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MIRA
INFORM REPORT
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Report Date : |
18.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
BHARAT INSULATION COMPANY (INDIA) LIMITED |
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Registered Office : |
B-32, Wagle Industrial Estate, Road No. 18, Thane – 400 604,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
31.12.1971 |
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Com. Reg. No.: |
11-15518 |
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CIN No.: [Company
Identification No.] |
U31300MH1971PLC015518 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEB02842A |
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PAN No.: [Permanent
Account No.] |
AAACJ1709J |
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Legal Form : |
A closely held public limited liability company. |
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Line of Business : |
Manufacturer of Electrical Household and Other Goods, Components. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 1000000 |
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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 and reputed company having satisfactory
track. Trade relations are fair. Business is active. Payments are reported as
usually correct and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. It can be regarded as a promising business partner in a medium to
long-run. |
LOCATIONS
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Registered Office / Factory : |
B-32, Wagle Industrial Estate, Road No. 18, Thane – 400 604,
Maharashtra, India |
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Tel. No.: |
91-22-5823911 / 12, 5812789 |
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Mobile No.: |
91-9821151838 / 9821127361 |
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Fax No.: |
91-22-5823913 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Vinod D Mehta |
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Designation : |
Chairman |
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Address : |
11, Mount Eminance, 5th Floor, N Gamadia Cross Road, Mumbai
– 400 026, Maharashtra, India |
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Date of Birth/Age : |
03.01.1944 |
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Date of Appointment : |
13.12.2006 |
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Name : |
Mr. Dhiren D Mehta |
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Designation : |
Managing Director |
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Address : |
Kanchan’ Ashoknagar, Co.Op. Housing Society Limited, N S Road, No. 10,
JVPD Scheme, Mumbai – 400 049, Maharashtra, India |
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Date of Birth/Age : |
27.09.1960 |
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Date of Appointment : |
25.09.1981 |
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Name : |
Mr. Rajeev D Suri |
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Designation : |
Director |
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Address : |
802, Joama II, Pali Road, Bandra, Mumbai – 400 050, Maharashtra, India |
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Date of Birth/Age : |
24.09.1957 |
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Date of Appointment : |
11.03.1996 |
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Name : |
Mr. Sarosh S Irani |
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Designation : |
Director |
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Address : |
A-12/A, Ness Baug, Nana Chowk, Mumbai – 400 007, Maharashtra, India |
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Date of Birth/Age : |
26.11.1960 |
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Date of Appointment : |
18.03.1996 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 01.09.2005)
|
Names of Shareholders |
No. of Shares |
|
Kanchanlaxmi D Mehta |
346850 |
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Kanchanlaxmi D Mehta |
346850 |
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Kanchanlaxmi D Mehta |
503150 |
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Kanchanlaxmi D Mehta |
503150 |
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Vinod Dulerai Mehta |
849900 |
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Dhiren D Mehta |
849890 |
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Madhu D Mehta |
100 |
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Parul V Mehta |
90 |
|
Mulund Properties Developers Private Limited |
10 |
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Dhiren D Mehta (HUF) |
10 |
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Total |
3400000 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
|
Category |
Percentage |
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Directors or relatives of Director |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Electrical Household and Other Goods, Components. |
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Products : |
·
Enamelled Copper Wires ·
PVC Insulated Copper Cables ·
PVC Insulated Copper Wires ·
Copper Conductors ·
Copper Anodes & Impregnating Varnish ·
Electric Wires ·
Automobile Harness Cables ·
Bare Conductors ·
Bunched Copper/Stranded Copper Conductors ·
XLPE Insulated Single Core Cables
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Exports : |
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Products : |
·
Copper wire ·
Cables ·
Copper Nuggets ·
Insulating Varnish ·
Catalyst |
GENERAL
INFORMATION
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Bankers : |
The Saraswat Co-op Bank Limited Fort Branch, Fort, Mumbai – 400 001, Maharashtra, India |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Chaturvedi and Shah Chartered Accountants |
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Address : |
Tulsiani Chambers, Ground Floor, 212, Nariman Point, Mumbai – 400 021,
Maharashtra, India |
CAPITAL STRUCTURE
(As on 30.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4000000 |
Equity Shares |
Rs.10/- each |
Rs.40.000 millions |
|
1000000 |
Preference Shares |
Rs.10/- each |
Rs.10.000 millions |
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Total |
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Rs.50.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3400000 |
Equity Shares |
Rs.10/- each |
Rs.34.000
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
34.000 |
34.000 |
34.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
169.187 |
