MIRA
INFORM REPORT
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Report Date : |
04.08.2007 |
IDENTIFICATION DETAILS
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Name : |
BHARAT RESINS LIMITED |
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Registered Office : |
43-44-45, Dabhel Industrial Co-Op Society Limited, P.O. Dabhel, Daman-396210 |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
19.03.1993 |
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Com. Reg. No.: |
001892 |
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CIN No.: [Company
Identification No.] |
U99999GJ1993PLC019166 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
SRTB00247C |
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PAN No.: [Permanent
Account No.] |
AAACB9709J |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business : |
Manufacturer,
supplier and exporter of synthetic resins, epoxy resins, varnishes and
adhesives. |
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 230000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having satisfactory track records. Directors are reported as experienced, respectable and resourceful businessmen. Their trade relations are fair. Payments are usually correct and as per commitments. The company can be considered good for normal dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
43-44-45, Dabhel Industrial Co-Op Society Limited, P.O.
Dabhel, Daman-396210, |
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Tel. No.: |
91-260-2242275, 2242284 |
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Fax No.: |
91-260-2242276 |
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Website : |
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Sales Office : |
D-101, |
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Tel. No.: |
91-22-26843527 / 26843463 |
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Fax No.: |
91-22-26820404 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. V L Joshi |
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Designation : |
Chairman and Managing Director |
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Name : |
Mr. H N Kothari |
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Designation : |
Director |
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Name : |
Mr. Vinod Kothari |
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Designation : |
Director |
SHAREHOLDING PATTERN
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Category |
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Percentage of
Holding |
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Foreign holdings (Foreign Institutional investor(s), Foreign
companie(s) Foreign financial institution(s), Non-resident Indian(s) or
Overseas corporate bodies or Others |
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3.75 |
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Bodies Corporate (not mentioned above) |
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29.97 |
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Directors or relatives of directors |
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49.59 |
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Other top fifty (50) shareholders (other than listed above) |
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16.69 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer,
supplier and exporter of synthetic resins, epoxy resins, varnishes and
adhesives. |
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Products : |
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PRODUCTION STATUS
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Products |
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Unit |
Installed
Capacity |
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Chemicals |
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M.T. |
3000 |
GENERAL INFORMATION
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Customers : |
v ABC Chemical Exports Private Limited v Asha Dispersions Private Limited v Asian Paints (I) Limited v B.A.S.F. Industries Private Limited v Blaze Printing Inks v
Coates of v Garware Plastics and Polyester Limited v Hero Paints Pvt. Limited v Laxmi Group Thanjavur v Mechatrical Works v Prachi Graphic Private Limited v Shalimar Paints Limited v Shoba Metallic Yarn Limited v Sumilon Industries Limited v Techno Print Chemicals Private Limited v Vacmet Packaging Private Limited v Varsha Printing Ink v Venlon Metallica Inds. v Willway Fort India Private Limited |
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No. of Employees : |
150 |
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Bankers : |
State Bank of E-Mail: adlalwani@metnl.net.in |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Deepak J Shukla and Associates Chartered Accountants |
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Address : |
16, Morar Nowas, Near Auto Commerce House, Near |
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Tel. No.: |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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7000000 |
Equity Shares |
Rs. 10.00 each |
Rs. 70.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000900 |
Equity Shares |
Rs. 10.00
each |
Rs. 10.009 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
10.009 |
10.009 |
10.009 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
47.576 |
32.827 |
22.864 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
57.585 |
32.873 |
32.873 |
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LOAN FUNDS |
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1] Secured Loans |
0.856 |
1.494 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.856 |
1.494 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.344 |
0.208 |
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TOTAL |
58.441 |
44.674 |
33.081 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
12.288 |
13.510 |
9.024 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.901 |
0.901 |
0.901 |
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DEFERREX TAX ASSETS |
0.141 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
24.728
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19.640 |
9.757 |
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Sundry Debtors |
30.360
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34.209 |
26.381 |
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Cash & Bank Balances |
4.790
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4.732 |
3.065 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
17.852
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12.792 |
4.903 |
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Total
Current Assets |
77.730
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71.373 |
44.106 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
32.619
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41.111 |
17.307 |
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Provisions |
0.000
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0.000 |
3.643 |
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Total
Current Liabilities |
32.619
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41.111 |
20.950 |
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Net Current Assets |
45.110
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30.263 |
23.156 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
58.441 |
44.674 |
33.081 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
283.402 |
219.727 |
135.191 |
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Other Income |
0.132 |
0.739 |
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Total Income |
283.534 |
220.466 |
135.191 |
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Profit/(Loss) Before Tax |
