MIRA
INFORM REPORT
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Report Date : |
28.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
BHABANI PIGMENTS PRIVATE LIMITED |
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Registered Office : |
A – Block B -1, 3rd Floor, Mohan Co-op Industrial Estate,
Mathura Road, New Delhi – 110 044 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
04.10.1993 |
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Com. Reg. No.: |
55-55513 |
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CIN No.: [Company
Identification No.] |
U74899DL1993PTC055513 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Refined Copper Phthalocyanine, Dehydro Copper Complex
of Phthalocyanine. |
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 360000 |
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Status : |
Good |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade relations are fair. Financial
position is satisfactory. Payments are usually correct and as per
commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. Nothing adverse reported. |
LOCATIONS
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Registered Office / Factory: |
A – Block B -1, 3rd Floor, Mohan Co-op Industrial Estate,
Mathura Road, New Delhi – 110 044, India |
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Tel. No.: |
91-11-41676738 |
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Fax No.: |
91-11-41676739 |
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E-Mail : |
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Corporate Office : |
7, E Bock 2nd Floor, Local Shopping Centre, Masjid Moth
Greater Kailash II, New Delhi – 110 048, India |
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Tel. No.: |
91-11-6211922 / 26217775 |
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Fax No.: |
91-11-6466908 |
DIRECTORS
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Name : |
Mr. Amrit Lal Garg |
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Designation : |
Director |
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Address : |
House No. 417, Sector -28/, Faridabad – 121 008, Haryana, India |
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Date of Birth/Age : |
25.04.1952 |
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Date of Appointment : |
04.10.1993 |
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Name : |
Mr. Anant Kahoi |
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Designation : |
Director |
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Address : |
D -1103, New Friends Colony, New Delhi – 110 065, India |
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Date of Birth/Age : |
22.03.1979 |
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Date of Appointment : |
15.03.2002 |
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Name : |
Mr. Nitender Kumar Gupta |
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Designation : |
Director |
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Address : |
II E/12-C, Kalpana, Vaishali Ghaziabad – 251010, Uttar Pradesh, India |
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Date of Birth/Age : |
20.11.1954 |
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Date of Appointment : |
04.10.1993 |
SHAREHOLDING PATTERN
Equity Shares Breakup (Percentage of Total Equity): [As on 31.03.2007]-:
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Sr No. |
Category |
Percentage |
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1 |
Bodies Corporate |
67.61 |
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2 |
Directors or relative of directors |
30.39 |
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3 |
Other top fifty (50) shareholders |
2.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Refined Copper Phthalocyanine, Dehydro Copper Complex
of Phthalocyanine. |
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Products : |
· Refined Copper Phthalocyanine · Dehydro Copper Complex of Phthalocyanine |
GENERAL
INFORMATION
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Bankers : |
· State Bank of India Commercial Branch, Naraina , New Delhi- 110 028, India · HDFC Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Maheshwari Rajiv and Associates Chartered Accountants |
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Address : |
D -288/10, Laxmi Nagar, 207, Wadhwa Complex, Delhi – 110 092, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1500000 |
Equity Shares |
Rs. 10/-
each |
Rs. 15.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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950000 |
Equity Shares |
Rs. 10/-
each |
Rs. 9.500
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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9.500 |
9.500 |
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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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80.177 |
67.034 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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89.677 |
76.534 |
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LOAN FUNDS |
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1] Secured Loans |
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91.400 |
39.306 |
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2] Unsecured Loans |
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8.183 |
9.140 |
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TOTAL BORROWING |
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99.583 |
48.446 |
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DEFERRED TAX LIABILITIES |
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11.675 |
3.553 |
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TOTAL |
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200.935 |
128.533 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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103.954 |
48.779 |
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Capital work-in-progress |
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8.168 |
11.329 |
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INVESTMENT |
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9.678 |
4.925 |
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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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23.206 |
19.884 |
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Sundry Debtors |
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59.797 |
54.571 |
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Cash & Bank Balances |
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0.729 |
1.689 |
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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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12.634 |
11.648 |
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Total
Current Assets |
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96.366 |
