MIRA
INFORM REPORT
|
Report Date : |
27.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
BHILOSA INDUSTRIES PRIVATE LIMITED |
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Formerly Known As : |
BHILOSA TEX-N-TWIST PRIVATE LIMITED |
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Registered Office : |
122, Zaveri Bazaar, 2nd Floor, Trishla Building, Mumbai –
400002, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
01.06.1988 |
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Com. Reg. No.: |
11-47555 |
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CIN No.: [Company
Identification No.] |
U18101MH1988PTC047555 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMB12298G |
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PAN No.: [Permanent
Account No.] |
AAACB1538K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer
and Exporter of Polyester Textured Yarn. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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Maximum Credit Limit : |
USD 3800000 |
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Status : |
Excellent |
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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 excellent
track. Available information indicates high financial responsibility of the company.
Fundamentals are strong and healthy. Payments are always correct and as per
commitments. The company can be considered good for any normal business dealings. |
LOCATIONS
|
Registered Office : |
122, Zaveri Bazaar, 2nd Floor, Trishla Building, Mumbai –
400002, Maharashtra, India |
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Tel. No.: |
91-22-22838611 |
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Fax No.: |
91-22-22838615 |
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E-Mail : |
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Website : |
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Head Office : |
75, Free Press
House, 7th Floor, Free Press Journal Marg, Nariman Point, Mumbai -
400 021, Maharashtra, India |
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Tel. No.: |
91-22-2283 8611-12-13-14 / 30284500 |
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Fax No.: |
91-22-22838615 |
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Mobile No. : |
91-98200 47988 (Mr. Kumar Jain) 91-93239 29339 (Mr. Sandeep Rohilla) |
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Factory 1 : |
90/91 Danu Udyog Industrial Estate, Piparia, Silvassa (U.T.), India. |
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Tel. No.: |
91-260-2640728 |
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Factory 2 : |
Survey 17/1/4 & 6, Rakholi, Silvassa (U.T.), India. |
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Tel. No.: |
91-260-2640728 |
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Factory 3 : |
Survey 14/1/1 & 15/1/2, Rakholi, Silvassa (U.T.), India. |
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Tel. No.: |
91-260-2640728 |
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Factory 4 : |
Survey 14/1/2 Rakholi, Silvassa (U.T.), India. |
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Tel. No.: |
91-260-2640728 |
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Factory 5 : |
Survey 37 & 46/1/3/1 Rakholi, Silvassa (U.T.), India. |
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Tel. No.: |
91-260-2640728 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr. Rameshchandra T Jain |
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Designation : |
Chairman |
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Address : |
Flat No. 1801, Pushpak Apartment, 31 Alta Mount Road, Mumbai – 400026,
Maharashtra, India |
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Date of Birth/Age : |
22.06.1948 |
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Date of Appointment : |
02.06.1988 |
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Name : |
Mrs. Manjula R Jain |
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Designation : |
Director |
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Address : |
Flat No. 1801, Pushpak Apartment, 31 Alta Mount Road, Mumbai – 400026,
Maharashtra, India |
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Date of Birth/Age : |
19.03.1952 |
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Date of Appointment : |
03.05.1995 |
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Name : |
Mr. Kumarpal R Jain |
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Designation : |
Managing Director |
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Address : |
182, Pushpak Apartment, 31 Alta Mount Road, Mumbai – 400026,
Maharashtra, India |
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Date of Birth/Age : |
04.08.1975 |
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Date of Appointment : |
03.05.1995 |
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Name : |
Mr. Manojkumar Laxman Singh |
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Designation : |
Director |
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Address : |
Lalji Singh Chawl, Khotwadi, P. M. Road, Santacruz [West], Mumbai –
400054, Maharashtra, India |
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Date of Birth/Age : |
09.06.1972 |
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Date of Appointment : |
01.11.2006 |
KEY EXECUTIVES
|
Name : |
Mr. Sandeep Jain |
|
Designation : |
Chief Executive Officer
|
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Name : |
Mr. Pradeep Kumar Agarawal |
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Designation : |
Secretary |
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Address : |
B – 402, Rekha Retreat, Shanti Park, Mira Road [East], Thane – 401107,
Maharashtra, India |
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Date of Birth/Age : |
12.02.1968 |
|
Date of Appointment : |
01.11.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Rameshchandra T Jain |
|
2314058 |
|
Manjula R Jain |
|
402707 |
|
Kumarpal R Jain |
|
550200 |
|
Sandeep Jain and Rameshchandra T Jain |
|
110200 |
|
Rameshchandra T Jain and Manjula R Jain |
|
596200 |
|
Chetna T Jain and Manjula R Jain |
|
35000 |
|
Kumarpal Jain and Manjula Jain |
|
90000 |
|
