MIRA
INFORM REPORT
|
Report Date : |
05.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
BHUKHANVALA TOOLS
PRIVATE LIMITED |
|
|
|
|
Formerly Known As : |
BHUKHANVALA TOOLS
LIMITED |
|
|
|
|
Registered Office : |
B-28, Veera
Industrial Estate, Veera Desai Road Extension, Off Link Road, Andheri (West),
Mumbai - 400 053, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
02.09.1999 |
|
|
|
|
Com. Reg. No.: |
11-121582 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U29299MH1999PTC121582 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMB08259G |
|
|
|
|
Legal Form : |
Private Limited
Liability Company |
|
|
|
|
Line of Business : |
Manufacturers of
Diamond, CBN wheels, Electroplating Wheels, Diamond Circular Segmented Saws,
Diamond Tools, Diamond Compound, Segments, Diamond Grinding Wheels, Dressers,
Twinner Machines, Accessories and such other industrial diamond tools. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 2100000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a
part of Bhukhanvala Group, a medium sized group engaged in manufacture of
diamond tools. Directors are
reported as experienced, respectable and resourceful industrialist. Their
trade relations are fair. Payments are reported as slow but correct. The company is
doing very well. The company can
be considered good for normal business dealings. |
LOCATIONS
|
Registered Office : |
B-28, Veera
Industrial Estate, Veera Desai Road Extension, Off Link Road, Andheri (West),
Mumbai - 400 053, Maharashtra, India |
|
Tel. No.: |
91-22-56936100 |
|
Fax No.: |
91-22-56936200 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
15000 sq.ft |
|
Location : |
Rented |
|
|
|
|
Sale Office: |
Located At:
|
|
|
|
|
Factory : |
v
Unit IV, S.
No. 80/1, Block 144, Near Canal, Kabilpore (P.O), Navsari- 396424, Gujarat v
Unit II,
Plot 244-245, GIDC, Kabilpore, Navsari-396424 (Unit 2), Gujarat v
Unit VI,
Plot 422-423, GIDC, Kabilpore, Navsari-396424 (Unit 7), Gujarat v
S. No.
482/15, Dabhel Industrial Estate, Nani Daman (P.O) Daman- 396210 (Unit 5), Gujarat v
Plot 236,
237/C1, GIDC Estate, Kabilpore, Navsari-396424, Gujarat v
Unit VII
Plot No. 49, GIDC Estate, Kabilpore, Navsari, Gujarat |
|
Area : |
200000 sq.ft |
|
Location : |
Owned |
DIRECTORS
|
Name : |
Mr. Pankaj
Ratanlal Bhukhanvala |
|
Designation : |
Managing Director |
|
Address : |
Ratna, Plot No.
13, N. S. Road No. 4, Juhu Vile Parle Scheme, Vile Parle (West), Mumbai – 400
056, Maharashtra |
|
Date of Birth/Age : |
24.05.1942 |
|
Date of Appointment : |
20.10.1999 |
|
|
|
|
Name : |
Mr. Nitish
Madhukant Bhukhanvala |
|
Designation : |
Managing Director |
|
Address : |
Ratna, Plot No.
13, N. S. Road No. 4, Juhu Vile Parle Scheme, Vile Parle (West), Mumbai – 400
056, Maharashtra |
|
Date of Birth/Age : |
06.12.1961 |
|
Date of Appointment : |
20.10.1999 |
|
|
|
|
Name : |
Mr. Cyrus Dinshaw
Driver |
|
Designation : |
Director |
|
Address : |
Flat No. 62,
Lovely Home, Cuffe Parade, Mumbai – 400 005, Maharashtra |
|
Date of Birth/Age : |
14.04.1977 |
|
Date of Appointment : |
22.06.2001 |
|
|
|
|
Name : |
Mr. Manav Saraf |
|
Designation : |
Company Secretary |
|
Address : |
13, New United
House, Manmala Tank Road, Mahim, Mumbai - 400 016, Maharashtra |
|
Date of Appointment : |
10/01/2000 |
|
|
|
|
Name : |
Mr. Niraj Pankaj
Bhukhanvala |
|
Designation : |
Director |
|
Address : |
Ratna, Plot No.
