MIRA
INFORM REPORT
|
Report Date : |
26.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
BATHLA ALUMINIUM PRIVATE LIMITED |
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Registered Office : |
9, Auto Tower, JC Road, Bangalore – 560002, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
29.12.1983 |
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Com. Reg. No.: |
08-5780 |
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CIN No.: [Company
Identification No.] |
U27203KA1983PTC005780 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRB00302B |
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PAN No.: [Permanent
Account No.] |
B-35 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Aluminium Ladders and Ironing Boards. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
USD 12848 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a small company having moderate track records. Payments are
reported as slow and delayed. Financial position is moderate. The company can be considered for small business dealings at usual
trade term and conditions. |
LOCATIONS
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Registered Office : |
9, Auto Tower, JC Road, Bangalore – 560002, Karnataka, India |
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Tel. No.: |
91-80-22223081 / 22233824 / 22223089 / 2235131 |
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Fax No.: |
91-80-22995152 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Balraj Bathal |
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Designation : |
Director |
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Address : |
332 10 Cross RMV Extension IInd stage , Bangalore – 560 094, Karnataka
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Date of Birth/Age : |
06.11.1930 |
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Date of Appointment : |
29.12.1983 |
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Name : |
Mr. Rohit Bathla |
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Designation : |
Managing Director |
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Address : |
No.7 I Floor, Aishwarya Apartment Rest House Road, Bangalore – 560
001, Karnataka. |
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Date of Birth/Age : |
11.06.1967 |
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Date of Appointment : |
02.02.1987 |
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Name : |
Mr. Gaurav Bathla |
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Designation : |
Director |
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Address : |
332 10 Cross RMV Extension IInd stage , Bangalore – 560 094, Karnataka
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Date of Birth/Age : |
07.09.1972 |
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Date of Appointment : |
02.02.1987 |
KEY EXECUTIVES
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Name : |
Mr. Anand Tamirisa |
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Designation : |
Company Secretary |
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Address : |
407, Commerce House, 9/1, Cunnigharn Road, Bangalore – 560052, India |
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Tel No.: |
91-80-41131261 |
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Fax No.: |
91-80-41131781 |
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Mobile : |
91-9448048281 |
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Email : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Balraj Bathla |
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12000 |
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Mr. Raj Bathla |
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485 |
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Mr. Rohit Bathla |
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6250 |
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Mr. Gaurav Bathla |
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6250 |
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Mrs. Bhavna Bathla |
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1 |
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Mrs. Sobha R |
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1 |
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Mrs Kamla Devi |
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1 |
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Mr. Ravinder Bhari |
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1 |
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Mrs. Santosh Kumari |
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1 |
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Mr. S D Chowdhary |
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1 |
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Mrs. Anuradha Agarwal |
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1 |
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Mr. Akil Agarwal |
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1 |
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Mr. Vijay Kumar |
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1 |
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Login Infotech |
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1 |
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Mr,. Gaurav Bhari |
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1 |
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Mr. K R Grower |
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1 |
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Sapana Construction |
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1 |
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Mr. Krishna Srivastav |
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1 |
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Mr. Ramesh Kumar |
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1 |
Equity Shares Breakup (Percentage of Total Equity):
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Category |
Percentage |
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Directors or relatives of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Aluminium Ladders and Ironing Boards. |
GENERAL
INFORMATION
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No. of Employees : |
30 |
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Bankers : |
· Punjab And Sind Bank Address: J C Road, Bangalore – 560 002,
India Email ID: tamirisa@Vsnl.Com · ABN Amro Bank · HDFC Bank · ICICI Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Vasan and Sampath Chartered Accountants |
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Address : |
Jupiter 1, No 30/1, 7th Block, 7th West,
Jaynagar, Bangalore – 560 082, Karnataka |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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25000 |
Equity shares |
Rs. 100/- each |
Rs. 2.500 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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25000 |
Equity shares |
Rs. 100/-
each |
Rs. 2.500
millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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2.500 |
2.500 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.712 |
0.364 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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3.212 |
2.864 |
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LOAN FUNDS |
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1] Secured Loans |
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9.749 |
7.411 |
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2] Unsecured Loans |
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3.584 |
2.547 |
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TOTAL BORROWING |
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13.333 |
9.958 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.011 |
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TOTAL |
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16.545 |
12.833 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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2.890 |
2.039 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.085 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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14.519 |
12.295 |
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Sundry Debtors |
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5.167 |
4.322 |
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Cash & Bank Balances |
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0.560 |
0.474 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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1.909 |
0.720 |
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Total
Current Assets |
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22.155 |
17.811 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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8.444 |
6.998 |
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Provisions |
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0.141 |
0.019 |
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Total
Current Liabilities |
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8.585 |
7.017 |
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Net Current Assets |
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13.570 |
10.794 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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16.545 |
12.833 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover |
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52.025 |
46.827 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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52.025 |
46.827 |
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Profit/(Loss) Before Tax |
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0.393 |
0.237 |
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Provision for Taxation |
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0.045 |
(0.046) |
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Profit/(Loss) After Tax |
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0.348 |
0.283 |
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Expenditures : |
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Depreciation |
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0.604 |
0.537 |
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Other Expenditure |
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51.028 |
46.053 |
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Total Expenditure |
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51.632 |
46.590 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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0.67 |
0.60 |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.75 |
0.51 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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1.57 |
1.19 |
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Return on Investment (ROI) (PBT/Networth) |
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0.12 |
0.08 |
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Debt Equity Ratio (Total Liability/Networth) |
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6.82 |
5.92 |
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Current Ratio (Current Asset/Current Liability) |
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1.63 |
2.53 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:-
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Corporation identity number or foreign company registrations number of
the company |
U27203KA1983PTC005780 |
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Name of the company |
BATHLA ALUMINIUM PRIVATE LIMITED |
|
Address |
9, Auto Tower, JC Road, Bangalore-
560 002, Karnataka |
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This Form is for |
Modification of charge |
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Type of Charges |
· Book debts · Movable property |
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Particular of the charge holder
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Punjab And Sind Bank Address: J C Road, Bangalore – 560 002,
India Email ID: tamirisa@Vsnl.Com |
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Nature or description of the instrument creating charge |
Agreement of hypothecation of goods for
the purpose of enhancement of credit limits from Rs. 75.00 lakhs To Rs.
