MIRA
INFORM REPORT
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Report Date : |
17.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
BIG BAGS INTERNATIONAL PRIVATE LIMITED |
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Registered Office : |
No.61, Nakerappa Industrial Estate, Andrajhalli Main Road,
Vishwaneeda, Bangalore – 560091, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
05.07.2000 |
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Com. Reg. No.: |
027403 |
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CIN No.: [Company
Identification No.] |
U24304KA2000PTC027403 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRB01476G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Importer of Jumbo Bags. |
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 311508 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Mr. Radharam Shenoy, Accounts Manager confirmed the details. Subject is a well established and reported company having satisfactory
track. Trade relations are fair. Payments are usually correct and as per
commitments. Nothing adverse reported. The company can be considered good for any normal business dealings at
usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Radharam Shenoy |
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Designation : |
Accounts Manager |
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Date : |
16.05.2008 |
LOCATIONS
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Registered Office/ Factory : |
No.61, Nakerappa Industrial Estate, Andrajhalli Main Road,
Vishwaneeda, Bangalore – 560091, Karnataka, India |
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Tel. No.: |
91-80-28363929/ 30/ 31/ 28365300 |
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Fax No.: |
91-80-28363928/ 28365307 |
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E-Mail : |
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Website : |
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Area : |
35000 sq. ft. |
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Location : |
Owned by Company |
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Corporate Office : |
P.O. Box No.1069, 1051, 2nd Floor, 20th
main Road, 5th Block, Rajajinagar, Bangalore-560010, Karnataka, India |
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Tel. No. |
91-80-23403922/23403557 |
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Fax No. |
91-80-23405036 |
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E-Mail |
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Web site |
http://www.bigbagindia .com |
DIRECTORS
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Name : |
Mrs. Rekha R. Kamath |
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Designation : |
Managing Director |
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Address : |
7 and 8,I Cross, Widia Layout, Vijayanagar, Bangalore – 560040, India |
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Date of Birth/Age : |
11.02.1960 |
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Qualifications : |
Graduate |
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Date of Appointment : |
05.07.2000 |
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Name : |
Mrs. Allison Kabra |
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Designation : |
Director |
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Address : |
7,12th Main, Vasanth Nagar, Bangalore – 560052,
India |
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Date of Appointment : |
05.07.2000 |
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Name : |
Mr. Mehul A. Shah |
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Designation : |
Director |
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Address : |
301/302 Deepak Co-operative Housing Society, 12 Kasihai Navranee Marg,
Mumbai – 400007, Maharashtra, India |
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Date of Birth/Age : |
07.02.1974 |
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Qualifications : |
Chemical Engineer |
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Date of Appointment : |
25.02.2006 |
KEY EXECUTIVES
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Name : |
Mr. Ravish B. Kamath |
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Designation : |
Chief Executive Officer |
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Qualification : |
B.Com, LLB |
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Experience : |
20 years |
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Passport No.: |
21329356 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
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No. of Shares |
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Mrs. Rekha R. Kamath |
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10 |
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Mrs. Allison Kabra |
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10 |
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Big Bags International Private Limited |
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10 |
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Kamath Family Trust |
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10 |
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Plas Trap Inc. |
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10 |
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Total |
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50 |
(As on 31.03.2007)
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Category |
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Percentage |
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Foreign Holding (FIIs, FCs, FFIs, NRIs, or OCB or Others) |
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4.03 |
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Bodies Corporate (Not mentioned above) |
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54.77 |
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Directors or relatives of directors |
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14.93 |
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Others top fifty Shareholders (other than listed above) |
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26.27 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Jumbo Bags. |
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Products : |
· Jumbo Bags · Woven Items · Monofilament Yarn · Ropes · Plastics Films · Sheeting’s · Laminates · Chemicals · Additives · PE Tarpaulins · Flexible packaging products |
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Exports : |
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Products : |
All Products |
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Countries : |
· Germany · USA · UK · Australia · Israel · Europe |
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Imports : |