13, N. S. Road No. 4, Juhu Vile Parle Scheme, Vile Parle (West), Mumbai – 400
056, Maharashtra |
|
Date of Birth/Age : |
19.07.1977 |
|
Date of Appointment : |
27.11.2004 |
|
|
|
|
Name : |
Mr. Gaurav Mathur
|
|
Designation : |
Director |
|
Address : |
B – 120,
Sarvodaya Enclave, New Delhi – 110 017 |
|
Date of Appointment : |
21.09.2004 |
KEY EXECUTIVES
|
Name : |
Mr. Sundaram R |
|
Designation : |
Wholr Time
Director / Company Secretary |
|
Address : |
13, New United
House, Manmala Tank Road, Mahim, Mumbai – 400 016, Maharashtra, India. |
|
Date of Birth/Age : |
24.11.1956 |
|
Date of Appointment : |
15.11.1999 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 30.09.2005
|
Names of Shareholders |
|
No. of Shares |
|
Indocean Diamond
Tool Limited |
|
199800 |
|
Indocean Diamond
Tools (Bermuda) Limited |
|
200 |
|
Total |
|
200000 |
AS ON 30.09.2007
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign
Companies, Foreign Financial Institutions, Non-resident Indian or Overseas
corporate bodies or others] |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of
Diamond, CBN wheels, Electroplating Wheels, Diamond Circular Segmented Saws,
Diamond Tools, Diamond Compound, Segments, Diamond Grinding Wheels, Dressers,
Twinner Machines, Accessories and such other industrial diamond tools. |
||||||||
|
|
|
||||||||
|
Products : |
|
||||||||
|
|
|
||||||||
|
Exports : |
|
||||||||
|
Countries : |
U.S.A. and Europe |
||||||||
|
|
|
||||||||
|
Imports : |
|
||||||||
|
Countries : |
European
countries |
||||||||
|
|
|
||||||||
|
Terms : |
|
||||||||
|
Selling : |
Credit (180 days) |
||||||||
|
|
|
||||||||
|
Purchasing : |
Credit (180 days) |
PRODUCTION STATUS
|
Particulars |
Unit |
Installed
Capacity |
|
|
Nos |
|
|
Turbo Wheels |
Nos |
|
|
Segmented Saws |
Nos |
3500000 |
|
Diamond Wheels |
Nos |
|
|
Others |
Nos |
|
|
Diamond Powder and Compound |
kgs |
1000 |
GENERAL
INFORMATION
|
Customers : |
Manufacturers and
End Users |
||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||
|
No. of Employees : |
235 |
||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
Good |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Company Charted
Accountant |
|
Address : |
KPMG House,
Kamala Mills Compound, 448, Senapati Bapat Marg, Lower Parel, Mumbai – 400
013, India |
|
Tel. No.: |
91-22-24913030/
3131/ 24988368 |
|
Fax No.: |
91-22-24913132 |
|
|
|
|
Memberships : |
|
|
|
|
|
Holding Company: |
v
Indocean
Diamond Tools Limited, Mauritius v
Indocean
Diamond Tools (Bermuda) Limited, Bermuda |
|
|
|
|
Associates: |
Bhukhanvala
Diamond Tools Limited Line of
Business: The company is
engaged in manufacturing and marketing of diamond tools and diamond power and compound. ·
Bhukhanvala
Holdings Private Limited (Formerly known as Bhukhanvala Diamonds Tools Limited)
|
|
|
|
|
Subsidiaries: |
·
Planet Diamond
Tools Inc, Geogrgia, USA
|
CAPITAL STRUCTURE
AS ON 30.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
2.000 |
2.000 |
2.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
511.155 |
610.677 |
591.585 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
513.155 |
612.677 |
593.585 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1017.176 |
931.549 |
722.056 |
|
|
2] Unsecured Loans |
84.355 |
89.963 |
74.934 |
|
|
TOTAL BORROWING |
1101.531 |
1021.512 |
796.990 |
|
|
DEFERRED TAX LIABILITIES |
54.863 |
48.565 |
52.460 |
|
|
|
|
|
|
|
|
TOTAL |
1669.549 |
1682.754 |
1443.035 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
