MIRA
INFORM REPORT
|
Report Date : |
01.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
BANMORE FOAM PRIVATE LIMITED |
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Registered Office : |
105-106, Industrial Area, Banmore, Morena – 476 444, Madhya Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
31.01.1986 |
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Com. Reg. No.: |
003277 |
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CIN No.: [Company
Identification No.] |
U36104MP1986PTC003277 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BPLB00534C |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturers ,Exporters and Suppliers of Home Furnishing Foams, Commercial
Foams, Industrial Foams, Foams Mattress etc. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 89630 |
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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 meeting its normal
commitments timeously. Trade relations are fair. Business is active. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
|
Name : |
Mr. Amit Mittal |
|
Designation : |
Manager |
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Date : |
25.07.2008 |
LOCATIONS
|
Registered Office : |
105-106, Industrial Area, Banmore, Morena – 476 444, Madhya Pradesh,
India. |
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Tel. No.: |
91-7532-325999 |
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Mobile No.: |
91-9425115651/ 9329780877 |
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E-Mail : |
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Website : |
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Area : |
2 Acres |
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Location : |
Leased |
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DIRECTORS
|
Name : |
Mr. Atul Jain |
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Designation : |
Director |
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Address : |
246, Sector 15-A, Noida – 201 301, Uttar Pradesh, India. |
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Date of Birth/Age : |
01.01.1957 |
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Qualification : |
B.E |
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Date of Appointment : |
31.01.1986 |
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Name : |
Mr. Yogesh.C. Mittal |
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Designation : |
Director |
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Address : |
7, Anupam Nagar, Univercity Road, Gwalior – 474 011, Madhya Pradesh,
India. |
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Date of Birth/Age : |
16.12.1939 |
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Qualification : |
Pharmacy |
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Date of Appointment : |
31.01.1986 |
KEY EXECUTIVES
|
Name : |
Mr. Pramod Jain |
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Designation : |
Company Secretary |
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Address : |
A-11, Parvati Nivas, Ground Floor, Vivek Vihar Colony, Gwalior – 474
009, Madhya Pradesh, India. |
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Tel. No. : |
91-751-2323873 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Y.C. Mittal |
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2140 |
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Mr. Atul Jain |
|
1000 |
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Atul Jain and Sons, HUF |
|
500 |
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Mr. K.C. Jain |
|
2000 |
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K.C. Jain and Sons, HUF |
|
300 |
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Ms. Madhu Jain |
|
500 |
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Ms. Anju Jain |
|
600 |
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Mr. Sharat Jain |
|
1300 |
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Mr. Satya Jain |
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1300 |
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Mr. Dhruva Jain |
|
500 |
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Mr. Karan Kumar Jain |
|
900 |
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Mr. Vinayak Jain |
|
1300 |
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Ms. Sonal jain |
|
600 |
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Mr. A. P. Jain |
|
1595 |
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Mr. Amit Jain |
|
765 |
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Ms. Alka Amit Jain |
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300 |
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Ms. Saraswati Devi Jain |
|
940 |
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Mr. Nitin Jain |
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1500 |
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Ms. Anjali Jain |
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500 |
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Mr. Prem Prakash |
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3300 |
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Mr. Pradeep Jain |
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7600 |
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Ms. Sudarsha Jain |
|
1600 |
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Mr. Anil Jain |
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1600 |
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Mr. Amit Mittal |
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800 |
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Shri Jai Jagdamba PLS India Private Limited |
