MIRA
INFORM REPORT
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Report Date : |
16.10.2007 |
IDENTIFICATION DETAILS
|
Name : |
BAID NARROW FAB PRIVATE LIMITED |
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Registered Office : |
2/4569, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
28.10.1996 |
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Com. Reg. No.: |
04-31008 |
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CIN No.: [Company
Identification No.] |
U17110GJ1996PTC031008 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
SRTB00147A |
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PAN No.: [Permanent
Account No.] |
AAACB9827H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Narrow Fabrics and Laces |
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 64000 |
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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 company having satisfactory track
records. Trade relations are fair. Financial position of the company is satisfactory.
Payments are usually correct and as per commitments. The company is doing well. It can be considered good for normal
business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
2/4569, |
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Tel. No.: |
91-261-2330744 / 2349718 |
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Fax No.: |
91-261-2397824 / 2349718 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Champalal Gulabchand Baid |
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Designation : |
Director |
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Address : |
2/4582-4581, 2nd Floor, Kamal Kunj, Sagrampura, |
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Date of Appointment : |
28.10.1996 |
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Name : |
Mr. Ashok Gulabchand Baid |
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Designation : |
Director |
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Address : |
2/4582-4581, 2nd Floor, Kamal Kunj, Sagrampura, |
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Date of Birth/Age : |
08.09.1968 |
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Date of Appointment : |
28.10.1996 |
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Name : |
Mr. Hemant Gulabchand Baid |
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Designation : |
Director |
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Address : |
2/4582-4581, 2nd Floor, Kamal Kunj, Sagrampura, |
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Date of Birth/Age : |
22.09.1973 |
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Date of Appointment : |
28.10.1996 |
KEY EXECUTIVES
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Name : |
Dhiren R Dave and Company |
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Designation : |
Company Secretary |
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Address : |
410 Lalbhai Contractor Complex, Nanpura, |
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Tel No.: |
91-261-2460903 / 2475122 |
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Mobile No.: |
91-9824115061 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Baid Gulabchand Champlal |
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161875 |
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Baid Ashok Gulabchand |
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150625 |
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Baid Hemant Gulabchand |
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150500 |
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Baid Manisha Ashok |
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7750 |
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Baid Reshma Gulabchand |
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8125 |
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Baid Sangeta Hemantkumar |
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5125 |
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Baid Dhurav Ashok Kumar |
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2000 |
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Baid Rishabh Ashok Kumar |
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2000 |
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Baid Gunjan Hemant Kumar |
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2000 |
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Ashok Kumar Baid – HUF |
|
5000 |
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Gulab Chand Baid – HUF |
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5000 |
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Lewis Commercials L Private Limited |
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25000 |
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Shantinath Traders Private Limited |
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15000 |
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Trimline Goods and Services Private Limited |
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20000 |
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Ushodaya Market Ing. Private Limited |
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20000 |
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Jamini Commodity Private Limited |
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10000 |
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Nipp Commercial Private Limited |
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10000 |
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Tulsi Tower Private Limited |
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20000 |
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Total |
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620000 |
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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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23.00 |
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Directors or relatives of directors |
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75.00 |
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Other top fifty shareholders |
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2.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Narrow Fabrics and Laces |
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Imports : |
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Countries : |
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GENERAL INFORMATION
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No. of Employees : |
About 160 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Hiren M Diwan and Company Chartered Accountants |
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Address : |
43 River Palace, Wing ‘A’, Besides Navdi Ovara, Nanpura, |
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Tel. No.: |
91-261-2470102 / 2470103 |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
650,000 |
Equity Shares |
Rs. 10/- each |
Rs. 6.500 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
650,000 |
Equity Shares |
Rs. 10/- each |
Rs. 6.500 Millions |
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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6.500 |
6.200 |
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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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9.447 |
7.147 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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15.947 |
13.347 |
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LOAN FUNDS |
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1] Secured Loans |
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21.761 |
4.194 |
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2] Unsecured Loans |
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3.091 |
4.747 |
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TOTAL BORROWING |
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24.852 |
8.941 |
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DEFERRED TAX LIABILITIES |
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1.496 |
0.974 |
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TOTAL |
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42.295 |
23.262 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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28.859 |
8.962 |
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Capital work-in-progress |
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INVESTMENT |
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0.075 |
0.075 |
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DEFERREX TAX ASSETS |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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9.558 |
6.635 |
