MIRA
INFORM REPORT
|
Report Date : |
03.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
BHOR ENGINEERING PRIVATE LIMITED |
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Registered Office : |
S. No.81, Shivane, NDA Road, Pune – 411023, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
29.06.1998 |
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Com. Reg. No.: |
25-12652 |
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CIN No.: [Company
Identification No.] |
U29999PN1998PTC012652 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEB01756G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing
and Exporter of Automation Systems, Fabricated Sheet Metal, Auto Components
For Diesel Qeersets |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 62000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established company having satisfactory track records. Trade relations are
fair. General financial position is satisfactory. 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. Sanjay Bhor |
|
Designation : |
Director |
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Contact No.: |
91-9860590000 |
|
Date : |
24.04.2008 |
LOCATIONS
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Registered Office : |
S. No.81, Shivane, NDA Road, Pune – 411023, Maharashtra, India |
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Tel. No.: |
91-20-25290588/25292179/25292073 |
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Mobile No.: |
91-9890185301/
9860590000 |
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Fax No.: |
91-20-25292073 |
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E-Mail : |
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Website : |
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Area : |
10000 sq. ft. |
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Location : |
Owned |
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Factory : |
Plot No. 26/B,
Sipcot Industrial Complex, Phase II, Batapalli, Hosur, Tamilnadu, India |
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Tel. No.: |
91-4344-324659 |
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Area : |
60000 sq. ft. |
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Location : |
Owned |
DIRECTORS
|
Name : |
Mr. Sanjay
Prabhakar Bhor |
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Designation : |
Chairman |
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Address : |
46, Girish
Society, Warje, Pune – 411029, Maharashtra, India |
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Date of Birth/Age : |
10.08.1970 |
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Qualifications : |
B. Tech |
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Date of Appointment : |
29.06.1998 |
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Name : |
Mrs. Pramila
Prabhakar Bhor |
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Designation : |
Director |
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Address : |
46, Girish
Society, Warje, Pune – 411029, Maharashtra, India |
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Date of Birth/Age : |
17.11.1950 |
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Qualifications : |
Qualification |
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Date of Appointment : |
29.06.1998 |
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|
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Name : |
Mr. Sachin
Prabhakar Bhor |
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Designation : |
Director |
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Address : |
46, Girish
Society, Warje, Pune – 411029, Maharashtra, India |
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Date of Birth/Age : |
03.05.1978 |
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Qualifications : |
B. E. |
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Date of Appointment : |
29.06.1998 |
KEY EXECUTIVES
|
Name : |
Pournima Thakurdesai and Associates |
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Designation : |
Company Secretary |
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Address : |
39 Shreekrupa, Swastishri Society, Pune – 411052, Maharashtra, India |
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Tel No.: |
91-20-25436301 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
|
Names of Shareholders |
|
No. of Shares |
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Mr. Sanjay
Prabhakar Bhor |
|
43034 |
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Ms. Pramila
Prabhakar Bhor |
|
17264 |
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Mr. Sachin
Prabhakar Bhor |
|
22326 |
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Mr. Maruti
Balwant Bhor |
|
500 |
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Mrs. Tulsi Sachin
Bhor |
|
2000 |
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Mrs. Sunita
Sanjay Bhor |
|
2000 |
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Total |
|
87124 |
(As on 31.03.2007)
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Category |
|
Percentage |
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing
and Exporter of Automation Systems, Fabricated Sheet Metal, Auto Components
For Diesel Qeersets |
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|
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Products : |
· Automation Systems · Fabricated Sheet Metal ·
Auto
Components For Diesel Qeersets |
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Exports : |
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Countries : |
USA |
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Terms : |
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Selling : |
Credit (30 days) |
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Purchasing : |
Credit (30 days) |
GENERAL
INFORMATION
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Customers : |
Manufacturers |
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No. of Employees : |
235 (35 – Office and
200 – Factory) |
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Bankers : |
·
United
Western Bank Limited Laxmi Road
Branch, Pune, Maharashtra, India ·
Industrial
Development Bank of India Laxmi Road, 6/1,
Budhwar Peth, Pune - 411002, Maharashtra, India ·
CITI Bank ·
HDFC Bank ·
Punjab
National Bank ·
Rupee Co-operative Bank Limited, Pune |
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Facilities : |
CC Rs.7.200
Millions |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Deekay and
Company Chartered
Accountants |
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Address : |
5 Parshuram Apartments,1616,
Sadashiv Peth, Pune – 411030, Maharashtra, India |
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Tel. No.: |
91-20-24338786 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 Millions
