MIRA
INFORM REPORT
|
Report Date : |
31.01.2007 |
IDENTIFICATION
DETAILS
|
Name : |
BENARA
BEARINGS AND PISTONS LIMITED |
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Registered Office : |
A-3/4, Site - B, Industrial
Area, Sikandra, Agra - 282007, Uttar Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
26.11.1990 |
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Com. Reg. No.: |
20-12518 |
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CIN No.: [Company
Identification No.] |
U50300UP1990PLC012518 |
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IEC No.: |
0696005247 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AGRB10400F |
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Legal Form : |
A closely
held public limited liability company. |
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Line of Business : |
Manufacturer
and Export of Spare Parts For Applications, For Trucks, Cars, Tractors, Earth
Moving Equipments, Marine Engines, Agricultural Engines, Scooters,
Motorcycles, Mopeds, Three Wheelers. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD
250000 |
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Status : |
Satisfactory
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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 satisfactory track.
Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are reported as
usually correct and as per commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office : |
A-3/4, Site - B, Industrial
Area, Sikandra, Agra - 282007, Uttar Pradesh, India |
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Tel. No.: |
91-562-2641381 / 2641258 /
2642700 / 01 / 02 |
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Fax No.: |
91-562-2642703 / 2641372 /
2850051 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Branch : |
15 Kmmile Stone, Arton, Agra |
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Tel.
No.: |
91-562-2396477 |
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Branches
: |
266, Anarkali Complex, Jhandewalan Extn., Link Road, NEW DELHI – 110055 |
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Tel.
No.: |
91- 11 - 41406512 |
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Fax
No.: |
91- 11 - 41406512 |
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E-Mail
: |
DIRECTORS
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Name : |
Mr.
Panna Lal Jain |
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Designation : |
Managing
Director |
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Address : |
1/203,
Professor Colony, Agra – 282002, Uttar Pradesh, India |
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Date of Birth/Age : |
03.01.1948 |
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Qualification : |
M-Tech
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Experience : |
30
Years |
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Date of Appointment : |
15.11.2001 |
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Name : |
Ms.
Sarla Jain |
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Designation : |
Whole
time Director |
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Address : |
1/205,
Professors Colony, Agra – 280002, Uttar Pradesh |
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Date of Birth/Age : |
03.09.1948 |
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Date of Appointment : |
15.11.2001 |
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Name : |
Ms.
Ketki Benara |
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Designation : |
Whole
time Director |
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Address : |
1/205,
Professors Colony, Agra – 280002, Uttar Pradesh |
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Date of Birth/Age : |
29.04.1978 |
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Date of Appointment : |
15.11.2001 |
KEY EXECUTIVES
|
DOMESTIC MARKETING & SALES DIVISION |
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Name : |
Mr. P.L. Benara |
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Designation : |
Managing Director |
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E-Mail : |
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Name : |
Mr. Vivek Benara |
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Designation : |
Director- Marketing & Exports |
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E-Mail : |
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Name : |
Mr. V.K. Choubey |
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Designation : |
Senior Vice President - Sales - 2/ 3 Whl. Div |
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E-Mail : |
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Name : |
Mr. Vinayak Nadagouda |
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Designation : |
Senior Vice President - Sales & Marketing |
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E-Mail : |
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EXPORT
DIVISION |
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Name : |
Mr. Vivek Benara |
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Designation : |
Director- Marketing & Exports |
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E-Mail : |
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Name : |
Mr. RaJan Talwar |
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Designation : |
Vice President- Marketing & Exports |
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E-Mail : |
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Name : |
Mr. Gaurav Rohatgi |
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Designation : |
General Manager - Marketing & Exports |
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E-Mail : |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
Rajesh
Benara |
|
100 |
|
Panna
Lal Jain |
|
306180 |
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Panna
Lal Jain – HUF |
|
155990 |
|
Anil
Kumar Patni |
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10 |
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Ajay
Jain |
|
10 |
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Raj
Kumar Bansal |
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10 |
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Vivek
Banara |
|
154650 |
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Sarla
Jain |
|
250238 |
|
PH
Enterprises Private Limited |
|
60000 |
|
DV
Enterprises Private Limited |
|
101862 |
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SKY
Mark Leasing and Finance Limited |
|
425000 |
|
Saraswati
Capital Services Limited |
|
60000 |
|
Ketki
Benara |
|
99760 |
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Kesho
Ram Gupta |
|
26000 |
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Narendra
Kumar Gupta |
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23000 |
|
Titan
Securities Limited |
|
12000 |
|
Total |
|
1674810 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
and Export of Spare Parts For Applications, For Trucks, Cars, Tractors, Earth
Moving Equipments, Marine Engines, Agricultural Engines, Scooters,
Motorcycles, Mopeds, Three Wheelers. |
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Products : |
Engine Bearings
& Bushes, Pistons, Piston Pins, Piston Rings, Cylinder Liners &
Sleeves, Air-Cooled Blocks, Connecting Rods, Crank Shafts, Engine Valves,
Valve Guides, Spring Retainers, Valve Collets, Cylinder Heads, Synchroniser
Rings, Oil Seals, Gaskets, Sealing and 'O' Rings |
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Exports to : |
Europe
Australia Middle East
South
East Asia.
