MIRA
INFORM REPORT
|
Report Date : |
11.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
BRINDCO SALES LIMITED |
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Registered Office : |
3E/7, Jhandewalan Extension, New Delhi 110055 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
27.04.1984 |
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Com. Reg. No.: |
55-18032 |
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CIN No.: [Company
Identification No.] |
U52110DL1984PLC018032 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMB15024C |
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PAN No.: [Permanent
Account No.] |
AAACB3997N |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer and Importer of Liquor and Beer. |
RATING &
COMMENTS
|
MIRAs 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 2285355 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as 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. |
INFORMATION PARTED
BY
|
Name : |
Mr. Ranjit Singh |
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Designation : |
Accounts Executive |
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Date : |
09.07.2008 |
LOCATIONS
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Registered Office : |
3E/7, Jhandewalan Extension, New Delhi 110055, India |
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Tel. No.: |
91-11-26383261, 26389351, 23525739 |
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Fax No. : |
91-11-26386618, 51612499, 26385294 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory : |
S 53, Okhla Industrial Area, Phase II, New Delhi 110020, India |
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Tel. No.: |
91-11-51616424 / 26388707 / 26383261/ 40646666 |
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Fax No.: |
91-11-26385294/ 26386618 |
DIRECTORS
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Name : |
Mr. Brinder Pal Singh |
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Designation : |
Chairman Cum Managing Director |
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Address : |
E 38, Kalindi, Maharani Bagh, New Delhi 110065, India |
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Date of Birth/Age : |
15.05.1945 |
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Date of Appointment : |
28.09.2006 |
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Name : |
Mrs. Indra Dhall |
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Designation : |
Director |
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Address : |
A 74, East of Kalish, New Delhi 110065, India |
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Date of Birth/Age : |
21.06.1921 |
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Date of Appointment : |
27.04.1984 |
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Name : |
Mr. Smirit Dhall |
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Designation : |
Director |
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Address : |
E 38, Kalindi, Maharani Bagh, New Delhi 110065, India |
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Date of Birth/Age : |
31.07.1950 |
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Date of Appointment : |
28.09.2006 |
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Name : |
Mr. Amandeep Dhall |
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Designation : |
Director |
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Address : |
E 38, Kalindi, Maharani Bagh, New Delhi 110065, India |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2004
|
Names of
Shareholders |
No. of Shares |
|
Brinder Pal Singh |
68695 |
|
Indra Dhall |
10600 |
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Smirit Dhall |
8660 |
As on 31.03.2007
|
Equity Share
Breakup (Percentage of total equity) |
|
|
Category |
Percentage of
Holding |
|
Bodies corporate (not mentioned above) |
75.59 |
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Directors of relatives of directors |
24.41 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Importer of Liquor and Beer. |
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Products : |
UB Global v Bagpiper Deluxe
Whisky v Mc Dowells
Green Label Whisky v King Fisher
Strong Premium Beer Amrut
Distilleries Limited v
Bejois Brandy v
Bejois Napoleon Brandy v
Maq Finest Blended Scotch Whisky Ravikumar
Distilleries Limited v Alcohol v Alcohol Yukichi v Pepsi |
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Imports : |
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Country : |
v Europe v United States v Australia v United Kingdom v France v Italy v Worldwide |
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Terms : |
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Selling : |
Credit (30 45 days) |
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Purchasing : |
L/C, Credit |
GENERAL
INFORMATION
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Customers : |
v Hotels v Restaurants |
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No. of Employees : |
150 |
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Bankers : |
v Bank of India Jhandewalan Branch v Axis Bank GK2 Branch v Punjab and Sind
Bank v HDFC (Centurion
Bank of Punjab) Ludhiana, Punjab, India v Bank of Punjab
Limited SCO, 4647, Bank of Punjab Square, Sector 9 D, Chandigarh 141 001,
Punjab, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Walker Chandiok and Company Chartered Accountants |
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Address : |
L 41, Connaught Circus, New Delhi 110055, India |
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Subsidiary : |
v Surajit Yantric
Shilpa Udyog Limited v Golden Photo and
Warehousing Private Limited v Brindco Sales
Corporation v Brindco
Enterprises Private Limited v Brindco
Investment Private Limited v Span Alcohol
Beverages Private Limited v Natasha
International |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
400,000 |
Equity Shares |
Rs. 100/- each |
Rs. 40.000 Millions |
|
400,000 |
Preference Shares |
Rs. 100/- each |
Rs. 40.000 Millions |
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Total |
|
Rs. 80.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
225,000 |
Equity Shares |
Rs. 100/- each |
Rs. 22.500
Millions |
|
225,000 |
Preference Shares |
Rs. 100/- each |
Rs. 22.500
Millions |
|
|
Total |
|
Rs. 45.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
45.000 |
45.000 |
45.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
412.071 |
344.476 |
297.267 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
457.071 |
389.476 |
342.267 |
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LOAN FUNDS |
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1] Secured Loans |
116.509 |
71.497 |
65.184 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
116.509 |
71.497 |
65.184 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
573.580 |
460.973 |
407.451 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
