MIRA
INFORM REPORT
|
Report Date : |
15.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
BANSAL FLOUR MILL ENGINEERS -
DIVISION OF BHARAT FOILS LIMITED |
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Registered Office : |
A - No.8, Rajasthani Udyog Nagar, New
Delhi – 110 033 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
10.08.1981 |
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Com. Reg. No.: |
55-12125 |
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CIN No.: [Company
Identification No.] |
U74899DL1981PLC012125 |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Copper-Steel Wire and Copper Clad Aluminium
Wire. |
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 60000 |
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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. Directors are
reported as experienced and respectable businessmen. Trade relations are
fair. Business is active. Payments are 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 : |
A - No.8, Rajasthani Udyog Nagar, New
Delhi – 110 033, India |
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Address : |
4/ 5 – B, Asaf Ali Road, New Delhi – 110 002, India |
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Tel. No.: |
91-11-23250023 |
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Fax No.: |
91-11-23266171 |
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E-Mail : |
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Unit : |
Bansal Flour Mills Engineers A-No.8, Rajasthani Udyog Nagar, New Delhi-110033, India |
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Tel. No.: |
91-11-27694469/ 27696944 |
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Mobile No.: |
91-9810014240 |
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E-Mail : |
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Area : |
5500 sq. yards |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Sunil Rabinder Gupta |
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Designation : |
Director |
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Address : |
K-4/ 19, Model Town, Delhi – 110 009, India |
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Date of Birth/Age : |
09.06.1957 |
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Date of Appointment : |
13.03.2001 |
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Name : |
Mr. Rabinder Nath Gupta |
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Designation : |
Director |
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Address : |
K-4/ 19, Model Town, Delhi – 110 009, India |
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Date of Birth/Age : |
30.08.1930 |
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Date of Appointment : |
13.03.2001 |
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Name : |
Mr. Dwearika Dhish Chauhan |
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Designation : |
Additional Director |
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Address : |
53, Village Budhpur, Narela, Delhi – 110 036, India |
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Date of Birth/Age : |
15.01.1958 |
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Date of Appointment : |
01.12.2006 |
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Name : |
Mr. Vinod Gupta |
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Designation : |
Director |
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Address : |
K-4/ 19, Model Town, Delhi – 110 009, India |
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Date of Birth/Age : |
24.05.1955 |
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Date of Appointment : |
13.03.2001 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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Percentage of
Holding |
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Directors and Relatives of Directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Copper-Steel Wire, Copper Clad Aluminium Wire. |
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Products : |
* Copper-Steel Wire * Copper
Clad Aluminium Wire |
GENERAL
INFORMATION
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Bankers : |
Bank of India, 4/ 8, Asaf Ali Road, New Delhi – 110 002, India |
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Facilities : |
The company enjoys loan mortgage facilities of Rs. 16.000 millions
from its bankers. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Rajender Kumar Singal and Associates Chartered Accountants |
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Address : |
602, Nilgiri Apartment, 9, Barakhamba Road, New Delhi – 110 001, India
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1031830 |
Equity Shares |
Rs. 10/- each |
Rs. 10.318 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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10.318 |
10.318 |
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2] Reserves & Surplus |
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4.707 |
4.620 |
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NETWORTH |
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15.025 |
14.938 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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35.305 |
30.250 |
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TOTAL BORROWING |
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35.305 |
30.250 |
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TOTAL |
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50.330 |
45.188 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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14.812 |
14.900 |
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Capital work-in-progress |
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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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29.915 |
34.058 |
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Sundry Debtors |
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17.910 |
13.762 |
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Cash & Bank Balances |
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2.015 |
0.787 |
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Other Current Assets |
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1.735 |
0.606 |
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Loans & Advances |
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0.000 |
0.000 |
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Total
Current Assets |
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51.575 |
49.213 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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17.438 |
20.306 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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17.438 |
20.306 |
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Net Current Assets |
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34.137 |
28.907 |
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MISCELLANEOUS EXPENSES |
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1.381 |
1.381 |
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TOTAL |
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50.330 |
45.188 |
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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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128.397 |
128.159 |
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Other Income |
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0.518 |
0.024 |
