MIRA
INFORM REPORT
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Report Date : |
16.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
BM AGRO INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
204, M. M. House, 59, Rani Jhansi Road, New Delhi – 110055 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
17.08.1992 |
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Com. Reg. No.: |
55-49988 |
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CIN No.: [Company
Identification No.] |
U74899DL1992PTC049988 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELB02966F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
To carry on the business of manufacturers, processors, dealers,
importers, exporters, merchants, stockists, buyers, agents, brokers and commission
agents of all kinds of cotton, kapas, yarns, cotton, waste, absorbent cotton,
cotton wool and other fibrous material and to deal in its raw materials and
semi finished goods of every description.
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RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 150000 |
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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 having satisfactory
track records. Directors are reported as experienced and respectable businessmen.
Trade relations are fair. Business is active. Payments are reported as
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office / Factory : |
204, M. M. House, 59, Rani Jhansi Road, New Delhi – 110055, India |
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Tel No. : |
91-11-23964799 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Hari Kishan Rathi |
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Designation : |
Director |
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Address : |
C – 16, Bali Nagar, New Delhi |
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Date of Birth/Age : |
04.06.1934 |
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Date of Appointment : |
17.08.1992 |
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Name : |
Mr. Rajnish Rathi |
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Designation : |
Director |
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Address : |
R – 178, 1st Floor, New Rajinder Nagar, New Delhi |
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Date of Birth/Age : |
01.12.1963 |
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Date of Appointment : |
22.09.1992 |
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Name : |
Mr. Naresh Rathi |
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Designation : |
Director |
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Address : |
C – 16, Bali Nagar, New Delhi |
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Date of Birth/Age : |
18.10.1966 |
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Date of Appointment : |
22.09.1992 |
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Name : |
Mr. Rakesh Rathi |
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Designation : |
Director |
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Address : |
R – 178, 1st Floor, New Rajinder Nagar, New Delhi |
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Date of Birth/Age : |
14.09.1961 |
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Date of Appointment : |
23.08.2003 |
KEY EXECUTIVES
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Name : |
Vinay Pandey and Associates |
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Designation : |
Company Secretary |
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Address : |
126, Akash Kunj, Sector – 9, Rohini, Delhi – 110085 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
To carry on the business of manufacturers, processors, dealers, importers,
exporters, merchants, stockists, buyers, agents, brokers and commission
agents of all kinds of cotton, kapas, yarns, cotton, waste, absorbent cotton,
cotton wool and other fibrous material and to deal in its raw materials and
semi finished goods of every description.
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GENERAL
INFORMATION
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Bankers : |
State bank of India Bazar No. 4, Branch Office Abohar – 152116, Punjab, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Rajesh Laxmi and Associates Chartered Accountants |
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Address : |
205, Basant Complex, 38, Veer Savarkar Block, Shakarpur, Delhi –
110092, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2500000 |
Equity Shares |
Rs. 10/- each |
Rs. 25.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1377000 |
Equity Shares |
Rs. 10/- each |
Rs. 13.770
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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13.770 |
9.970 |
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2] Share Application Money |
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0.000 |
3.800 |
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3] Reserves & Surplus |
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23.266 |
17.518 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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37.036 |
31.288 |
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LOAN FUNDS |
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1] Secured Loans |
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9.473 |
15.058 |
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2] Unsecured Loans |
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12.872 |
8.362 |
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TOTAL BORROWING |
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22.345 |
23.420 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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59.381 |
54.708 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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11.559 |
5.625 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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60.292 |
63.741 |
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Sundry Debtors |
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72.512 |
24.615 |
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Cash & Bank Balances |
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10.275 |
4.446 |
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Other Current Assets |
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0.001 |
0.003 |
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Loans & Advances |
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36.535 |
19.139 |
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Total
Current Assets |
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179.615 |
111.944 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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8.992 |
5.683 |
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Provisions |
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122.801 |
57.178 |
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Total
Current Liabilities |
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131.793 |
62.861 |
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Net Current Assets |
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47.822 |
49.083 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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59.381 |
54.708 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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22.185 |
0.000 |
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Total Income |
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22.185 |
0.000 |
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Profit/(Loss) Before Tax |
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8.722 |
7.031 |
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Provision for Taxation |
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2.974 |
2.580 |
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Profit/(Loss) After Tax |
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5.748 |
4.451 |
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Total Expenditure |
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13.463 |
0.000 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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25.91 |
-- |
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Net Profit Margin (PBT/Sales) |
(%) |
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39.31 |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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4.56 |
5.98 |
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Return on Investment (ROI) (PBT/Networth) |
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0.24 |
0.22 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.16 |
2.76 |
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Current Ratio (Current Asset/Current Liability) |
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1.36 |
1.78 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
BM AGRO
INDUSTRIES PRIVATE LIMITED |
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Presented By |
Hari Kishan
Rathi |
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1) Date and description of instrument creating the change |
General agreement
for working capital dated 20.02.2003 Registered on 11.03.2003 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 10.000
Millions on 11.03.2003 |
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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 |
All tangible and
intangible, movable and immovable fixed assets of the company including land,
building, plant and machinery situated at Latkan Dhani Road, Abohar |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Sanction of Bank
Guarantee Limit Rs. 5.000 Millions against equitable mortgage of factory land
and building. Margin 25 % to be provided by loan plus @ 1.5 % |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of
India Abohar |
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6) Date and brief description of instrument modifying the charge |
27.08.2004
Supplemental General Agreement for Grant of small industrial advance and
hypothecation of movables of small industrial advances and hypothecation of
movable book debts and other assets executed due to sanction of fresh Bank
Guarantee limit of 5.000 millions in additional to already sanctioned limit
Rs. 10.000 Millions. Terms and conditions are the same as mentioned
above. |
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Corporate
identity number of the company |
U74899DL1992PTC049988 |
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Name of the
company |
BM AGRO INDUSTRIES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
202, M. M. House, 59, Rani Jhansi Road, New Delhi – 110055, India |
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This form is for |
Modification of charge |
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Type of charge |
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Particular of
charge holder |
State bank of India Bazar No. 4, Branch Office Abohar – 152116, Punjab, India |
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Amount secured by
the charge |
Rs. 20.000
Millions |
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Description of
the property charged indicating whether it is a charged on |
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Particulars of
the property charged |
Factory land and
building situated at Latkan Shani Road, Near B D O office, Abodhar – 152116,
Punjab |
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Charge
identification number of the charge to be modified |
90060429 |
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Brief description
of the instrument modifying the charge under section 135 |
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Date of
instrument modifying the charge |
30.03.2006 |
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Particulars of
the present modification |
Enhancement of bank
guarantee limit by Rs. 5.000 millions @ interest 9.50 % p.a. and margin is 25
% |
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.39.27 |
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UK Pound |
1 |
Rs.76.88 |
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Euro |
1 |
Rs.58.40 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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