U.S.A. Sri
Lanka Bangladesh Other
African Countries |
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Imports from : |
China |
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Terms : |
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Selling : |
L/C
and Credit |
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Purchasing : |
L/C
and Credit |
PRODUCTION
STATUS
|
Particulars |
Unit |
|
Installed Capacity |
Actual Production |
|
Piston |
Nos. |
|
450000 |
274737 |
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Pins |
Nos. |
|
900000 |
62366 |
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Bearings |
Nos. |
|
2500000 |
1255868 |
GENERAL
INFORMATION
|
Customers : |
OEM Greaves Limited Gujrat Forgings Limited KG Khosla Air Compressors
Limited Kirloskar
Group Southern
Agro Limited AFTER
MARKETS All State Road Transport
Undertakings. Large Fleet Operators. Nationwide Retail Sales
Through Dealer / Distributor Network |
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No. of Employees : |
292 |
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Bankers : |
State
Bank Of India, SIB Branch, 38/4B, Sanjay Place, Agra – 282002, Uttar Pradesh,
India Credit
Limit Rs. 75.800 Millions HDFC
Bank, Sanjay Place, Agra ICICI
Bank, Sanjay Place, Agra |
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Banking Relations : |
Satisfactory
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Auditors : |
Jain
Dhingra and Associates Chartered
Accountants 17/14,
The Mall, Kanpur – 208001 |
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Tel. No.: |
91-512-2352402
/ 2366347 / 2292918 / 2294326 / [Res.] 2292125 |
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Associates/Subsidiaries : |
Benara Automart Private
Limited MAHLE Piston Assemblies Distributorship for 2 &
3 Wheeler Segment Corporate Office Address : Shastripuram Crossing, Agra-Mathura, Road, Artoni,
Agra - 282007, India Tel : 91-562-2642700 / 01 / 02 Fax : 91-562-2642703 / 2641372 Email : automart@benara-phb.com Benara
Infrastructure Development Private Limited A Unit For Real Estate Development For Residential,
Commercial Benara
Motors Private Limited Authorised 3s Facility For Toyota Range of Vehicles Vinay
iron Foundry 15, Km. Stune Arroni, Agra Manufacture of Linder, Rings etc |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
2250000 |
Equity
Shares |
Rs. 10/- each |
Rs. 22.500 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
1674810 |
Equity
Shares |
Rs. 10/- each |
Rs. 16.748 Millions |
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 |
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|
|
|
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1] Share Capital |
16.748 |
16.748 |
13.518 |
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2] Share Application Money |
0.000 |
0.000 |
12.009 |
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3] Reserves & Surplus |
49.073 |
47.720 |
40.804 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
[1.697] |
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NETWORTH |
65.821 |
64.468 |
64.634 |
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|
LOAN FUNDS |
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1] Secured Loans |
50.022 |
32.832 |
23.042 |
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2] Unsecured Loans |
14.727 |
9.219 |
9.538 |
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TOTAL BORROWING |
64.749 |
42.051 |
32.580 |
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DEFERRED TAX LIABILITIES |
1.811 |
0.000 |
0.000 |
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TOTAL |
132.381 |
106.519 |
97.214 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
37.191 |
27.870 |
23.483 |
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Capital work-in-progress |
0.000 |
0.001 |
0.001 |
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INVESTMENT |
0.001 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
1.558 |
1.371 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
61.460
|
45.340 |
38.622 |
|
|
Sundry Debtors |
52.508
|
30.683 |
43.939 |
|
|
Cash & Bank Balances |
2.930
|
1.783 |
2.466 |
|
|
Loans & Advances |
13.413
|
14.623 |
6.400 |
|
Total Current Assets |
130.311
|
92.429 |
91.427 |
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Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
34.411
|
15.214 |
18.914 |
|
|
Provisions |
0.711
|
0.125 |
0.154 |
|
Total Current Liabilities |
35.122
|
15.339 |
19.068 |
|
|
Net Current Assets |
95.189
|
77.090 |
72.359 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
132.381 |
106.519 |
97.214 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
145.419 |
89.171 |
71.672 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
5.468 |
1.588 |
2.083 |
|
Provision
for Taxation |
3.829 |
0.445 |
0.793 |
|
Profit/(Loss)
After Tax |
1.639 |
1.143 |
1.290 |
|
|
|
|
|
|
Export
Value |
30.054 |
12.721 |
3.189 |
|
|
|
|
|
|
Import
Value |
4.798 |
0.523 |
NA |
|
|
|
|
|
|
Total
Expenditure |
139.951 |
87.583 |
69.588 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
