%20PRIVATE%20LIMITED%20-%2067726%2012-Dec-2008_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
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Report Date : |
12.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
BIPICO INDUSTRIES (TOOLS) PRIVATE LIMITED |
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Registered Office : |
4/D, 2 Kakad House, 4th Floor, 11 Sir V Thackersey Road,
Mumbai – 400020, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
18.02.1972 |
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Com. Reg. No.: |
11-15621 |
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CIN No.: [Company
Identification No.] |
U29220MH1972PTC015621 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Cutting Tools |
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 200000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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. No
complaints have been heard. The company can be considered good for normal business dealings. Mr. Kanubhai Patel, the founder director of the company decreased in
the recent terrorist stack in Mumbai city. |
INFORMATION PARTED
BY
|
Name : |
Mr. Madan Sangeeta Naik |
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Designation : |
Accountant |
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Date : |
11.12.2008 |
LOCATIONS
|
Registered Office : |
4/D, 2 Kakad House, 4th Floor, 11 Sir V Thackersey Road,
Mumbai – 400020, Maharashtra, India |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Corporate Office : |
506/A, Loyus House, 5th Floor, 11 Sir V Thackersey Road,
Mumbai – 400020, Maharashtra, India |
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Tel No.: |
91-22-22003881/ 22000747 |
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Fax No.: |
91-22-22001631 |
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Email : |
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Location : |
Owned |
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Factory : |
P O Box No. 36, Billimora, Chikli Road, Nadarkha, Millimora – 396321,
India |
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Tel. No.: |
91-2634-284630/ 284629 |
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Fax No.: |
91-2634-283256 |
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Email : |
info@bipicoexp.com (For
General Information) sales@bipicoexp.com (For
Domestic Enquiry) exports@bipicoexp.com (For
Exports Enquiry) |
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Location : |
Owned |
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Branch office : |
Block No.2 and 22, Mahalaxmi Heights, Ground Floor, Morwadi, Pune -
411018, Maharashtra, India |
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Tel. No.: |
91-20-27463709/ 711 |
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Fax No.: |
91-20-27463710 |
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Email : |
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Associates German Office : |
Bipico Sägen & Werkzeug GmbH Salemstr.
8-10 42853 Remscheid |
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Tel. No.: |
49 -0 -2191 8422410 |
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Fax No.: |
49 -0 -2191 8422414 |
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Email : |
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Website : |
http://www.bipico.de |
DIRECTORS
|
Name : |
Mr. Kanubhai Patel |
|
Designation : |
Chairman cum Managing Director |
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Address : |
52-B, Embassy Apartment, 46 Nepean SEA Road, Mumbai – 400006,
Maharashtra, India |
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Date of Birth/Age : |
08.01.1936 |
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Date of Appointment : |
10.03.1972 |
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Name : |
Mr. Pramit Patel |
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Designation : |
Managing Director |
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Address : |
52-B, Embassy Apartment, 46 Nepean SEA Road, Mumbai – 400006,
Maharashtra, India |
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Date of Birth/Age : |
26.08.1968 |
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Date of Appointment : |
12.06.1992 |
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|
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Name : |
Mrs. Kinnaryben Pramit Patel |
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Designation : |
Director |
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Address : |
52-B, Embassy Apartment, 46 Nepean SEA Road, Mumbai – 400006,
Maharashtra, India |
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Date of Birth/Age : |
06.11.1967 |
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Date of Appointment : |
08.09.2003 |
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Name : |
Mrs. Purinmaben K. Patel |
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Designation : |
Director |
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Address : |
52-B, Embassy Apartment, 46 Nepean SEA Road, Mumbai – 400006,
Maharashtra, India |
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Date of Birth/Age : |
14.04.1938 |
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Date of Appointment : |
01.06.1994 |
KEY EXECUTIVES
|
Name : |
Mr. Madan Sangeeta Naik |
|
Designation : |
Accountant |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2008)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Kanubhai Patel |
|
3450 |
|
Kanubhai Patel -HUF |
|
1800 |
|
Purinmaben K. Patel |
|
800 |
|
Eclipse Tools Limited |
|
7450 |
|
Pramit Patel |
|
2590 |
|
Tushar Patel |
|
2990 |
