MIRA INFORM REPORT
|
Report
Date : |
29.12.2006 |
IDENTIFICATION
DETAILS
|
Name : |
BHARAT BOX FACTORY LIMITED |
|
|
|
|
Registered
Office : |
Bhaian
Kalan, Tajpur Road, Ludhiana 141011, Punjab, India |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date
of Incorporation : |
01.07.1996 |
|
|
|
|
Com.
Reg. No.: |
16-18439 |
|
|
|
|
CIN
No.: [Company Identification No.] |
L74950PB1996PLC018439 |
|
|
|
|
TAN
No.: (Tax
Deduction & Collection Account No.) |
AMRB10538D/JLDB00812A |
|
|
|
|
Legal
Form : |
Private Limited Liability Company |
|
|
|
|
Line of
Business : |
Manufacturer and Exporter of Printed and Paper Board
Cartoons |
RATING & COMMENTS
|
MIRA’s
Rating : |
Ba |
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered
normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum
Credit Limit : |
USD
750000 |
|
|
|
|
Status
: |
Good |
|
|
|
|
Payment
Behaviour : |
Regular |
|
|
|
|
Litigation
: |
Clear |
|
|
|
|
Comments
: |
Subject is a well-established and reputed company having
fine track. Trade relations are fair. Financial position is good. Payments
are regular and as per the commitments. The company can be considered good for any normal business
dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered
Office : |
Bhaian
Kalan, Tajpur Road, Ludhiana 141011, Punjab, India |
|
|
Tel.
No.: |
91-161-2824562 |
|
|
Fax
No.: |
91-161-2824596 |
|
|
E-Mail
: |
||
|
Website
: |
||
DIRECTORS
|
Name : |
Mr. Rajinder Kumar |
|
Designation
: |
Chirmain |
|
|
|
|
Name : |
Mr. Ravinder Kumar |
|
Designation
: |
Managing Director |
|
|
|
|
Name : |
Mr. Anil Kumar |
|
Designation
: |
Director |
|
|
|
|
Name : |
Mr. Baljinder Kumar |
|
Designation
: |
Director |
|
|
|
|
Name : |
Mr. Parveen Kumar |
|
Designation
: |
Director |
|
|
|
|
Name : |
Mr. Vikas Agarwal |
|
Designation
: |
Director |
BUSINESS DETAILS
|
Line
of Business : |
Manufacturer and Exporter of Printed and Paper Board
Cartoons |
|
|
|
|
Products
: |
Printed and Paper Board cartoons |
GENERAL INFORMATION
|
Bankes: |
State Bank of India, Ludhiana |
|
|
|
|
Banking Relations : |
Satisfactory |
|
|
|
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share
Capital |
51.900 |
51.900 |
49.900 |
|
|
3]
Reserves & Surplus |
247.300 |
142.600 |
75.200 |
|
NETWORTH
|
299.200 |
194.500 |
125.100 |
|
|
LOAN
FUNDS |
|
|
|
|
|
1]
Secured Loans |
324.500 |
227.900 |
171.100 |
|
|
2]
Unsecured Loans |
163.900 |
174.300 |
63.800 |
|
TOTAL
BORROWING
|
488.400 |
402.200 |
234.900 |
|
|
|
|
|
|
|
TOTAL
|
787.600 |
596.700 |
360.000 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
506.800 |
297.300 |
203.700 |
|
|
|
|
|
|
|
INVESTMENT
|
9.300 |
0.300 |
0.000 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
275.400
|
222.200
|
143.300 |
|
|
Sundry Debtors
|
270.300
|
154.600
|
132.800 |
|
|
Cash & Bank Balances
|
48.600
|
55.700
|
21.800 |
|
|
Loans & Advances
|
130.900
|
90.200
|
45.700 |
Total current Assets:
|
725.200
|
522.700
|
343.600 |
|
|
|
|
|
|
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
443.400
|
220.700
|
187.300 |
|
|
Provisions
|
11.000
|
2.900
|
0.000 |
Total Current Liabilities
|
454.400
|
223.600
|
187.300 |
|
|
|
|
|
|
|
Net
Current Assets
|
270.800
|
299.100
|
156.300 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.700 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
787.600 |
596.700 |
360.000 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other
income] |
2092.400 |
1224.300 |
802.400 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
121.100 |
44.900 |
24.600 |
|
Provision for Taxation |
16.400 |
5.600 |
5.300 |
|
Profit/(Loss) After Tax |
104.700 |
39.300 |
19.300 |
|
|
|
|
|
|
Total Expenditure |
2090.400 |
1221.500 |
800.500 |
KEY RATIOS
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Debt-Equity Ratio |
1.80 |
1.99 |
1.85 |
|
Long Term Debt-Equity Ratio |
1.80 |
1.99 |
1.85 |
|
Current Ratio |
1.84 |
2.11 |
1.96 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
4.30 |
3.77 |
3.72 |
|
Inventory |
8.35 |
6.38 |
6.50 |
|
Debtors |
9.78 |
8.11 |
7.30 |
|
Interest Cover Ratio |
4.00 |
2.45 |
2.59 |
|
Operating Profit Margin(%) |
9.14 |
7.49 |
7.03 |
|
Profit Before Interest And Tax
Margin(%) |
7.78 |
5.85 |
5.10 |
|
Cash Profit Margin(%) |
6.41 |
4.67 |
4.39 |
