MIRA
INFORM REPORT
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Report Date : |
18.07.2007 |
IDENTIFICATION DETAILS
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Name : |
BHAGYSHREE ACCESSORIES PRIVATE LIMITED |
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Registered Office : |
5 / 2, Upendra Society, 9 / 4, Erandwana, Pune – 411004, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
26.09.1994 |
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Com. Reg. No.: |
11-81435 |
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CIN No.: [Company
Identification No.] |
U29309MH1994PTC081435 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEB01642E |
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PAN No.: [Permanent
Account No.] |
AAACB7127Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Centrifugal Oil Cleaners for Diesel Engines,
Fuel - water separators for Diesel - water separation |
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 11732 |
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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 commitment. The company can be considered normal for business dealings at usual
trade terms and conditions |
LOCATIONS
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Registered Office : |
5 / 2, Upendra Society, 9 / 4, Erandwana, Pune – 411004, |
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Tel. No.: |
91-20-24392276 / 30910050 |
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Mobile No.: |
91-9325006390 (Mr. Satyajit Suresh Chitale |
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Fax No.: |
91-20-24392276 |
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E-Mail : |
mailto: bhagyashree@vsnl.net mailto: chitale@vsnl.com |
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Website : |
DIRECTORS
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Name : |
Mr. Suresh Atmaram Chitale |
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Designation : |
Director |
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Address : |
5 / 2, Upendra Society, 9 / 4, Erandwana, Pune – 411004, |
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Date of Birth/Age : |
06.04.1945 |
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Date of Appointment : |
26.09.1994 |
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Name : |
Mr. Bhagyashri Suresh Chitale |
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Designation : |
Director |
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Address : |
5 / 2, Upendra Society, 9 / 4, Erandwana, Pune – 411004, |
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Date of Birth/Age : |
11.06.1952 |
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Date of Appointment : |
26.09.1994 |
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Name : |
Mr. Satyajeet Suresh Chitale |
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Designation : |
Director |
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Address : |
5 / 2, Upendra Society, 9 / 4, Erandwana, Pune – 411004, |
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Date of Birth/Age : |
04.11.1973 |
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Date of Appointment : |
01.01.1999 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Bhagyashree Suresh Chitale |
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1100 |
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Mr. Satyajeet Suresh Chitale |
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6100 |
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Mr. Suresh Atmaram Chitale |
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1100 |
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Mr. Gopal Nilkanth Dixit |
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10 |
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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 |
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BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Centrifugal Oil Cleaners for Diesel Engines,
Fuel - water separators for Diesel - water separation |
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Exports : |
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Countries : |
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GENERAL INFORMATION
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No. of Employees : |
14 |
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Bankers : |
Small Industries
Development Bank of The Saraswat Cooperative Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
V.P. Kale and Company Chartered Accountants |
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Address : |
s A, Shailaja Apartments, Lane No. 5, Dahanukar Colony, Kothrud, Pune
– 411038, |
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Memberships : |
MCCIA, EEPC |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.100/- each |
Rs.Rs.1.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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9820 |
Equity Shares |
Rs.100/-
each |
Rs.0.982
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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0.983 |
0.982 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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1.950 |
1.938 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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2.933 |
2.920 |
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LOAN FUNDS |
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1] Secured Loans |
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3.154 |
3.186 |
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2] Unsecured Loans |
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0.932 |
0.686 |
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TOTAL BORROWING |
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4.086 |
3.872 |
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DEFERRED TAX LIABILITIES |
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0.301 |
0.300 |
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TOTAL |
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7.320 |
7.091 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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4.310 |
4.564 |
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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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0.030 |
0.030 |
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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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1.260 |
1.284 |
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Sundry Debtors |
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3.199 |
2.782 |
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Cash & Bank Balances |
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0.131 |
0.145 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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0.577 |
0.531 |
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Total
Current Assets |
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5.167 |
4.742 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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1.416 |
1.675 |
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Provisions |
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0.773 |
0.570 |
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Total
Current Liabilities |
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2.189 |
2.245 |
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Net Current Assets |
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2.980 |
2.497 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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7.320 |
7.091 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
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Sales Turnover |
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1.190 |
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Other Income |
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0.000 |
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Total Income |
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1.190 |
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Profit/(Loss) Before Tax |
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0.071 |
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Provision for Taxation |
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0.061 |
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Profit/(Loss) After Tax |
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0.010 |
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Total Expenditure |
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1.119 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
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PAT / Total Income |
(%) |
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0.84 |
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Net Profit Margin (PBT/Sales) |
(%) |
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5.97 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.75 |
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Return on Investment (ROI) (PBT/Networth) |
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0.02 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.74 |
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Current Ratio (Current Asset/Current Liability) |
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2.35 |
LOCAL AGENCY FURTHER INFORMATION
Company Details:
Subject is Indian manufacturer and supplier of
centrifugal oil cleaners for lube cleaning applications. The company is also
engaged in manufacturing of engine mounted fuel water separators used in
effective separation of water droplets in fuels.
