MIRA
INFORM REPORT
|
Report Date : |
05.03.2008 |
IDENTIFICATION
DETAILS
|
Name : |
BHARAT BOX FACTORY LIMITED |
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Registered Office : |
Village Bhaian
Kalan, Tajpur Road, Ludhiana – 141008, Punjab |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
01.07.1996 |
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Com. Reg. No.: |
16-18439 |
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CIN No.: [Company
Identification No.] |
L74950PB1996PLC018439 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AMRB10538D/JLDB00812A |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer and
Exporter of Printed and Paper Board Cartoons |
RATING &
COMMENTS
|
MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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Maximum Credit Limit : |
USD 1736548 |
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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 fine track. Trade relations are
fair. Financial position is good. Payments are regular and as per the
commitments. The company can
be considered good for any normal business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered Office/ Factory : |
Village Bhaian
Kalan, Tajpur Road, Ludhiana – 141008, Punjab, India |
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Tel. No.: |
91-161-2824562 |
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Fax No.: |
91-161-2824596 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Mr. Anil Kumar |
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Designation : |
Director |
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Address : |
583-L, Model
Town, Ludhiana, Punjab, India |
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Date of Birth
: |
04.06.1964 |
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Date of
Appointment : |
02.07.1996 |
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Name : |
Mr. Rajinder
Kumar |
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Designation : |
Whole Time
Director |
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Address : |
171-R, Model
Town, Ludhiana, Punjab, India |
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Date of Birth
: |
31.10.1949 |
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Date of
Appointment : |
02.07.1996 |
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Name : |
Mr. Baljinder
Kumar |
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Designation : |
Director |
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Address : |
171-R, Model
Town, Ludhiana, Punjab, India |
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Date of Birth
: |
28.10.1956 |
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Date of
Appointment : |
02.07.1996 |
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Name : |
Mr. Parveen Kumar |
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Designation : |
Director |
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Address : |
171-R, Model
Town, Ludhiana, Punjab, India |
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Date of Birth : |
06.10.1962 |
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Date of
Appointment : |
02.07.1996 |
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Name : |
Mr. Ravinder
Kumar |
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Designation : |
Managing Director |
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Name : |
Mr. Vikas Agarwal |
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Designation : |
Director |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
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|
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Mr. Rajendra Kumar |
|
1149925 |
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Mr. Rajendra Kumar HUF |
|
47100 |
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Master Dalip |
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41000 |
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Mrs. Sikha Aggarwal |
|
8600 |
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Mr. Baljindra Kumar |
|
1045125 |
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Mr. Baljindra Kumar HUF |
|
46800 |
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Mr. Rachit Aggarwal |
|
48500 |
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Ms. Sughandha Aggarwal |
|
57600 |
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Mrs. Sudha Aggarwal |
|
48600 |
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Mr. Parveen Kumar |
|
1041350 |
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Mr. Parveen Kumar HUF |
|
43600 |
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Mrs. Nisha Aggarwal |
|
119575 |
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Mr. Yuvraj Aggarwal |
|
28200 |
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Mr. Parth Aggarwal |
|
13900 |
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Mr. Anil Kumar |
|
1097875 |
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Mrs. Anju Aggarwal |
|
95750 |
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Master Abhi Aggarwal |
|
26800 |
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Mr. Anil Kumar HUF |
|
26200 |
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Category |
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Percentage |
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Bodies Corporate (not mentioned above) |
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7.33 |
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Directors or relatives of directors |
|
92.05 |
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Other top fifty (50) shareholders (other than listed above) |
|
0.62 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and
Exporter of Printed and Paper Board Cartoons |
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Products : |
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Exports : |
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Products : |
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Countries : |
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GENERAL
INFORMATION
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Customers : |
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Bankers : |
Ludhiana, Punjab,
India
Chandigarh Road,
Ludhiana, Punjab, India
AM Hauptbahnhof
2, 70173, Stuttgart, Federal Republic of Germany, Stuttgart |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Dass Khanna and Company Chartered Accountant |
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Address : |
B-XXX-2815, 1st Floor, Gurdev Nagar, Pakhowal Road,
Ludhiana – 141001, Punjab, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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15000000 |
Equity Share |
Rs.10/- each |
Rs.150.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
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|
5455500 |
Equity Share |
Rs.10/- each |
Rs.54.555
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 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
54.555 |
51.865 |
51.900 |
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2] Share Application Money |
0.000 |
20.000 |
0.000 |
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3] Reserves & Surplus |
379.582 |
247.302 |
142.600 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
434.137 |
319.167 |
194.500 |
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LOAN FUNDS |
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1] Secured Loans |