711.043 |
623.797 |
627.070 |
|
|
Capital work-in-progress |
5.364 |
1.523 |
5.951 |
|
|
|
|
|
|
|
|
INVESTMENT |
68.314 |
45.473 |
0.824 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
488.556
|
483.683 |
391.718 |
|
|
Sundry Debtors |
443.465
|
421.055 |
547.527 |
|
|
Cash & Bank Balances |
4.937
|
7.281 |
13.009 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
421.208
|
349.575 |
173.356 |
|
Total
Current Assets |
1358.166
|
1261.594 |
1125.610 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
437.191
|
215.769 |
287.742 |
|
|
Provisions |
36.147
|
33.864 |
28.678 |
|
Total
Current Liabilities |
473.338
|
249.633 |
316.420 |
|
|
Net Current Assets |
884.828
|
1011.961 |
809.190 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1669.549 |
1682.754 |
1443.035 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2005 |
|
Sales Turnover [including other income] |
|
|
1427.286 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
|
94.093 |
|
Provision for Taxation |
|
|
61.748 |
|
Profit/(Loss) After Tax |
|
|
32.345 |
|
|
|
|
|
|
Total Expenditure |
|
|
1333.192 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total
Income |
(%) |
NA
|
NA |
2.27
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
6.59
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
NA |
5.35
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
NA |
0.16
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.07
|
2.07 |
1.88
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.87
|
5.05 |
3.56
|
LOCAL AGENCY
FURTHER INFORMATION
BUSINESS:
Bhukhanvala Tools
Private Limited (‘BTCL’ or ‘the company’), formerly known as Bhukhanvala Tools
Limited, was incorporated on 02.09.1999 as a Public Limited Company. Pursuant
to amendment to section 43A by virtue of Companies (Amendment) Act, 2000. The
company is primarily engaged in the business of manufacture and sale of diamond
cutting tools, power tools and core drills. The Company acquired the diamond
tools business of Bhukhanvala Tools Limited (‘BDTL’) as a going concern on a
slump sale basis effective 01.10.1999. Further, on 01.01.2000, BTPL acquired
the lapping machines and compounds business of Hifin Products Private Limited.
GENERAL INFORMATION
Mr. Prakash of the
subject (Tel. No.: 91-22-56936100) informed that Bhukhanvala Tools Private
Limited has taken over all the activities of Bhukhanvala Diamond Tools Limited
and Bhukhanvala Diamond Tools Limited has changed style into Bhukhanvala Holding
Private Limited in this year, only.
Introduction of
Ceramic tiles has generally affected the market for marbles. Strict environment
and pollution control guidelines affected the mining of high quality marbles.
Increase in the price of kerosene affected the granite industry, which uses
kerosene as a coolant. All these factors affected the sale of diamond tool
marble and granite industry, which affected the profit during the year. The
company is in process of developing diamond tools that can be used with water
as a coolant. In addition a new development of diamond tool is in the advance
stage of completion for ceramic tile industry.
The process of
stabilizing the manufacturing of twinner products has taken more time than
originally anticipated. Substantial development cost were incurred in these
stabilization. The new circular saw with twinner concept is in the advance
stage of introduction. Both these factors affected the sales and profits during
the current year.