1.13
|
1.28 |
1.80 |
|
|
|
|
|
|
|
Net Profit
Margin (PBT/Sales) |
(%) |
3.76
|
1.78 |
2.91 |
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|
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|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
3.26
|
1.33 |
1.81 |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.02 |
0.03 |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
1.52
|
0.89 |
0.80 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
3.71
|
6.03 |
4.79 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed Assets
- Land
- Building
- Plant and Machinery
- Electric Fittings
- Tools and Dies
- Office Equipments
- Computer
- Furniture and Fixture
- Vehicles
- Building under construction
Trade Reference
- Ravi Agriculture, Foundry
Nagar, Agra
- Kaushal Industries, Foundry
Nagar, Agra
|
Name of the company |
BENARA BEARINGS AND PISTONS LIMITED |
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Presented By |
STATE BANK OF INDIA, SIB
BRANCH, AGRA |
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1) Date and description of instrument creating the change |
Specimen
A and Recital dated 15.02.2000 and registered on 08.06.2000 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.
28.500 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 |
Equitable
mortgage on the company’s property situated at Plot No. A-3 & A-4, Site –
B, Industrial Area, Sikandra, Agra |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest
presently of the rate of 15.3 % p.a. quarterly rests and cash credit and book
dents, interest of the rate of 14.79 % p.a. of quarterly rests on medium term
loan. |
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5) Name and Address and description of the person entitled to the charge. |
State
Bank Of India, SIB Branch, 38/4B, Sanjay Place, Agra – 282002, Uttar Pradesh,
India |
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6) Date and brief description of instrument modifying the charge |
Letter
evidencing deposit title deeds dated 08.12.2005 |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The
aggregate amount of credit facilities granted by State Bank of India to
company has now been enhanced from Rs. 55.800 Millions to Rs. 60.800 Millions
immovable properties as per details mentioned in column No. 3 above and as
modified from time to time has been enhanced from Rs. 70.800 Millions to Rs.
75.800 Millions to secure following credit facilities granted to the company.
Other
terms and conditions remain the same.
|
|
Corporate
identity number of the company |
U50300UP1990PLC012518 |
|
Name
of the company |
BENARA
BEARINGS AND PISTONS LIMITED |
|
Address
of the registered office or of the principal place of business in India of the company |
A-3/4, Site - B, Industrial Area, Sikandra, Agra - 282007, Uttar Pradesh |
|
This
form is for |
Modification
of Charge |
|
Type
of charge |
Immovable
Property |
|
Particular
of charge holder |
State
Bank Of India, SIB Branch, 38/4B, Sanjay Place, Agra – 282002, Uttar Pradesh,
India |
|
Nature
of instrument creating charge |
Letter
of confirmation for extension of mortgage by deposit of title deeds |
|
Date
of instrument Creating the charge |
14.10.2006 |
|
Amount
secured by the charge |
Rs.
88.100 millions |
|
Brief
of the principal terms an conditions and extent and operation of the charge |
Rate of
Interest As per
agreement of loan cum hypothecation and letter of agreement dated 14.10.2006
or as advised by the bank to the borrower form time to time. Terms
of repayment As per
agreement of loan cum hypothecation and letter of agreement dated 14.10.2006
or as advised by the bank to the borrower form time to time. Margin
As per
agreement of loan cum hypothecation and letter of agreement dated 14.10.2006
or as advised by the bank to the borrower form time to time. Extent
and operation of the charge The
company’s immovable properties as mentioned
hereunder are mortgaged to collaterally secure various credit
facilities aggregating to Rs. 88.100 Millions granted by Bank to the company. |
|
Date
of latest modification prior to the present modification |
08.12.2005 |
|
Short
particulars of the property charged |
Equitable
mortgage by deposit of title deeds in respect of company’s immovable
properties situated No. A-3, and A-4, Site B, Industrial Area, Agra together
with all the building structure now standing thereon and together with
construction that may hereafter be made thereon and also together with the
fixture, fittings and other things attached thereto free from all other
charge and encumbrances. |
|
Particulars
of the present modification |
The
agreement amount of various credit facilities granted by State Bank of India
to the company have now been enchanted from Rs. 60.800 Millions to Rs. 73.100
Millions. Therefore total amount of charge secured against equitable mortgage
of immovable properties as mentioned in column No. 14 above have now been
enhanced from Rs. 75.800 Millions to Rs. 88.100 Millions. For break of
enhanced credit facilities. |
As Per Website
Established in 1993 – (Group Establishment –
1970).