Sandeep Jain and Manjula Jain |
|
60000 |
|
Rameshchandra T Jain and Kumarpal Jain |
|
340000 |
|
Rameshchandra T Jain [HUF] |
|
45000 |
|
Kumarpal Jain |
|
1439902 |
|
R. Natvarlal Parekh |
|
100 |
|
Manjula Jain and Rameshchandra T Jain |
|
302000 |
|
Anish Jain |
|
100 |
|
Deepa V Jain |
|
100 |
|
Vasumati V Jain |
|
100 |
|
Vimal Kumar Jain |
|
100 |
|
Hasmukhlal Jain |
|
100 |
|
Chaganlal Jain |
|
100 |
|
Jayantilal Kothari |
|
300000 |
|
Madhvi Jain |
|
355000 |
|
Sandeep Jain |
|
365000 |
|
Chetna Jain |
|
23400 |
|
Ashokkumar Jain |
|
67 |
|
Dayalal Jain |
|
67 |
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Kumarpal Jain and Rameshchandra T Jain |
|
34332 |
|
Natvarlal Parekh |
|
67 |
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Total |
|
7363900 |
|
|
|
|
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Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Bodies corporate |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer
and Exporter of Polyester Textured Yarn. |
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Products : |
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PRODUCTION STATUS
|
Particulars |
Unit |
|
Installed
Capacity |
|
Tex |
Nos. |
|
11038 |
|
Twisted |
Nos. |
|
3634 |
GENERAL
INFORMATION
|
Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sanghvi Sanghvi and Sanghvi |
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Address : |
10, LA Citadelle, 2nd Floor, 99, Maharshi Karve Road,
Mumbai – 400020, Maharashtra, India |
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Group Companies : |
Bhilosa Group |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
40,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 400.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7363900 |
Equity Shares |
Rs. 10/- each |
Rs. 73.639
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
73.639 |
73.639 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
886.704 |
639.263 |
|
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
960.343 |
712.902 |
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|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
1508.991 |
1166.711 |
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|
2] Unsecured Loans |
|
88.461 |
84.095 |
|
|
TOTAL BORROWING |
|
1597.452 |
1250.806 |
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|
DEFERRED TAX LIABILITIES |
|
144.289 |
127.713 |
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|
|
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|
|
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TOTAL |
|
2702.084 |
2091.421 |
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APPLICATION OF FUNDS |
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|
|
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FIXED ASSETS [Net Block] |
|
1107.535 |
1054.826 |
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|
Capital work-in-progress |
|
417.229 |
44.231 |
|
|
|
|
|
|
|
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INVESTMENT |
|
0.001 |
0.001 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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|
|
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CURRENT ASSETS, LOANS & ADVANCES |
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|
|
|
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Inventories |
|
299.700 |
325.628 |
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Sundry Debtors |
|
668.471 |
546.409 |
|
|
Cash & Bank Balances |
|
14.832 |
13.532 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
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|
Loans & Advances |
|
505.550 |
366.503 |
|
Total
Current Assets |
|
1488.553 |
1252.072 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
390.991 |
318.270 |
|
|
Provisions |
|
31.307 |
9.551 |
|
Total
Current Liabilities |
|
422.298 |
327.821 |
|
|
Net Current Assets |
|
1066.255 |
924.251 |
|
|
|
|
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MISCELLANEOUS EXPENSES |
|
0.130 |
0.260 |
|
|
|
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Advance Against Capital Expenditure |
|
110.934 |
67.852 |
|
|
|
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TOTAL |
|
2702.084 |
2091.421 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
2.10 |
2.21 |
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|
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|
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|
|
Current Ratio (Current Asset/Current Liability) |
|
|
3.52 |
3.82 |
LOCAL AGENCY
FURTHER INFORMATION
Amalgamation of
Bhilosa Synthetics Private Limited with the Company.
- The
Honourable High Court vide its order dated 27.04.2004, has sanctioned the
scheme of amalgamation for amalgamation of Bhilosa Synthetics Private
Limited [the transferor company], which was engaged in the business of
texturised yarn, with the company under which the undertaking of the
transferor Company, being all its assets, property, both movable and
immovable, and lease right, industrial and other licences, right and
interest of every kind etc. and all its debts, liabilities and
obligations, has been transferred to the company retrospectively with
effect from 1st April 2003.
- The
amalgamation has been accounted for under the pooling of interest method
as prescribed by Accounting Standard issued by the Institute of Chartered
Accounts of India. Accordingly, the assets, liabilities and reserves of
the erstwhile Bhilosa Synthetics Private Limited as at 01.04.2003, have
been taken over at their book value.
- The incomes
accruing and expenses incurred by the Transferor Company during the period
01.04.2003 to 31.03.2004 have also been incorporated carried on the
existing business in trust on behalf of the company, all vouchers,
documents, etc. for that period are in the name of Bhilosa Synthetics
Private Limited. The title deeds for Freehold / Leasehold land, buildings,
licences, agreements, loan documents, etc. are being transferred in the
name of the Company.
- In terms of
the Scheme, all the employees in service of the Transferor Company have
become employees of the Company without any interruption in service. All
rights, duties, powers and obligations of the Transferor Company in
relation to Provident Fund, Gratuity etc, have been transferred to the
Company.