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
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|
|
|
87124 |
Equity Shares |
Rs.100/- each |
Rs.8.712 Millions
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
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1] Share Capital |
8.712 |
6.711 |
3.390 |
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2] Share Application Money |
0.000 |
0.000 |
0.566 |
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3] Reserves & Surplus |
6.808 |
3.404 |
2.501 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
15.520 |
10.115 |
6.457 |
|
|
LOAN FUNDS |
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|
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1] Secured Loans |
11.082 |
8.064 |
8.169 |
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2] Unsecured Loans |
3.465 |
4.033 |
3.901 |
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TOTAL BORROWING |
14.547 |
12.097 |
12.070 |
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DEFERRED TAX LIABILITIES |
0.432 |
0.000 |
0.000 |
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TOTAL |
30.499 |
22.212 |
18.527 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
18.892 |
12.911 |
12.373 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.052 |
0.052 |
0.151 |
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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 |
10.181
|
10.206
|
10.106 |
|
|
Sundry Debtors |
15.082
|
5.904
|
5.945 |
|
|
Cash & Bank Balances |
1.008
|
0.059
|
0.497 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
5.967
|
3.728
|
1.039 |
|
Total
Current Assets |
32.238
|
19.897
|
17.587 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Current Liabilities |
18.695
|
9.758
|
10.911 |
|
|
Provisions |
1.988
|
0.950
|
0.753 |
|
Total
Current Liabilities |
20.683
|
10.708
|
11.664 |
|
|
Net Current Assets |
11.555
|
9.189
|
5.923 |
|
|
|
|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.060 |
0.080 |
|
|
|
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TOTAL |
30.499 |
22.212 |
18.527 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
81.820 |
46.432 |
43.260 |
|
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Other Income |
10.478 |
10.206 |
10.285 |
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Total Income |
92.298 |
56.638 |
53.545 |
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Profit/(Loss) Before Tax |
4.919 |
1.405 |
1.383 |
|
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Provision for Taxation |
1.516 |
0.502 |
0.443 |
|
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Profit/(Loss) After Tax |
3.403 |
0.903 |
0.940 |
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Export Value |
NA |
0.147 |
NA |
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Expenditures : |
|
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Financial Charges |
0.126 |
0.340 |
0.233 |
|
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Depreciation & Amortization |
2.157 |
1.892 |
1.888 |
|
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Other Expenditure |
85.096 |
53.001 |
50.041 |
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Total Expenditure |
87.379 |
55.233 |
52.162 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
3.69
|
1.59
|
1.75 |
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Net Profit Margin (PBT/Sales) |
(%) |
6.01
|
3.02
|
3.20 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
9.62
|
4.28
|
4.62 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.32
|
0.14
|
0.21 |
|
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Debt Equity Ratio (Total Liability/Networth) |
|
2.27
|
2.25
|
3.68 |
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|
Current Ratio (Current Asset/Current Liability) |
|
1.56
|
1.87
|
1.51 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference:
·
Ashok Lay Land, Pune Hosur
·
Cummins India Limited, Pune
·
Kirloaskar Oil Engineers Limired, Pune
Fixed Assets
· Land and Building
· Plant and Machinery
· Furniture and Fixture
· Vehicles
· Computers
· Office Equipments
Form 8:
|
Corporate
identity number (CIN) Foreign company registration number |
U29999PN1998PTC012652 |
|
Name of the
Company |
BHOR ENGINEERING
PRIVATE LIMITED |
|
Address |
Pune – 411023,
Maharashtra, India |
|
This form is for |
Creation of Charges |
|
Type of Charge |
Immovable
Property Movable Property
(not being pledge) |
|
Particulars of
the charge holder |
Industrial Development
Bank of India Laxmi Road, 6/1,
Budhwar Peth, Pune - 411002, Maharashtra, India |
|
Nature or
description of the instrument(s) creating or modifying the charge |
Agreement of Hypothecation
for term loan/ demand loan facility. Deed of
additional charge (Both the
agreements constitute single charge) |
|
Date of the
instrument creating or modifying the charge |
13.03.2007 |
|
Amount secured by
the charge |
Rs.14.250
Millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of
Interests: Term Loan –
12.75% p.a. IDBI + BPLR,
presently 12.75% p.a. at monthly rests with the provision of yearly rests. Terms of
Repayments: Term Loan to be
repaid in 60 months after 3 months moratorium at Rs.0.237 Million per month
plus monthly interests separately Interests during moratorium is to be paid
separately. Margin: Term Loan – Against Machinery
– 25% Against building
30% Extent and operation
of the charge: First charge by
way of hypothecation on the property as detailed in Annexure I. First charge by
way of registered mortgage on the factory property as detailed in annexure I First charge by
way of registered mortgage on the personal property as detailed in Annexure
I. |
|
Short particulars
of the property charged (including location of the property) |
NA |
|
Particular of the
present modification |
NA |
|
Name of the company |
BHOR ENGINEERING PRIVATE LIMITED |
|
Presented By |
United Western
Bank Limited Laxmi Road Branch, Pune, Maharashtra, India |
|
1) Date and description of instrument creating the change |
Agreement of Hypothecation dated 14th October, 2005 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Working capital adhoc limit of Rs.1.500 Millions |
|
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 |
Inventory and receivable |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Margin 25 % in Bank’s favourable Rate of interest 18.50 % p.a. interest to be charged an compounded on monthly basis period upto – 310.12.2005 |
|
5) Name and Address and description of the person entitled to the charge. |
United Western
Bank Limited Laxmi Road Branch, Pune -411002, Maharashtra, India |
|
6) Date and brief description of instrument modifying the charge |
NA |
|
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. |
NA |
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.42.24 |
|
UK Pound |
1 |
Rs.83.26 |
|
Euro |
1 |
Rs.65.58 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|