|
Kanubhai Patel -HUF |
|
1650 |
|
Purnima Patel |
|
3640 |
|
Kinnaru Patel |
|
500 |
|
Pramit Patel HUF |
|
10 |
|
Meha Patel |
|
10 |
|
Mihir Patel |
|
10 |
|
|
|
|
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Total |
|
24900 |
(As on 30.09.2008)
|
Category |
|
Percentage
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Foreign Holding (FIIs, FCs, FFIs, NRIs, OCB or Others) |
|
30.00 |
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Directors or relatives of directors |
|
70.00 |
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|
|
|
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Cutting Tools |
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Exports : |
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Countries : |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
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Terms : |
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Selling : |
Credit (30 days) |
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Purchasing : |
L/C and Cash |
GENERAL
INFORMATION
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Customers : |
Distributors
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No. of Employees : |
200 (Contract Workers – 125) |
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Bankers : |
Fort Branch, Mumbai, Maharashtra, India
Billimora, Jahawar Road, Bilimora – 396321, Gujarat, India |
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Facilities : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Dalal and Shah Chartered Accountant |
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Address : |
The Regency, Office No.11, 1st Floor, National Library Road,
Bandra West, Mumbai – 400050, Maharashtra, India |
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|
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Associates/Subsidiaries : |
Bipico Exports 4/D, 2 Kakad House, 4th Floor, 11 Sir V Thackersey Road,
Mumbai – 400020, Maharashtra, India (Manufacturing of Cutting Tools) |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000 |
Equity Shares |
Rs.100/- each |
Rs.2.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
24950 |
Equity Shares |
Rs.100/- each |
Rs.2.495 Millions |
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|
|
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|
Note:
Out of the above shares in the subscribed
Equity Capital, 6780 Equity Shares of Rs.100/- each, Issued to the Foreign Collaborators
against supply of Machineries without payment being received in cash.
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
2.495 |
2.495 |
2.495 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
30.699 |
28.115 |
26.945 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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|
NETWORTH |
33.194 |
30.610 |
29.440 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
43.978 |
9.232 |
6.205 |
|
|
2] Unsecured Loans |
236.230 |
205.897 |
168.059 |
|
|
TOTAL BORROWING |
280.208 |
215.129 |
174.264 |
|
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DEFERRED TAX LIABILITIES |
10.322 |
9.262 |
8.218 |
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|
|
|
|
|
|
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TOTAL |
323.724 |
255.001 |
211.922 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
114.735 |
89.535 |
76.608 |
|
|
Capital work-in-progress |
6.061 |
1.977 |
0.858 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
161.007
|
139.266 |
119.392 |
|
|
Sundry Debtors |
58.091
|
40.992 |
36.591 |
|
|
Cash & Bank Balances |
2.778
|
6.387 |
6.529 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
17.119
|
11.475 |
11.817 |
|
Total
Current Assets |
238.995
|
198.120 |
174.329 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
23.423
|
20.672 |
23.765 |
|
|
Provisions |
12.644
|
13.959 |
16.108 |
|
Total
Current Liabilities |
36.067
|
34.631 |
39.873 |
|
|
Net Current Assets |
202.928
|
163.489 |
134.456 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
323.724 |
255.001 |
211.922 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
216.634 |
196.647 |
|
|
Other Income |
|
1.805 |
2.182 |
|
|
Total Income |
|
218.439 |
198.829 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
4.219 |
7.467 |
|
|
Provision for Taxation |
|
2.324 |
3.936 |
|
|
Profit/(Loss) After Tax |
|
1.895 |
3.531 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Interest |
|
27.501 |
23.360 |
|
|
Depreciation & Amortization |
|
12.011 |
10.626 |
|
|
Other Expenditure |
|
174.708 |
157.376 |
|
Total Expenditure |
|
214.220 |
191.362 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
NA
|
0.87 |
1.78 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
1.95 |
3.80 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
1.47 |
2.98 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.14 |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
9.53
|
8.16 |
2.72 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
6.63
|
5.72 |
4.37 |
LOCAL AGENCY
FURTHER INFORMATION
TRADE REFERENCE:
- Reliance
Industries
- Western Railways
- Central
Railways
FIXED ASSETS:
- Land Freehold
- Land Leasehold
- Building
- Plant and Machinery
- Office Equipment
- Electrical Installations
- Borewell
- Furniture Fixture Equipment
- Vehicles
WEBSITE DETAILS:
PROFILE:
Subject an ISO
9001:2000 company, is proud of its 34 years history. Established in November -
1974 as a Hacksaw Blade manufacturing company, subject has grown into a major cutting tools manufacturer and exporter with a
strong brand image in India and in International market. But above all, subject is the end product of one
man's determination, and devoted endeavor to achieve his long cherished goals.
