devi |
|
18 |
|
Ram Swari |
|
18 |
|
Shalini Jain |
|
32 |
|
Aditya Jain |
|
18 |
|
A-One Financial Services Private Limited |
|
18 |
|
Chand Devi |
|
18 |
|
Ram Kishan Caur |
|
18 |
|
Sanjay Kumar |
|
18 |
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Nanak Chand Khandelwal |
|
18 |
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Nirmala Khandelwal |
|
18 |
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Naurati Devi |
|
18 |
|
Ashok Kumar |
|
18 |
|
Ashok Aggarwal - HUF |
|
18 |
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Kailash Chand – HUF |
|
18 |
|
Meera Devi |
|
18 |
|
Dinesh Aggarwal |
|
18 |
|
Amit Aggarwal |
|
18 |
|
Manoj Aggarwal |
|
39000 |
|
Chetan Lal Aggarwal |
|
22500 |
|
Kailash Chand |
|
28700 |
|
Ganesh Aggarwal |
|
25000 |
|
Ashok Aggarwal |
|
50000 |
|
Kishan Kumar |
|
17498 |
|
Murari Lal Aggarwal |
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2 |
|
Suraj Bhagwan Aggarwal – HUF |
|
2 |
|
Rajender Kumar Mittal |
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2 |
|
Anil Jain |
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2 |
|
Dinesh Aggarwal |
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2 |
|
SML Aggarwal and Sons – HUF |
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2 |
|
Neetu Aggarwal |
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2 |
|
Laxmi Narayan |
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2 |
|
Madhu Aggarwal |
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2 |
|
Vinay Dayal |
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2 |
|
Ram Kishan |
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2 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Food Products. |
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Exports : |
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Countries : |
USA , Canada , UK , Germany , Australia , Singapore and
the Middle-East |
GENERAL
INFORMATION
|
Bankers : |
v Bank of Punjab
Limited, Grudwara Road, Karol Bagh, New Delhi – 110005, India v Union Bank of
India v Centurion Bank
of Punjab Limited v ICICI Bank
Limited v Standard
Chartered Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sanjay Chopra & Company Chartered Accountants |
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Address : |
G-80, Basement, Lajpat Nagar – 1, New Delhi – 110024, Delhi, India |
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Tel. No.: |
91-11-29818446/ 29817164 |
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Telefax No.: |
91-11-29815857 |
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E-Mail : |
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Associates/
Subsidiaries : |
Bahadur Singh & Sons Private Limited Date of Incorporation : 27.04.1971 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
850000 |
Equity Shares |
Rs. 10/- each |
Rs. 8.500
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
8.500 |
8.500 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
75.127 |
55.514 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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|
NETWORTH |
|
83.627 |
64.014 |
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|
LOAN FUNDS |
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1] Secured Loans |
|
47.884 |
57.110 |
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2] Unsecured Loans |
|
10.134 |
8.455 |
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TOTAL BORROWING |
|
58.018 |
65.565 |
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DEFERRED TAX LIABILITIES |
|
5.826 |
5.540 |
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TOTAL |
|
147.471 |
135.119 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
94.102 |
81.549 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
|
38.661 |
29.629 |
|
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Sundry Debtors |
|
59.640 |
53.093 |
|
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Cash & Bank Balances |
|
1.934 |
1.055 |
|
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
49.924 |
29.308 |
|
Total
Current Assets |
|
150.159 |
113.085 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
81.411 |
55.659 |
|
|
Provisions |
|
15.379 |
3.856 |
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Total
Current Liabilities |
|
96.790 |
59.515 |
|
|
Net Current Assets |
|
53.369 |
53.570 |
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|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
|
147.471 |
135.119 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
|
757.795 |
656.649 |
|
|
Other Income |
|
16.069 |
11.718 |
|
|
Total Income |
|
773.864 |
668.367 |
|
|
|
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|
Profit/(Loss) Before Tax |
|
32.353 |
5.004 |
|
|
Provision for Taxation |
|
12.901 |
0.970 |
|
|
Profit/(Loss) After Tax |
|
19.452 |
4.034 |
|
|
|
|
|
|
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|
Total Earnings |
|
35.425 |
20.897 |
|
|
|
|
|
|
|
|
Total Imports |
|
1.887 |
0.000 |
|
|
|
|
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Expenditures : |
|
|
|
|
|
|
Financial Charges |
|
7.005 |
7.861 |
|
|
Depreciation & Amortization |
|
9.597 |
9.325 |
|
|
Other Expenditure |
|
708.307 |
628.991 |
|
Total Expenditure |
|
724.909 |
646.177 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
2.51 |
0.60 |
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
|
4.18 |
0.75 |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
13.24 |
2.57 |
|
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.39 |
0.08 |
|
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
|
1.85 |
1.95 |
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|
Current Ratio (Current Asset/Current Liability) |
|
|
1.55 |
1.90 |
LOCAL AGENCY
FURTHER INFORMATION
BUSINESS
To carry on the business of manufacturers, buyers, sellers, importers, exporters,
distributors, agents, brokers, factors, stockiest commission agents and
exporters, distributors, agents, brokers, factors, stockiest commission agents
and dealers of all kind of confectionery items, sweet, namkins, papers, milk,
cream, butter, ghee, cheese, condonsed –milk, malted milk, milk – shakes, milk
powders, skimmed milk powder, ice – milk, ice – cream, milk foods, milk
products, soyamilk, soya milk products and preparations, soyabeen based foods,
snack foods, dietic products, instant foods, cereal products, wheat flakes,
maize flakes, food stuffs, wafers, candoles, chocolate, tinned foods, and
sweets and table-delicacies and provisions and spices of all kind.
