MIRA
INFORM REPORT
|
Report Date : |
09.01.2007 |
IDENTIFICATION
DETAILS
|
Name : |
BANYAN
AND BERRY ALLOYS PRIVATE LIMITED |
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Registered Office : |
1006,
Samudra Annexenavarangpura, Ahmedabad-380009, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
04.05.2000 |
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Com. Reg. No.: |
04-37961 |
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CIN No.: [Company
Identification No.] |
U27100GJ2000PLC037961 |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Manufactures
of Stainless Steel Ingots |
RATING & COMMENTS
|
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 : |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow
but Correct |
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Litigation : |
Clear |
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Comments : |
Subject
is an established company having satisfactory track. Company’s profitability
is under severe pressure. Payments are reported as slow but correct. The
company can be considered for small to mediocre business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
1006,
Samudra Annexenavarangpura, Ahmedabad-380009, Gujarat, India |
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Tel. No.: |
91-79-26841296 |
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Fax No.: |
91-79-26841281 |
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E-Mail : |
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Website : |
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Branches
: |
No.43,
4th Floor, New York Tower, A Wing, S. G. Road, Thaltej,
Ahmedabad-380054, Gujarat, India |
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Tel.
No.: |
91-79-26841296/
2684091 |
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Fax
No.: |
91-79-26841281 |
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E-Mail
: |
DIRECTORS
|
Name : |
Mr.
Ishwarbhai Bababhai Patel |
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Designation : |
Director |
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Address : |
13,
Rachana Society, Satellite Road, Ahmedabad-380015, Gujarat, India |
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Date of Birth/Age : |
11.09.1949 |
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Date of Appointment : |
10.10.2002 |
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Name : |
Mr.
Aunbhai Gisalal Verma |
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Designation : |
Director |
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Address : |
A/12,
Venunad Apartment, Opposite Udgam School, Thaltej, Ahmedabad-380051, Gujarat,
India |
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Date of Birth/Age : |
10.05.1961 |
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Date of Appointment : |
10.10.2002 |
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Name : |
Mr.
Bhailal Babubhai Patel |
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Designation : |
Director |
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Address : |
48,
Janpath, 2nd Floor, New Delhi-110001, Delhi, India |
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Date of Birth/Age : |
03.02.1940 |
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Date of Appointment : |
25.05.2004 |
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Name : |
Mr.
Shailesh Bhanwarlal Bhandari |
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Designation : |
Director |
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Address : |
Plot
No.129/130, Opposite Jayantilal Park, Bopal Road, Ahmedabad, Gujarat |
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Date of Birth/Age : |
01.07.1958 |
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Date of Appointment : |
23.02.2004 |
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Date of Ceasing : |
30.09.2005 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Mr.
Chintan Ishwarbhai Patel |
10 |
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Mr.
Bhavesh Dashrathbhai Patel |
10 |
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Mr.
Iswarbhai Bababhai Patel |
9059990 |
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Mr.
Arunbhai Gisalal Verma |
7949990 |
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Mr.
Bhailalbhai Babubhai Patel |
3990000 |
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Total |
21000000 |
BUSINESS DETAILS
|
Line of Business : |
Manufactures
Stainless Steel Ingots |
GENERAL
INFORMATION
|
Bankers : |
Tel. No.: 91-79-26586404/ 26576446 Fax No.: 91-79-26586405 |
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Facilities : |
Secured
Loans :
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Banking Relations : |
Satisfactory |
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Auditors : |
N.
