MIRA
INFORM REPORT
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Report Date : |
23.07.2007 |
IDENTIFICATION DETAILS
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Name : |
BRINDCO SALES LIMITED |
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Registered Office : |
3E/7, Jhandewalan Extension, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
27.04.1984 |
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Com. Reg. No.: |
55-18032 |
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CIN No.: [Company
Identification No.] |
U52110DL1984PLC018032 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMB15024C |
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PAN No.: [Permanent
Account No.] |
AAACB3997N |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Dealer and Importer of Liquor and Beer. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 1500000 |
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Status : |
Good |
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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
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 : |
3E/7, Jhandewalan Extension, |
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Tel. No.: |
91-11-23525739 |
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Fax No. : |
91-11-26316618 / 26849175 |
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E-Mail : |
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Website : |
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Corporate Office : |
S – 53, Okhla Industrial Area, Phase – II, |
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Tel. No.: |
91-11-51616424 / 26388707 / 26383261 |
DIRECTORS
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Name : |
Mr. Brinder Pal Singh |
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Designation : |
Chairman cum Managing Director |
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Address : |
E – 38, Kalindi, Maharani Bagh, |
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Date of Birth/Age : |
15.05.1945 |
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Date of Appointment : |
28.09.2001 |
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Name : |
Mrs. Indra Dhall |
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Designation : |
Director |
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Address : |
A – 74, East of Kalish, New |
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Date of Birth/Age : |
21.06.1921 |
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Date of Appointment : |
27.04.1984 |
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Name : |
Mr. Smirit Dhall |
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Designation : |
Director |
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Address : |
E – 38, Kalindi, Maharani Bagh, |
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Date of Birth/Age : |
31.07.1950 |
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Date of Appointment : |
30.09.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Brinder Pal Singh |
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68695 |
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Indra Dhall |
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10600 |
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Smirit Dhall |
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8660 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Bodies corporate |
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50.00 |
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Directors of relatives of directors |
|
50.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Dealer and Importer of Liquor and Beer. |
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Import From : |
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Country : |
Europe, |
GENERAL INFORMATION
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Bankers : |
Bank of |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Walker Chandiok and Company Chartered Accountants |
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Address : |
L 41, Connaught Circus, |
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Subsidiary : |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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400,000 |
Equity Shares |
Rs. 100/- each |
Rs. 40.000 Millions |
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400,000 |
Preference Shares |
Rs. 100/- each |
Rs. 40.000 Millions |
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Total |
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Rs. 80.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
225,000 |
Equity Shares |
Rs. 100/- each |
Rs. 22.500
Millions |
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225,000 |
Preference Shares |
Rs. 100/- each |
Rs. 22.500
Millions |
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Total |
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Rs. 45.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
45.000 |
45.000 |
45.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
344.476 |
297.267 |
250.996 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
389.476 |
342.267 |
295.996 |
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LOAN FUNDS |
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1] Secured Loans |
71.497 |
65.184 |
56.882 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
71.497 |
65.184 |
56.882 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
1.190 |
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TOTAL |
460.973 |
407.451 |
354.068 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
31.624 |
33.028 |
28.401 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
6.666 |
5.489 |
3.134 |
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DEFERREX TAX ASSETS |
0.863 |
0.063 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
134.124
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161.297 |
100.111 |
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Sundry Debtors |
188.057
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133.848 |
106.442 |
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Cash & Bank Balances |
24.373
|
15.218 |
10.113 |
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Other Current Assets |
0.219
|
0.156 |
0.064 |
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Loans & Advances |
169.316
|
148.658 |
178.115 |
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Total
Current Assets |
516.089
|
459.177 |
394.845 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
64.194
|
59.743 |
44.732 |
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Provisions |
30.075
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30.563 |
27.580 |
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Total
Current Liabilities |
94.269
|
90.306 |
72.312 |
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Net Current Assets |
421.820
|
368.871 |
322.533 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
460.973 |
407.451 |
354.068 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2004 |
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Sales Turnover |
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575.253 |
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Other Income |
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139.258 |
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Total Income |
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714.511 |