The company is in trade terms with :-
v
Bharat Forge
v
Pune L & T
v
Tata SSL
v
Railways
v
B.A.R.C.
v
Sandvik Asia
v
HAL Units
v
De Beers
Industrial Diamonds, Ireland
v
Heinrich
Mummenhoff, Germany
v
Umicore,
Belgium
v
Eurotungstene
Pouders, France
v
Martin Miller
AG, Austria
|
Name of the
company |
BHUKHANVALA
TOOLS PRIVATE LIMITED |
|
Presented By |
Mr. R.
Sundaram, C.F.O & Company Secretary of Bhukhanvala Tools Limited |
|
1) Date and
description of instrument creating the change |
Agreement of Hypothecation of goods and Assets executed on 18.03.2003
by Bhukhanvala Tools Private Limited in favour of the IDBI Bank Limited. |
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Term Loan of Rs.
20.000 Millions |
|
3) Short
particular of the property charged. If the property acquired is subject to
charge, date of the acquired of the property should be given |
First charge on
entire fixed assets of the company except immovable properties on pari passu
basis with the existing term loan lenders. The whole of the
movable properties of the company including the movable plant &
machinery, machinery spares, tools and accessories and other movables, both
present and future whether installed or not and whether now lying loose or
incase or which are now lying or stored in or about or shall hereafter from
time to time during the continuance of security of these presents be brought
in to upon or be stored or be in or about all the company factories, premises
and godowns situated at Navsari, Gujarat or wherever else the same may be or
be held by any party to the order or disposition of the borrower or in the
course of transit or on high seas or on order, or delivery, howsoever and
whosesoever in the possession of the borrower and either by way substitution
or addition and all present and future goods, book debts, outstanding money,
receivables as second charge on pari passu basis with other bankers of the
company for term loan facilities. Company including the movable plant &
machinery, machinery spares. Tools and accessories and other movables both
present and future whether installed or not and whether now lying loose or in
case or which now lying or stored or in or about or shall hereafter from time
to time during the continuance of security of these present be brought in to
or upon or be stored or be in or about all the company’s factories, premises
and godowns situated at Navsari, Gujarat shall be subject to the prior
charges created /to be crested in favour of the company bankers on the
company stock. Book debts, and such other movables as may be agreed to by
IDBI for securing the borrowing for working capital requirement as the first
charge in the ordinary course of business and second charge in favour of the
term loan lenders. |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
Interest 11.00%
p.a. payable monthly , Margin 25% The company to
keep the said Goods in marketable and good condition and also insures as
provided there in. Power of entry,
power to take charge and /or possession of seize, recover, receive, appoint
receiver of and remove and /or sale by public auction or private contract.
Despatch for realisation or ptherwise dispose off or deal with all or any
part of the said Goods, etc. as provided therein |
|
5) Name and
Address and description of the person entitled to the charge. |
IDBI Bank Limited Marigold House,
Plot No. a – 34, Cross Road No. 2, Marol MIDC, Andheri (East), Mumbai – 400
093. |
|
6) Date and brief
description of instrument modifying the charge |
No instrument was
executed but the memorandum pf Entry was created on 30.05.2003 for creation
of First Charge by way equitable mortgage by Bhukhanvala Tools Private
Limited in favour of ICICI Bank Limited acting for itself and as agent for
others namely Axis Bank Limited IDBI Bank Limited The bankers for term
facilities on pari passue basis for their respective term loan amount. |
|
7) Particulars of
modifications specifying the terms and conditions or the extent of operations
of the charge in which modification is made and the details of the
modification. |
The facilities
together with all interest front end fees. Liquidated damages, premia on
prepayment or on redemption costs charges and all other monies payable by the company to the lender in respect thereof secured under above mentioned
document is now secured by the Memorandum of entry in respect of the
companies existing properties together with all buildings and other
structures thereon and all plant & machinery attached to the earth or
permanently fastened to anything attached to the earth as security for the due repayment as first
charge on pari passu basis along with the term loan lenders namely. ICICI Bank
Limited Term Loan of Rs. 35.000 Millions and Rs. 50.000 Millions. Corporate
loan of Rs. 50.000 Millions. Axis Bank Limited
For term loan of Rs. 70.000 Millions IDBI Bank Limited
For term loan of Rs. 20.000 Millions Details of
Property: All that piece or
parcel of free hold non agricultural land bearing no. 144 paiki (comprises of
and forming part of old R. S. No. 80/1) of Mouje Sisdora Ganesh ) of Navasari
Taluka in Registration District and sub district Navsari admeasuring 6164.66
sq. Mtrs. Called as Unit. All the piece of
land known as plot No. 53/1 & 53/2 in the Navasari Industrial Estate.