Gamadia & Company Chartered
Accountants, Ahmedabad |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
26500000 |
Equity
Shares |
Rs.10/- each |
Rs.265.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
21000000 |
Equity
Shares |
Rs.10/- each |
Rs.210.000 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
210.000 |
0.100 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
0.000 |
0.000 |
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4] (Accumulated Losses) |
|
(0.144) |
(0.016) |
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NETWORTH |
|
209.856 |
0.084 |
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LOAN FUNDS |
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1] Secured Loans |
|
519.718 |
0.000 |
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2] Unsecured Loans |
|
143.126 |
7.052 |
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TOTAL BORROWING |
|
662.844 |
7.052 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
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872.700 |
7.136 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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610.043 |
1.054 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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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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109.762 |
0.000 |
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Sundry Debtors |
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0.000 |
0.000 |
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Cash & Bank Balances |
|
65.307 |
0.203 |
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Other Current Assets |
|
45.844 |
0.000 |
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Loans & Advances |
|
81.204 |
5.100 |
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Total Current Assets |
|
302.117 |
5.303 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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40.672 |
0.437 |
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Provisions |
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Total Current Liabilities |
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40.672 |
0.437 |
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Net Current Assets |
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261.445 |
4.866 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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Preliminary Expenses |
|
1.212 |
1.216 |
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TOTAL |
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872.700 |
7.136 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
|
109.762 |
0.000 |
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Profit/(Loss)
Before Tax |
|
(0.144) |
(0.016) |
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Provision
for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss)
After Tax |
|
(0.144) |
(0.016) |
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Total
Expenditure |
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109.889 |
0.012 |
KEY
RATIOS
|
PARTICULARS |
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|
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
|
(0.00) |
0.00 |
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Net
Profit Margin (PBT/Sales) |
(%) |
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(0.00) |
0.00 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
(0.01) |
(0.25) |
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Return
on Investment (ROI) (PBT/Networth) |
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|
(0.00) |
(0.19) |
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Debt
Equity Ratio (Total
Liability/Networth) |
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|
3.35 |
89.15 |
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Current
Ratio (Current
Asset/Current Liability) |
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|
7.43 |
12.13 |
LOCAL AGENCY
FURTHER INFORMATION
Form
8 Particular for creation or modification of charges
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Corporation identity number or foreign company registrations number of the company |
04.37961 |
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Name of the company |
BANYAN
AND BERRY ALLOYS PRIVATE LIMITED |
|
Address |
1006,
Samudra Annexe navarangpura, Ahmedabad-380009, Gujarat, India |
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This Form is for |
Modification
of Charge |
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Type of Charges |
Equitable
mortgage or mortgage of property by depositing the title deeds |
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Particular of the charge holder |
Punjab National Bank Large
Corporate Branch, Ground Floor, A Wing, Pelican Building, Ashram Road,
Ahmedabad-380009, Gujarat, India |
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Nature or description of the instrument creating charge |
No Instrument. A Joint Mortgage was created by Release and Redeposit of title deeds made by Banyan and Berry Alloys Private Limited (Mortgagor) in favour of Punjab National Bank (PNB), PNB acting for itself and an agent of UCO Bank, Bank of Maharashtra and Dena Bank (hereinafter referred to as “the Banks”). |
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Date of the instrument creating charge |
15.02.2005 |
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Amount Secure by the charge |
Rs.734.500 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
All the securities as described in Column
No.13(c) hereinbelow are mortgaged and charged to (1) Punjab National Bank,
Large Corporate
Branch, Ground Floor, A Wing, Pelican Building, Ashram Road, Ahmedabad-380009
(2) UCO Bank, Ashram Road Branch, Ashram Road, Ahmedabad-380009 (3) Bank of
Maharashtra, Bhadra Branch, Mavlankar Haveli, Bhadra, Ahmedabad-380001 (4)
Dena Bank, Ashram Road Branch, Ashram Road, Ahmedabad-380009 for their
various facilities aggregating to Rs.734.500 millions and more particularly
described in Third and Fourth Schedule to Memorandum of Entry dated
15.02.2005 plus interest, commission, costs, charges, expenses and other
monies payable by the Borrower to the Banks. |
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Description of the property charge whether it is a charge on |
Immovable Properties |
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Modification charge Charge identification number of the charge to be modified |
90104331 Dbc. No.25 dated 02.03.2005 |
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Brief Description of the instrument modifying the charge under section 135 |
Memorandum o Entry by extension |
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Date of instrument modifying the charge |
31.03..2006 |
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Particulars of the Property charged |
All the piece or parcel of freehold land situate lying and being at Meghapar Borichi, Tluka Anjar, District Kutch bearing Survey No.10/1 of Mouje Meghpar Borichi of Anjar Taluka in the Registration District Kutch and Sub-District of Anjar admeasuring Acre 14-08 Gunthas i.e. 57466.00 Sq.Mtrs. or thereabouts together with buildings thereon. |
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Particulars of the present modification |
All the securities of immovable properties of the Borrower situate at Mouje Meghpar Borichi, Taluka Anjar, District Kutch as described in Column No.13 (c) hereinabove mortgaged and charged to the Bank by an equitable mortgage by deposit of title deeds made on 15.02.20005 and extended on 02.01.2006 shall now be security for various enhanced facilities aggregating to Rs.929.700 millions as described in Annexure “B” hereto together with interest, commission, costs, charges, expenses and other monies payable by the Borrower to the Banks. |
Website Details :
For long, India has held qualitative significance in the world's
Stainless Steel industry and in the last quarter century, it grew rapidly to
cross an annual production landmark of 1 million tones, to gain a certain
amount of quantitative importance too.