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4000 |
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Others/ Relatives of Directors |
|
2560 |
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Equity Share
Break-up (As on 28.09.2007) |
|
Percentage
of Holding |
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Directors or Relatives Of Directors |
|
100 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers ,Exporters and Suppliers of Home Furnishing Foams,
Commercial Foams, Industrial Foams, Foams Mattress etc. |
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Products : |
· Furnishing Foam
Products · Commercial Foam · Industrial Foam · Foam Sofa · Foam Beds · Foam Pillows · Foam Bolsters · Foam Sofa Seats · Bed Foam
Mattresses · Foam Back
Cushions · Foam Baby
Bathing Cushions · Mattress Covers |
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Imports : |
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Products : |
Raw Materials, Chemical |
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Countries : |
Singapore, Japan, America, Korea, Taiwan, Switzerland, Europe, Germany |
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Terms : |
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Selling : |
Cash and Credit 30 days |
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Purchasing : |
L/C, Cash and Credit 30 days |
GENERAL
INFORMATION
|
Suppliers : |
· Dhampur Polymers
Private Limited · Chemie Products
Private Limited · Overseas
Polymers · TDI Marketing
Private Limited |
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Customers : |
· Shri Jai
Jagdamba PLS India Private Limited · Bharat Foam
Udyog Private Limited · Aspiaf Textile
Lamitronics Private Limited · Gee Arr Lamocoat
Private Limited · RNG Packagings
Private Limited · Sara Trans
Engineering Exports Private Limited · Nikhil Laminates
Private Limited |
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No. of Employees : |
22 (In office) |
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Bankers : |
· State Bank of
India Commercial Branch City Centre, Gwalior – 474 002, Madhya Pradesh, India. · ICICI Bank
Limited |
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Facilities : |
CC Limit |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Jain Sanjay and Associates Chartered Accountants |
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Address : |
Udaygiri, Jayendraganj, Gwalior – 474 009, Madhya Pradesh, India. |
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Tel. No.: |
91-751-4014100 |
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Associates/Subsidiaries : |
Jai Jagdamba
Plastics Industries Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.100/- Each |
Rs.10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.100/-
Each |
Rs.5.000
Millions |
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|
|
|
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
5.000 |
4.000 |
3.600 |
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|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
12.926 |
12.286 |
11.857 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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|
NETWORTH |
17.926 |
16.286 |
15.457 |
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|
LOAN FUNDS |
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|
1] Secured Loans |
24.482 |
24.534 |
21.332 |
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2] Unsecured Loans |
8.723 |
7.828 |
8.990 |
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TOTAL BORROWING |
33.205 |
32.362 |
30.322 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
51.131 |
48.648 |
45.779 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.238 |
3.024 |
2.607 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.999 |
1.000 |
0.999 |
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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 |
29.090
|
25.927 |
20.688 |
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Sundry Debtors |
29.760
|
26.912 |
24.893 |
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|
Cash & Bank Balances |
6.456
|
4.588 |
3.741 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
5.155
|
4.535 |
2.845 |
|
Total
Current Assets |
70.461
|
61.962 |
52.167 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Current Liabilities |
24.555
|
17.338 |
9.994 |
|
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Provisions |
0.012
|
0.000 |
0.000 |
|
Total
Current Liabilities |
24.567
|
17.338 |
9.994 |
|
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Net Current Assets |
45.894
|
44.624 |
42.173 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
51.131 |
48.648 |
45.779 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
120.903 |
103.969 |
98.071 |
|
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Other Income |
0.000 |
0.132 |
0.289 |
|
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Total Income |
120.903 |
104.101 |
98.360 |
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Profit/(Loss) Before Tax |
0.640 |
0.676 |
0.900 |
|
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Provision for Taxation |
-- |
0.247 |
0.544 |
|
|
Profit/(Loss) After Tax |
0.640 |
0.429 |
0.356 |
|
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Expenditures : |
|
|
|
|
|
|
Increase/(Decrease) in Finished Goods |
0.000 |
(5.519) |
(1.618) |
|
|
Depreciation & Amortization |
0.000 |
0.454 |
0.629 |
|
|
Other Expenditure |
120.263 |
108.490 |
98.449 |
|
Total Expenditure |
120.263 |
103.425 |
97.460 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
0.53
|
0.41 |