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Sundry Debtors |
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4.823 |
5.073 |
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Cash & Bank Balances |
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0.658 |
2.162 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
|
1.106 |
1.658 |
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Total
Current Assets |
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16.145 |
15.528 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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2.526 |
0.748 |
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Provisions |
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0.259 |
0.556 |
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Total
Current Liabilities |
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2.785 |
1.304 |
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Net Current Assets |
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13.360 |
14.224 |
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MISCELLANEOUS EXPENSES |
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0.001 |
0.001 |
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TOTAL |
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42.295 |
23.262 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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52.189 |
35.837 |
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Other Income |
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0.177 |
0.130 |
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Total Income |
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52.366 |
35.967 |
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Profit/(Loss) Before Tax |
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1.884 |
1.226 |
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Provision for Taxation |
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0.785 |
0.607 |
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Profit/(Loss) After Tax |
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1.099 |
0.619 |
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Expenditures : |
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Cost of Goods Sold |
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35.827 |
23.828 |
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Manufacturing Expenses |
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5.960 |
3.723 |
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Administrative Expenses |
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3.269 |
2.139 |
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Selling and Distribution Expenses |
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0.591 |
0.591 |
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Extra Ordinary Expenses |
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0.002 |
0.003 |
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Preliminary Expenses |
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0.001 |
0.001 |
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Increase/(Decrease) in Finished Goods |
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[5.036] |
0.900 |
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Financial Charges |
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2.051 |
1.823 |
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Depreciation & Amortization |
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4.817 |
1.702 |
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Other Expenditure |
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0.000 |
0.031 |
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Total Expenditure |
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50.482 |
34.741 |
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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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PAT / Total Income |
(%) |
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2.10 |
1.72 |
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Net Profit Margin (PBT/Sales) |
(%) |
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3.61 |
3.42 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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4.19 |
5.01 |
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Return on Investment (ROI) (PBT/Networth) |
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0.12 |
9.19 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.73 |
0.77 |
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Current Ratio (Current Asset/Current Liability) |
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5.80 |
11.90 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
BAID NARROW FAB
PRIVATE LIMITED |
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Presented By |
Mr. Ashok Baid |
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1) Date and description of instrument creating the change |
General agreement
for medium term loan to SSI Units dated 05.06.1997 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 4.000
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
all the plant and machinery equipment, furniture and fixture present and
future. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Margin : 25 % Rate of interest 3.00 % above SBAR
minimum 17.5 % p.a. effective rate 18.25 % p.a. including interest tax
applicable quarterly, subject to change as per bank’s instructions. Repayment : 59 equal monthly
installments of Rs. 0.066 Million each
and 60th installment of Rs. 0.106 Million |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of Udhna Udyognagar
Branch |
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6) Date and brief description of instrument modifying the charge |
-- |
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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. |
-- |
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This form is for |
Modification of
charge |
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Charge identification
number of the charge to be modified |
80023861 |
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Corporate
identity number of the company |
U17110GJ1996PTC031008 |
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Name of the
company |
BAID NARROW FAB PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
2/4569, |
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Type of charge |
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Particular of
charge holder |
State Bank of India, Specialized Commercial [Surat] Branch, 1st
Floor, Kiran Chambers, Ring Road, Surat – 395002 |
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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 |
06.01.2007 |
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Amount secured by
the charge |
Rs. 21.100
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Existing Term Loan
– 1.50 % above SBAR i.e. 13 % presently, with monthly rest. New Term Loan –
1.50 % above SBAR i.e. 13 % presently, with monthly rest. Terms of
repayment Existing term
loan of Rs. 19 millions- as per original sanction New term loan of
Rs. 5.600 Millions installments of Rs. 1.00 each. The repayment will commence
6 months form the date of first disbursement or from July 7, whichever is
earlier. Margin New term
loan : 36 % Extent operation
of the charge The charge will operate
as continuing security by way of first charge for the entire credit
facilities including interest, additional interest, penal interest, etc. Other The present
supplemental agreement of loan cum hypothecation is and shall be supplemental
to the agreement and documents dated 05.06.1997 and 04.07.2005 save and
except as hereby provided, nothing contained shall or be deemed to limit or
prejudicially affect the right and benefits created in favour of the bank by
/ under the said agreements. |
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Short particulars
of the property charged |
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Date of latest
modification prior to the present modification |
04.07.2005 |
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Particulars of
the present modification |
Charge extended
to secure new medium term loan of Rs. 5.600 millions. Making total charge on the
assets to Rs. 21.100 Million |
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.39.68 |
|
|
1 |
Rs.80.53 |
|
Euro |
1 |
Rs.56.23 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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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 |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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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. |
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 |
|