MIRA
INFORM REPORT
|
Report Date : |
19.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
BILTUBE INDIA PRIVATE LIMITED |
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Registered Office : |
1099 - B, ˝ Banashree Society,
Model Colony, Shivaji Nagar, Pune – 411 016, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
03.09.2003 |
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Com. Reg. No.: |
25 –18305 |
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CIN No.: [Company
Identification No.] |
U21019PN2003PLC018305 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEB02700F |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturers of Biltube Textile Bobbins. |
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/normal. |
Small |
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Maximum Credit Limit : |
USD 400000 |
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Status : |
Moderate |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Profit margin
is under severe pressure. Payments are usually correct. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
LOCATIONS
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Registered Office / Factory: |
1099 - B, ˝ Banashree Society,
Model Colony, Shivaji Nagar, Pune – 411 016, Maharashtra, India |
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Tel. No.: |
91-20-25662010 |
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Fax No.: |
91-20-25660763 |
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E-Mail : |
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Website : |
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Overseas Office : |
Kota Bukit Indah D – II 24-25, Purwakarta 41181 Indonesia |
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Tel. No.: |
+ 62-264 351 315 / 316 |
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Fax No.: |
+ 61-264 351 317 |
DIRECTORS
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Name : |
Mr. Kiran Harakchand Bhandari |
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Designation : |
Director |
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Address : |
605 A And B, Wing C, Mantri
Lawns Co-Operative Housing Society , Anand Park, Aundh, Pune – 411 007,
Maharashtra |
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Date of Birth/Age : |
19.01.1962 |
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Date of Appointment : |
03.09.2003 |
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Name : |
Mr. Pramodini Kiran Bhandari |
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Designation : |
Director |
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Address : |
605 A And B, Wing C, Mantri
Lawns Co-Operative Housing Society , Anand Park, Aundh, Pune – 411 007,
Maharashtra |
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Date of Birth/Age : |
26.08.1964 |
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Date of Appointment : |
01.04.2005 |
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Name : |
Mr. Rajendra Popatlal Bora |
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Designation : |
Director |
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Address : |
A /P Karjat, District Ahemdnagar -414 402, Maharashtra |
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Date of Birth/Age : |
17.01.1968 |
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Date of Appointment : |
03.03.2006 |
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Name : |
Mr. Sashikant Balkrishna
Parasnis |
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Designation : |
Director |
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Address : |
“Gopur “15 Laxmi Co-Operative Society, Senapati Bapat Road, Pune – 411
016, Maharashtra |
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Date of Birth/Age : |
20.08.1942 |
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Date of Appointment : |
03.09.2003 |
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Name : |
Mr. Anil Bharat Gadve |
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Designation : |
Director |
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Address : |
99, Niyojan Society, Pathak Baug Colony, Pune – 411 030, Maharashtra |
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Date of Birth/Age : |
01.02.1962 |
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Date of Appointment : |
09.08.2004 |
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Name : |
Mr. Prakash Harakchand Bhandari |
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Designation : |
Director |
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Address : |
404 Wing C, Mantri Lawns Co-Operative Housing Society, Anand Park,
Aundh, Pune – 411 007, Maharashtra |
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Date of Birth/Age : |
16.07.1963 |
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Date of Appointment : |
29.10.2004 |
KEY EXECUTIVES
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Name : |
Mrs. Rajni Ramchand Pamnani |
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Designation : |
Secretary |
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Address : |
Krishna Niwas, 102 Erandawana,
Near Old Karnataka Hugh School, Pune – 411 004, Maharashtra |
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Date of Birth/Age : |
10.11.1958 |
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Date of Appointment : |
25.08.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Kiran Harakchand Bhandari |
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10 |
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Mr. Pramodini Harakchand
Bhandari |
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10 |
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Mrs. Meena Prakash Bhandari |
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10 |
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Mr. Harakchand Jethmal Bhandari |
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10 |
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Mr. Shashikant Balkrishna Parasnis |
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10 |
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Mr. Virendra Gokuldas Kirad |
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10 |
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Mr. Anil Bharat Gadve |
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10 |
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Anand Paper Conversion Limited |
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10119930 |
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Total
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10120000 |
Equity Shares Breakup (Percentage of Total Equity):
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Sr No. |
Category |
Percentage |
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1 |
Directors or relative of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Biltube Textile Bobbins. |
