MIRA
INFORM REPORT
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Report Date : |
11.05.2007 |
IDENTIFICATION DETAILS
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Name : |
BBL FOODS PRIVATE LIMITED |
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Registered Office : |
17/1, 382 A/1, Santosh Nagar, X [Cross] Road, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
24.03.1999 |
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Com. Reg. No.: |
01-31383 |
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CIN No.: [Company
Identification No.] |
U15499AP1999PTC031383 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDB01034F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Biscuits and Food Processing Machinery and Bakery
Equipments. |
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 50000 |
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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 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 / Factory : |
17/1, 382 A/1, Santosh Nagar, X [Cross] Road, |
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Tel. No.: |
91-40-24530680 / 24530682 |
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Fax No.: |
91-40-24530475 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Lakhbir Mutchall |
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Designation : |
Director |
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Address : |
8-2-384/4/12 Road No. 12, Banjara Hills, |
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Date of Birth/Age : |
16.06.1969 |
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Date of Appointment : |
24.03.1999 |
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Name : |
Mr. Balvinder Pal Singh |
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Designation : |
Managing Director |
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Address : |
8-2-384/4/12 Road No. 12, Banjara Hills, |
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Date of Birth/Age : |
22.02.1946 |
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Date of Appointment : |
24.03.1999 |
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Name : |
Mr. Bakshish Mutchall |
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Designation : |
Director |
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Address : |
112 |
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Date of Birth/Age : |
29.08.1972 |
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Date of Appointment : |
24.03.1999 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Balvinder Pal Singh |
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16377 |
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Mr. Lakhbir Mutchall |
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4175 |
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Mr. Bakshish Mutchall |
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3345 |
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Mr. Sukhvinder Kaur |
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803 |
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Total |
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24700 |
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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 % |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Biscuits and Food Processing Machinery and Bakery
Equipments. |
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Products : |
Biscuits and Food Processing Machinery and Bakery Equipments |
GENERAL INFORMATION
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Bankers : |
Ř
State
Bank of India, Commercial Branch, Ashoka Myhome Chambers, S P Road,
Secunderabad – 500003, Andhra Pradesh, India Ř
Jammu and Kashmir Bank Limited Ř
State Bank of Ř
State Bank of Ř
Indusind Bank Limited Ř
HDFC Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
PRV Associates Chartered Accountants |
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Address : |
# 3-6-203, Ground Floor, Himayathnagar, |
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Tel. No.: |
91-40-23227651 / 23223289 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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25000 |
Equity Shares |
Rs. 100/- each |
Rs. 2.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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24700 |
Equity Shares |
Rs. 100/- each |
Rs. 2.470
Millions |
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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 |
2.470 |
2.470 |
2.470 |
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2] Share Application Money |
0.656 |
0.437 |
0.437 |
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3] Reserves & Surplus |
9.600 |
9.306 |
8.726 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
12.726 |
12.213 |
11.633 |
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LOAN FUNDS |
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1] Secured Loans |
9.640 |
7.319 |
8.259 |
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2] Unsecured Loans |
0.100 |
0.200 |
1.000 |
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TOTAL BORROWING |
9.740 |
7.519 |
9.259 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
22.466 |
19.732 |
20.892 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
10.088 |
9.968 |
9.801 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
13.081
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14.212 |
17.800 |
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Sundry Debtors |
1.670
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2.859 |
2.978 |
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Cash & Bank Balances |
0.855
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2.576 |
0.662 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
19.892
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5.377 |
4.245 |
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Total
Current Assets |
35.498
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25.024 |
25.685 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
22.523
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14.963 |
14.503 |
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Provisions |
0.603
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0.305 |
0.099 |
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Total
Current Liabilities |
23.126
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15.268 |
14.602 |
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Net Current Assets |
12.372
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9.756 |
11.083 |
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MISCELLANEOUS EXPENSES |
0.006 |
0.008 |
0.008 |
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TOTAL |
22.466 |
19.732 |
20.892 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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Sales Turnover |
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6.759 |
2.490 |
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Other Income |
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22.685 |
15.292 |
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Total Income |
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29.444 |
17.782 |
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Profit/(Loss) Before Tax |
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0.822 |
0.136 |
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Provision for Taxation |
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0.242 |
[0.211] |
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Profit/(Loss) After Tax |
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0.580 |
0.347 |
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Expenditures : |
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Cost of Goods Sold |
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Manufacturing,
Administrative and Selling Expenses |
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17.087 |
12.466 |
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Finance Charges |
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1.040 |
1.250 |
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Raw Material Consumed |
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9.400 |
2.704 |
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Depreciation & Amortization |
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1.094 |
1.224 |
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Other Expenditure |
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0.001 |
0.001 |
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Total Expenditure |
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28.622 |
17.645 |
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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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1.97 |
1.95 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
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12.16 |
5.46 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
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2.35 |
0.38 |
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Return on Investment (ROI) (PBT/Networth) |
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NA
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0.07 |
0.01 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.58
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1.87 |
2.05 |
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Current Ratio (Current Asset/Current Liability) |
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1.53
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1.64 |
1.76 |
LOCAL AGENCY FURTHER INFORMATION
FIXED ASSETS
Ř
Land
Ř
Buildings
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Plant and
Machinery
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Lab
Equipment
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Factory
Equipment
Ř
Furniture
and Fixture
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Office
Equipment
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Vehicles
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Computers
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Air
conditioners
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LPG
Tank
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Dyes
Bankers Charges
Report as per Registry
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Name of the company |
BBL FOODS
PRIVATE LIMITED |
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Presented By |
Mr. Balvinder
Pal Singh, Managing Director |
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1) Date and description of instrument creating the change |
Dated 18.11.2002 General agreement forgrant of MTL Ancillary agreement for MTL against pledge of Movable Machineries Ancillary agreement for MTL to mortgage Immovable Sanction letter |
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2) Amount secured by the charge/amount owing on the securities of charge |
Corporate loan
Rs. 4.500 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 |
Primary : Hypothecation of
assets acquired with corporate loan |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of interest
2.75 % above SBMTLR i.e. 14.25 % with quarterly rests as applicable to
advances with credit rating SBTL 3 Repayable in 20
quarterly installments of Rs. 0.225 Millions each |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of Commercial
Branch, Secunderabad |
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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 of the company |
U15499AP1999PTC031383 |
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Name of the
company |
BBL FOODS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
17/1, 382 A/1, Santosh Nagar, X [Cross] Road, |
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This form is for |
Modification of charge |
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Type of charge |
Hypothecation
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Particular of
charge holder |
State Bank of Commercial Branch
Ashoka Myhome
Chambers, Secunderabad –
500003, |
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Amount secured by
the charge |
Rs. 11.400
Millions |
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Description of the
property charged indicating whether it is a charged on |
Plant and
Machinery, Stock in trade, Book debts |
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Particulars of
the property charged |
Primary Security Hypothecation of
all chargeable current assets like stocks, book debts Hypothecation of
Biscuits Manufacturing Machines, Iron and Steel tubes, rods and imported
second hand biscuits manufacturing machinery. |
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Charge
identification number of the charge to be modified |
90119050 |
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Brief description
of the instrument modifying the charge under section 135 |
Letter of
arrangement – SME – 1 Agreement of Loan
– cum – Hypothecation – SME – 2 Link letter – SME
- 12 |
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Date of
instrument modifying the charge |
28.03.2006 |
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
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Indian Rupees |
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US Dollar |
1 |
Rs.41.34 |
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1 |
Rs.81.81 |
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Euro |
1 |
Rs.55.74 |
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 |
YES |
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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 |
|
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 |
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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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