MIRA
INFORM REPORT
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Report Date : |
17.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
BIGESTO FOODS PRIVATE LIMITED |
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Registered Office : |
14/39 Shakti Nagar, Delhi – 110007 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
03.04.1989 |
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Com. Reg. No.: |
55-35732 |
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CIN No.: [Company
Identification No.] |
U74899DL1989PTC035732 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELB06334G |
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PAN No.: [Permanent
Account No.] |
AAACB3036E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Trader of Television Sets, Black and White Television
Sets, Colour Video CD [VCD Players] |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 270000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory
track. Trade relations are reported as fair. Business is active. Payments are
reported as usually correct and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
14/39 Shakti Nagar, Delhi – 110007, India |
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E-Mail : |
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Factory : |
E – 29, Site – B, UPSIDC Industrial Area, Surajpur, Noida, Uttar
Pradesh, India |
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Tel. No.: |
91-120-2569841 |
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Fax No.: |
91-120-2569131 |
DIRECTORS
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Name : |
Mr. Vishal Gupta |
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Designation : |
Director |
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Address : |
B – 15, Kalindi Colony, New Delhi – 110065, India |
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Date of Birth/Age : |
25.09.1972 |
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Date of Appointment : |
03.12.2001 |
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Name : |
Mr. Vikas Gupta |
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Designation : |
Director |
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Address : |
B – 15, Kalindi Colony, New Delhi – 110065, India |
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Date of Birth/Age : |
25.09.1972 |
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Date of Appointment : |
03.12.2001 |
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Name : |
Ms. Neelu Gupta |
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Designation : |
Director |
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Address : |
B – 15, Kalindi Colony, New Delhi – 110065, India |
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Date of Birth/Age : |
05.01.1963 |
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Date of Appointment : |
01.11.2003 |
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Name : |
Ms. Nitsha Gupta |
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Designation : |
Director |
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Address : |
B – 15, Kalindi Colony, New Delhi – 110065, India |
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Date of Birth/Age : |
17.05.1974 |
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Date of Appointment : |
01.07.2005 |
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Other Directorship : |
Kushang Apparel Limited CIN No.: L51311DL1998PLC094202 |
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Name : |
Ms. Sarika Gupta |
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Designation : |
Director |
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Address : |
B – 15, Kalindi Colony, New Delhi – 110065, India |
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Date of Birth/Age : |
04.12.1976 |
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Date of Appointment : |
01.07.2005 |
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Other Directorship : |
Kushang Apparel Limited CIN No.: L51311DL1998PLC094202 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2007
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Trader of Television Sets, Black and White Television
Sets, Colour Video CD [VCD Players] |
GENERAL
INFORMATION
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Bankers : |
State Bank of India, Commercial Branch, Sector – 18, Noida – 201301,
Uttar Pradesh, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M. P. Singh Chartered Accountants |
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Address : |
6, Navayug, Ghaziabad – 201001, Uttar Pradesh, India |
CAPITAL STRUCTURE
As on 30.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs. 100/- each |
Rs. 5.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs. 100/- each |
Rs. 5.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
3.957 |
3.170 |
3.170 |
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2] Share Application Money |
24.958 |
7.440 |
1.010 |
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3] Reserves & Surplus |
38.490 |
30.416 |
28.770 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
67.405 |
41.026 |
32.950 |
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LOAN FUNDS |
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1] Secured Loans |
28.917 |
35.466 |
58.316 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
28.917 |
35.466 |
58.316 |
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DEFERRED TAX LIABILITIES |
2.713 |
1.640 |
0.691 |
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TOTAL |
99.035 |
78.132 |
91.957 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
46.789 |
40.841 |
18.225 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
74.979
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49.585 |
96.119 |
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Sundry Debtors |
106.083
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37.770 |
52.268 |
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Cash & Bank Balances |
4.315
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5.099 |
18.762 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
37.129
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13.265 |
28.717 |
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Total
Current Assets |
222.506
