MIRA
INFORM REPORT
|
Report Date : |
26.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
BSN INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
25/303, Hansa Tower, Central Market, Ashok Vihar, New Delhi-110052 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Year of Establishment : |
20.12.1990 |
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Com. Reg. No.: |
55-42457 |
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CIN No.: [Company
Identification No.] |
U74899DL1990PTC042457 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELB06153A |
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PAN No.: [Permanent
Account No.] |
AACCB1077H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Crank Shafts. |
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 140000 |
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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 meeting its normal
commitments timeously. Trade relations are fair. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Basant Goyal |
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Designation : |
Director |
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Contact No.: |
91-9810034607 |
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Date : |
10.05.2008 |
LOCATIONS
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Registered Office : |
25/303, Hansa Tower, Central Market, Ashok Vihar, New Delhi-110052 |
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Tel. No.: |
91-11-27417189 |
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E-Mail : |
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Factory : |
B-201-A, Phase-II, Noida – 201305, Uttar Pradesh, India |
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Tel. No.: |
91-120-2568118 / 2462119 |
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Fax No.: |
91-120-2568119 |
DIRECTORS
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Name : |
Mr. Naresh Kumar Goyal |
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Designation : |
Director |
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Address : |
Hu-32, Pitampura, Delhi- 110088, India |
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Date of Birth/Age : |
24.01.1968 |
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Date of Appointment : |
20.07.1998 |
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Mobile No.: |
91-9811012437 |
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Name : |
Mr. Basant Kumar Goyal |
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Designation : |
Director |
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Address : |
KU-99, Pitampura, Delhi-110088, India |
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Date of Birth/Age : |
12.11.1964 |
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Date of Appointment : |
10.07.1997 |
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Mobile No.: |
91-9810034607 |
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Name : |
Mr. Sanjay Kumar Goyal |
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Designation : |
Director |
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Address : |
FU-3, Pitampura, Delhi-110088, India |
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Date of Birth/Age : |
10.12.1969 |
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Date of Appointment : |
10.07.1997 |
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Name : |
Mr. Durga Prasad Mukharji |
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Designation : |
Director |
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Address : |
C-208, MIG Flats, Rajat Vihar, Sector-62, Noida-201301, Uttar Pradesh,
India |
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Date of Birth/Age : |
17.10.1944 |
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Date of Appointment : |
301.04.1999 |
KEY EXECUTIVES
|
Name : |
Mr. Akash Chowdhury |
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Designation : |
General Manager- Marketing |
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Mobile No.: |
91-9818375571 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
|
Names of Shareholders |
|
No. of Shares |
|
Basant Kumar Goyal |
|
8300 |
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Naresh Kumar Goyal |
|
24850 |
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Sanjay Kumar Goyal |
|
6800 |
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Harish Kumar Goyal |
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11200 |
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Seema Devi Goyal |
|
2800 |
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Narbada Devi Goyal |
|
5850 |
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Varsha Devi Goyal |
|
7795 |
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Achates Investment and Credits Private Limited |
|
8000 |
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Sanjana Devi Goyal |
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11040 |
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Vijay Kumar Goyal |
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5650 |
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Kanak Goyal |
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3500 |
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Chattar Singh Jain |
|
10 |
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Basant Kumar Saraogi |
|
10 |
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Nand Kishor Saraogi |
|
10 |
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Nishi Saraogi |
|
10 |
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Radha Devi Saraogi |
|
10 |
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Geeta Jain |
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10 |
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Kum Kum Jain |
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10 |
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Rakesh Jain |
|
10 |
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Sunder Lal Jain |
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10 |
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Syam Lal Jain |
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10 |
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Deepak Kumar Jain |
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4105 |
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Total |
|
99990 |
Equity Share Breakup (Percentage of Total Equity)
As on 29.09.2007
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
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BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Crank Shafts. |
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Exports : |
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Products : |
Crank Shafts |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash |
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Purchasing : |
Cash |
GENERAL
INFORMATION
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Customers : |
OEM |
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No. of Employees : |