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Products: |
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GENERAL
INFORMATION
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Customers : |
·
Indorama ·
Indopoly ·
Kohap ·
Leces ·
Mutu Gading ·
Polysindo ·
Reliance ·
Riau ·
Sunflag ·
Teijin · Toray |
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No. of Employees : |
200 |
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Bankers : |
Development Credit Bank Limited Address: Jangli
Maharaj Road Branch , Pune, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. Dattatray Digambar Karve Chartered Accountants |
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Address : |
DD Karve and company, Chintamani, Natu Baug, Pune – 411 030,
Maharashtra, India |
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Associates/Subsidiaries : |
· Siddharth Core Boards Limited · Renuka Adhesives Limited |
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Sister Concerns: |
· PT Biltube Indonesia · Biltube Thai Company Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
11000000 |
Equity shares |
Rs. 10/- each |
Rs.110.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10120000 |
Equity shares |
Rs.10/- each |
Rs.101.200
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
101.200 |
101.200 |
101.200 |
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2] Share Application Money |
0.000 |
0.000 |
0.153 |
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3] Reserves & Surplus |
0.000 |
0.509 |
0.000 |
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4] (Accumulated Losses) |
[1.546] |
0.000 |
0.000 |
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NETWORTH |
99.654 |
101.709 |
101.353 |
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LOAN FUNDS |
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1] Secured Loans |
178.673 |
161.880 |
79.943 |
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2] Unsecured Loans |
120.376 |
119.577 |
22.752 |
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TOTAL BORROWING |
299.049 |
281.457 |
102.695 |
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DEFERRED TAX LIABILITIES |
3.800 |
1.367 |
0.096 |
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TOTAL |
402.503 |
384.533 |
204.144 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
61.231 |
58.518 |
59.426 |
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Capital work-in-progress |
65.187 |
44.868 |
4.083 |
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INVESTMENT |
202.992 |
202.992 |
76.433 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
25.112
|
37.403 |
36.536 |
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Sundry Debtors |
32.357
|
46.900 |
38.775 |
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Cash & Bank Balances |
0.220
|
1.841 |
1.508 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
23.707
|
4.221 |
10.817 |
|
Total
Current Assets |
81.396
|
90.365 |
87.636 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
3.219
|
9.932 |
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Provisions |
5.787
|
2.278 |
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Total
Current Liabilities |
9.006
|
12.210 |
24.290 |
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Net Current Assets |
72.390
|
78.155 |
63.346 |
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MISCELLANEOUS EXPENSES |
0.703 |
0.000 |
0.856 |
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TOTAL |
402.503 |
384.533 |
204.144 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
148.772 |
116.263 |
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Other Income |
3.445 |
0.408 |
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Total Income |
152.217 |
116.671 |
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Profit/(Loss) Before Tax |
0.798 |
3.621 |
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Provision for Taxation |
2.853 |
1.534 |
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Profit/(Loss) After Tax |
[2.055] |
2.087 |
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Expenditures : |
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Raw Material Consumed |
92.120 |
[77.364] |
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Increase/(Decrease) in Finished Goods |
11.937 |
[9.719] |
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Salaries, Wages, Bonus, etc. |
7.451 |
10.733 |
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Managerial Remuneration |
1.200 |
0.000 |
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Payment to Auditors |
0.050 |
0.038 |
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Interest |
16.124 |
11.903 |
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Insurance Expenses |
0.143 |
0.000 |
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Power & Fuel |
0.239 |
2.250 |
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Depreciation & Amortization |
2.388 |
5.054 |
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Other Expenditure |
19.767 |
15.427 |
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Total Expenditure |
151.419 |
113.050 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
[1.35]
|
1.78 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
0.53
|
3.10 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.38
|
0.41 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.00
|
0.03 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.09
|
2.88 |
1.25 |
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Current Ratio (Current Asset/Current Liability) |
|
9.03
|
7.40 |
3.60 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
|
Corporation identity number or foreign company registrations number of
the company |
U21019PN2003PLC018305 |
|
Name of the company |
BILTUBE INDIA PRIVATE LIMITED |
|
Address |
1099 - B, ˝ Banashree Society,
Model Colony, Shivaji Nagar, Pune – 411 016, Maharashtra, India |
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This Form is for |
Creation of charge |
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Type of Charges |
A charge on movable property (not being
pledge) |
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Particular of the charge holder
|
Development Credit Bank Limited Address: J M Road, Branch, Off J M Road,
Near Hotel Central Park, Pune – 411 004, Maharashtra, India Email ID: vinayakv@dcbl.com |
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Nature or description of the instrument creating charge |
· Deed of hypothecation · Term Loan agreement Both dated 19th
December 2006 creating a single charge. |
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Date of the instrument creating charge |
19.12.2006 |
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Amount Secure by the charge |
Rs. 18.500 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate
of interest: BPLR – 2.75% i.e presently 12% Terms
of repayment: Repayment in 20 quarterly installments.