100.00 lakhs dated 26th
September 2006 Agreement of hypothecation for securing
50KVA DG SET and accessories situated at Borrowers premises at No. 57/7,
Somanna Halli Cross, Magadi Road,
Bangalore |
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Date of the instrument creating charge |
26.09.2006 |
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Amount Secure by the charge |
Rs. 10.000 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of interests: 12.75% for cash credit hypothecation limit Rs. 100.00 lacs 12.95% for advanced for DG set
– Rs. 300000/- Term of repayments: Cash credit facility – Repayment on demand Term loan Rs. 3.00 lacs – 10200/- per annum for a period of 36 months
repayments to start from the next month of disbursement. Margin: 25% cash credit facilities 33% for term loan Extent and operation of the
charge Cash credit limit of Rs. 100.00 lakhs and Term loan of Rs. 3.00 lacs Primary security stocks of aluminum products., work in progress, Raw
material and finished goods 50 KVA DG Set valued at Rs. 4.31 lakhs Others: Personal guarantee of Mr. B R Bhatla, Mr. Gaurav Bathla directors of
the company additional security: existing security of equitable mortgage of
property at No. 45, B 46, D, 701, C 59 and I-12, first and second Floor of
balaji Auto Towers bearing kathat No. 9/43, 9/44, 9/45, 9/46 and 9/114
situated at JC road Bangalore. |
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Shorts particulars of the
Property charged |
Stock of raw material and finished goods
belonging to the company wherever situate and at the company factory at
Bangalore 50 KVS DG set Immovable property of the company situate
at First and second floor Balaji Auto Towers, J C road Bangalore. |
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Particulars of the present modification |
Present modification is to secure the
enhanced cash credit limits of Rs. 100.00 lacs and term loan of Rs. 3.00 lacs
total aggregating to Rs. 103.00 lacs |
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Name of the
company |
BATHLA ALUMINIUM PRIVATE LIMITED |
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Presented
By |
Mr. Rohit Bathla
– Director |
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1) Date and
description of instrument creating the change |
Hypothecation of
goods to secure a demand cash credit (F. No. 192) dated 23rd September 1998 |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 3.000 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 |
Hypothecation of
the borrowers stock aluminum extrusion, aluminum ladders, inclusive of raw
materials , stock in process and finished goods whether raw materials or in
process of manufacture and all articles manufactured, including goods in
course of transit or delivery and
movable property of any kind belonging to the borrower to the borrower as
security. |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
Rate of interests of 7% p.a above the
reserve bank of India rate with a minimum of 13.5% p.a computed on daily
basis. Repayment on demand |
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5) Name and
Address and description of the person entitled to the charge. |
Punjab And Sind Bank, J C Road Branch, J C
Road, Bangalore. |
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6) Date and brief description of instrument
modifying the charge |
Form No. 84 AAA
for property No. A 45, B 46, D 70, C 69 and 1-121, 1st and 2 nd
floor of M/s Balaji Auto Towers, bearing
Municipal No. 9/43, 9/44, 9/46 and 9/114, situated at JC Road,
Bangalore in the name of the company dated 26th June 2004] Form No. 192
(Revised) for hypothecation of goods to secure a demand cash credit dated 26th
June 2004 |
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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. |
Modification for
renewal and enhancement in credit limits from Rs. 50 lacs to Rs. 75 lacs Cash
credit hypothecation of stocks from Rs. 50 lacs to Rs. 75 lacs. |
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.42.84 |
|
UK Pound |
1 |
Rs.84.78 |
|
Euro |
1 |
Rs.67.32 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|