MIRA
INFORM REPORT
|
Report Date : |
13.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
BENGAL POLY
RESINS PRIVATE LIMITED |
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Registered Office : |
9A Esplanade
East, Kolkata – 700069, West Bengal, India |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
02.09.1986 |
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Com. Reg. No.: |
21-041218 |
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CIN No.: [Company
Identification No.] |
U24119WB1986PTC041218 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALB00036B |
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PAN No.: [Permanent
Account No.] |
AABCB3344G |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturers of
Epoxy Resins , Paints , Chemicals and Hardener . |
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 25000 |
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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
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Registered Office : |
9A Esplanade
East, Kolkata – 700069, West Bengal, India |
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Tel. No.: |
91-33-22483613 |
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Fax No.: |
91-33-22430751 |
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E-Mail : |
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Corporate Office : |
27, Bentinck
Street, Orient Cinema Building, Kolkata – 700001, West Bengal, India |
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Tel. No.: |
91-33-22480229 |
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Fax No.: |
91-33-22430751 |
SOLE
PROPRIETOR/PARTNERS/DIRECTORS
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Name : |
Mr Madan Singh |
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Designation : |
Director |
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Address : |
Mohan Niwas, High
Court Colony, Bunglow No 1, Jodhpur – 342001, Maharashtra, India |
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Date of Birth/Age : |
04.02.1940 |
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Date of Appointment : |
02.09.1986 |
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Name : |
Mr Binod Chand Kankaria |
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Designation : |
Director |
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Address : |
2A Queens Park,
Kolkata – 700019, West Bengal, India |
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Date of Birth/Age : |
16.01.1952 |
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Date of Appointment : |
18.01.1988 |
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Name : |
Mr Manohar Kumar
Kankaria |
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Designation : |
Director |
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Address : |
2A Queens Park,
Kolkata – 700019, West Bengal, India |
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Date of Birth/Age : |
20.06.1954 |
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Date of Appointment : |
02.09.1986 |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Names of
Shareholders |
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500 |
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Mr Madan Singh |
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500 |
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Mr Manohar Kumar |
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Percentage of Holding |
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Category of
Shareholders |
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37.50 |
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Bodies corporate |
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44.73 |
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Directors or
relatives of director |
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17.77 |
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Other top 50
shareholders |
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100.00 |
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Total |
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BUSINESS DETAILS
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Line of Business : |
Manufacturers of
Epoxy Resins, Paints, Chemicals and Hardener. |
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Products : |
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GENERAL
INFORMATION
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Bankers : |
State Bank of
India SSI Branch,
Bhowanipore, SSI Branch, 11 Dr. U N Brahmachari Street , 39, Shakespeare
Sarani, Kolkata – 700017. (CC A/C 10502871101) |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
R K Kankaria and
Company Chartered
Accountants |
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Address : |
33, Brabourne
Road, 5th Floor, Kolkata – 700001, West Bengal, India |
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Tel No.: |
91-33-22486041 /
22425812 |
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Fax No.: |
91-33-22426208 |
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E Mail : |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500,000 |
Equity shares |
Rs 10/- each |
Rs 5.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
280,000 |
Equity Shares |
Rs 10/- each |
Rs 2.800 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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2.800 |
2.800 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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3.550 |
2.973 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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6.350 |
5.773 |
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LOAN FUNDS |
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1] Secured Loans |
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10.829 |
6.737 |
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2] Unsecured Loans |
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0.952 |
1.296 |
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TOTAL BORROWING |
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11.781 |
8.033 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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18.131 |
13.806 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1.702 |
1.361 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.389 |
0.754 |
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DEFERREX TAX ASSETS |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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9.341 |
6.130 |
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Sundry Debtors |
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8.563 |
10.484 |
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Cash & Bank Balances |
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1.511 |
1.060 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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4.021 |
2.777 |
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Total
Current Assets |
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23.436 |