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Profit/(Loss) Before Tax |
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71.439 |
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Provision for Taxation |
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25.727 |
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Profit/(Loss) After Tax |
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45.712 |
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Earnings in Foreign Currency : |
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Sales |
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6.223 |
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Commission Earnings |
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0.118 |
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Total Earnings |
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6.341 |
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Imports : |
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Purchase |
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111.112 |
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Capital Goods |
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0.145 |
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Total Imports |
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111.257 |
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Expenditures : |
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Purchase |
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556.617 |
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Personnel Expenses |
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21.738 |
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Administrative, Selling and Other Expenses |
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56.215 |
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Financial Charges |
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3.444 |
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Depreciation & Amortization |
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5.059 |
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Total Expenditure |
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643.073 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
NA
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NA |
6.40 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
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NA |
12.42 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
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NA |
16.88 |
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Return on Investment (ROI) (PBT/Networth) |
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NA
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NA |
0.24 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.43
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0.45 |
0.44 |
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Current Ratio (Current Asset/Current Liability) |
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5.47
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5.08 |
5.46 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets
- Land
- Building
- Generators
- Office
Equipments
- Air
conditioners / Coolers
- Furniture and
Fixture
- Vehicles
Bankers Charges
Report as per Registry
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Name of the company |
BRINDCO SALES
LIMITED |
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Presented By |
MR. BRINDER PAL SINGH,
MANAGING DIRECTOR |
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1) Date and description of instrument creating the change |
Form No 192 dated 05.02.2000 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 12.000
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 |
Hypothecation of
Stock of beer and Whisky of UBL and Books debts of Ludhiana Branch and all
type of present and future book debts. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
For working
capital interest @ 7.25 % over and
above the Reserve Bank of India
rate and not Less than 15.25 % and 16.25 % |
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5) Name and Address and description of the person entitled to the charge. |
Sunet Branch, |
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6) Date and brief description of instrument modifying the charge |
Form No. 84A
dated 28.03.2003 Form No. 192,
dated 27.03.2003 for Hypothecation of Stocks
of Beer, Wiskey and Wine and Form 193 for Hypothecation of Book Debts |
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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. |
Limit increased
to Rs. 30.000 Millions Rs. 2.000
Millions against stock and Rs. 1.000
Millions against Book debts Rate of interest
7.75 % above RBI rate extent of Charges 100 % Limits to be
additionally secured by E/M title deed No. 3901 dated 12.05.1993 Title deeds No. –
5996/- dated 02.06.1993 Title deeds No. –
6924/- dated 11.06.1993 Title deeds No. –
14494/- dated 14.09.2003 Situated at 161 –
Gurdev Nagar, |
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This form is for |
Modification of
charge |
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Charge identification
number of the charge to be modified |
90032911 |
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Corporate
identity number of the company |
U52110DL1984PLC018032 |
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Name of the
company |
BRINDCO SALES LIMITED |
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Address of the
registered office or of the principal place of business in |
3E/7, Jhandewalan Extension, |
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Type of charge |
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Particular of
charge holder |
Centurion Bank of
Punjab Limited Akalgarh Market, |
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Nature of
description of the instrument creating or modifying the charge |
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Date of
instrument Creating the charge |
10.02.2007 |
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Amount secured by
the charge |
Rs. 160.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 3 % Below Terms of
repayment Payable on Demand
Margin 25 % on stock and
30 % on Book debts Extent operation
of the charge As per terms and
conditions, book debts upto 90 days Others Personal
guarantee of all the directors of the company |
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Short particulars
of the property charged |
Hypothecation of
all kinds of stock in trade – Liquors of all brands lying at shop, Godown or
in transist or whersoever, all vehicles and plan and machinery, tangible
movable properties, furniture and fixture and equitable mortgage of
commercial property at Plot No. 805, bearing MC No. B-20-3304, Gurudev Nagar,
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Date of latest
modification prior to the present modification |
19.05.2006 |
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Particulars of
the present modification |
The amount secure
is increased from 100 millions to 160 millions to secure various credit
facilities sanctioned. |
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.40.34 |
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|
1 |
Rs. 83.08 |
|
Euro |
1 |
Rs. 55.80 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
61 |
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 |
|