|
Adjusted Net Profit Margin(%) |
5.04 |
3.04 |
2.45 |
|
Return On Capital Employed(%) |
23.34 |
14.26 |
13.13 |
|
Return On Net Worth(%) |
42.41 |
22.15 |
17.95 |
LOCAL AGENCY FURTHER INFORMATION
“Continuous solution under one roof”
Bharat Box Group has international standards of
in-house integrated manufacturing facilities in their plant at Ludhiana and
Jammu spreading over an area of five and half acres and eight acres
respectively, the company adequately provides divers packaging solutions to a
board client base at a national & international level. BBF Gorup has
diversified product line-Plastic div., Contractual manufacturing, Export &
Import div., Corrugation div., Duplex div. An ISO 9002 certificate,
Bharat Box Gorup has successfully emerged as a pioneer in the business of
printed cartons.
- Leading
Manufacturer
- Exporter
of International
- Quality
Printed
- Paper-Board
Cartons
- Provider
of Complete Packaging Solutions
- Right
Form Designing Till Printing Services
- Having
latest heidelberg 6 colours in-line coating printing and bobst finishing
equipment including all value added services such as foil stamping,
embossing, window-patching, lamination and water based or u.v coatings.
- Presently
catering to large mncs and exports.
Top Customer
Multinational
Ø
Nestle India Limited
Ø
Reckitt and Coleman
Ø
Heniz India Limited
Ø
General De Confiteria
Ø
Cadbury India Limited
Ø
Kellogg India Limited
Ø
Hindustan Levers Limited
DOMESTIC
·
Liberty Shoes Limited
·
Dabur India Limited
·
Jagatjit Industries
·
Hamdard Group
·
Vardhman Group
·
Amul Products
·
Himani Group
Unit-1 Ludhiana
Bharat Box Factory
Limited. has international standards of in-house integrated manufacturing
facilities in their plant at Ludhiana spreading over an area of five and half
acres, the company adequately provides divers packaging solutions to a board
client base at a national & international level. With a work force of 550
employees converting approximately 4500 metric tons per month, a turnover of
over 15.5 million US Dollars and an ISO 9002 certificate.
Various division at
Ludhiana
·
Corrugation div.
·
Duplex div.
·
Contractual manufacturing div.
·
Plastic div.
·
Foreign Trade div.
Unit 1- Jammu (tax free zone)
BBF Group
established unit-II in 2002 at Jammu to exploit Tax free holidays for 10
years. The plant has various divisions spreading over 8 acres. Opportunities
available at Jammu:
·
Excise
- 100% Exemption
·
S. Tax
- 100% Exemption
·
Local Tax - 100% Exemption
·
Income Tax - 100% Exemption
·
Toll Tax -
100% Exemption
Various division at Jammu
·
Corrugation div.
·
Duplex div.
·
Contractual manufacturing div.
o
Coils
o
Liquid filling line [Any kind of liquid]
·
Plastic
div.
They have all the operations in-house including the
processes, which provide value addition under one roof.
They have a well-equipped laboratory with all facilities
required for continuous R&D.
They have very well laid, one of its kind, ultra modern
plant backed by well trained team able to serve their highly privileged
customers for their customized needs.
They support all the modern concepts like EDI,VMI,JIT,
Supply Chain Management, continuous improvement programmes etc.
They are following the Eco-friendly concept in all areas of
operation.
Complete packaging solution provider.
UNIQUE SELLING POINTS
They
help their customers maximize the potential of their brands by bringing their
promotional objectives to reality in cost effective ways.
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. 44.23 |
|
UK Pound |
1 |
Rs. 86.91 |
|
Euro |
1 |
Rs. 58.26 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP
CAPITAL |
1~10 |
5 |
|
OPERATING
SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT
LINES |
1~10 |
5 |
|
--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 |
|
46 |
This
score serves as a reference to assess SC’s credit risk and to set the amount of
credit to be extended. It is calculated from a composite of weighted scores
obtained from each of the major sections of this report. The assessed factors
and their relative weights (as indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit
history (10%) Market
trend (10%) Operational
size (10%)
RATING |
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 |