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Products : |
· Raw Materials · Machinery |
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Countries : |
· Korea · Saudi Arabia · Canada · Belgium · Germany · South Korea · Europe |
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Terms : |
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Selling : |
L/C and Credit (30-60-90 days), CAD and T/T |
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Purchasing : |
L/C and Credit (30-60-90 days), CAD and T/T |
GENERAL
INFORMATION
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Customers : |
· Wholesalers · End Users · Companies |
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No. of Employees : |
Around 1250 |
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Bankers : |
· Bank of India Corp. Banking Branch, Museum Road, Bangalore-560025, Karnataka, India |
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Facilities : |
C/C – Rs.13.000 Millions O/D – Rs.10.000 Millions L/C – Rs.170.000 Millions Term Loan – Rs.50.000 Millions Packaging Credit – Rs.35.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Ravi and Mohan, Chartered Accountants |
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Address : |
Shesadripuram,Banglore-560020, Karnataka, India |
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Name : |
V S Ramaswamy and Company (S. Subramanium Bhatt) Chartered Accountants |
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Address : |
No. 105/8, Saleh Ahmed Building Infantry Road, Bangalore – 560001,
Karnataka, India |
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Memberships : |
KPMG |
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Associates/ Subsidiaries : |
· Girish Circular Loom Private Limited |
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Holding Company : |
· Big Bags (India) Private Limited CIN No.: U25209KA1993PTC014849 No.61, Nakerappa Industrial Estate, Andrajhalli Main Road,
Vishwaneeda, Bangalore – 560091, Karnataka, India · (Manufacturer,
Exporter and Importer of Jumbo Bags) |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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8500000 |
Equity Shares |
Rs.10/- each |
Rs.85.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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|
31.03.2008 |
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Sales Turnover |
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|
600.000 |
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Expected Sales (2008-09) : Rs.650.000 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 |
20.000 |
20.000 |
20.000 |
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2] Share Application Money |
28.450 |
9.117 |
3.089 |
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3] Reserves & Surplus |
29.427 |
18.404 |
13.114 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
77.877 |
47.521 |
36.203 |
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LOAN FUNDS |
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1] Secured Loans |
25.372 |
27.856 |
10.977 |
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2] Unsecured Loans |
40.369 |
44.165 |
13.274 |
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TOTAL BORROWING |
65.741 |
72.021 |
24.251 |
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DEFERRED TAX LIABILITIES |
2.513 |
6.178 |
4.028 |
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TOTAL |
146.131 |
125.720 |
64.482 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
78.781 |
70.297 |
39.653 |
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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 |
51.097
|
39.776 |
32.812 |
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Sundry Debtors |
123.094
|
107.047 |
84.438 |
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Cash & Bank Balances |
40.948
|
23.502 |
25.740 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
60.966
|
33.307 |
19.480 |
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Total
Current Assets |
276.105
|
203.632 |
162.470 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
204.322
|
147.387 |
136.228 |
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Provisions |
4.433
|
0.822 |
1.413 |
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Total
Current Liabilities |
208.755
|
148.209 |
137.641 |
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Net Current Assets |
67.350
|
55.423 |
24.829 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
146.131 |
125.720 |
64.482 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
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Sales Turnover |
530.175 |
338.809 |
292.803 |
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Other Income |
8.197 |
5.081 |
7.305 |
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Total Income |
538.372 |
343.890 |
300.108 |
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Profit/(Loss) Before Tax |
12.100 |
8.436 |
5.234 |
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Provision for Taxation |
4.742 |
0.996 |
1.413 |
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Profit/(Loss) After Tax |
7.358 |
7.440 |
3.821 |
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Expenditures : |
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Manufacturing Expenses |
447.528 |
268.800 |
227.872 |
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Administrative Expenses |
8.373 |
7.202 |
7.975 |
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Selling and Distribution Expenses |
31.107 |
33.692 |
38.905 |
|
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Interests and Financial Charges |
28.367 |
17.745 |
13.910 |
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|
Pre-incorporation Expenses W/O |
0.000 |
0.000 |
0.036 |
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Depreciation & Amortization |
10.896 |
8.014 |
6.176 |
|
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Other Expenditure |
0.000 |
0.000 |
0.000 |
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Total Expenditure |
526.271 |
335.453 |
294.874 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
1.37
|
2.16 |
1.27 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.28
|
2.49 |
1.74 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.41
|
3.08 |
2.59 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.18 |
0.14 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.52
|
4.63 |
4.47 |
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Current Ratio (Current Asset/Current Liability) |
|
1.32
|
1.37 |
1.18 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference:
·
Material Motion
·
Code Fine
·
Manicadi
·
Maxwaly
HISTORY
The company was incorporated on 5th July, 2000 at Bangalore in Karnataka having Company Registration No.08-27403
The Company started its commercial production during February 2001. It manufactures FIBC’s and is one of the few units in India.