To sell, import, export, improve, prepare, manufacture, market and to
carry out eh business of canners, preservers, growers of and dealers in fruits,
vegetables, herbs, flowers, drinks, fluids and other fresh and preservable
products and to carry on the manufacturing and trading in jams, jellies,
pickles, cider, chutney, marmalades, vinegars, ketchups, juices, squashes,
syrups, edible drinks beverages, gelatives, essences, milk preparations, food
products provisions spices and eatable of all kinds.
Bankers Charges
Report as per Registry
|
Name of the company |
BIKANERVALA FOODS
PRIVATE LIMITED |
|
Presented
By |
BANK OF PUNJAB
LIMITED AND BIKANERVALA FOODS PRIVATE LIMITED |
|
1) Date and description of instrument creating the change |
Agreement for
Cash Credit Agreement for Hypothecation of Book debts and Term Loan agreement
dated 15.10.2004 Regd. On 16.11.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 62.000
Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of
Inventory and book debts of the company. First charge on all assets
[including equitable mortgage of land and building] to be created out of the
term loan of the Bank at the new proposed Unit at 64/2, Site IV UPSIDC
Indusiral Area, Sahibabad Up both present and future. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest 3 %
below BPLR presently effective ROI of 8.50 % p.a. Cash Credit for Rs. 15.000
Millions Repayment of Term Loan – I in 60 monthly installments after 2 years
from the date of disbursement August 2006 or 5 months from start of
commercial production. First 24 instilments of Rs. 250000 and the next 36
installments of Rs. 0.389 Millions. Interest to be served as and when due on
monthly basis, further during the moratorium, the interest to be serviced
from Cash generations of the other business units of the company. Repayment of Term
loan – II in 66 monthly installments after 1.5 years from the date of
disbursements February 2007 or 11 months from start of commercial production.
First 27 installments of Rs. 0.300 Millions and next 39 installments of Rs.
0.485 Millions |
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5) Name and Address and description of the person entitled to the charge. |
Bank of Punjab Limited Grudwara Road, Karol Bagh, New Delhi – 110005, India |
|
6) Date and brief description of instrument modifying the charge |
Memorandum of
deposit of title deeds dated 10.08.2005 |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The charge for
Rs. 62.000 Millions in additionally secured by equitable mortgage by deposit
of title deeds of property at 64/2, Industrial Area, Site 4, Sahibabad,
Ghaziabad in the name of Bikaner Vala Goods Private Limited together with
land and building, super structure constructed and to be constructed and
plant and machinery installed or to be installed present and / or future. Other terms and
conditions remain same. |
AS PER WEBSITE
The House of Bikanervala has
successfully combined traditional knowledge with modern technology and is fast emerging
as a global player catering not only to the overseas Indian community but also
developing new recipes to suit the world markets.
To their century-old knowledge of
making traditional Sweets, Namkeens, Papad, Spices and Sherbets, they have
added a modern ingredient - technology: and the result is BIKANO - a range of
products manufactured to world standard specifications and packed for long
shelf life.
Today their product quality is
recognized the world over. Bikanervala has become a synonym for the
state-of-art Quality Management System duly certified with ISO 9001:2000, HACCP
AND SQF 2000 CM.
Corporate
In 1950, a large family of
traditional Halwais (Food Processors) from the famous city of Bikaner decided
to explore business opportunities beyond Rajasthan, its traditional stronghold,
and some of them migrated to Delhi . They brought with them a treasure of
traditional recipes perfected by their forefathers, exotic ingredients and
experience in the art of making sweets and Namkeens. It was a modest beginning
-- from a roadside stall in the 'Moti Bazar' of the heart of the walled city.
The Delhiwallas relished their Bikaneri Bhujia and Rasogollas and they fast
grew to a regular sweets shop in the historic Chandni Chowk. Soon the love and
affection of Delhiwallas earned them the name 'BIKANERVALA'.
Product Range
Bikanervala is one of the most
prominent families of traditional Halwais (Food Processors) from Bikaner in the
Indian state of Raj asthan. Creations of their forefathers brought them great
fame and fortune. Today their name is synonymous with quality and creativity in
Indian sweets and snacks. The House of Bikanervala has successfully combined
traditional knowledge with modern technology and is fast emerging as a global
player catering not only to the overseas Indian community but also developing
new recipes to suit the world markets.
Exports
Having combined traditional
knowledge with modern technology it started looking at the international market
in order to introduce to the world the wonderful range of traditional Indian
Sweets, Snacks, Sherbets and Papad.
Today, BIKANO products have found
a ready market in USA, Canada, UK, Germany, Australia , Singapore and the
Middle-East. The company has maintained a remarkable export growth rate of more
than 200% for the past two years.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.43.59 |
|
UK Pound |
1 |
Rs.85.53 |
|
Euro |
1 |
Rs.58.14 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|