0.36 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
0.53
|
0.65 |
0.92 |
|
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.86
|
1.04 |
1.64 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.04 |
0.06 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
3.22
|
3.05 |
2.61 |
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Current Ratio (Current Asset/Current Liability) |
|
2.87
|
3.57 |
5.22 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8
|
Name of the company |
BANMORE FOAM PRIVATE LIMITED |
|
Presented By |
Mr. Y.C. Mittal |
|
1) Date and description of instrument creating the change |
General agreement
for the grant of small industrial advances and Hypothecation of movables,
Book debts and other assets (working capital finance) dated 25.09.2001 Agrement for the
grant of small industrial advances ancillary agreement no.1,2,3,4 and 6 dated
25.09.2001 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.34.000
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
Plant and Machinery and all Movable Assets Hypothecation of
Stock of Raw material, Stock in process, Finished Goods, Stores and Spares,
Book debts and all other Current assets. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Limit As
Under: Rs. (In
Million) Cash Credit 16.500 Cash Credit
(SME) 2.500 Letter of
Credit 15.000 TOTAL 34.000 Margin: Raw Material 25% Stock in
Process
25% Finished
Goods
25% Packing
Material
50% Book Debts 40% Consumable
Stores/ Spares 100% Letter of
Credit
25% Interest shall be
charged by the Bank at the rate of 2.25% over the State Bank of India Advance
Rate with a minimum of 13.75% |
|
5) Name and Address and description of the person entitled to the charge. |
State Bank of
India, Commercial Branch (Erstwhile
Industrial Finance Branch) Jiwaji Chowck,
Gwalior. |
|
6) Date and brief description of instrument modifying the charge |
Supplemental
General Agreement and Ancilliary Agreements No.1,2,3,4 and 6 dated 30.05.2003 Deposit of Title
Deed dated 30.05.2003 |
|
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 overall limit
of Rs.34.000 millions payable by Banmore Foam Private Limited to State bank
of India in terms of the said Loan Agreement dated 25.09.200, being the
original charge is now modified to secure the enhanced limit of Rs.35.000
millions as per the details, terms and conditions of the instruments shown in
paragraph no. 6 above. The enhanced limit of Rs.35.000 millions have been
secured by the extension of equitable mortgage of the fixed assets of the
company created on 08.10.2001 by constructive delivery of title deeds on
30.06.2003 |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified
|
90208919 |
|
Corporate identity
number of the company |
U36104MP1986PTC003277 |
|
Name of the
company |
BANMORE FOAM PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
105-106, Industrial Area, Banmore, Morena – 476 444, Madhya Pradesh,
India. |
|
Type of charge |
Immovable
Property Movable Property |
|
Particular of
charge holder |
State Bank of India Commercial Branch City Centre, Gwalior – 474 002, Madhya Pradesh, India. E-Mail: sbi.08534@sbi.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
|
|
Date of
instrument Creating the charge |
04.07.2007 |
|
Amount secured by
the charge |
Rs.55.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
Interest at 20% above State Bank Advance Rate (SBAR) with a minimum of 14.75%
p.a. applied. Terms of
Repayment: Others terms and conditions are as per agreement. Margin: Raw
Material and Finished Goods – 25% Consumables – 40% Stock in Process – 30% Book Debts – 40%’ Letter of Credit – 15% Extent and
Operation of the charge: As per the Agreement Others: Corporate
guarantee of Jai Jagdamba Plastics Industries Private Limited-an associates
company. |
|
Short particulars
of the property charged |
|
|
Date of latest
modification prior to the present modification |
26.09.2005 |
|
Particulars of
the present modification |
Limits enhanced
from Rs.45.000 millions to Rs.55.000 millions detailed below: Cash Credit –
Rs.25.000 millions Letter of Credit
– Rs.30.000 millions |
TRUSTSEAL ACCEPTANCE CHART:
|
Parameters |
Detail |
|
Existence
Verification |
|
|
Name |
BANMORE FOAM PRIVATE LIMITED |
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|
Statutory
Approvals |
|
|
Name Of the Bank |
State Bank of India |
TRADE REFERENCES:
· Smita Sales – Delhi
· D D Enterprises – Bhopal
· Lakhani India Limited – Faridabad
WEBSITE DETAILS:
Profile:
Subject, a sterling organization is one of the
leading manufacturers, exporters and wholesale suppliers of all types of high
quality foams from India. Their gamut includes: foam mattress, foam sofa seats,
foam beds, foam home furnishings, industrial foams, commercial foams, PU foam
sheets, PU foam rolls, Memory Foam, Flame Retardent (FR) foam etc.
Available in a variety of colours, patterns and
makes, their products display a mélange of creative and engineering skills of
their adept workforce. Their products are manufactured in a unique, proprietary
process to ensure that the uniformity and consistency of the physical
properties (of their products) are maintained. High quality raw materials are
used and each step of the manufacturing process is carefully monitored. Their
proficient team constantly engages in research to offer innovative products
that can set a benchmark with their exemplary features. They have built their
reputation around expedite order delivery, ability to customize and world class
service.
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.42.49 |
|
UK Pound |
1 |
Rs.84.21 |
|
Euro |
1 |
Rs.66.33 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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 |
|