MIRA
INFORM REPORT
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Report Date : |
23.08.2007 |
IDENTIFICATION DETAILS
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Name : |
BHASIN SONS PRIVATE LIMITED |
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Registered Office : |
DSIDC Shed No. 5, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
23.06.1978 |
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Com. Reg. No.: |
55-9086 |
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CIN No.: [Company
Identification No.] |
U74899DL1978PTC009086 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELB07156C |
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PAN No.: [Permanent
Account No.] |
AAACB2415M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, supplier and exporters of Surgical Instruments
and Hospital Appliances |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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. |
Small |
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Maximum Credit Limit : |
USD 1000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track
records. Company’s profitability is under severe pressure. It has some
accumulated losses. Payments are reported as slow but correct. The company can be considered normal for small business dealings at
usual trade terms and conditions, with slight caution initially. |
LOCATIONS
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Registered Office : |
DSIDC Shed No. 5, |
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Tel. No.: |
91-11-22582226 / 22596216 |
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Mobile No.: |
91-9810876898 / 9818221838 / 9818288208 / 9810876858 |
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Fax No.: |
91-11-22596216 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Avinash Kumar Bhasin |
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Designation : |
Director |
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Address : |
22, Savita Vihar, |
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Date of Birth/Age : |
10.05.1946 |
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Date of Appointment : |
23.06.1978 |
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Name : |
Mr. Vijay Kumar Bhasin |
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Designation : |
Director |
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Address : |
22, Savita Vihar, |
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Date of Birth/Age : |
15.07.1951 |
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Date of Appointment : |
23.06.1978 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Avinash Kumar Bhasin |
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1877 |
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Vijay Kumar Bhasin |
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1876 |
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Prakash Bhasin |
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310 |
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Sushila Bhasin |
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265 |
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Sunita Bhasin |
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266 |
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Kapil Bhasin |
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200 |
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H. Bhasin |
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200 |
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Total |
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4994 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, supplier and exporters of Surgical
Instruments and Hospital Appliances |
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Products : |
·
B.P. Apparatus
Mercurial ·
B.P. Apparatus Stand
Type Mercurial ·
B.P. Apparatus Wall
Type Mercurial ·
B.P. Apparatus
Aneroid Type ·
Stethoscopes ·
Diagnostic Sets ·
Laryngoscope ·
Abortion Sets ·
Vaccum Extractors ·
Needle Destroyer ·
Foot Suction (Manual
& Electrical) ·
Hospital Furnitures ·
Surgical Instruments ·
Hospital Wears
(AutoClaves, Drums, Trays) ·
B.P. Apparatus
Accessories (Hot Water Bag, Ice Caps, Rubber Catheters) |
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Exports : |
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Countries : |
Middle-East, Africa and |
GENERAL INFORMATION
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Bankers : |
Canara Bank Vivek Vihar, |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S. Kumar Agarwalla and Company Chartered Accountants |
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Address : |
Flat No. 27, Shanker Market, Connaught Circus, |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5,000 |
Equity Shares |
Rs. 100/- each |
Rs. 0.500 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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4,994 |
Equity Shares |
Rs. 100/- each |
Rs. 0.499
Million |
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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0.499 |
0.499 |
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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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0.000 |
0.056 |
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4] (Accumulated Losses) |
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[0.170] |
[0.196] |
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NETWORTH |
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0.329 |
0.359 |
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LOAN FUNDS |
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1] Secured Loans |
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0.817 |
0.541 |
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2] Unsecured Loans |
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1.789 |
1.478 |
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TOTAL BORROWING |
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2.606 |
2.019 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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2.935 |
2.378 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.726 |
0.415 |
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Capital work-in-progress |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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1.242 |
1.880 |
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Sundry Debtors |
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4.179 |
3.565 |
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Cash & Bank Balances |
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0.014 |
0.028 |
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Other Current Assets |
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0.083 |
0.048 |
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Loans & Advances |
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0.550 |
0.547 |
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Total
Current Assets |
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6.068 |
6.068 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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3.859 |
4.105 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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3.859 |
4.105 |
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Net Current Assets |
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2.209 |
1.963 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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2.935 |
2.378 |