Consisting of revenue survey No. 67/p. with in the village limits of Sisdora
Ganesh.Taluka navsari dist,. Navsari containing by admeasuremnet 2102 sq.
mtrs. Or thereabout together with CIV type shed no. 53/1 & 53/2
constructed thereon . Called as Unit. All the piece of
land known as plot No. C1-236 in the Navasari Industrial Estate. Consting of
revenue survey No. 120/3. with in the village limits of Sisdora Ganesh.Taluka
navsari dist,. Navsari containing by admeasuremnet 758 sq. mtrs. Or
thereabout together with CIV type shed no. 236 constructed thereon Called as
Unit. All the piece of
land known as plot No. 237/1 in the Navasari Industrial Estate. Consting of
revenue survey No. 120/3. with in the village limits of Sisdora Ganesh.Taluka
navsari dist,. Navsari containing by admeasuremnet 768 sq. mtrs.. Or
thereabout together with CIV type shed no. 237/1 constructed thereon Called
as Unit. All the piece of
land known as plot No. 54/1 & 2 in the Navasari Industrial Estate.
Consisting of revenue survey No. 67/p. with in the village limits of Sisdora
Ganesh. Taluka navsari dist,. Navsari containing by admeasuremnet 1890 sq.
mtrs. Or thereabout together with CIV type shed no. 54/1 & 2 constructed
thereon Called as Unit. All those pieces
and parcels of non agricultural Property and land along with factory, land
and building other construction and super structures of about 3500 sq. mtrs.
Or there abouts in survey No. 482/15 admeasuring 768 sq. mtrs. Situate at
village – Dabhel. Nani Daman, Taluka Daman. Registration sub district and
district daman in the Union Teritory of Dadra and nagar Haveli. Called as
Unit No. All the piece and
parcel of lease of land comprised in
plot No. 244 admeasuring 1559 sq. Mtrs. Or thereabouts in the Navasari Industrial Estate.
Consisting of revenue survey No. 81/part. Situated with in the village limits
of Sisdora Ganesh. Taluka navsari dist Valsad in the state of Gujarat. Called
as Unit No. All the piece and
parcel of lease of land comprised in
Plot No. 245 admeasuring 1935 sq. Mtrs. Or thereabouts in the Navasari Industrial Estate.
Consisting of revenue survey No. 80/ part and 81/part. Situated with in the
village limits of Sisdora Ganesh. Taluka navsari dist Valsad in the state of
Gujarat. Called as Unit No. All the piece and
parcel of lease of land comprised in
Plot No. 246 to 251
admeasuring 3261 sq. Mtrs. Or there about in the Navasari Industrial
Estate. Consisting of revenue survey No. 120/3/part. Situated with in the
Village limits of Sisdora Ganesh. Taluka Navsari Dist Valsad in the state of
Gujarat. Called as Unit No. All the piece and
parcel of lease of land comprised in
Plot No. 420 to 423 in the
Industrial Estate. Consting of revenue survey No. 160/P, 161/P. with in the
village limits of Sisdora Ganesh. Taluka navsari dist containing by
admeasurements 12594 sq. mtrs. Called as Unit No. |
|
Name of the
company |
BHUKHANVALA
TOOLS PRIVATE LIMITED |
|
Presented By |
Mr. R.