It is a private limited company, registered under Indian Companies Act 1956.
The company caters to the needs of reputed engine manufacturers in
Subject was incorporated in 1994 and started operations in 1995. It is located
at
Manufacturing facilities
The Company is equipped with modern CNC machining technology for production of
centrifuge components. We have a 100+40 tons extra deep drawing hydraulic press
and allied machinery required for deep drawing operation.
Quality Control
All the products manufactured by us are tested for functional performance and
aesthetics by their quality assurance staff. They have in-house testing
facilities with test equipments like Magnetic Crack Detection, Hardness Tester,
Slip Gauges, and modern digital measuring instruments. The company has
developed testing rigs for centrifuges to measure performance of each
centrifuge manufactured.
Accreditions
They are an ISO 9001:2000 certified company. The scope of certification
includes 'design and manufacture of centrifugal oil cleaners'. The quality
certification is accredited by ABS-QE,
Development
Subject have separate team working on further development of existing
centrifuge models and development of new centrifuge models.
The company is committed to quality & customer satisfaction and wishes to
establish long term business relationship with its customers. Trade inquiries
are solicited.
Form 8 Particular for
creation or modification of charges
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Name of the company |
BHAGYSHREE ACCESSORIES PRIVATE LIMITED |
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Presented By |
Shri Satyajit
Suresh Chitale, Director |
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1) Date and description of instrument creating the change |
04.02.2005 Deed of hypothecation
executed by the company in favour of small industries development bank of |
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2) Amount secured by the charge/amount owing on the securities of charge |
the term loan of
Rs.2.030 millions agreed to be lent and advanced by SIDBI to the company
together with interest, further interest, liquidated damages, costs charges
expenses and all other moneys payable by the company to SIDBI in terms of the
“Loan Agreement” dated 04.02.2005 (hereafter referred to as “Loan Agreement”)
between the company of the one part and SIBDI of the other part. |
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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 |
All equipment,
plant, machinery and other assets acquired / to be acquired by the company
out of the loan together with all spares, tools and accessories and whether
installed or not and whether now lying loose or in cases or which are now
lying or stored in or about or shall hereafter from time to time during the
continuance of the security of these present be brought into upon or be
stored or be in or about all the companies factories, premises and godown or
wherever else the same may be or be held by any party to the order or
disposition of the company or in the course of transit or on high seas or on
order or delivery howsoever and where over in the possession of the company |
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4) Gist of the terms and conditions and extent and operation of the charge. |
the charge
operate as first charge to secure the due repayment and discharge by the
company to SIDBI of its term loan of Ts.2.030 millions together with
interest, further interest, liquidated damages, costs, charges expenses and
all other moneys payable by the company under the said loan agreement the company has
undertaken to keep the hypothecation goods in marketable and good condition
at its own costs and to insure the same in the joint names of the company and
SIDBI all the goods
hypothecated and all realizations and insurance proceeds thereof and all
documents in respect of the said security are to be kept distinguishable and
held at the exclusion property o f SIDBI the security created
under the said deed of hypothecation is to be continuing security |
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5) Name and Address and description of the person entitled to the charge. |
Small Industries
Development Bank of through its branch
situated at: Suryakiran Hotel
building, First Floor, C – 8, Mumbai – |
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.40.40 |
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1 |
Rs.82.93 |
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Euro |
1 |
Rs.55.81 |
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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