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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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8.480 |
9.023 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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8.480 |
9.023 |
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Profit/(Loss) Before Tax |
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1.422 |
1.420 |
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Provision for Taxation |
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1.448 |
1.431 |
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Profit/(Loss) After Tax |
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(0.026) |
(0.011) |
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Total
Expenditure |
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7.058 |
7.603 |
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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0.31 |
0.12 |
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Net Profit Margin (PBT/Sales) |
(%) |
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16.77 |
15.74 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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20.93 |
21.90 |
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Return on Investment (ROI) (PBT/Networth) |
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4.32 |
3.96 |
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Debt Equity Ratio (Total Liability/Networth) |
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19.65 |
17.06 |
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Current Ratio (Current Asset/Current Liability) |
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1.57 |
1.48 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
BHASIN SONS
PRIVATE LIMITED |
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Presented By |
Canara Bank, Vivek Vihar, |
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1) Date and description of instrument creating the change |
15.12.1978 –
Registered on 14.06.1979 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.150 Million |
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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
stock of raw materials, brass, aluminium, mercury etc. goods in process and
finished goods and other goods belonging to the company lying at Shed No. 5,
Jhilmil Industrial Area, Shahdara, Delhi or any other Godown whosesoever or
in transit. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest to be charged
at the rate of 4 % p.a. over RBI rate subject to a minimum of 13 % p.a. Margin : 20 % |
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5) Name and Address and description of the person entitled to the charge. |
Canara Bank Vivek Vihar |
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6) Date and brief description of instrument modifying the charge |
08.02.2002 Bank’s letter Previously
modified on 09.10.1980, 06.02.1987 and from time to time and lastly modified
on 03.10.1996 and modified registered on 28.10.1996 for change in terms and
conditions. |
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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. |
The OCC Limit
stands reduced from Rs. 0.360 Million to Rs. 0.225 Million Other terms and
conditions remain the same. |
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This form is for |
Modification of
charge |
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Charge
identification number of the charge to be modified |
90040276 |
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Corporate
identity number of the company |
U74899DL1978PTC009086 |
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Name of the company
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BHASIN SONS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
5, DSIDC, Jhilmi Industrial Complex, |
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Type of charge |
Movable Property |
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Particular of
charge holder |
Canara bank Vivek Vihar |
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Nature of
description of the instrument creating or modifying the charge |
Supplemental
Collateral Security Agreement dated 13.02.2007 |
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Date of
instrument Creating the charge |
13.02.2007 |
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Amount secured by
the charge |
Rs. 1.500
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest @ 2.25 % p.a. above
ongoing BPLR of the Bank with a minimum of 14.75 % p.a. compounded monthly. Terms of
repayment Payable on Demand
Margin 20 % Extent operation
of the charge 100 % Others To extend
collateral security of all hypothecated plant and machinery, motor vehicles
and tools and accessories of the Company to the enhanced OCC / ODBD limit of
Rs. 1.500 Millions |
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Short particulars
of the property charged |
All plant and
machinery, motor vehicles and tools and accessories of the Company installed /
stored / kept or to be installed / stored / kept at Company’s premises or at
any other place including those in transit.
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Date of latest
modification prior to the present modification |
13.02.2007 |
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Particulars of
the present modification |
The collateral
security of all hypothecated plant and machinery, motor vehicles and tools
and accessories of the Company installed / stored / kept or to be installed /
stored / kept at Company’s premises or at any other place including those in
transit stands extended to secure all amounts payable under enhanced OCC /
ODBD limit of Rs. 1.500 Millions
granted to the company together with all interest, costs, charges,
expenses etc. Other terms and
conditions remained the same. |
AS PER WEBSITE
Key Features
- Consistent quality
- State-of-the-art technology
- Stringent quality check
- Innovative work approach
- High level of hygiene conditions
- Reasonable rates
- Timely delivery
Strategy
Their business strategy is very simple 'concentrate on the work and results will
automatically turn positive'. This belief has allowed them to provide
satisfactory output and helped them to generate high level of market goodwill.
Strength
They have state-of-the-art manufacturing set-up consist of
hardworking and highly devoted workforce equipped with hi-tech machines. Under
close supervision of qualified and experienced personnel and with vast
experience and profound knowledge, has enabled them to create a secured
position in medical arena of trade.
Quality Assurance
They believe in Total
Quality Management to streamline all the procedures and practices to
achieve high degree of efficiency in all aspects. The quality of their products
is achieved by quality sourcing, strict quality control, and use of the best
materials and, above all, updating the technology. Their in-house quality check
department checks each and every product before final delivery.
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.41.01 |
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1 |
Rs.81.39 |
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Euro |
1 |
Rs.55.30 |
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 |
4 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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 |
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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34 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
|
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. |
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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