MIRA
INFORM REPORT
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Report Date : |
02.07.2007 |
IDENTIFICATION DETAILS
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Name : |
BONMART ENTERPRISES PRIVATE LIMITED |
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Registered Office : |
19-B, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
29.03.1996 |
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Com. Reg. No.: |
55-77687 |
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CIN No.: [Company
Identification No.] |
U36101DL1996PTC077687 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELB05692B |
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PAN No.: [Permanent
Account No.] |
AAACB6469M |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturer and exporter of office chair parts & components, chair
bases, tilt mechanisms, height adjusters and plastic accessories. |
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 19000 |
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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 records. Directors are reported as experienced and respectable
businessmen. Trade relations are reported as fair. Business is active.
Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
19-B, |
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Tel. No.: |
91-11-25446243 / 25423758 / 25901899 |
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Mobile No.: |
91-9876955000 |
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Fax No.: |
91-11-25446243 / 25423758 / 25901899 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Gurcharan Singh Sachdeva |
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Designation : |
Managing Director |
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Address : |
G- 152, 2nd Floor, Vikas Puri, |
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Date of Birth/Age : |
06.02.1963 |
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Date of Appointment : |
29.03.1996 |
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Election Commission Identity : |
BL/03/0261168225 |
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Name : |
Mr. Tejinder Singh Sachdeva |
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Designation : |
Director |
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Address : |
23/18 First, Punjab Bagh Extension, |
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Date of Birth/Age : |
24.03.1973 |
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Date of Appointment : |
29.03.1996 |
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Election Commission Identity : |
DL/03/0261168495 |
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Name : |
Mr. Jaspal Singh |
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Designation : |
Director |
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Address : |
71, Sham Nagar Extension, |
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Date of Appointment : |
29.03.1996 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Gurcharan Singh Sachdeva |
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25250 |
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Tejinder Singh Sachdeva |
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15250 |
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Neel Kamal Sachadeva |
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10000 |
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Chemex India Private Limited |
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10000 |
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Saudamini Trading and Investment Company Private Limited |
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10000 |
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Ess Square Travels Private Limited |
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10000 |
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Nangal Gas and Manufacturing Company Private Limited |
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10000 |
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Total |
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90500 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Directors or relatives of directors |
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100.00 % |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and exporter of office chair parts & components,
chair bases, tilt mechanisms, height adjusters and plastic accessories. |
GENERAL INFORMATION
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Bankers : |
Oriental Bank of
Commerce Limited Head Office:
E-Block con. Place New Branch Office :
Vishal Enclave, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
A. Makhija and Company Chartered Accountants |
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Address : |
707 & 709, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.000 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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90500 |
Equity Shares |
Rs. 10/- each |
Rs. 0.905
Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.905 |
0.905 |
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2] Share Application Money |
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3.783 |
3.783 |
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3] Reserves & Surplus |
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0.200 |
0.004 |
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NETWORTH |
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4.888 |
4.692 |
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LOAN FUNDS |
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1] Secured Loans |
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1.348 |
0.657 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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1.348 |
0.657 |
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DEFERRED TAX LIABILITIES |
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0.059 |
0.034 |
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TOTAL |
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6.295 |
5.383 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.786 |
1.000 |
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Capital work-in-progress |
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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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1.946 |
1.011 |
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Sundry Debtors |
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3.479 |
1.256 |
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Cash & Bank Balances |
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0.143 |
1.925 |
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Loans & Advances |
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3.963 |
0.959 |
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Total
Current Assets |
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9.531 |
5.151 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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3.938 |
0.767 |
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Provisions |
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0.084 |
0.002 |
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Total
Current Liabilities |
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4.022 |
0.769 |
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Net Current Assets |
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5.509 |
4.382 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.001 |
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TOTAL |
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6.295 |
5.383 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover and Other Income |
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23.130 |
12.320 |
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Total Income |
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23.130 |
12.320 |
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Profit/(Loss) Before Tax |
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0.333 |
0.026 |
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Provision for Taxation |
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0.137 |
0.020 |
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Profit/(Loss) After Tax |
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0.196 |
0.006 |
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Total Expenditure |
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22.797 |
12.294 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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0.84 |
0.05 |
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Net Profit Margin (PBT/Sales) |
(%) |
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1.44 |
0.21 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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3.22 |
0.42 |
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Return on Investment (ROI) (PBT/Networth) |
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0.07 |
0.01 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.10 |
0.30 |
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Current Ratio (Current Asset/Current Liability) |
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2.37 |
6.70 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges Report as per Registry
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Name of the
company |
BON MART
ENTERPRISES PRIVATE LIMITED |
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Presented By |
Oriental Bank of
Commerce Limited, Vishal Enclave, |
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1) Date and description
of instrument creating the change |
25.02.2003 on
attested stamped agreement for hypothecation of stock for cash credit
facility |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 1.000
Millions |
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3) Short particular
of the property charged. If the property acquired is subject to charge, date
of the acquired of the property should be given |
1st
charges over Stock of spares and parts of charge and revolving char. |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
Interest 3 % on
PLR with minimum of 12 % p.a. with monthly rest or anytime which may be fixed
by the bank penal interest 2 % p.a. |
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5) Name and
Address and description of the person entitled to the charge. |
Oriental Bank of
Commerce Limited having its H.O. at E-Block con. Place |
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6) Date and brief description of instrument
modifying the charge |
N A |
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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. |
N A |
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Corporate
identity number of the company |
U36101DL1996PTC077687 |
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Name of the
company |
BONMART ENTERPRISES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
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This form is for |
Modification of
charge |
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Type of charge |
Hypothecation |
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Particular of
charge holder |
U99999DL1901PTC002036 Oriental Bank of
Commerce Limited Vishal Enclave |
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Amount secured by
the charge |
Rs. 1.000
Millions |
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Description of the
property charged indicating whether it is a charged on |
Stock in trade Book Debts |
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Particulars of
the property charged |
Stocks in Trade
and Book Debts |
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Charge
identification number of the charge to be modified |
80000590 |
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Brief Description
of the instruments modifying the charge under section 135 |
Supplemental
agreement to secure credit loan facilities loan doc 13 |
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Date of
instrument modifying the charge |
13.03.2006 |
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Particulars of
the present modification |
Now the limit enhanced
from Rs. 1.000 millions to Rs. 2.000 Millions ROI @ 11 % |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.75 |
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1 |
Rs.81.63 |
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Euro |
1 |
Rs.54.79 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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45 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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