%20PRIVATE%20LIMITED%20-%2067726%2012-Dec-2008_files/image004.gif){kind=small}
%20PRIVATE%20LIMITED%20-%2067726%2012-Dec-2008_files/image005.gif){kind=small}
Kanubhai Patel was only sixteen years old when, in 1952,
owing to irreversible circumstances, he picked up the reins of the family
timber business. Under the able and exacting guidance of his uncle, young
Kanubhai was exposed to an arduous apprenticeship. Soon he became a familiar
figure at timber auctions in South Gujarat. There was something else in store.
As a Visionary, Kanubhai and his Family decided to widen their Business
Horizons. Kanubhai began exporting quinine to the former Soviet Union, as
export of commodities to the USSR as picking up in the early sixties.
The mid-sixties witnessed a significant metamorphosis of industries in the
sub-continent. Grasping this opportunity to achieve his goal, Kanubhai began
marketing imported Hacksaw blades.
In 1972, Subject was registered in Bombay, In February 1974, machinery arrived
at Bilimora. In a short span of just four months, the plant began functioning.
MILESTONES
IN A NUTSHELL
%20PRIVATE%20LIMITED%20-%2067726%2012-Dec-2008_files/image006.gif){kind=small}
Evolution of company: Hacksaw Blades to Bimetal Bandsaw
Blades, - and diverse Cutting Tools in between.
During its journey of 34 long years, company team has
established several milestones, a result of constant product innovation and
quest for quality excellence.
%20PRIVATE%20LIMITED%20-%2067726%2012-Dec-2008_files/image007.gif){kind=small}
Date of Establishment: 26th November 1974
Awards: IV Europe International Award 1990 Paris.? XX
International Golden Award for the Best Trade Name 1995 - Madrid. ISO
9001-2000: Certificate Accredited By World Famous Tuv Nord Gmbh
With a core - competence in saw blades manufacturing,
company has successfully introduced bimetal hacksaw blades, and bimetal jigsaw
blades - both "first" in the Indian market, and already enjoying
significant acceptance in USA, Canada, and Europe.
Compnay is the 1st Indian Manufacturer to Introduce Bimetal Bandsaw
manufacturing in India. The first Indian manufacturing of bimetal bandsaw
blades are now being introduced in our market. This introduction was preceded
by a preliminary marketing of Bimetal Bandsaw Blades from imported coils;
providing an integrated customer service as well as - customer education and
support, with in-house welding service, enabling reuse of broken Bandsaw
Blades.
FACILITIES:
From one product - the simple Hacksaw Blade, manufactured in
one production area, today the company
range comprises seven different product groups, manufactured in five separate
production areas. The plant is manned by a group of dedicated and
competent Professional supported by skilled workers. Kanubhai is not one to
rest on his laurels. Ably assisted for the past seventeen years by his dynamic
son Pramit (currently Managing Director of the company), Kanubhai is keen to
extend his operations to related areas. Kanubhai and Pramit maintain frequent
contact with company export
clientele. They are regular visitors and exhibitors to the International
Industrial fairs, and seminars/meetings held in Europe, USA, and other parts of
the world. Moreover they have started associated company in Germany for prompt
sales and services in Europe.
BIPICO TODAY HAS:
- Seven Product Groups.
- A total factory space of 60,000 sq. ft. with some of the most
modern equipments.
- A dedicated Team of engineering and skilled staff committed to the
company motto of total quality.
- A network of 250 dealers spread across the country.
- Service Engineers and Sales Personnel providing adequate customer
service at all important industrial centers in the country.
- Company products exported to several countries
around the globe.
- The certification of ISO 9001:2000, signifying
adherence to recognized international standards.
SOCIAL AND EMPLOYEE WELFARE:
Subject
employees enjoy excellent working environment and facilities. In addition, in
1994, Kanubhai created a Trust Fund, the interests from which are distributed
to employees who complete 15 years of service. Subject is also intimately and actively connected with
several welfare measures in the township of Bilimora in the field of education,
health and family welfare.
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.48.52 |
|
UK Pound |
1 |
Rs.72.62 |
|
Euro |
1 |
Rs.63.76 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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 |
|