Still, in comparison with its gigantic dimensions (geographic, as well
as demographic) India's per capita Steel consumption is way below countries a
fraction of its size. For instance, compared to the country's per capita
consumptions of 0.8 Kg. Taiwan's 30 Kg, or Italy's 23 Kg per capita
consumptions is astoundingly higher.
But this scenario is undergoing a dramatic transformation, and Indian
Steel industry is right now pausing on the cusp of exponential growth.
As the New Millennium unfolds in its breathless pace, India's
consumerism is exploding, and its buyer population (which exceeds the entire
population of Europe), is pushing consumption levels through the ionosphere.
This has spurred an incredible industrial growth all around.
This is great news for India's Steel industry, because there just cannot
be development without Steel. Giving it an extra impetus is the fast-forward
growth of railways, fast food, food processing, and automobile, building
hardware, construction & architecture and utensils industries.
Headquartered in Gujarat, an SS consortium is all set to ride this
impending Stainless Steel revolution.
The Banyan & Berry Group of Companies:
Banyan & Berry Bearings Pvt Ltd (BBBPL)
Banyan & Berry Alloys Ltd (BBAL)
Banyan & Berry Metals Pvt Ltd (BBMPL)
At the
BBAL plant, an integrated Quality Management System overrides all other aspects
of operation. Every activity follows a well-defined quality conformance
procedure, and every employee is infused with a high level of quality
consciousness as a part of the company culture. A whole range of Quality
Control & Analysis equipment and specially trained Quality management
personnel ensure that every product that leaves the plant conforms to high
ideals of quality. What is more, this quality chain begins from the raw
material stage, and extends up to after-sales services
The main
promoter of BBAL is Ishwarbhai Patel, a Steel industry veteran with two decades
of multifaceted experience. He has in his past portfolio successful Steel
ventures such as Vijay Steel of Bhavnagar, Gujarat.
Arun G
Verma, the promoter-director of BBAL, is a Mechanical Engineer by training. An
accomplished technocrat, he has had a decade-long stint in corporate giants in
the field, and a long inning as a much sought-after technology consultant.
Bhailalbhai
B Patel, a manugacted entrepreneur who heads various companies of the Nicolians
Group (involed in export of jewellery, leather, equipment, textiles, bulk
during and formulation), is in charge of BBAL's import-export activities.
The trio
has, the years, gathered together highly talented teams of techno-managers,
engineers, technicians, finance, management & marketing experts and field
staff, building for BBAL outstanding personnel Strength.
Personnel Power:
Apart
from the tried, tested & trusted paradigms of human resource development,
BBAL has evolved its own methodologies of employee enrichment. Through its
stringent safety practices, the company demonstrates to every employee that it
cares. Through a meritocartic work environment that promotes innovation and
rewards ideation, the company ensures that ennui and angst do not set in and
destroy employee enthusiasm. Thorough periodical HRD events that involve the
families of employee, the company builds a feeling of oneness. Through events
that stimulate the intellect and events that enhance know-how, the company
upgrades the input quality of every employee.
In sum,
BBAL provides its personnel much more than good careers. It offers them
wholesome lives.
Nature-Friendly Enterprising:
The BBAL
plant, and all other plants of the Banyan & Berry Group, employ
environment-friendly technologies, use ecologically sound methodologies, and
take special measures to minimize/ neutralize pollution and they undertake a
host of measures to green the areas surrounding their plants.
It is
part of the group's corporate philosophy, to make a conscious effort to give
back to the society at least a fraction of what it has gained from it.
The Secret behind the Smile
Consider:
The
group has evolved across 10 years in the industry's frontlines, and is led by
hardcore industry experts. The demand curves fly way over the company's
existent total output, giving it a rare market confidence and an urge to grow
exponentially. The company has already acquired 68.32 acres of land, factoring
in future expansions.
In
short, BBAL is not waiting for opportunity to knock. It has already kept the
doors open.
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.44.47 |
|
UK
Pound |
1 |
Rs.86.40 |
|
Euro |
1 |
Rs.57.99 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
|
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 |
|