MIRA INFORM
REPORT
|
Report
Date : |
25.06.2007 |
IDENTIFICATION DETAILS
|
Name : |
B T SOLDERS PRIVATE LIMITED |
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Registered
Office : |
No. 502/ 504, Solar |
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Country
: |
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Financials
(as on) : |
31.03.2005 |
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Date
of Incorporation : |
09.02.1981 |
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Com.
Reg. No.: |
11-23857 |
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CIN
No.: [Company
Identification No.] |
U74999MH1981PTC023857 |
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TAN
No.: [Tax Deduction & Collection
Account No.] |
MUMB11208B |
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PAN
No.: [Permanent Account No.] |
AAACB1806A |
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Legal
Form : |
Private Limited Liability Company |
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Line
of Business : |
To manufacture, produce, repair, use, buy, sell, import, export,
install, consult, deal in for consideration or otherwise in India or abroad,
all types of solder and solder products including solid and multicore solder
in any composition, form, size and shape alongwith soldering and desoldering,
chemical fluxes, resin, concentrates, pasters, cream, solvent, cleaner,
tarnish remover, surface preservative fusing fluid, anti-oxidant solder,
cover and oil flux and residue remover. |
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
110000 |
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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
fine track. Directors are reported as experienced, respectable and
resourceful businessmen. Their trade relations are fair. Financial position is
good. Payments are usually correct and as per commitments. The company can be considered good for any normal business
dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered
Office : |
No. 502/ 504, Solar |
|
Tel.
No.: |
91-22-28573734 |
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Fax
No.: |
91-22-28576813 |
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Email
: |
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Head
Office : |
198, |
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Tel.
No.: |
91-22-22821565 |
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Factory
: |
89, |
DIRECTORS
|
Name : |
Mr. Arvind Toshniwal |
|
Designation
: |
Director |
|
Address
: |
168, 3rd Corss, 10th |
|
Date
of Birth/Age : |
27.09.1950 |
|
Date
of Appointment : |
09.02.1981 |
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|
|
|
Name : |
Mr. Ravi Toshniwal |
|
Designation
: |
Director |
|
Address
: |
Pushpa Vatika, Gokhale Marg, |
|
Date
of Birth/Age : |
11.02.1954 |
|
Date
of Appointment : |
09.02.1981 |
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|
|
|
Name : |
Mr. Jagdish K. Bihani |
|
Designation
: |
Director |
|
Address
: |
11/38, |
|
Date
of Birth/Age : |
18.01.1944 |
|
Date
of Appointment : |
05.02.1981 |
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|
|
|
Name : |
Ms. Usha Toshniwal |
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Designation
: |
Director |
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Address
: |
168, 3rd Corss, 10th |
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Date of
Birth/Age : |
07.08.1952 |
|
Date
of Appointment : |
06.08.1998 |
KEY
EXECUTIVES
|
Name : |
Mr. A. V. Sundaresh |
|
Designation
: |
Company Secretary |
|
Address
: |
No. 147 (Old 150), 1st Floor, Malleswaram Arcade
(above Nilgiris), 7th Cross, |
|
Qualification
: |
B. Com, LL B, ACS |
|
Tel.
No.: |
91-80-23347026 |
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Fax
No.: |
91-80-23362085 |
|
Email
: |
MAJOR
SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
|
Pushpalatha
G. Toshniwal |
50 |
|
Arvind G.
Toshniwal |
2215 |
|
Braj G.
Binani |
10 |
|
Anant A.
Toshniwal |
2985 |
|
The
Triton Trading Company Limited |
500 |
|
Usha A.
Toshniwal |
3,055 |
|
Anant A.
Toshniwal |
2425 |
|
Akshat
Toshniwal Trust |
100 |
|
Ananya
Toshniwal Trust |
25 |
|
Sonali
Toshniwal |
50 |
|
Neha A.
