MIRA
INFORM REPORT
|
Report Date : |
11.07.2007 |
IDENTIFICATION DETAILS
|
Name : |
BRIGGS OF |
|
|
|
|
Registered Office : |
Briggs House # 18, 3rd Cross, 6th Block, 80 Feet
Road, Koramangala, Bangalore – 560095, Karnataka |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
11.05.1994 |
|
|
|
|
Com. Reg. No.: |
08-15615 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U29251KA1994PTC015615 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
BLRB00860G |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
|
|
|
|
Line of Business : |
Process Engineering, project management and process Automation |
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 60000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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 usually
correct and as per commitments. The company can be considered normal for business dealings at usual trade
terms and conditions. |
LOCATIONS
|
Registered Office : |
Briggs House # 18, 3rd Cross, 6th Block, 80 Feet
Road, Koramangala, Bangalore – 560095, Karnataka, India |
|
Tel. No.: |
91-80-66661500 |
|
Fax No.: |
91-80-66661506 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
|
Name : |
Mr. Andrews John Martin |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
29.06.1948 |
|
Date of Appointment : |
19.11.1994 |
|
|
|
|
Name : |
Mr. Subramaniam Giri |
|
Designation : |
Director |
|
Address : |
No. 3, Sradda Manor, 4th Cross, Kaggadaspura, |
|
Date of Birth/Age : |
08.01.1965 |
|
Date of Appointment : |
03.06.1994 |
|
|
|
|
Name : |
Mr. M C Farlane I. K. |
|
Designation : |
Director |
|
Address : |
58 A, |
|
Date of Birth/Age : |
06.07.1955 |
|
Date of Appointment : |
27.03.2001 |
KEY EXECUTIVES
|
Name : |
Mr. V Chenthamarai |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Subramaniam Giri |
|
10 |
|
Briggs of Burton PLC |
|
19990 |
|
Total |
|
20000 |
|
|
|
|
|
Equity Share
Breakup |
|
|
|
Category |
|
Percentage of
Holding |
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
99.95 |
|
Directors of relatives of directors |
|
0.05 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Process Engineering, project management and process Automation |
GENERAL INFORMATION
|
Bankers : |
|
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
P K Narendra and Company Chartered Accountants |
|
Address : |
“Laxmi Nivas”, No. 15, |
|
Tel. No.: |
91-80-22230496 / 22230497 |
|
Fax No.: |
91-80-22235962 |
|
|
|
|
Holding Company : |
Briggs of Burton PLC Trent Works, |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
35,000 |
Equity Shares |
Rs. 100/- each |
Rs. 3.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20,000 |
Equity Shares |
Rs. 100/- each |
Rs. 2.000
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
2.000 |
2.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
14.060 |
8.655 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
16.060 |
10.655 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
1.266 |
2.592 |
|
|
2] Unsecured Loans |
|
0.000 |
3.349 |
|
|
TOTAL BORROWING |
|
1.266 |
5.941 |
|
|
DEFERRED TAX LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
17.326 |
16.596 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
2.646 |
1.960 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.010 |
0.010 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
15.102 |
7.201 |
|
|
Sundry Debtors |
|
53.560 |
26.874 |
|
|
Cash & Bank Balances |
|
7.501 |
0.797 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
15.410 |
2.794 |
|
Total
Current Assets |
|
91.573 |
37.666 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
71.144 |
21.565 |
|
|
Provisions |
|
5.759 |
1.475 |
|
Total
Current Liabilities |
|
76.903 |
23.040 |
|
|
Net Current Assets |
|
14.670 |
14.626 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
17.326 |
16.596 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
|
159.717 |
19.937 |
|
|
Design and Engineering |
|
13.361 |
6.768 |
|
|
Other Income |
|
0.747 |
0.613 |
|
|
Total Income |
|
173.825 |
27.318 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
8.343 |
1.630 |
|
|
Provision for Taxation |
|
4.284 |
0.475 |
|
|
Profit/(Loss) After Tax |
|
4.059 |
1.155 |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
|
Total Earnings |
|
31.177 |
3.796 |
|
|
|
|
|
|
|
|
Imports : |
|
|
|
|
|
Total Imports |
|
13.898 |
-- |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Financial Charges |
|
1.881 |
1.352 |
|
|
Other Expenditure |
|
163.601 |
24.336 |
|
Total Expenditure |
|
165.482 |
25.688 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
2.34 |
4.23 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
5.22 |
8.18 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
8.85 |
4.11 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.52 |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
4.87 |
2.72 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.19 |
1.63 |
LOCAL AGENCY FURTHER INFORMATION
The Registered Office of the company has been shifted from 7, 2nd
Floor, 17th main, Koramangala,
Bankers Charges
Report as per Registry
|
Name of the company |
BRIGGS OF |
|
Presented By |
Manager, Syndicate
Bank, Kormangala Branch, |
|
1) Date and description of instrument creating the change |
19.12.2003 Comprehensive and
Post Shipment Agreement |
|
2) Amount secured by the charge/amount owing on the securities of charge |
PCL/ FDBP Rs.