- In
consideration of the transfer of the existing business of the Transferor
Company in favour of the Company, each member of the Transferor Company is
entitled to receive from the Company two equity shares of Rs. 10/- each
credited as fully paid up, for every three fully paid up equity shares
held in the Transferor Company Accordingly 333400/- shares of the Company
have been allotted to the members of erstwhile Bhilosa Synthetics Private
Limited as at 24.06.2004. The difference of Rs. 1.667 Millions being the
amount of shares allotted and the amount of share capital of the
Transferor Company has been added to the General Reserve of the
company
Contingent Liabilities not provided for in respect of [As on 31.03.2004]
- Income Tax
Liability Rs. 2.886 Millions
- Excise Duty
Rs. 0.856 Millions
- Capital
contracts remaining to be executed Rs. 37.800 Millions
Bankers Charges
Report as per Registry
|
Name of the company |
BHILOSA
TEX-N-TWIST PRIVATE LIMITED |
|
Presented By |
ING Vysya Bank
Limited, Nariman Point, Mumbai |
|
1) Date and description of instrument creating the change |
Agreement for
Hypothecation of Stock in trade, Machinery, Book debts, bills and all other
movables Term loan
agreement for Rs. 110 millions Short term Loan
agreement for Rs. 40 millions all dated 16.01.2004 All instruments
create a single charge. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 160.000
Millions |
|
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 |
For Term Loan Facility : First ranking pari passu charge on the
entire machinery including texturising machines, furniture, fixture,
vehicles, computers and all other movable fixed assets belonging to the company,
both present and future and second ranking pari passu charge on the entire
stock of raw materials, work in progress, semi finished and finished goods,
book debts and other movable current assets belonging to the borrower, both
present and future. For Working Capital Facility :
[CC/WCDL/Short Term Loan] : First ranking pari passu charge on the
entire Stock of raw materials, work in process, finished goods, book debts
and other movable current assets both present and future and second ranking
pari passu charge on the entire machinery including texturising machines,
furniture, fixture, vehicles, computers and all other movable fixed assets
belonging to the company, both present and future |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @ 10.50
% p.a. for Term Loan with annual reset option: at 0.50 % p.a. over PLR on CC
/ WCDL facilities: 9.00 % p.a. on Short Term loan or such other rates as may
be prescribed by the bank from time to time Security to seducer
term loan of Rs. 110 millions WCDL/CC of Rs. 50 Millions with a sub limit of
Rs. 40 Millions as Short term loan , with interest, costs, expenses, charge,
commission etc. |
|
5) Name and Address and description of the person entitled to the charge. |
ING Vysya Bank
Limited, Mittal Tower, Nariman Point, Mumbai |
|
6) Date and brief description of instrument modifying the charge |
-- |
|
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. |
-- |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the charge to be modified |
10008709 |
|
Corporate
identity number of the company |
U18101MH1988PTC047555 |
|
Name of the
company |
BHILOSA TEX-N-TWIST PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
75, Free Press
House, 7th Floor, Free Press Journal Marg, Nariman Point, Mumbai -
400 021, Maharashtra, India |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Corporation Bank Bharati House 104, B S Marg,
Fort, Mumbai – 400001, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
|
|
Date of
instrument Creating the charge |
07.12.2006 |
|
Amount secured by
the charge |
Rs. 400.000
Millions |
|
Short particulars
of the property charged |
|
|
Particulars of
the present modification |
Now by the
present modification 07.12.2006 a joint equitable mortgage was extended by
SBI, SBI acting for itself and as an agent of IDBI, ING Vsysya Bank, SBICI
and Corporation Bank by way of deposit of title deeds over the immovable
property as a continuing security situated at Rakholi Amli, Dadra Nagar and
Haveli in addition new property has been offered situated at Rakholi, D and
NH, for repayment of credit facilities of Rs. 400 Millions on pari passu
basis |
FIXED ASSETS
- Land
- Building
- Electric
Fittings
- Plant and
Machinery
- Furniture
- Office
Equipments
- Vehicles
AS PER WEBSITE
Profile
Bhilosa, a name associated with some of the big business
houses, is one of India’s largest manufacturing company of Polyester Textured
Yarn. With more than a hundred years of tradition in the textile industry,
Bhilosa group today manufactures a wide range of polyester texturised yarn for
the domestic and export markets.
Backed with a tradition in textile trade spanning over a hundred years,
Chairman Mr. Ramesh Jain set up the Bhilosa Group in 1989 with an initial
capacity of 580 Metric Tonnes per annum, now the capacity has gone to 70,000
Metric Tonnes per annum and expected to grow at faster rate.
Since then the Group has been steadily advancing by building up on its volumes
and enhancing the production capacity every two years. Today it has marked out
its position of being one of the largest manufacturers of Texturised yarn in
India, and it enjoys a strong national as well as international presence.
Management
The group owes its success to their team of highly
experienced and dedicated professionals.
Maintaining high quality standards & customer satisfaction has been the
motto.
The company’s HR policies have helped it to retain its staff
by creating a professional and growth centric working environment where every
employee aims to give his best to grow with the organization.
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.39.44 |
|
UK Pound |
1 |
Rs.78.73 |
|
Euro |
1 |
Rs.57.69 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
72 |
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. |
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 |
|