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105.719 |
195.866 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
168.999
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67.972 |
120.434 |
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Provisions |
1.261
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0.456 |
1.700 |
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Total
Current Liabilities |
170.260
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68.428 |
122.134 |
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Net Current Assets |
52.246
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37.291 |
73.732 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
99.035 |
78.132 |
91.957 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover
[Estimated] |
200.000 |
150.000 |
125.000 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.95
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2.53 |
5.48 |
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Current Ratio (Current Asset/Current Liability) |
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1.31
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1.54 |
1.60 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
BIGESTO FOODS
PRIVATE LIMITED |
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Presented By |
State Bank of India, Noida |
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1) Date and description of instrument creating the change |
General agreement
along with ancillary agreement No. 1, 3and 6 dated 21.02.2003 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 30.000
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 |
All present and
future goods i.e. raw materials, WIP, Finished goods gook debts and other
assets and fixed assets of the company. including equitable mortgage of
factory land and building of the company at E – 29, Site – B, UPSIDC Industrial Area,
Surajpur, Noida, Uttar Pradesh, India |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of interest
– 12.35 % p.a. payable on demand |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of India, Commercial Branch, Sector – 18, Noida – 201301,
Uttar Pradesh, India |
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6) Date and brief description of instrument modifying the charge |
-- |
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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. |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified
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80006529 |
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Corporate identity
number of the company |
U74899DL1989PTC035732 |
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Name of the
company |
BIGESTO FOODS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Delhi – 110007, India |
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Type of charge |
Immovable Property
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Particular of
charge holder |
State Bank of India, Commercial Branch, Sector – 18, Noida – 201301,
Uttar Pradesh, India |
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Nature of
description of the instrument creating or modifying the charge |
Letter evidencing
deposit of title deeds for creation of equitable mortgage |
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Date of
instrument Creating the charge |
23.05.2007 |
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Amount secured by
the charge |
Rs. 101.700
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest on
working capital to be charged at SBAR, present effective rate 12.75 % or at
such other rate or rate as may be notified by the Bank to the Borrower from
time to time. Terms of
Repayment As per executed
hypothecation agreement and / or as advised by the Bank to the Borrower from
time to time Margin Margin on raw
materials / consumables, stores in process, finished goods 25 %, bank
Guarantee / letter of Credit – 15 % and Book Debts / Receivables 40 days Extent and
Operation of the charge The company’s
properties mentioned hereunder are mortgage to collaterally secure the
following credit facilities granted by bank to the company CC [Hyp. of
Goods] Rs. 47 Millions [CC (Book
Debts) Rs. 25 Millions with CC (Goods) Term Loan Rs. 11.700 Millions, Bank
Guarantee Rs. 2.500 Millions; LC Rs. 37.500 Millions and SLC Rs. 3.000
Millions] [Total Limits Rs. 101.700 Millions] Others During the
currency of the credit facilities being enjoyed by the company it shall not
without the bank’s prior permission in writing : Enter into
borrowing arrangement either secured or unsecured with any other bank, FL’s,
Company or otherwise or accept deposits apart from arrangement indicated in
the funds flow statements submitted to the Bank from time to time and
approved by the Bank. Undertake
Guarantee obligation on behalf of any other Company |
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Short particulars
of the property charged |
Equitable
mortgage by way of deposit of Title deeds in respect of Company’s immovable
properties being proerpty situated at E – 29 and 30 and E – 14 Site IV
Surajpur, Industrial Area, Greater Noida together with all the building,
structures now standing thereon and together with the construction that may
hereafter by made thereon and also together with fixtures, fittings and
other. |
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Date of latest
modification prior to the present modification |
23.05.2007 |
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Particulars of
the present modification |
The enhanced
credit facilities aggregating to Rs. 101.700 Millions shall now also be
collaterally secured by way of
equitable mortgage by deposit of title deeds in respect of company’s
immovable properties situated at E – 29 and 30 and E – 14 Site IV Surajpur,
Industrial Area, Greater Noida. |
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.40.45 |
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UK Pound |
1 |
Rs.82.25 |
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Euro |
1 |
Rs.63.20 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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54 |
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 |
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|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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