MIRA
INFORM REPORT
|
Report Date : |
03.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
CUPRUM BAGRODIA LIMITED |
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Registered Office : |
14/1 B, Ezra Street, World Trade Center, Kolkata – 700 001, West
Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
04.01.1983 |
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Com. Reg. No.: |
21- 35637 |
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CIN No.: [Company
Identification No.] |
L27205WB1983PLC035637 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALC00549D |
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Legal Form : |
A Closely held Public Limited Liability Company |
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Line of Business : |
Traders of Coal Mining Machinery Parts. |
RATING &
COMMENTS
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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 353285 |
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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 meeting its normal
commitments timeously. Trade relations are fair. Business is active. The company can be considered good for normal business dealings. |
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LOCATIONS
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Registered Office : |
14/1 B, Ezra Street, World Trade Center, Kolkata – 700 001, West
Bengal, India |
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Tel. No.: |
91-33-22354511/ 22358406/ 22356672 |
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Fax No.: |
91-33-22354884/ 22215898 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Vinod Bargodia |
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Designation : |
Director |
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Address : |
44, Ballygunge Circular Road, Kolkata – 700019, West Bengal, India |
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Date of Birth/Age : |
12.03.1946 |
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Date of Appointment : |
04.01.1983 |
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Name : |
Mr. Songit K Bargodia |
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Designation : |
Director |
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Address : |
44, Ballygunge Circular Road, Kolkata – 700019, West Bengal, India |
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Date of Birth/Age : |
14.10.1971 |
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Date of Appointment : |
01.04.1992 |
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Name : |
Mr. Pramod Shah |
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Designation : |
Director |
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Address : |
B-55, Jalt Lake City, Sector – I, Kolkata – 700064, West Bengal, India |
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Date of Birth/Age : |
02.12.1951 |
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Date of Appointment : |
27.01.2003 |
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Name : |
Mr. Gopal Chandra Paul |
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Designation : |
Director |
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Address : |
Space Town, Block – 2, Flat N. 5N. VIP Road, Kolkata – 700059, West
Bengal, India |
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Date of Birth/Age : |
12.11.1942 |
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Date of Appointment : |
16.01.2008 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 28.09.2005
|
Names of Shareholders |
No. of Shares |
|
Mahacol Trexim Private Limited |
81350 |
|
Vareli Trexim Private Limited |
24100 |
|
Umang Industrial and Trade Developments
Limited |
62100 |
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Atirath Commercial Private Limited |
10050 |
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Primerose Paper Mills Private Limited |
22220 |
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Hermes Financers Private Limited |
11065 |
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Bargodia PD Mahabir |
10 |
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Mr. Bargodialal Babu |
10 |
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Mrs. Sudha Bargodia |
10 |
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Mr. Vinod Bargodia |
61005 |
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Mrs. Abha Bargodia |
37135 |
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Mrs. Upasana Bargodia |
25000 |
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Mr. Rajat Bargodia |
60105 |
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Mr. Songit Bargodia |
59925 |
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Mrs Shruti Bargodia |
26250 |
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VKB Karta HUF |
11500 |
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Rajat Bag Karta HUF |
11000 |
|
Songit Bag Karta HUF |
11000 |
|
Total |
513835 |
Equity share breakup
(Percentage of total equity)
As on 31.03.2007
|
Sr. No. |
Category |
Percentage |
|
1. |
Bodies corporate (not mentioned above) |
41.00 |
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2. |
Other top fifty (50) shareholders (other than listed above) |
59.00 |
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|
Total |
100.00 |
LIST OF ALLOTTEES
As on 14.09.2007
|
Name of
Allottees |
No.