87.792 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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12.652 |
19.235 |
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Provisions |
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4.579 |
5.057 |
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Total
Current Liabilities |
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17.231 |
24.292 |
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Net Current Assets |
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79.135 |
63.500 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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200.935 |
128.533 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
330.832 |
261.395 |
266.680 |
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Other Income |
4.875 |
4.744 |
5.429 |
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Total Income |
335.707 |
266.139 |
272.109 |
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Profit/(Loss) Before Tax |
24.343 |
14.005 |
12.886 |
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Provision for Taxation |
9.575 |
3.810 |
3.466 |
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Profit/(Loss) After Tax |
14.768 |
10.195 |
9.420 |
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Expenditures : |
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Financial Charges |
7.319 |
3.413 |
2.375 |
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Depreciation & Amortization |
9.205 |
4.928 |
0.000 |
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Other Expenditure |
278.316 |
235.452 |
254.473 |
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Total Expenditure |
294.840 |
243.793 |
256.848 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total
Income |
(%) |
4.39
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3.83 |
3.46 |
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Net Profit Margin (PBT/Sales) |
(%) |
7.36
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5.36 |
4.83 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
11.15
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9.16 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.27
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0.18 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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1.30
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0.95 |
NA |
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Current Ratio (Current Asset/Current Liability) |
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5.59
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3.61 |
NA |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
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Corporation identity number or foreign company registrations number of
the company |
U74899DL1993PTC055513 |
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Name of the company |
BHABANI PIGMENTS PRIVATE LIMITED |
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Address |
A – Block B -1, 3rd Floor, Mohan Co-op Industrial Estate,
Mathura Road, New Delhi – 110 044, India |
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This Form is for |
Creation of Charge |
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Type of Charges |
Immovable property |
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Particular of the charge holder
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State Bank of India Address: Commercial Branch Naraina , New Delhi – 110 028, India Email: SBI.3786@SBI.CO.IN
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Nature or description of the instrument creating charge |
From C -1 Agreement of loan for overall limit, from C -2 agreement of
hypothecation of goods and assets , from C – 3, agreement of pledge of goods
and assets , from C -5 Letter regarding the grant of individual limit within
the overall limit and confirmation letter for EM of property in the name of the company. |
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Date of the instrument creating charge |
20.01.2007 |
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Amount Secure by the charge |
Rs. 106.000 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of Interest : @SBAR, presently 11.50% p.a with monthly rest Terms of repayment: Cash credit repayable on demand , the term loan shall be repayable in
2 quarterly installment of Rs. 3.500 each commencing from April 2007 Margin: Raw material -25% (indigenous / Imported ) Stock in process -25%,
Finished goods -25% , Receivables (cover 90 Days) -30% Extent and Operation of the
Charge: Hypothecation of Stocks of raw materials SIP Goods and spares lying in
factory Godown or elsewhere including goods in transit hypothecation of
present and future receivables and other chargeable current assets of the
company ext of 1st Charge on all the Plant and Machinery and other
fixed assets of the Company both
present and future , WDV of Rs. 27.200 millions as on 31.03.2006 Excluding
office land and car financed by ICICI Bank limited first charge on fixed
assets and EM of site No. 1794 at Brahmenvel District Dhule Maharashtra. Others: Co’s L/B Sonepat – Rohtak Road, Kharkhoda, District sonepat HRY B)
property admeasuring 15414.80 Sq.yds, at sonepat – rohtak , Vill Zia –
Dinpur, Kharkhoda HRY and Admeasuring 11621.60 Sq.yds at sonepat – Rohtak
Road, Vill Zia –UD- Dinpur, Kharkhoda HRY both in the name of golden pigments
Private Limited. |
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Short particulars of the Property charged |
Hypothecation of stocks of Raw materials SIP Finished goods and spares
lying in factory godowns or elsewhere including goods in transit ,
hypothecation of present and future receivables and other chargeable current
assets of the company ext. of 1st charge on all the Plant and Machinery Other
fixed assets of the company both present and future WDV of Rs. 27.200
millions as on 31.03.2006 excluding office land and car financed by ICICI
Bank Limited first charge on fixed assets and EM of site No. 1794 at
Brahmenvel district Dhule Maharashtra |
CMT REPORT (Corruption,
Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.39.97 |
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UK Pound |
1 |
Rs.79.53 |
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Euro |
1 |
Rs.63.09 |
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 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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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 |
NO |
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--LITIGATION |
YES/NO |
YES |
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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 |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
50 |
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 |
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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. |
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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