MIRA
INFORM REPORT
|
Report Date : |
26.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
BHARAT BOX FACTORY LIMITED |
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Registered Office : |
Village Bhamian
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.] |
U74950PB1996PLC018439 |
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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 of
Packaging and Plastic Material |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 1700000 |
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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. |
INFORMATION PARTED
BY
|
Name : |
Mr. Diwakar Dutta |
|
Designation : |
Account Manger |
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Contact No.: |
91-9463204755 |
|
Date : |
09.05.2008 |
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 : |
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Area: |
2500 sq yards
(including factory) (Owned) |
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Factory 1 : |
Sidco Growth,
Central Samba, Jammu- 184121 (3 Units in Jammu but different Road) |
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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|
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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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|
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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 |
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Name : |
Mr. Sumeet Jain |
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Designation : |
Director |
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Address : |
H. No. 52/15, Bharat-Nagar,
Ludihana, Punjab, India |
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Date of Birth
: |
24.12.1972 |
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Date of
Appointment : |
01.04.2005 |
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Name : |
Mr. Vinay Bawa |
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Designation : |
Director |
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Address : |
H. No. 55, Nehru-
Nagar, Ludhiana, Punjab, India |
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Date of Birth
: |
11.05.1963 |
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Date of
Appointment : |
01.04.2005 |
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Name : |
Mr. Amrit Lal |
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Designation : |
Director |
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Address : |
H. No. 68-4,
Agar-Nagar, Ludhiana, Punjab, India |
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Date of Birth
: |
11.07.1955 |
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Date of
Appointment : |
01.04.2005 |
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Name : |
Mr. Achal Ghai |
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Designation : |
Director |
|
Address : |
Villa6, Cluster
40, Jumerirah Islands, P.O. Box No. 18264, Dubai |
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Date of Birth
: |
30.08.1963 |
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Date of
Appointment : |
15.03.2008 |
KEY EXECUTIVES
|
Name : |
Mr. Diwakar Dutta |
|
Designation : |
Account Manager |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on30.09.2005
|
Names of Shareholders |
|
No. of Shares |
|
Rajendra Kumar |
|
1149925 |
|
Rajendra Kumar HUF |
|
47100 |
|
Master Dalip |
|
41000 |
|
Sikha Aggarwal |
|
8600 |
|
Baljindra Kumar |
|
1045125 |
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Baljindra Kumar HUF |
|
46800 |
|
Rachit Aggarwal |
|
48500 |
|
Sughandha Aggarwal |
|
57600 |
|
Sudha Aggarwal |
|
48600 |
|
Parveen Kumar |
|
1041350 |
|
Parveen Kumar HUF |
|
43600 |
|
Nisha Aggarwal |
|
119575 |
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Yuvraj Aggarwal |
|
28200 |
|
Parth Aggarwal |
|
13900 |
|
Anil Kumar |
|
1097875 |
|
Anju Aggarwal |
|
95750 |
|
Master Abhi Aggarwal |
|
26800 |
|
Anil Kumar HUF |
|
26200 |
|
SEL Manufacturing Company |
|
400000 |
|
Total |
|
5386500 |
Equity Share Breakup (Percentage of Total Equity)
As on 29.09.2007
|
Category |
|
Percentage |
|
|
|
|
|
Bodies Corporate (not mentioned above) |
|
7.33 |
|
Directors or relatives of directors |
|
92.05 |
|
Other top fifty (50) shareholders (other than listed above) |
|
0.62 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of
Packaging and Plastic Material |
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Products : |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
Machinery |
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Countries : |
·
Taiwan ·
China ·
Korea |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
150 |
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Bankers : |
AM Hauptbahnhof
2, 70173, Stuttgart, Federal Republic of Germany, Stuttgart |
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Facilities : |
Term Loan- Rs. 400.000 Millions Working Capital Rs. 460.000 Millions ECV Rs. 100.000 Millions |
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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-XX-2815, 1st Floor, Gurdev Nagar, Pakhowal Road, Ludhiana