Sundaram, C.F.O & Company Secretary of Bhukhanvala Tools Limited |
|
1) Date and
description of instrument creating the change |
Agreement of
Hypothecation of current assets and deed of Hypothecation of machinery and
other Fixed Assets both dated 03.08.2002 executed by Bhukhanvala Tools Private Limited in favour of Axis Bank
Limited Both documents creating a single charge. (Registered on 02.09.2002 VIDE
sr. No. 50) |
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Cash Credit Rs.
50.000 Millions Letter of Credit
Rs. 10.000 Millions Total: Rs. 60.000
Millions |
|
3) Short
particular of the property charged. If the property acquired is subject to
charge, date of the acquired of the property should be given |
Hypothecation of
all the stock in trade both present
an future including the raw material, stock in process, cash and belonging of
the company finished goods at factory, warehouse or any other place belonging
to the company or at the disposal and stored or brought in to course of
transit to the company’s possession or occupation or at any other premises or
place and outstanding monies receivable, claims and bills due and owing to
the company in the course of its business by any person, firm, company or
body corporate or by government department or office or any Municipal or
local or public or semi government body or authority or any body corporate or
undertaking or project whatever in the public sector. Hypothecation of
all the movable plant & machinery, furniture & fixtures etc. both
present & future consisting of being movable properties stored or brought
in to or installed at all manufacturing facilities and also plant &
machinery, belonging to or at all disposal of the company stored or brought
in to or upon in the course of transit or awaiting transit by any mode of
transport to the company factory or premises or other places in its
possession or occupation else were. |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
The current
Assets are charged on pari passu first charge basis. The machinery and
other movable fixed assets are charged on pari passu basis second charge
basis. Rate of Interest
and margin as may be specified by the bank time to time. |
|
5) Name and
Address and description of the person entitled to the charge. |
Axis Bank Limited Sir P. M. Road,
Fort, Mumbai - 400 001. |
|
6) Date and brief
description of instrument modifying the charge |
Supplementary
Hypothecation deed was executed on 24.03.2005 for revising total working
capital facilities form Rs. 80.000 Millions to Rs. 110.000 Millions. |
|
7) Particulars of
modifications specifying the terms and conditions or the extent of operations
of the charge in which modification is made and the details of the
modification. |
The facilities
together with all interest front end fees, liquidated damages, premia on
prepayment or on redemption, costs, charges, other terms and conditions, and
all other monies payable by the
company to the lender in respect thereof secured under above mentioned
document will remain unchanged and the total facilities remains enhanced from
Rs. 80.000 Millions to Rs. 110.000 Millions |
|
Name of the
company |
BHUKHANVALA
TOOLS PRIVATE LIMITED |
|
Presented By |
Mr. R. Sundaram,
C.F.O & Company Secretary of Bhukhanvala Tools Limited |
|
1) Date and
description of instrument creating the change |
Deed of Hypothecation dated the 07.01.2003 executed by Bhukhanvala
Tools Private Limited in favour of IDBI Bank Limited (Registered on 02.09.2002
VIDE sr. No. 65) |
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Working Capital
Facilities of Rs. 55.000 Millions |
|
3) Short
particular of the property charged. If the property acquired is subject to
charge, date of the acquired of the property should be given |
The whole of the
movable properties of the company including the movable plant &
machinery, machinery spares, tools and accessories and other movables, both
present and future whether installed or not and whether now lying loose or
incase or which are now lying or stored in or about or shall hereafter from
time to time during the continuance of security of these presents be brought
in to upon or be stored or be in or about all the company factories, premises
and godowns situated at Navsari, Gujarat or wherever else the same may be or
be held by any party to the order or disposition of the borrower or in the
course of transit or on high seas or on order, or delivery, howsoever and
whosesoever in the possession of the borrower and either by way substitution
or addition. |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
In condition of
IDBI having agreed to lend and advance to the company Working Capital