157.343 |
145.216 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
203.187 |
191.343 |
179.216 |
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LOAN FUNDS |
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1] Secured Loans |
189.803 |
67.717 |
51.731 |
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2] Unsecured Loans |
59.600 |
55.294 |
42.398 |
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TOTAL BORROWING |
249.403 |
123.011 |
94.129 |
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DEFERRED TAX LIABILITIES |
2.781 |
1.735 |
0.000 |
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TOTAL |
455.371 |
316.089 |
273.345 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
159.582 |
158.255 |
164.412 |
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Capital work-in-progress |
148.579 |
11.767 |
0.000 |
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INVESTMENT |
2.554 |
2.554 |
0.741 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.274 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
115.874
|
87.925 |
79.152 |
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Sundry Debtors |
302.820
|
226.934 |
112.955 |
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Cash & Bank Balances |
55.309
|
48.744 |
20.915 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
86.383
|
33.911 |
10.808 |
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Total
Current Assets |
560.386
|
397.514 |
223.830 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
393.172
|
242.062 |
109.335 |
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Provisions |
22.558
|
11.939 |
6.577 |
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Total
Current Liabilities |
415.730
|
254.001 |
115.912 |
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Net Current Assets |
144.656
|
143.513 |
107.918 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
455.371 |
316.089 |
273.345 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
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Sales Turnover |
2176.124 |
1293.184 |
929.445 |
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Other Income |
11.504 |
15.512 |
12.766 |
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Total Income |
2187.628 |
1308.696 |
942.211 |
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Profit/(Loss) Before Tax |
27.118 |
23.567 |
27.228 |
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Provision for Taxation |
(12.405) |
(8.309) |
11.785 |
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Profit/(Loss) After Tax |
39.523 |
31.876 |
15.443 |
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Earnings in Foreign Currency : |
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Sale of goods manufactured |
5.267 |
0.207 |
0.731 |
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Sale of goods traded |
0.056 |
0.000 |
0.000 |
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Total Earnings |
5.323 |
0.207 |
0.731 |
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Expenditures : |
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Raw Material Consumed |
1660.342 |
945.951 |
661.506 |
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Purchases made for re-sale |
0.035 |
11.609 |
0.492 |
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Consumption of stores and spares parts |
8.233 |
5.351 |
4.926 |
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Increase/(Decrease) in Finished Goods |
(9.569) |
(6.722) |
(8.487) |
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Salaries, Wages, Bonus, etc. |
15.957 |
15.382 |
14.325 |
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Managerial Remuneration |
1.728 |
0.000 |
0.000 |
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Payment to Auditors |
0.491 |
0.180 |
0.175 |
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Interest |
61.211 |
28.906 |
22.674 |
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Insurance Expenses |
1.118 |
0.740 |
0.706 |
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Power & Fuel |
39.774 |
31.218 |
27.686 |
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Depreciation & Amortization |
9.588 |
11.233 |
11.844 |
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Other Expenditure |
371.602 |
241.281 |
179.136 |
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Total Expenditure |
2160.510 |
1285.129 |
914.983 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
1.81
|
2.44 |
1.64 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.25
|
1.82 |
2.93 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.77
|
4.24 |
7.01 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.12 |
0.15 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.27
|
1.97 |
1.17 |
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Current Ratio (Current Asset/Current Liability) |
|
1.35
|
1.57 |
1.93 |
LOCAL AGENCY
FURTHER INFORMATION
Form No. 8
|
Corporate
identity number of the company |
U31300MH1971PLC015518 |
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Name of the
company |
BHARAT INSULATION COMPANY (INDIA) LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
B-32, Wagle Industrial Estate, Road No. 18, Thane – 400 604,
Maharashtra, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable
property |
|
Particular of
charge holder |
The Saraswat Co-op Bank Limited Fort Branch, Fort, Mumbai – 400 001, Maharashtra, India |
|
Nature of
instrument creating charge |
Supplementary
Recording Letter Evidencing Deposit of Title Deeds |
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Date of
instrument Creating the charge |
10.02.2007 |
|
Amount secured by
the charge |
Rs.75.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
Interest @13% p.a. or at such rate as may be determined by the bank from time
to time ·
Terms of
repayment As may be determined by the bank from time to time ·
Margin Margin : 25% ·
Extent and
operation of the charge This is term loan facility |
|
Particulars of
the property charged |
Mortgage by deposit
of title deed property being land lying being and situated at 23A Shah
Industrial Estate, Veera Desai Road, Andheri (W) Mumbai 58 belonging to the
company. |
|
Particulars of
the present modification |
Original charge
is dated 06.01.2007 for Rs.30.000 millions. Now additional term loan facility
of Rs.4.500 millions granted making total facility to Rs.75.000 millions. |
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.42.82 |
|
UK Pound |
1 |
Rs.80.01 |
|
Euro |
1 |
Rs.63.83 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
68 |
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 |
|