22.652 |
15.529 |
8.271 |
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Provision for Taxation |
0.000 |
0.000 |
1.994 |
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Profit/(Loss) After Tax |
22.652 |
15.529 |
6.277 |
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Export Value |
NA |
NA |
3.538 |
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Import Value |
NA |
NA |
18.236 |
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Expenditures : |
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Raw Material consumed |
230.648 |
179.482 |
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Consumption of stores and spare parts |
0.274 |
0.360 |
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Increase or decrease in finished goods,
work-in-progress |
(4.128) |
(0.107) |
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Salaries. Wages and bonus |
4.780 |
4.172 |
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Managerial Remuneration |
1.094 |
1.094 |
125.119 |
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Payment of auditors |
0.168 |
0.138 |
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Interest |
1.122 |
0.819 |
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Insurance Expenses |
0.124 |
0.183 |
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Power and Fuel |
5.748 |
4.308 |
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Depreciation and Amortization |
3.673 |
2.453 |
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Other Expenditure |
17.379 |
12.035 |
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Total Expenditure |
260.882 |
204.937 |
125.119 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
7.99
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7.04 |
4.64 |
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Net Profit Margin (PBT/Sales) |
(%) |
7.99
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7.07 |
6.12 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
25.16
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18.29 |
15.56 |
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Return on Investment (ROI) (PBT/Networth) |
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0.39
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0.47 |
0.25 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.58
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1.30 |
0.64 |
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Current Ratio (Current Asset/Current Liability) |
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2.38
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1.74 |
2.11 |
LOCAL AGENCY FURTHER INFORMATION
FIXED ASSETS
v Land and Free Hold
v Building
v Plant and Machinery
v Electric Installation
v Furniture and Fixtures
v Computers and Printers
v Office Equipments
v Vehicles
Form 8
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Corporate identity
number (CIN) Foreign company registration number |
U99999GJ1993PLC019166 |
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Name of the
Company |
BHARAT RESINS
LIMITED |
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Address |
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This form is for |
Creation of
Charge |
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Type of Charge |
v
Simple
Mortgage v
Usufructuary
Mortgage v
Anomalous
Mortgage v
Equitable
Mortgage or mortgage of property by depositing the title deeds v
Mortgage
of conditional sale v
English
Mortgage v
Hypothecation |
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Particulars of
the charge holder |
State Bank of E-Mail: adlalwani@metnl.net.in |
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Amount secured by
the charge |
Rs. 10.000
millions |
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Nature or
description of the instrument creating charge |
As per Attachment |
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Brief of the
principal terms and conditions and
extent and operation of the charge |
Rate of Interest
11.25% Margin Stock Debts 25% Other terms and conditions as per agreement
attached. |
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Description of the
property charged indicating whether it is a charge on |
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Date of
Instrument |
31.03.2006 |
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Particular of the
present modification |
As per Agreement |
Website details attached:
History
Founded in 1993 by two technocrat families from the chemical industry, Subject
is a closely held public limited company. Formed with the sole objective of manufacturing
quality synthetic resins, epoxy resins and varnishes. Bharat Resins has, in a
short frame of time, become a prominent player in the industry.
Products
They currently manufacture close to twenty niche products and also possess the
technical capability to manufacture additional products.
Core Activities
Bharat
Resins is engaged in manufacture and export of synthetic resins, varnishes,
lacquers and adhesives. They cater to the varied requirements of the paint and
printing ink industry. Through their core strengths of short production cycles
and prompt delivery, they have evolved from a small player to a niche supplier
of Speciality products to the leading players of the industry.
Infrastructure
Their
manufacturing facilities are located at
In
their manufacturing facilities, they have designed a fully mechanized structure
for processing the raw materials from storage facilities directly into the
reactors, which lead to significant reduction in the process time and savings
of resources.
Their
Research & Development center forms the backbone of the Company. It is well
equipped with latest equipment and trained technical staff.
Production Capacity
Their
Plant has 6 reactors with different capacities to scale up the production as
per the needs of their customers:
» 2 reactors - 5 KL (Kilo Litres)
» 1 reactor - 6 KL
» 1 reactor - 7 KL
» 1 reactor - 1 KL (installed for
trial production of new products developed in the
» 1 reactor of 10 KL
Quality
They have always adhered to the principles of providing quality products at
competitive prices to their customers. Highly professional experts inspect every
aspect of production and their products undergo stringent quality control
procedures to ensure customer satisfaction.
Clients
Their customers are a testimony of the quality and price competitiveness of their
varied products. Their ever-growing list of satisfied customers include: Venlon
Metallica Inds. Willway Fort India Private Limited
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 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
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Indian Rupees |
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US Dollar |
1 |
Rs. 40.36 |
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1 |
Rs. 82.18 |
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Euro |
1 |
Rs. 55.31 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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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 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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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 |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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45 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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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 |
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<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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