Toshniwal |
50 |
|
Anuj
Toshniwal |
3110 |
|
Names of Shareholders |
% of Sharesholdings |
|
Bodies
Corporate (not mentioned above) |
4.12 |
|
Directors
and Relatives of Directors |
95.80 |
|
Other top
50 shareholders (other than those listed above) |
0.08 |
|
Total |
100.00 |
BUSINESS
DETAILS
|
Line
of Business : |
To manufacture, produce, repair, use, buy, sell, import,
export, install, consult, deal in for consideration or otherwise in India or
abroad, all types of solder and solder products including solid and multicore
solder in any composition, form, size and shape alongwith soldering and
desoldering, chemical fluxes, resin, concentrates, pasters, cream, solvent,
cleaner, tarnish remover, surface preservative fusing fluid, anti-oxidant
solder, cover and oil flux and residue remover |
|
|
|
|
Products
with ITC Code : |
|
PRODUCTION STATUS
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
|
Flux
Cored Solders and Solder Products |
MT |
225 |
225 |
145.225 |
|
Soldering
Fluxes |
Ltrs. |
60 |
60 |
6765.00 |
|
Lead
Silver Ancce |
MT |
NA |
NA |
232.899 |
GENERAL
INFORMATION
|
No. of
Employees : |
90 |
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Bankers
: |
Syndicate Bank |
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Facilities : |
Secured Loan (Rs. in millions)
Unsecured Loan (Rs. in millions)
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Banking Relations : |
Satisfactory |
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Auditors
: |
Dagliya and Company Chartered Accountants |
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Address
: |
C Block, |
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Tel.
No.: |
91-80-22236783 |
CAPITAL
STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
100,000 |
Equity Shares |
Rs. 100/- each |
Rs. 10.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
12,150 |
Equity Shares |
Rs. 100/- each |
Rs. 1.215 millions |
FINANCIAL
DATA
[all
figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share
Capital |
1.215 |
1.215 |
1.215 |
|
|
2]
Reserves & Surplus |
24.742 |
24.312 |
23.581 |
|
NETWORTH
|
25.957 |
25.527 |
24.796 |
|
|
LOAN
FUNDS |
|
|
|
|
|
1]
Secured Loans |
8.988 |
7.520 |
3.616 |
|
|
2]
Unsecured Loans |
4.164 |
2.556 |
2.723 |
|
TOTAL
BORROWING
|
13.152 |
10.076 |
6.339 |
|
|
DEFERRED
TAX LIABILITIES |
0.166 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
39.275 |
35.603 |
31.135 |
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APPLICATION OF FUNDS
|
|
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FIXED ASSETS [Net Block]
|
4.977 |
4.332 |
3.209 |
|
Capital work-in-progress
|
5.506 |
0.000 |
0.000 |
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|
|
|
|
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INVESTMENT
|
0.000 |
6.078 |
5.439 |
|
DEFERREX TAX ASSETS
|
0.000 |
0.104 |
0.143 |
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|
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CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
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Inventories
|
5.188
|
7.436
|
4.042 |
|
|
Sundry Debtors
|
20.540
|
13.143
|
11.644 |
|
|
Cash & Bank Balances
|
0.936
|
0.249
|
1.088 |
|
|
Loans & Advances
|
8.046
|
10.981
|
11.871 |
Total Current Assets
|
34.710
|
31.809
|
28.645 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities & Provisions
|
5.918
|
6.720
|
6.301 |
Total Current Liabilities
|
5.918
|
6.720
|
6.301 |
|
Net
Current Assets
|
28.792
|
25.089
|
22.344 |
|
|
|
|
|
|
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TOTAL
|
39.275 |
35.603 |
31.135 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
Sales Turnover [including other income]
|
79.458 |
42.970 |
35.316 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
2.296 |
1.717 |
0.788 |
Provision for Taxation
|
1.469 |
0.574 |
0.150 |
Profit/(Loss) After Tax
|
0.827 |
1.143 |
0.638 |
|
|
|
|
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Import Value
|
NA |
0.076 |
0.481 |
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|
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Total Expenditure
|
75.933 |
40.298 |
33.905 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
PAT / Total Income
|
(%)
|
1.04
|
2.66 |
1.81 |
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
2.89
|
3.99 |
2.23 |
|
|
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|
|
Return on Total Assets
(PBT/Total
Assets} |
(%) |
5.08
|
4.75 |
2.47 |
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
0.09
|
0.07 |
0.03 |
|
|
|
|
|
|
Debt Equity Ratio
(Total
Liability/Networth) |
|
1.74
|
0.65 |
0.51 |
|
|
|
|
|
|
Current Ratio
(Current
Asset/Current Liability) |
|
1.20
|
4.73 |
4.54 |
LOCAL
AGENCY FURTHER INFORMATION
The company’s fixed assets of important value includes land,
building, plant and machinery, computer, office equipments, vehicles, furniture
and fixtures.