Moratorium 9 months i.e repayments to commence from 9 months from the first
dated of disbursement. Interest to be serviced during this holiday period. Margin: 25% Extent
and operation of the charge: Interest is BPLR – 2.75% i.e presently 12% Margin: 25% Security: First exclusive charge on the fixed
assets at the proposed manufacturing plant at the leasehold premises of M/s
Siddhart Core Boards Limited. |
|
Short particulars of the
Property charged |
As per schedule I of deed of hypothecation
i.e first charge on the fixed assets of the company at the manufacturing
plant located at the leasehold premises of the Siddharth Core Boards Limited,
Warananagar, District Kolhapur. |
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Name of the company |
BILTUBE INDIA PRIVATE LIMITED |
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Presented
By |
Mr. Kiran H Bhandari
, Managing director |
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1) Date and
description of instrument creating the change |
Hypothecation of
tangible movable Machinery and plant. Term Loan
agreement Both dated
13.06.2005 creating the single Chagre. |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 310.000
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
all tangible movable plant and
machinery (both presents and future ) whether installed or on and
whether lying loose or in cases at site or in transit or which may at any
time during continuance of this security
be installed fro lying loose or in cases or being in or upon or about
the company premises at A -10, MIDC Patalganga, District Raigarh or wherever
else the same may be or be held by
any party any where to the order and disposition of the company or in the
course of transit to the company. The hypothecated
goods are hypothecated as security by way of first charge for due repayment
to the bank. |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
Interest : In 20 equal quarterly
installments first installment to fall due on 1st May 2006 Margin: Debit balance on such account at
any time not to exceed 75% of the cost or market value whichever is lower of
the hypothecated goods. |
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5) Name and
Address and description of the person entitled to the charge. |
Development Credit Bank Limited Address: Jangli Maharaj Road Branch ,
Pune, Maharashtra, India |
FIXED ASSETS:
· Land
· Building
· Plant and Machinery
· Air conditioner
· Telephone, Telex, Fax
· Tools and Dies
· Trolleys and Trays
· Factory Equipments
· Laboratory Equipments
· Generator Set
· Vehicle
· Electric Fittings
· Neon Sigh and Other boards
· Computer Hardware
· Computer Software
WEBSITE DETAILS:
With state of the art, multilocational plants and just in time delivery systems, Subject caters to the needs of leading international manufacturers.
The company’s plants in Indonesia and India are equipped with the latest machinery from the industry's best-known names in Germany and UK. Other such plants are coming up in various locations.
The plants have comprehensive testing and laboratory facilities, and exhaustive quality systems are in place at all stages of the process: from stringent inspection of raw material sourced from the world's best suppliers, to rigorous in- process quality checks.
Comprehensive ERP System has been implemented, leading to prompt, on-demand deliveries of any product, anywhere.
In its continuous effort to offer the best, Subject has set up customised warehouses-- taking the entire business of worrying about storage and deliveries out of the customer's mind.
Subject firmly believes in the inherent greatness and potential of every individual. The organization nourishes it continuously with mutual support, by promoting feelings of trust and loyalty through a humane and purposeful awareness of the needs and aspirations of all members of Team Biltube. Every member gets an optimum career path and excellent growth opportunities with no discrimination.
The sense of belonging and team spirit is enriched by close
association of team members at all levels. The ultimate aim is to grow
naturally together and surrender truthfully to create richness within oneself
and become responsible citizens of the world.
Some of their clients are:
• Indorama
• Indopoly
• Kohap
• Leces
• Mutu Gading
• Polysindo
• Reliance
• Riau
• Sunflag
• Teijin
• Toray
The company’s customers are spread
all over Asia and several other parts of the world, and use different spinning
technologies like Dupont, Barmag, Toray, Murata, Teijin, Zimmer, Scrag, RPR,
Enka, Zinser and others.
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.39.57 |
|
UK Pound |
1 |
Rs.78.93 |
|
Euro |
1 |
Rs.56.85 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
38 |
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 |
|