Naba Packaging Group, Turkey, one of the pioneers in the
field, provided technical Know-how and deputed its Engineers for a period of 15
months for training the company engineers. The Company was successful in
securing ISO 9001 Certification from KPMG
Form 8:
|
Corporate
identity number (CIN) Foreign company registration number |
U24304KA2000PTC027403 |
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Name of the
Company |
BIG BAGS INTERNATIONAL PRIVATE LIMITED |
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|
Address |
No.61, Nakerappa Industrial Estate, Andrajhalli Main Road,
Vishwaneeda, Bangalore – 560091, Karnataka, India |
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This form is for |
Modification of Charge |
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Type of Charge |
Book Debts Movable Property
(not being pledge) Stocks,
Machineries etc. |
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Particulars of
the charge holder |
Bank of India Bangalore
Corporative Banking Branch, 25/1 Skip House, Near Bridge Towers, Museum Road,
Bangalore – 560001, Karnataka, India |
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Nature or
description of the instrument(s) creating or modifying the charge |
Supplemental Deed
of Hypothecation |
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Date of the
instrument creating or modifying the charge |
14.02.2008 |
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Amount secured by
the charge |
Rs.334.300
Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of
Interests: TL: Interests @
2.00% over BPLR Presently 15.25% p.a. PC/FBD/FBP :
Interests @9.50% p.a. OD/CC : Interests
@ 15.25% p.a. Terms of
Repayments: CC: Repayable on
Demand TL III: Repayable
in 60 monthly installments of Rs.0.433 Million each commencing from January
2006. TL IV: Repayable
in 60 monthly installments of Rs.0.083 Million each commencing from August
2006. TL V: Repayable
in 60 monthly installments of Rs.0.417 Million each commencing one month
after project completion or 32 months after first disbursement, whichever are
earlier 2006 Margin: EPC/OD/CC/LC/BG:
25% TL : 37% Extent and operation
of the charge: Charge extends on
all the assets through the period of sectioned limits by way of first charge Others: The total limits
sanctioned to the two group companies are as under: (Rs. in Millions)
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Short particulars
of the property charged (including location of the property) |
Hypothecation of the
whole of the present and future stocks of raw materials as high density and
low density poly ethelene, fabrica, colouring agents, packaging materials
such as gunny bags, plastic bags, boxes, stores and spares, Finished goods,
book debts, machineries such as tape extrusion machines, laminators, winding
and coning machines, circular looms, generator etc (as per such) belonging to
the company situated at No.641 nadekerappa Industrial Area, Andeahal Main
Road, Bangalore – 560091, India |
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Particular of the
present modification |
Total Limits
enhanced from Rs.175.331 Millions to Rs.334.300 Millions All other terms,
conditions and existing securities to countries. |
|
Name of the company |
BIG BAGS INTERNATIONAL PRIVATE LIMITED |
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Presented By |
Bank of India Corporative
Banking Branch, 25/1 Skip House, Near Bridge Towers, Museum Road, Bangalore –
560025 |
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1) Date and description of instrument creating the change |
25.09.2000 (Regd.
06.11.2000) Agreement of Hypothecation
of Plant and Machinery, stocks and book debts |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.22.458
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 |
First charge on
all present and future current assets incl. tangible movable machinery and
plant, stocks of raw materials, stock in process, semi finished goods,
finished goods, stores and spares and Consumable, Book Debts, Outstanding,
monies receivable bills etc. belonging to the company. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interests and
Margin as applicable from time to time Repayable on
Demand |
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5) Name and Address and description of the person entitled to the charge. |
Bank of India Corporative
Banking Branch, 25/1 Skip House, Near Bridge Towers, Museum Road, Bangalore –
560025, India |
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6) Date and brief description of instrument modifying the charge |
24.11.2004 Supplemental Deed
of Hypothecation |
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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 total limits
enhanced from Rs.58.721 Millions to Rs.105.171 Millions (Rs. In Millions)
|
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.42.40 |
|
UK Pound |
1 |
Rs.82.57 |
|
Euro |
1 |
Rs.65.84 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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 |
|
|
>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 |
|