MIRA
INFORM REPORT
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Report Date : |
03.05.2007 |
IDENTIFICATION DETAILS
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Name : |
BANGALORE PLASTICS PRIVATE LIMITED |
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Registered Office : |
Avalahalli, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
10.11.2000 |
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Com. Reg. No.: |
028102 |
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CIN No.: [Company
Identification No.] |
U25209KA2000PTC028102 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRB01495E |
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PAN No.: [Permanent
Account No.] |
AACCB2198M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Injection Moulded Plastic components |
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 33788 |
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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. Directors are reported as experienced and respectable businessman.
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 : |
Avalahalli, |
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Tel. No.: |
91-80-28472763/64/65 |
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Fax No.: |
91-80-28472787 |
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E-Mail : |
DIRECTORS
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Name : |
Mr.Siddhartha Kanoria |
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Designation : |
Director |
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Address : |
172, 2ND Main, RMV 2ND Stage 1ST
Block |
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Date of Birth/Age : |
18.08.1967 |
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Date of Appointment : |
17.09.2005 |
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Name : |
Mr.Ashok Kumar Vyas |
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Designation : |
Director |
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Address : |
295,7TH Main, H.A.L. 3RD Stage, |
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Date of Birth/Age : |
11.08.1953 |
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Date of Appointment : |
10.11.2000 |
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Name : |
Mr. Ashish Kanoria |
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Designation : |
Director |
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Address : |
172, 2ND Main, RMV 2ND Stage 1ST
Block |
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Date of Birth/Age : |
04.08.1965 |
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Date of resigned: |
17.09.2005 |
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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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Ashish Kanoria |
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5400 |
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Ashok Kumar Vyas |
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100 |
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Goa Oxygen Private Limited |
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20000 |
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Kalpana Jalan |
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10000 |
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Kanoria Tools Private Limited |
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8000 |
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Kanoria Molders Private Limited |
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9000 |
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Kanoria Diesets Private Limited |
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7500 |
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Mrs. Rajanandini Kanoria |
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100 |
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Mrs. Pushpa Kanoria |
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100 |
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Category |
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Percentage of
Holding |
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Bodies Corporate |
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74.00 |
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Directors or relatives of directors |
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26.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Injection Moulded Plastic components |
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GENERAL INFORMATION
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Bankers : |
Corporation Bank, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Singhvi Dev and UNNI Chartered Accountants |
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Address : |
SDU House, 12, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity |
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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60200 |
Equity |
Rs. 10/-
each |
Rs.0.602
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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0.602 |
0.602 |
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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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7.845 |
6.380 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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8.447 |
6.982 |
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LOAN FUNDS |
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1] Secured Loans |
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0.904 |
2.176 |
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2] Unsecured Loans |
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8.000 |
8.000 |
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TOTAL BORROWING |
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8.904 |
10.176 |
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DEFERRED TAX LIABILITIES |
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2.079 |
1.940 |
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TOTAL |
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19.430 |
19.098 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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11.805 |
13.899 |
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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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0.000 |
0.000 |
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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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5.766 |
6.738 |
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Sundry Debtors |
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8.187 |
1.053 |
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Cash & Bank Balances |
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1.157 |
3.756 |
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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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2.537 |
2.462 |
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Total
Current Assets |
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17.647 |
14.009 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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9.615 |
1.476 |
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Provisions |
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0.407 |
0.178 |
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Total
Current Liabilities |
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10.022 |
1.654 |
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Net Current Assets |
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7.625 |
5.173 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.027 |
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TOTAL |
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19.430 |
19.098 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.18 |
0.23 |
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Current Ratio (Current Asset/Current Liability) |
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1.76 |
8.46 |
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LOCAL AGENCY FURTHER INFORMATION
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Name of the company |
BANGAORE PLASTICS
PRIVATE LIMITED |
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Presented By |
M/s.BANGAORE
PLASTICS PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
5th September, 2003 Common Deed Of
Hypothecation of Moveable/Assets/ Debts |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 4.662
millions (CC (hyp) –
Rs.2.500 millions and DL – Rs.2.162 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
all the present and future Movables like stocks, book debts, plant and
Machinery, Equipments, Furniture and Fixtures, Computers and toher Fixed
Assets of the Company |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest
@13.5%p.a. being 2%p.a. over the Banks PLR which is @11.50%p.a. as at present
for CC Interest
@14.25%p.a. being 2%p.a. over the Banks PLR which is @12.25%p.a. as at
present for Demand Loan For Cash Credit
Repayable on Demand For DL Repayable
in 18 EMI of Rs. 0.134 millions/- each |
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5) Name and Address and description of the person entitled to the charge. |
Corporation Bank,
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
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Corporate
identity number (CIN) Foreign company registration number |
U25209KA2000PTC028102 |
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Name of the
Company |
Bangalore Plastic
Private Limited |
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Address |
Avalahalli, |
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This form is for |
Modification of
Charge |
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Type of Charge |
Hypothecation |
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Particulars of
the Property Charged |
Hypothecation by way of first charge on
Inventory consisting of raw materials, stock in process =, finished gods and
stock in trade stored at Avalahalli, Old Madras Road, Virgonagar,
Bangalore – 560049, Karnataka or where else and present and future book
debts/ receivable |
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Amount secured by
the charge |
Rs.1.000 millions |
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Brief of the
principal terms and conditions |
Rate of Interest
@9.50%p.a. (being 1.75% below COBAR) Margin for CC-
25% for stocks; 40% on Book debts, for import/Inland LC 20% Limit of Rs.
10.000 millions (CC enhanced from Rs. 2.000 millions, Inland/Import LC
enhanced from Rs.3.000 millions to Rs. 5.000 millions) |
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Description of
the property charged indicating |
Stock in trade,
Book debts |
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Charge
identification |
80007958 |
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Brif description
of the instrument modifying the charge under section |
Supplemental
Common Deed of Hypothecation |
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Date of
Instrument |
20.07.2006 |
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Particular of the
present modification |
By the above
secured by charge stands enhanced from Rs. 5.000 millions.(All other terms
and conditions remain unchanged) |
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Particular of the
charge holders |
Corporation Bank 114, M.G.Road |
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.40.90 |
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1 |
Rs.81.29 |
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Euro |
1 |
Rs.55.47 |
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 |
YES |
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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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