20.451 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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6.872 |
8.366 |
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Provisions |
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0.524 |
0.394 |
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Total
Current Liabilities |
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7.396 |
8.760 |
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Net Current Assets |
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16.040 |
11.691 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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18.131 |
13.806 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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70.990 |
55.556 |
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Other Income |
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0.210 |
2.164 |
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Total Income |
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71.200 |
57.720 |
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Profit/(Loss) Before Tax |
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1.078 |
2.095 |
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Provision for Taxation |
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0.501 |
0.141 |
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Profit/(Loss) After Tax |
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0.577 |
1.954 |
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Expenditures : |
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Change in Stock |
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4.675 |
0.485 |
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Other Expenditure |
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68.635 |
54.078 |
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Total Expenditure |
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73.310 |
54.563 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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0.81 |
3.38 |
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Net Profit Margin (PBT/Sales) |
(%) |
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1.51 |
3.77 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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6.72 |
17.91 |
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Return on Investment (ROI) (PBT/Networth) |
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0.16 |
0.36 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.16 |
1.51 |
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Current Ratio (Current Asset/Current Liability) |
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3.16 |
2.33 |
LOCAL AGENCY
FURTHER INFORMATION
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Name of the company |
BENGAL PLOY RESINS PRIVATE LIMITED |
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Presented By |
THE COMPANY |
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1) Date and description of instrument creating the change |
Memorandum for
recording creation of mortgage by deposit of title deeds on 03.01.2006 (In the office of State Bank of India, SSI Branch,
Bhowanipore, 39, Shakespeare Sarani, Kolkata – 700017) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Overall Limit :
Rs 18.000 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 |
The scope and
benefit of creating mortgage by deposit of title deeds of the properties of
the company as specified in the schedule below is to create mortgage by
deposit of title deeds under section 79 of the transfer of property act, 1882
and within the meaning of section 58 (f)
of the said act secure
repayments of the sum of Rs 18.000 Millions granted by the bank to the
company under credit facilities together with interest, enhanced interest,
expenses including the legal costs thereon. Schedule of
properties 1. All that piece
and parcel of the entirely demarcated measuring 20 ˝ decimal of dag No 98
under R S Khaitan No 756 and land measuring 16 decimal of dag 99/1360 under R
S Khaitan No 600 and 601 l R Khaitan No 256 of Mouza Gopalpur., Chandigarh, J
L No 50, R S No 16, P S Barasat. Sub-Registered Office – Barasat North 24,
Parganas in the name of Bengal Poly Resisn Private Limited under Deed No
1814, Book No 1, Volume No 26, Page No 132 to 141 for the year 1992. Date of
registration 10.03.1992 at the office of the additional district
sub-registrar, Barasat, North 24 Pgs. Bounded and
butted as follows North by : Land
of Bengal Poly Resins Private Limited South by : Land
of others West by : Part of
C S Dag No 104 and Ganganagar Mouza, J L No 49 at present Drain and public
passage through south to north East by : Part of
C S Dag No 98 and 99. 2. All that piece
and parcel of the rayat dakshi swattwa land (Danga) more or less 12 cottah 2,
chattak covered with structure situated and lying at Mouza Gopalpur,
Chandigarh, J L No 50, Post Office Ganganagar District North 24 Pgns. The
plot no C appertaining to Khaitan No 177 dag no 0231, book no 1, Volume no 4,
Page 115 to 128for the year 1987. date of registration – 13.01.1987 at the
office of the additional district sub-registrar barasat, north 24 Pgs. Bounded and
butted as follows North by : Public
road South by : by the
land of dag No 96 and 97 East by : land of
Gopi Saha and Mussa West by : By
khaitan 3. All that piece
and parcel of Rayat Dakhsli Swattwa Land (Danga) more or less 12 cottah 2
chattak covered with structure situated at and lying at Mouza Gopalpur,
Chandigarh, J L No 50, Post Office Ganganagar District North 24 Pgns. The
plot no C appertaining to Khaitan No 177 dag no 96 and 97, in the name of
Bengal Poly Resins Private Limited under Deed No 0235, Book No 1, volume No
4, page No 147 to 162 for the year 1987. at the office of the additional
district sub-registrar barasat, north 24 pgs. Bounded and
butted as follows North by : public
Road South by : by the
land of dag No 96 and 97 East by : land of
Gopi Saha and Mussa West by : by
khaitan |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The borrower
shall not do or allow anything which may prejudice the security. Interest
enhanced, interest, fees, commission, costs, charges, expenses including the legal costs as may be current from
time to time for the credit facilities according to banking norms and RBI
Guidelines. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of
India SSI Branch,
Bhowanipore, 39, Shakespeare Sarani, Kolkata – 700017. |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
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.42.86 |
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UK Pound |
1 |
Rs.84.75 |
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Euro |
1 |
Rs.57.71 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
46 |
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 |
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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 |
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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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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