of Shares |
|
Mr. Mahabir Prasad |
20 |
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Mrs. Sudha Bargodia |
20 |
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Mr. Babulal Bargodia |
20 |
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M/s. Mahacol Trexim Private Limited |
162700 |
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M/s. Vareli Trexim Private Limited |
48200 |
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M/s. Umang Industrial and
Trade Developments Limited |
124200 |
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M/s. Atirath Commercial Private Limited |
20100 |
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M/s. Primerose Paper Mills Private Limited |
44440 |
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M/s. Hermes Financers Private Limited |
22130 |
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Mr. Vinod Bargodia |
122010 |
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Mr. Rajat Bargodia |
120210 |
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Mr. Songit Bargodia |
119850 |
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Mrs. Abha Bargodia |
74270 |
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Mrs. Upasana Bargodia |
50000 |
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Mrs Shruti Bargodia |
52500 |
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Mr. Vinod Kumar Rajat Songit Bargodia HUF |
23000 |
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Mr. Rajat Bargodia HUF |
22000 |
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Mr. Songit Kumar Bargodia HUF |
22000 |
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Total |
1027670 |
BUSINESS DETAILS
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Line of Business : |
Traders of Coal Mining Machinery Parts. |
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Products : |
ITC Code |
Product
Description |
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843031.01 |
Spares Parts of Mining Machineries |
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GENERAL
INFORMATION
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Bankers : |
Andhra Bank Kolkata Main Branch, 14/1 – B, Ezra Street, Kolkata – 700001, West
Bengal, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
B. Kumar and Company Chartered Accountants |
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Address : |
6 A, Clive Row, Kolkata – 700001, West Bengal, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
18,000,000 |
Equity shares |
Rs. 10/- each |
Rs. 18.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
513835 |
Equity shares |
Rs. 10/-
each |
Rs. 5.138
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 |
5.138 |
5.138 |
5.138 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
65.519 |
54.650 |
48.269 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
70.657 |
59.788 |
53.407 |
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|
LOAN FUNDS |
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1] Secured Loans |
0.129 |
13.094 |
0.781 |
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2] Unsecured Loans |
0.000 |
30.251 |
0.000 |
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TOTAL BORROWING |
0.129 |
43.345 |
0.781 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
70.786 |
103.133 |
54.188 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
36.466 |
42.290 |
4.515 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
3.888 |
6.339 |
8.023 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
89.328
|
48.183 |
55.269 |
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Sundry Debtors |
26.033
|
114.472 |
37.487 |
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Cash & Bank Balances |
9.890
|
4.757 |
5.573 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
38.554
|
13.187 |
42.356 |
|
Total
Current Assets |
163.805
|
180.599 |
140.685 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
128.870
|
124.082 |
96.108 |
|
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Provisions |
4.503
|
2.036 |
2.98 |
|
Total
Current Liabilities |
133.373
|
126.118 |
99.088 |
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Net Current Assets |
30.432
|
54.481 |
41.597 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.023 |
0.053 |
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TOTAL |
70.786 |
103.133 |
54.188 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
366.360 |
300.883 |
312.857 |
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Other Income |
29.322 |
11.407 |
2.521 |
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Total Income |
395.682 |
312.290 |
315.378 |
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Profit/(Loss) Before Tax |
15.357 |
8.418 |
5.146 |
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Provision for Taxation |
3.258 |
1.451 |
2.387 |
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Profit/(Loss) After Tax |
12.099 |
6.967 |
2.759 |
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Expenditures : |
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|
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Purchases made for re-sale |
286.258 |
232.560 |
212.407 |
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Increase/(Decrease) in Finished Goods |
0.000 |
2.555 |
2.067 |
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Salaries, Wages, Bonus, etc. |
2.957 |
2.705 |
2.519 |
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Managerial Remuneration |
2.800 |
2.575 |
1.225 |
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Payment to Auditors |
0.090 |
0.040 |
0.040 |
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Interest |
6.152 |
0.966 |
0.343 |
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Insurance Expenses |
0.838 |
0.286 |
0.300 |
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Depreciation & Amortization |
6.298 |
2.744 |
1.065 |
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Other Expenditure |
74.932 |
59.441 |
90.266 |
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Total Expenditure |
380.325 |
303.872 |
310.232 |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
|
30.06.2007 |
30.09.2007 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Sales Turnover |
|
148.700 |
103.100 |
|
Other Income |
|
1.600 |
11.600 |
|
Total Income |
|
150.300 |
114.700 |
|
Total Expenditure |
|
144.600 |
104.600 |
|
Operating Profit |
|
5.700 |
10.100 |
|
Interest |
|
0.00 |
0.100 |
|
Gross Profit |
|
5.700 |
10.000 |
|
Depreciation |
|
1.200 |
1.600 |
|
Tax |
|
1.200 |
2.100 |
|
Reported PAT |
|
3.300 |
6.300 |
Note:
30.06.2007 1st
Quarter: Above unaudited financial results duly reviewed by the audit committee
have been taken on record by the board of directors at its meeting held on
31.07.2007 and subjected to a limited review by the statutory of the company.