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Total Income |
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128.915 |
128.183 |
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Profit/(Loss) Before Tax |
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0.274 |
0.019 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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0.274 |
0.019 |
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Expenditures : |
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Raw Material Consumed |
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112.120 |
111.045 |
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Salaries, Wages, Bonus, etc. |
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2.945 |
2.697 |
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Managerial Remuneration |
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0.264 |
0.000 |
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Payment to Auditors |
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0.022 |
0.119 |
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Interest |
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3.112 |
3.070 |
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Insurance Expenses |
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0.025 |
0.025 |
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Power & Fuel |
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1.006 |
1.083 |
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Depreciation & Amortization |
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0.724 |
0.724 |
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Other Expenditure |
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8.420 |
9.398 |
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Total Expenditure |
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128.638 |
128.161 |
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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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0.21 |
0.01 |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.21 |
0.01 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.41 |
0.03 |
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Return on Investment (ROI) (PBT/Networth) |
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0.018 |
0.001 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.51 |
4.38 |
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Current Ratio (Current Asset/Current Liability) |
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2.95 |
2.42 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8
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This form is for |
Modification of charge |
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Whether charge is modified in favour of asset reconstruction company (ARC) of assignee |
No |
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Whether charge holder is authorised to assign the charge as per the charge agreement |
-- |
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Charge Identification (ID) number of the charge to be modified |
80014212 |
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Corporation identity number (CIN) or foreign company registrations number of the company |
U74899DL1981PLC012125 |
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Global location number (GLN) of the company |
-- |
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Name of the company |
Bharat Foils Limited |
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Address |
A - No.8, Rajasthani Udyog Nagar, New Delhi – 110 033, India |
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Type of Charges |
Book Debts |
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Whether consortium finance is involved |
No |
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Whether joint charge involved |
No |
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Number of charge holder(s) |
1 |
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Particular of the charge holder |
Bank of India 4/8, Asaf Ali Road Branch, Asaf Ali Road, New Delhi – 110 002, India |
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Nature or description of the instrument creating or modifying the charge |
1] Supplemental agreement 2] Hypothecation of Tangible Movable Machinery and Plant |
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Date of the instrument creating charge |
10.10.2006 |
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Whether charge created or modified outside India |
No |
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Amount Secure by the charge |
Rs. 0.900 millions |
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Brief particulars of the principal terms and conditions and extent and operation of the charge |
Rate of Interest: The interest on cash credit (hypothecation of book debts) limit of Rs. 0.900 million granted to Bansal Flour Mill Engineers, of which Bharat Foils Limited, is the proprietor shall be charge at the rate of 1.25% p.a. over BOI PLR subject to a minimum of 12.75% p.a. Terms of Repayment: payable on demand Margin: as may be prescribed by the bank from time to time Extent and oeration of the charge: 100% in favour of Bank of India Others: the above is to be secure the cash credit (hypothecation of book debts) limit given to Bansal Flour Mills Engineers, in which Bharat Foils Limited, is the proprietor. |
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In case of acquisition of property, subjected to charge, furnish the details relating the existing charge on the property so acquired |
-- |
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Short particulars of the Property charged |
Hypothecation and charge to the bank by way of charge on all the book debts, outstandings, moneys receivables, claims and bills which are now due and owing or which may at any time hereafter during the continuance of this security become due and owing to the borrower in the course of its business by any person, company or by the government or any other or public or authority. |
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Whether any of the property or interest therein under reference is not registered in the name of the company |
No |
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Date of latest modification prior to the present modification |
-- |
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Particulars of the present modification |
The Cash Credit (hypothecation of book debts) limit stand enhanced from Rs. 0.900 million to Rs. 6.000 millions The enhanced limit continue to be secured by a] hypothecation of all present and future book debts, outstandings monyes receivables, claims and bills B] hypothecation of tangible movable machinery and plant (both present and future) c] interest @ 1% over BOI PLR presently 12.50% p.a. with monthly rests. |
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.39.29 |
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UK Pound |
1 |
Rs.77.17 |
|
Euro |
1 |
Rs.57.60 |
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 |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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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 |
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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 |
|
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 |
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<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 |
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