– 141001, Punjab, India |
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Associates/Subsidiaries
: |
Bharat Paper Limited, Kahau, Jammu |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Share |
Rs.10/- each |
Rs.150.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5455500 |
Equity Share |
Rs.10/- each |
Rs.54.555 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
54.555 |
51.865 |
51.900 |
|
|
2] Share Application Money |
0.000 |
20.000 |
0.000 |
|
|
3] Reserves & Surplus |
379.582 |
247.302 |
142.600 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
434.137 |
319.167 |
194.500 |
|
|
LOAN FUNDS |
|
|
|
|
|
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 |
|
|
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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|
|
|
|
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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 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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Inventories |
336.014
|
275.344
|
222.200
|
|
|
Sundry Debtors |
517.013
|
270.262
|
154.600
|
|
|
Cash & Bank Balances |
68.542
|
48.610
|
55.700
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
233.266
|
121.248
|
90.200
|
|
Total
Current Assets |
1154.835
|
715.464
|
522.700
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
549.119
|
391.655
|
220.700
|
|
|
Provisions |
11.436
|
4.649
|
2.900
|
|
Total
Current Liabilities |
560.555
|
396.304
|
223.600
|
|
|
Net Current Assets |
594.280
|
319.160
|
299.100
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.659 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1457.839 |
836.044 |
596.700 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
|
|
|
|
|
|
Sales Turnover |
2287.410 |
1586.514 |
1224.300 |
|
|
Other Income |
15.174 |
14.887 |
0.000 |
|
|
Total Income |
2302.584 |
1601.401 |
1224.300 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
153.629 |
115.225 |
44.900 |
|
|
Provision for Taxation |
35.485 |
15.897 |
5.600 |
|
|
Profit/(Loss) After Tax |
118.144 |
100.328 |
39.300 |
|
|
|
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|
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Expenditures : |
|
|
|
|
|
|
Excise duty Provided on Stock |
15.453 |
5.994 |
|
|
|
Manufacturing Expenses |
210.661 |
146.794 |
|
|
|
Administrative Expenses |
50.536 |
34.419 |
|
|
|
Raw Material Consumed |
1674.427 |
1160.018 |
|
|
|
Personal Expenses |
46.494 |
40.150 |
1179.400 |
|
|
Financial Expenses |
64.483 |
41.597 |
|
|
|
Selling and Distribution Expenses |
43.023 |
28.751 |
|
|
|
Preliminary Expenses |
0.000 |
0.016 |
|
|
|
Depreciation & Amortization |
43.875 |
28.437 |
|
|
Total Expenditure |
2148.955 |
1486.176 |
1179.400 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
5.13
|
6.27 |
3.21 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.72
|
7.26 |
3.67 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.51
|
14.87 |
4.10 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.35
|
0.36 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.56
|
2.79 |
3.22 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.06
|
1.80 |
2.34 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
- Nestle
Punjab, Moga, Punjab
- M.D. H.
Limited, New Delhi
- Jyoti
Caboratories Limited, New Delhi
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.
Bankers Charges
Report as per Registry
|
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. |
|
Corporate
identity number (CIN) Foreign company registration number |
L74950PB1996PLC018439 |
|
Name of the
Company |
BHARAT BOX FACTORY LIMITED |
|
Address |
Village Bhaian
Kalan, Tajpur Road, Ludhiana 141008, Punjab, India |
|
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 |
|
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 |
|
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 |
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U74950PB1996PLC018439 |
|
Name of the
company |
BHARAT BOX FACTORY LIMITED |
|
Address of the registered
office or of the principal place of
business in India of the company |
Village Bhaian
Kalan, Tajpur Road, Ludhiana 141008, Punjab, India |
|
Type of charge |
Book Debts Movable Property Others |
|
Particular of
charge holder |
SBI Factors and Commercial
Services Private Limited, BXXI-14627, Near Dholewal Chowk, G. T. Road,
Ludhianan- 141001, Punjab, India |
|
Nature of
description of the instrument creating or modifying the charge |
|
|
Date of
instrument Creating the charge |
18.02.2008 |
|
Amount secured by
the charge |
Rs. 87.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Receivables
Factoring : FPLR-0.75% effective 12.00% Purchase Bill
Factoring : FPLR-0.25% effective 12.50% Terms of
Repayment On Demand Margin Receivable
Factoring : 20% Purchase Bill
Factoring : Nil Extent and
Operation of the charge 100% |
|
Short particulars
of the property charged |
Hypothecation of
Book Debts, Goods and other Assets of the Company. Personal
guarantee of the directors |
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 |
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 |
|