3.800 Millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of
Stock meant for export and export Receivables |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest
for Post shipment Advance is at 8 % p.a. |
|
5) Name and Address and description of the person entitled to the charge. |
Syndicate Bank, # 703, 3rd Block, Opposite BDA Complex,
Kormangala, |
|
6) Date and brief description of instrument modifying the charge |
NA |
|
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. |
NA |
|
This form is for |
Modification of
charge |
|
Charge identification
number of the charge to be modified |
90193021 |
|
Corporate
identity number of the company |
U29251KA1994PTC015615 |
|
Name of the
company |
BRIGGS OF |
|
Address of the registered
office or of the principal place of
business in |
Briggs House # 18, 3rd Cross, 6th Block, 80 Feet
Road, Koramangala, Bangalore – 560095, Karnataka |
|
Type of charge |
|
|
Particular of
charge holder |
State Bank of |
|
Nature of
description of the instrument creating or modifying the charge |
General agreement
for grant of medium term loan and hypothecation of movables, guarantee
agreement dated 08.01.2007 |
|
Date of
instrument Creating the charge |
08.01.2007 |
|
Amount secured by
the charge |
Rs. 77.500 Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Term Loan : 2.00
% above the SBAR – presently 11.50 % p.a. and minimum 13.5 % with monthly
rests subject to revisions from time to time Cash Credit : 1.5
% presently 11.50 % p.a. and minimum 13.0 % with monthly rests subject to
revisions from time to time. Penal rate @ 1 %
above the rate applicable to cash Credit Account has stipulated by RBI from
time to time on the entire outstanding. Terms of
repayment Term Loan : 60
monthly installments of Rs. 0.125 Million each commencing from April 2007 and
last installments payable by March 2012 Margin For letters of
credit 25 % For Bank
guarantee 25 % Cash credit Fund based : Raw
Material, stock in process and
finished goods 25 % Receivables 25 % Cover period 120
days Extent and
operation of the charge First charge Others Break up of
limits of the Rs. 77.500 Millions Term Loan Rs.
7.500 Millions Non Fund Based
Rs. 30.000 Millions |
|
Short particulars
of the property charged |
Primary :
Hypothecation of all stocks, debtors other current assets of the company on
first, exclusive charge Term Loan
Hypothecation of Machine to be purchased out of funding, Undertaking from
lessor to make payment of security deposit Rs. 3.100 Million for premises
favoring the SBI, IFB Collateral 2nd charge on all fixed assets of
company present, future BG of Barclays Bank PLC for Rs. 5.500 Millions
upfront cash collateral for 0.061 Million, buildup cash coll of Rs. 0.500
Million p.m. CG of Briggs Plc UK |
|
Particular of
Present Modification |
Original charge
is for Rs. 40.000 Millions and is now enhanced to Rs. 77.500 Millions Break up of
Limits of Rs. 77.500 Millions Fund Based Cash
Credit Rs. 40.000 Millions Term Loan Rs.
7.500 Millions Non fund based
Rs. 30.000 Millions [LC Rs. 10.000
Millions and Bank Guarantee Rs. 20.000 Millions / & 100 % interchangeable
between LC and BG] |
Business
Implementation
of Brewery Greenfield and Brownfield projects ie. Setting up of Full Breweries,
Process section upgaradation like Brewhouse, automation, design study, brewery
audit.
As Per Website
Briggs
Subject is setting new standards for the Process Industries
on the sub-continent by providing customised engineering solutions, new
projects, and retrofits/upgrades for existing installations.
A leading
player and technology leader in the Brewing industry, Briggs India also
operates in the Health & Beauty and Pharmaceutical markets. This wholly
owned business has a wealth of experience, and a commitment to quality
personnel. Briggs
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.41 |
|
|
1 |
Rs.81.37 |
|
Euro |
1 |
Rs.54.98 |
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 |
NO |
|
--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 |
|