90 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Goyanka And associates Chartered Accountant |
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Address : |
309, Indraprastha Tower, 6, Wazirpur Commercial Complex, Delhi-
110052, India |
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Name: |
Sanjay and Associates Chartered Accountant |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300000 |
Equity Shares |
Rs. 100/- each |
Rs. 30.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
99990 |
Equity Shares |
Rs. 100/-
each |
Rs. 9.999
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
9.999 |
9.999 |
9.999 |
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2] Share Application Money |
13.200 |
12.800 |
0.000 |
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3] Reserves & Surplus |
14.002 |
6.309 |
4.196 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
37.201 |
29.108 |
14.195 |
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LOAN FUNDS |
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1] Secured Loans |
46.564 |
50.361 |
16.378 |
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2] Unsecured Loans |
38.350 |
33.766 |
32.120 |
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TOTAL BORROWING |
84.914 |
84.127 |
48.498 |
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DEFERRED TAX LIABILITIES |
11.149 |
11.969 |
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TOTAL |
133.264 |
125.204 |
62.693 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
88.527 |
90.423 |
41.294 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
24.670
|
19.383 |
13.444 |
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Sundry Debtors |
32.693
|
22.356 |
20.142 |
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Cash & Bank Balances |
0.224
|
1.055 |
0.340 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
13.356
|
15.367 |
11.519 |
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Total
Current Assets |
70.943
|
58.161 |
45.445 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
24.758
|
21.256 |
16.714 |
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Provisions |
1.447
|
2.124 |
7.332 |
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Total
Current Liabilities |
26.206
|
23.380 |
24.046 |
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Net Current Assets |
44.737
|
34.781 |
21.399 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
133.264 |
125.204 |
62.693 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.99
|
3.69 |
5.11 |
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Current Ratio (Current Asset/Current Liability) |
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2.71
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2.49 |
1.89 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
- Harig Forge
- Happy and
Happy Forge
- Forge and
Forge
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U74899DL1990PTC042457 |
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Name of the
company |
BSN INDUSTRIES PRIVATE
LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
25/303, Hansa
Tower, Central Market, Ashok Vihar, New Delhi- 110052, Delhi, India |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
ICICI Bank Limited, Landmak Race Cource Circle, Alkapuri,
Baroda-390015, Gujarat, India |
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Nature of
description of the instrument creating or modifying the charge |
Declaration
executed by BSN Industries Limited in favour of ICICI Bank Limited |
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Date of
instrument Creating the charge |
01.08.2007 |
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Amount secured by
the charge |
Rs. 84.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest CC: 2.75% p.a. below
the sum of I-BAR and the Cash Credit Risk Premium prevailing on each day
Letter of credit for short term loan: will be stipulated by ICICI Bank at the
time of disbursement of each drawal on the basis of the repayment schedule
for that drawal plus applicable interest tax or other statutory levy, if any
EPC/ FBD/ FBP: 2.70% p.a. below IBAR plus interest tax and other statutory
liabilities Term Loan: 2.25%
p.a. below I-BAR Terms of Repayment Term Loan I:
Equal Monthly installments such that the last installment is not after
December 2010. The installment has begin from the next month of disbursement. Term Loan II :
Equal Monthly installments such that the last installment is not after March
2010. The installment has to begin form the next month of disbursement. Term Loan 3:
Payable in 60 Monthly installments with first installment falling due after 6
months from the date first drawal of limits. Margin Cash Credit /
Line of Credit for Short term Loans: 25% against inventory and book debts
(cover period for book debts 120 days) Term Loan I and
II : Nil Term Loan III :
Margin of 20% Extent and Operation of the charge Exclusive charge
by way of equitable mortgage on the factory land and building situated at
B-201A, Phase II Noida, Dist Gautam Budh Nagar, Uttar Pradesh. Others The above is to
secure the cash credit limit of Rs. 35.000 Millions, Line of credit for short
term loan (sub limit of cash credit) 28.000 Millions EPC, (sub limit of Cash Credit)
Rs. 10.000 Millions and FBD (sub limit of CC) Rs. 10.000 Millions and rupee
term loan of Rs. 49.000 Millions |
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Short particulars
of the property charged |
Factory Land and
Building situated at B-201, A, Phase II Noida, Dist Gautam Budh Nagar, Uttar
Pradesh |
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Name of the company |
BSN INDUSTRIES
PRIVATE LIMITED |
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Presented By |
Chief Manager,
Oriental Bank Of Commerce, Subzi Mandi Branch, Delhi |
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1) Date and description of instrument creating the change |
Agreement of Term
Loan made on 29.06.2005 between BSN Industries Private Limited (hereinafter
mentioned as Borrower) and Oriental Bank Of Commerce (hereinafter mentioned
as Bank) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 35.000 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
Plant and Machinery costing Rs. 54.895 Millions as per Schedule-II to
Agreement for Term Loan. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
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5) Name and Address and description of the person entitled to the charge. |
Oriental Bank of
Commerce, Subzi Mandi Branch, Delhi-110033 |
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6) Date and brief description of instrument modifying the charge |
N.A. |
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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. |
N.A. |
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 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 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
|
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 |
YES |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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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 |
|