35.127 |
31.624 |
33.028 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
6.689 |
6.666 |
5.489 |
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DEFERREX TAX ASSETS |
1.961 |
0.863 |
0.063 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
151.680
|
134.124
|
161.297 |
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Sundry Debtors |
248.150
|
188.057
|
133.848 |
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Cash & Bank Balances |
48.336
|
24.373
|
15.218 |
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Other Current Assets |
0.365
|
0.219
|
0.156 |
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Loans & Advances |
266.007
|
169.316
|
148.658 |
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Total
Current Assets |
714.538
|
516.089
|
459.177 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
113.891
|
64.194
|
59.743 |
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Provisions |
70.844
|
30.075
|
30.563 |
|
Total
Current Liabilities |
184.735
|
94.269
|
90.306 |
|
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Net Current Assets |
529.803
|
421.820
|
368.871 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
573.580 |
460.973 |
407.451 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
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Sales Turnover |
1372.076 |
881.266 |
643.851 |
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Other Income |
103.916 |
87.043 |
136.143 |
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Total Income |
1475.992 |
968.309 |
779.994 |
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Profit/(Loss) Before Tax |
105.344 |
73.907 |
73.157 |
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Provision for Taxation |
37.749 |
26.699 |
0.000 |
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Profit/(Loss) After Tax |
67.595 |
47.208 |
73.157 |
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Expenditures : |
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Purchase |
1227.496 |
780.511 |
614.970 |
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(Increase)/decrease in finished goods |
(0.250) |
12.914 |
0.000 |
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Personnel Expenses |
2.298 |
2.193 |
1.979 |
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Administrative, Selling and Other Expenses |
1.593 |
1.337 |
0.000 |
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Financial Charges |
5.900 |
4.415 |
4.509 |
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Depreciation & Amortization |
6.847 |
6.881 |
5.638 |
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Other Expenses |
126.764 |
86.151 |
79.741 |
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Total Expenditure |
1370.648 |
894.402 |
706.837 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
4.58
|
4.87 |
9.38 |
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Net Profit Margin (PBT/Sales) |
(%) |
7.68
|
8.39 |
11.36 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.14
|
7.63 |
9.38 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.19 |
0.21 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.40
|
0.24 |
0.26 |
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Current Ratio (Current Asset/Current Liability) |
|
3.87
|
5.47 |
5.08 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Terms
v
Oberoi Hotel
v
Taj Hotel
Form 8
|
Name of the company |
BRINDCO SALES LIMITED |
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Presented By |
MR. BRINDER PAL SINGH, MANAGING DIRECTOR |
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1) Date and description of instrument creating the change |
Form No 192 dated 05.02.2000 Revised dated 27.03.2003 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 12.000
Millions Rs. 7.000
millions againstbook debts Rs. 5.000 millions against the hypothecation of
stock. |
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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 of
Stock of beer and Whisky of UBL and Books debts of Ludhiana Branch and all
type of present and future book debts. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
For working
capital interest @ 7.25 % over and
above the Reserve Bank of India
rate and not Less than 15.25 % and 16.25 % |
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5) Name and Address and description of the person entitled to the charge. |
Punjab and Sind
Bank Sunet Branch,
Ludhiana |
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6) Date and brief description of instrument modifying the charge |
Form No. 84A
dated 28.03.2003 Form No. 192,
dated 27.03.2003 for Hypothecation of
Stocks of Beer, Wiskey and Wine and Form 193 for Hypothecation of Book Debts |
|
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. |
Limit increased
to Rs. 30.000 Millions Rs. 2.000
Millions against stock and Rs. 1.000
Millions against Book debts Rate of interest 7.75
% above RBI rate extent of Charges 100 % Limits to be
additionally secured by E/M title deed No. 3901 dated 12.05.1993 Title deeds No.
5996/- dated 02.06.1993 Title deeds No.
6924/- dated 11.06.1993 Title deeds No.
14494/- dated 14.09.2003 Situated at 161
Gurdev Nagar, Ludhiana |
Form 8
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U52110DL1984PLC018032 |
|
Name of the
company |
BRINDCO SALES LIMITED |
|
Address of the registered
office or of the principal place of
business in India of the company |
3E/7, Jhandewalan Extension, New Delhi 110055 |
|
Type of charge |
|
|
Particular of
charge holder |
Name : Punjab and
Sind Bank Address : Sunet Branch City : Ludhiana State : Punjab ISO country code:
IN Pin code : 141
001 e-mail ID: zolud@psb.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
Hypothecation of goods
to secure a demand cash credit to secure fresh short term loan of Rs. 200.000
millions. |
|
Date of
instrument Creating the charge |
05.02.2008 |
|
Amount secured by
the charge |
Rs. 200.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 9.5% p.a. fixed
payable monthly. Terms of
repayment 180 days, By post
dated cheques. Margin Within overall
MPBF Extent operation
of the charge 100% |
|
Short particulars
of the property charged |
1st
charge on current assets and all the properties mortgaged with Centurion Bank
of Punjab on pari passu basis with Centurion Bank of Punjab Limited.
|
Fixed Assets
v
Land
v
Building
v
Generators
v
Office Equipments
v
Air conditioners / Coolers
v
Furniture and Fixture
v
Vehicles
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 Intl
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 companys management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 42.72 |
|
UK Pound |
1 |
Rs. 84.42 |
|
Euro |
1 |
Rs. 67.38 |
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 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
61 |
This score serves as a reference to assess SCs 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/normal. |
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 |
|