636.427 |
324.448 |
227.900 |
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2] Unsecured Loans |
350.615 |
169.159 |
174.300 |
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TOTAL BORROWING |
987.042 |
493.607 |
402.200 |
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DEFERRED TAX LIABILITIES |
36.660 |
23.270 |
0.000 |
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TOTAL |
1457.839 |
836.044 |
596.700 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
649.852 |
378.739 |
297.300 |
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Capital work-in-progress |
199.725 |
128.140 |
0.000 |
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INVESTMENT |
13.982 |
9.346 |
0.300 |
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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 |
336.014
|
275.344
|
222.200
|
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Sundry Debtors |
517.013
|
270.262
|
154.600
|
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Cash & Bank Balances |
68.542
|
48.610
|
55.700
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
233.266
|
121.248
|
90.200
|
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Total
Current Assets |
1154.835
|
715.464
|
522.700
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
549.119
|
391.655
|
220.700
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Provisions |
11.436
|
4.649
|
2.900
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Total
Current Liabilities |
560.555
|
396.304
|
223.600
|
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Net Current Assets |
594.280
|
319.160
|
299.100
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MISCELLANEOUS EXPENSES |
0.000 |
0.659 |
0.000 |
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TOTAL |
1457.839 |
836.044 |
596.700 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
Sales Turnover |
|
2092.400 |
1224.300 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
2092.400 |
1224.300 |
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Profit/(Loss) Before Tax |
|
121.100 |
44.900 |
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Provision for Taxation |
|
16.400 |
5.600 |
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Profit/(Loss) After Tax |
|
104.700 |
39.300 |
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Total Expenditure |
|
1971.300 |
1179.400 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
NA
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5.00 |
3.21 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
|
5.79 |
3.67 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
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6.71 |
4.10 |
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Return on Investment (ROI) (PBT/Networth) |
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NA
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0.38 |
0.23 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.56
|
2.79 |
3.22 |
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Current Ratio (Current Asset/Current Liability) |
|
2.06
|
1.80 |
2.34 |
LOCAL AGENCY FURTHER
INFORMATION
History:
Established in 1961 by their esteemed founder and leader,
Lt. Sh. Jagdish Chander Aggarwal, subject made its humble beginning in the
field of packaging. Over the years, with a constant strive to improve its manufacturing
technology, machinery, business processes and an open approach to
diversification, there has been no looking back.
By 1997, subject had diversified into manufacturing of
plastic moulded products and by 2000; the contractual manufacturing business
was started with Reckitt and Coleman (Now Reckitt Benckiser). The first
products manufactured in this unit under contract with Reckitt were “Mortein”
Mosquito Repellent Coils and “Harpic” Liquid Toilet Cleaner.
Since the beginning of new millennium, subject has evolved
itself into a complete solutions provider. Today, besides its core line of
packaging, subject Group also makes injection and blow-moulded plastic products
besides contractual manufacturing of many major brands in mosquito repellant coils
like ‘Maxo’ for Jyothy Laboratories ltd., ‘Mortein’ for Reckitt Benckiser, “All
Out” for S.C. Johnsons Limited, “Tortoise” for Bombay Chemicals.
Form
8:
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Name of the company |
BHARAT BOX FACTORY LIMITED |
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Presented By |
Mr. Rajinder Kumar,
Director |
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1) Date and description of instrument creating the change |
Hypothecation to
secure Cash Credit Hypothecation of Stock and Book Debts dated 20.09.2004 and
Hypothecation Agreement to secure LC on DA basis dated 20.09.2004. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Working Capital
Facilities of Rs.105.000 Millions (Rs. In Millions)
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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 raw material, stock in process, finished goods and consumable stores/
spares on 1st pari passu basis with CITY Bank and any others such
security which may be acceptable to the bank under this agreement from time
to time. Hypothecation of book debts of the company not older than 90 days
period. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Repayable : On
Demand Interests: 9.00%
p.a. Extent : 100% Margin CC
(Hypothecation) : 25% CC (Book debts) : 40%
Letter Credit : Nil |
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5) Name and Address and description of the person entitled to the charge. |
Punjab National
Bank Chandigarh Road,
Ludhiana, Punjab, India |
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6) Date and brief description of instrument modifying the charge |
Deed of Hypothecation
for extention of charge on all unencumbered fixed assets and other assets in
the name of the company dated 26th February, 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. |
The charge in
favour of PNB shall further extend on all unencumbered plant and machinery
and other fixed assets of the company lying at the factory premises at
Ludhiana to secure the above said entire credit facilities given by the bank
to the company Other terms and
conditions remains the same. |
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Corporate
identity number (CIN) Foreign company registration number |
L74950PB1996PLC018439 |
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Name of the
Company |
BHARAT BOX FACTORY LIMITED |
|
Address |
Village Bhaian
Kalan, Tajpur Road, Ludhiana 141008, Punjab, India |
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This form is for |
Creation of
Charges |
|
Particulars of
the charge holder |
Landesbank Baden-wurttemberg AM Hauptbahnhof
2, 70173, Stuttgart, Federal Republic of Germany, Stuttgart |
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Nature or
description of the instrument(s) creating or modifying the charge |
Deed of
Hypothecation dated 6th April 2007 executed by the company
infavour of landesbank Baden-wurttemberg, AM Hauptbahnhof 2, 70173,
Stuttgart, Federal Republic of Germany, Stuttgart |
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Date of the
instrument creating or modifying the charge |
06.04.2007 |
|
Amount secured by
the charge |
Rs.104.893
Millions |
|
Particular of the
present 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.40.29 |
|
UK Pound |
1 |
Rs.79.98 |
|
Euro |
1 |
Rs.61.20 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
72 |
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 |
|