facilities vide Facility Agreement dated 07.01.2003 and declaration by the
company, inter alia, as follows: Covenant by the
company to repay the Facility and pay interest and all other monies in the
manner set out in the Facility Agreement dated 07.01.2003 between the company
and IDBI and to comply wit the terms and conditions of the said Facility
Agreement. The said , the
whole of the movable properties of the company including the movable plant
& machinery, machinery spares, tools and accessories and other movables,
both present and future whether installed or not and whether now lying loose
or incase or which are now lying or stored in or about or shall hereafter
from time to time during the continuance of security of these presents be
brought in to upon or be stored or be in or about all the company factories,
premises and godowns situated at Navsari, Gujarat, shall be subject to the
prior charges created / to be created in favour of the company’s Bankers on
the company’s stocks, book debts and such other movables as may be agreed to
by IDBI for securing the borrowing for working capital requirements in the
ordinary course of business. Interest payable
a per the facility agreement. The company to
keep the said goods in marketable and good condition and also insured as
provided therein. Power of entry,
power to take charge and /or possession of, seize, recover, receive, appoint
receives of and remove and / or sale by public auction or private contract,
dispatch for relisation or otherwise dispose off or deal with all or any part
of the said Goods, etc. as provided therein. |
|
5) Name and
Address and description of the person entitled to the charge. |
IDBI Bank Limited Marigold House,
Plot No. a – 34, Cross Road No. 2, Marol MIDC, Andheri (East), Mumbai – 400
093. |
|
6) Date and brief
description of instrument modifying the charge |
No Instrument was
executed but the supplemental deed of Hypothecation was executed on
31.01.2005 for enhancement of total credit facilities from Rs. 110.000
Millions to Rs. 150.000 Millions. |
|
7) Particulars of
modifications specifying the terms and conditions or the extent of operations
of the charge in which modification is made and the details of the
modification. |
The facilities
together with all interest front end fees, liquidated damages, premia on
prepayment or on redemption, costs, charges, other terms and conditions, and
all other monies payable by the
company to the lender in respect thereof secured under above mentioned
document is now stands enhanced from
Rs. Rs. 110.000 Millions to Rs. 150.000 Millions |
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U29299MH1999PTC121582 |
|
Name of the
company |
BHUKHANVALA TOOLS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
B-28, Veera
Industrial Estate, Veera Desai Road Extension, Off Link Road, Andheri (West),
Mumbai - 400 053, Maharashtra, INDIA |
|
Type of charge |
|
|
Particular of
charge holder |
HDFC Bank Limited
HDFC Bank House
Senapati Bapat Marg, Lower Patel [West], Mumbai – 400013, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
Letter of
hypothecation of Stocks, Book Debts and Plant and Machinery |
|
Date of
instrument Creating the charge |
03.11.2006 |
|
Amount secured by
the charge |
Rs. 40.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest at the
rat as may be communicated by the Bank to company from time to time. At
present 10 % Terms of
Repayment The Term Loan is
Repayable on demand. Period of 2.5 years, memorandum of 6 months. From date
of first drawdown, repayment of quarterly instalment commencing from end of 6
months. Extent and
Operation of the charge First pari passu
charge over movable fixed assets and second pari passu charge over the
current assets and book dents, both present and future. |
|
Short particulars
of the property charged |
Hypothecation by
way of first pari passu charge to the Bank all movable plant and machinery,
present and future located at company premises or in transit and second pari
passu charge on. All stock in trade both present and future of raw materials,
finished goods and goods in process and book debts outstanding monies,
receivables. |
FIXED ASSETS:
- Goodwill
- Technical Know-How
- Leasehold Land
- Factory Building
- Plant and Machinery
- Computers
- Vehicles
- Telephone
- Fax Machine
- Air Conditioner
- Xerox Machine
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 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 |
|
UK Pound |
1 |
Rs.79.78 |
|
Euro |
1 |
Rs.62.60 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
70 |
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 |
|