Manufacturers
Of Pistons, Piston Pins, Piston Rings, Engine
Bearings
& Bushes, Cylinder Liners & Sleeves, Air Cooled Blocks.
Owned By Mr.
P.L. Benara & Mr. Vivek Benara
An
ISO-9001 - 2000 Certified Company.
For them
the engine growth has been Engine Parts. That has been their vision since inception
in early 1970's. They have stayed true to that vision. Starting out with Engine
Bearings and Bushes. And adding on Pistons and Piston-Pins as also Piston
Rings, Cylinder Liners, Sleeves & Air Cooled Blocks, they also provide
total solutions for Engine Parts. In all that they do seek leadership. They
seek excellence, They seek quality, Driven by vision, BENARA BEARINGS &
PISTONS LIMITED has emerged as a leading product provider in Engine Spare Parts
Business covering entire spectrum of Industry and applications. BENARA BEARINGS
& PISTONS LIMITED, as a company, is prepared to produce Engine Spare Parts
with state-of-the art technology and is fully structured to meet client's needs
in a time of economic global - isation and increased competition in a quality
and price. This enables the company to enjoy the confidence of Domestic as well
as International customers over a period of three decades.
They, at Benara
Bearings & Pistons Limited, go by a corporate vision which places
emphasis on the creation of world-class quality products that not only match
consumer specifications, but often exceed them.
PLANT DETAILS
PLANT - I (Agra)
Plant
Area : 3600 Sq.
Meters.
Power
Supply : 450 KW.
(Backed By Captive Self Power Generation).
PLANT - II (Agra)
Plant Area
: 10000
Sq. Meters.
Power
Supply : 550 KW.
(Backed By Captive Self Power Generation).
Manpower Employed
SKILLED -
375
SEMI
SKILLED - 95
UNSKILLED
- 32
TOTAL
MANPOWER EMPLOYED IN THE
GROUP -
More Than 2000 Persons
INSTALLED CAPACITY
PISTONS : 2 Million Pieces P.A.
PISTON
PINS : 2
Million Pieces P.A.
PISTON
RINGS : 3.6
Million Pieces P.A.
ENGINE
BEARINGS : 3
Million Pieces P.A.
ENGINE
BUSHINGS : 2
Million Pieces P.A.
AIR
COOLED BLOCKS : 0.2 Million Pieces P.A.
CYLINDER
LINERS & SLEEVES : 0.2 Million Pieces P.A.
Engine
Parts are manufactured to meet the highest standards of quality in modern, well
- equipped plants at Agra. Manufacturing facilities include fully integrated
non-ferrous powder plant, strip plants, press and machine shops for Engine
Bearings & Bushes. A fully equipped plating plant takes care of bimetal/
overlay plating for crank shaft main & conrod bearings.
A wide
range of Pistons with special asymmetric profile, groove insert, cast-in
cooling coil are manufactured at their modern production facilities having
access to advance technologies. CNC Machines are used for critical operations like Oval
turning, Rings groove making, Cavity or Combustion Bowl machining and Pin Bore
machining for achieving greater accuracies and tolerances.
Piston Pins from 5mm to 55mm are produced from special
graded steels on centre less grinding and superfinishing machines heat treated by fully
automatic plants to ensure perfect case depth and hardness.
The same exacting standards of tensile strength,
hardness and surface finish are evident in Piston Rings available in a variety
of surface coatings like chromium and molybdenum. Steel rings have been
introduced in passenger car and two-wheelers segment.
With
technological excellence and innovative thinking they, at BENARA BEARINGS
& PISTONS LIMITED, have one common objective SUPERB ENGINE PERFORMANCE
with matched Cylinder Liners, Sleeves and Air Cooled Blocks.
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.44.27 |
|
UK
Pound |
1 |
Rs.86.71 |
|
Euro |
1 |
Rs.57.13 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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 |
|