FORM 8
|
Name
of the company |
B T SOLDERS PRIVATE LIMITED |
|
Presented By |
Syndicate Bank, B T SOLDERS PRIVATE
LIMITED |
|
1) Date
and description of instrument creating the
change |
Dt.
09.05.1983 charged and hypothecation of goods and monies receivable etc. |
|
2) Amount
secured by the charge/amount owing on the securities of charge |
Rs. 8.000
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 |
Stock in
trade, raw materials, work-inprogress, finished goods. |
|
4) Gist of
the terms and conditions and extent and operation of the charge. |
The amount is secured by above property, charged in favour
of Bank with 25% margin, located in the premises at Plot No. 89, Belagola
Industrial Area, K R S Road, Metagalli, |
|
5) Name
and Address and description of the person entitled to the charge. |
Syndicate Bank |
|
6)
Date and brief description of
instrument modifying the charge |
1] dt. 11.01.2001
deed of hypothecation of goods. 2] dt.
12.01.2001 letter of evidencing deposit of title deeds. 3] dt.
18.05.2004 charge hypothecation of deeds of agreement |
|
7)
Particulars of modifications specifying the terms and conditions or the extent of
operations of the charge in which modification is made and
the details of the modification. |
The
modification was under hypothecation of goods dt. 04.01.1994, 10.07.1996,
27.08.1998 and 27.12.1999 due to change in the loan amount, now under the
deed of hypothecation dated 11.01.2001 has been entered into and accordingly
the limit has increased to 3.600 millions (earlier 3.000 millions) the Bank
from time to time. Additionally under the deed of composite hypothecation
agreement dated 18.05.2004 adhoc loan of Rs. 4.000 millions was fixed by the
bank from time to time. --
additional security of plant and machinery --
equitable mortgage of immovable property situated at 89, KRS Road, Metagalli,
Mysore created by deposit of title deeds on 11.01.2001 |
Website
Details Attached:
Introduction
BT SOLDERS PVT LTD was incorporated as a private limited company in the
year 1981 and commenced production in 1983. The production commenced under technical
collaboration with M/s Multicore Solders Ltd., U.K for the manufacture of flux
cored solder wires, solder sticks & soldering products. The licence has
since expired. Over a period of time we have established a name for supplying
quality products and they have been accepted by various electronic and
electrical industries. All products are manufactured under strict quality
control supported by one of the best equipped chemical labs. We supply highest
quality of solder material manufactured from virgin metals and "BT"
adds metallurgical, chemical and engineering skills in our sophisticated plant
at
Research And
Development
Since the Technological changes are rapid, it is essential to have a
fully equipped R & D to keep in step with the changing scenario. 'BT' is
continuously assessing the needs of the market place to determine areas where
research should be effected to develop products to serve specific requirements.
Our R & D is dedicated towards this goal.
Contact Us:
Sales Office:
No. 11, AECS
Layout, 4th Main, 3rd Cross,
Sanjaynagar I Stage, Geddalahalli,
Tele - + 91 (80) 23416771, 23417983 / 84 / 85
Fax - + 91 (80) 23416757
E-mail - blr@btsolders.com
|
Works: |
Mumbai
Ofice: Tele
- + 91 (22) 28573734 |
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. 40.95 |
|
|
1 |
Rs. 81.80 |
|
Euro |
1 |
Rs. 55.09 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--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 |
NO |
|
--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 |