KEY RATIOS
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Debt-Equity Ratio |
0.33
|
0.39 |
0.13 |
|
Long Term Debt-Equity Ratio |
0.24
|
0.28 |
0.13 |
|
Current Ratio |
1.27
|
1.35 |
1.55 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
7.36
|
10.01 |
34.00 |
|
Inventory |
5.33
|
5.81 |
4.94 |
|
Debtors |
5.22
|
3.96 |
8.07 |
|
Interest Cover Ratio |
3.52
|
9.50 |
18.00 |
|
Operating Profit Margin(%) |
7.59
|
4.05 |
2.08 |
|
Profit Before Interest And Tax Margin(%) |
5.87
|
3.16 |
1.73 |
|
Cash Profit Margin(%) |
5.02
|
3.22 |
1.21 |
|
Adjusted Net Profit Margin(%) |
3.30
|
2.33 |
0.86 |
|
Return On Capital Employed(%) |
24.74
|
12.09 |
9.13 |
|
Return On Net Worth(%) |
18.57
|
12.39 |
5.17 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
|
This form is for |
Modification of charge |
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Charge Identification (ID) number of the charge to be modified |
90251734 |
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Corporation identity number (CIN) or foreign company registrations number of the company |
L27205WB1983PLC035637 |
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Name of the company |
CUPRUM BAGRODIA LIMITED |
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Address |
14/1 B, Ezra Street, World Trade Center, Kolkata – 700 001, West
Bengal, India |
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Type of Charges |
v Book Debts v Movable property (not being pledge) v Floating charge |
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Particular of the charge holder |
Name : Andhra Bank Address : Kolkata Main Branch, 14/1 B, Ezra Street, City: Kolkata State : West Bengal ISO country code: IN Pin code : 700001 e-mail ID : bbdas_associates@vsnl.net |
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Nature or description of the instrument creating or modifying the charge |
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Date of the instrument creating charge |
26.06.2007 |
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Amount Secure by the charge |
Rs. 60.000 millions |
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Brief particulars of the principal terms and conditions and extent and operation of the charge |
Rate of Interest Rate of Interest for OCC of Rs. 30.000 millions shall be at the applicable PLR of 13% plus spread of 2% presently at 15% p.a. with monthly rests. The Bank is entitled to charge at its own discretion such higher rate of interest than the rate stipulated above, either on the entire outstanding or on portion thereof as it may fix and the Borrower agrees to pay the said higher rate of interest and also overdue interest at 2% commission/ brokerage for BG and LC shall be as per applicable rate of the Bank. Terms of Repayment On demand / As per Guidelines of the Bank. Margin Margin shall be 25% on stock and 35% on book debts. Extent and operation of the charge The charge shall operate by way of first charge on the current assets purchased out of the facilities sanctioned to the company and on fixed assets. Purchased or to be purchased out of the facilities sanctioned to the company for the due repayment of the facilities sanctioned by Andhra Bank, Kolkata Main Branch. |
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Short particulars of the Property charged |
The Borrower hereby hypothecated all its present and future goods, produce, merchandise, stock etc. belonging to or in the possession or under control of the borrower wherever lying, stored and kept and book debts, outstanding moneys, receivables, claims, bills, invoices, documents, contracts, guarantees, engagements, securities, investments and rights and assets now owing to the borrower and also which may at any time during the continuance of the security become owing to the borrower. |
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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 |
01.09.2005 |
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Particulars of the present modification |
By this modification the overall limit has been enhanced from Rs. 51.500 millions OCC : Rs. 16.500 millions BG – Rs. 15.000 millions FLC – Rs. 20.000 millions) to Rs. 60.000 millions consisting of OCC – Rs. 30.000 millions BG – Rs. 15.000 millions FLC – Rs. 15.000 millions The other terms and conditions save as modifies by these presents remain in full force. |
Form 8
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Name of the company |
CUPRUM BAGRODIA LIMITED |
|
Presented By |
Andhrta Bank, Kolkata Main Branch |
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1) Date and description of instrument creating the change |
Agreement for cash credit hypothecation of goods etc dated 10.08.1992 Subsequently, modified on 12.03.1998 for Rs. 6.000 millions. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.800 million |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation by way of first charge of goods mentioned in the schedule i.e. cylinder Head, Cartridge, Element, Metal, Turbocharges, Gasket, Piston/Piston Ring, connecting rod, cylinder liner, filter, pump assy and miscellaneous etc. stored/ lying at the co’s premises / godown at 200 A, Naskar Para Road, Ghusuri, Howrah or wherever else the same may be or in course of transit and hypothecation of book debts. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @ 22.25% p.a. or at any other rate as may be fixed by the bank from time to time. Margin 40%. |
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5) Name and Address and description of the person entitled to the charge. |
Andhra Bank Kolkata Main Branch, 14/1 B, Ezra Street, Kolkata – 700 001, West Bengal, India |
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6) Date and brief description of instrument modifying the charge |
1. Agreement for open cash credit dated 01.09.2005 2. Agreement for hypothecation of book debts dated 01.09.2005 3. Security for advances and loans dated 01.09.2005. |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
By this modification the overall limit has been enhanced to Rs. 51.500 millions from Rs. 21.000 millions which as follows: OCC – Rs. 16.500 millions BG – Rs. 15.000 millions FLC – Rs. 20.000 millions Total – Rs. 51.500 millions Margin: 40% on stocks 50% on book debts of 90 days 15% for GB and FLC Other terms and conditions save as modified remain unchanged. |
CMT REPORT (Corruption,
Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject are
derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
The 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.
The 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. 43.34 |
|
UK Pound |
1 |
Rs. 86.53 |
|
Euro |
1 |
Rs. 68.54 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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, they have no basis upon which to
recommend credit dealings |
No Rating |
|