MIRA
INFORM REPORT
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Report Date : |
30.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
BHAGIRATH ENGINEERING PRIVATE LIMITED |
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Formerly Known As : |
BHAGIRATH MICRONS PRIVATE LIMITED |
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Registered Office : |
72, Tribhuvan Industrial Estate, Near Kathwada, GIDC, Ahmedabad –
382432, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
07.07.2005 |
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Com. Reg. No.: |
04-046387 |
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CIN No.: [Company
Identification No.] |
U14100GJ2005PTC046387 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMB03263B |
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PAN No.: [Permanent
Account No.] |
AACCB6418N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Importer of Road Construction Equipments and
Stationery Asphalt Mixing Machines |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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Maximum Credit Limit : |
USD 620 |
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Status : |
Yet to Commence Operations |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a 3 years old company but yet to commence production. No
further details or payment could be made available. The company can be considered for small to mediocre business dealings
with slight caution, initially. |
INFORMATION PARTED
BY
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Name : |
Mr. Himanshu Patel |
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Designation : |
Marketing Officer |
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Date : |
27.05.2008 |
LOCATIONS
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Registered Office/ Factory : |
72, Tribhuvan Industrial Estate, Near Kathwada, GIDC, Ahmedabad –
382432, Gujarat, India |
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Tel. No.: |
91-79-22902300/ 22902400/ 275432223 |
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Fax No.: |
91-79-22902400 |
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E-Mail : |
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Area : |
65000 sq. ft. |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Sanjeev Patel |
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Designation : |
Director |
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Address : |
Plot No.350, Sector 28, Gandhinagar – 382020, Gujarat, India |
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Date of Birth/Age : |
18.02.1966 |
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Qualifications : |
Graduate |
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Date of Appointment : |
07.07.2005 |
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Name : |
Mr. Aashish Patel |
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Designation : |
Director |
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Address : |
Plot No.378, Sector 1 C, Gandhinagar – 382001, Gujarat, India |
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Date of Birth/Age : |
22.06.1968 |
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Qualifications : |
Graduate |
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Date of Appointment : |
07.07.2005 |
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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Mr. Sanjay Babulal Patel |
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4980 |
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Mr. Ashish Babulal Patel |
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4980 |
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Mr. Chandrakant D. Patel |
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10 |
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Mr. Hasmukh Patel |
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10 |
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Mr. Rameshbhai Patel |
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10 |
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Mr. Kirtibhai V. Patel |
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10 |
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Total |
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10000 |
(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 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Importer of Road Construction Equipments and
Stationery Asphalt Mixing Machines |
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Products : |
· Asphalt
Drum Mix Plant · Mobile
Drum Mix Plant · Road
Marking Machine · Wet
Mix Plant · Bitumen
Sprayer · Mechanical
Broom. · Asphalt
Batch Mix Plant · Concrete
Batch Mix Plant · Road
Kerbing Machine · Chips
Spreader |
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Imports : |
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Products : |
Machine |
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Countries : |
Spain |
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Terms : |
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Purchasing : |
Credit (30-60 days) |
GENERAL
INFORMATION
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Customers : |
Dealers |
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No. of Employees : |
50 |
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Bankers : |
· Mehasana Urban
Co-op. Bank Limited Mehsana Branch,
Urban Bank Road, Head Office, Mehsana – 384002, Gujarat, India |
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Facilities : |
CC Facility. |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Prakash Bhavsar and Associates Chartered Accountant |
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Address : |
A/106 Oxford avenue, Opposite C U Shah College, Near Income Tac,
Ashram Road, Ahmedabad – 380014, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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300000 |
Equity Shares |
Rs.10/- each |
Rs.3.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100
Million |
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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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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.100 |
0.100 |
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2] Share Application Money |
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0.055 |
0.045 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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0.155 |
0.145 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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6.955 |
4.975 |
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TOTAL BORROWING |
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6.955 |
4.975 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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7.110 |
5.120 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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4.987 |
4.969 |
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Capital work-in-progress |
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1.872 |
0.157 |
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Pre-operative Expenses |
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0.309 |
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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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
0.000 |
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Sundry Debtors |
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0.000 |
0.000 |
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Cash & Bank Balances |
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0.020 |
0.051 |
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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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0.129 |
0.026 |
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Total
Current Assets |
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0.149 |
0.077 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.220 |
0.097 |
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Provisions |
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0.001 |
0.000 |
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Total
Current Liabilities |
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0.221 |
0.097 |
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Net Current Assets |
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(0.072) |
(0.020) |
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MISCELLANEOUS EXPENSES |
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0.014 |
0.014 |
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TOTAL |
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7.110 |
5.120 |
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Note:
The Subject has not started its commercial activity during the financial
years 2006-07 and 2005-06. The capital Expenditures are shown under Capital
Work-in-Progress and they are allocated when the subject starts business
activity.
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Debt Equity Ratio (Total Liability/Networth) |
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46.30 |
34.98 |
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Current Ratio (Current Asset/Current Liability) |
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0.67 |
0.79 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
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Corporate
identity number (CIN) Foreign company registration number |
U14100GJ2005PTC046387 |
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Name of the
Company |
BHAGIRATH ENGINEERING PRIVATE LIMITED |
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Address |
72, Tribhuvan Industrial Estate, Near Kathwada, GIDC, Ahmedabad – 382432,
Gujarat, India |
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This form is for |
Creation of
Charge |
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Type of Charge |
Immovable
Property Plant and
Machinery |
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Particulars of
the charge holder |
Mehsana Urban
Cooperative Bank Limited Mehsana Branch, Urban
Bank Road, Head Office, Mehsana – 384002, Gujarat, India |
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Nature or
description of the instrument(s) creating or modifying the charge |
Memorandum of
deposit of title deeds relating to the immovable property of the company with
the mehsana urban cooperative Bank Limited,Main Branch, Head Office, Urban
Bank Road, Mehsana |
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Date of the
instrument creating or modifying the charge |
04.12.2007 |
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Amount secured by
the charge |
Rs.28.000
Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of
Interests: The Borrower
shall pay interests at such rate as may be prescribed by the Bank from time
to time in terms of the Loan agreement for the term loan and working capital
or other limits in favour of the bank Term of
Prepayment: The working
Capital of Rs.20.000 Millions granted to the borrower shall be repayable on
demand whereas The term loan of
Rs.8.000 Millions shall be repaid by the borrower to the Bank by equal
monthly installments of Rs.0.134 Million the first of which will be paid on 1st
January, 2008 and the subsequent installments to be paid on or before the
same day of subsequent months. Margin: The borrower shall
maintain such margin of security as may be prescribed/ determined by the Bank
from time to time Extent and
operations of the charge: The charge
Equitable Mortgage to secure aggregate financial assistance of Rs.28.000
Millions granted or to be granted by the Bank shall rank as exclusive first
charge in favour of the Bank Others: The charge
Equitable Mortgage over the immovable property described herein is created to
secure the repayment of the aggregate financial assistance of Rs.28.000
Millions together with all interests and other moneys includes costs, charges
and expenses payable to the Bank by the Borrower and shall stand as
additional/ collateral security thereof. |
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Short particulars
of the property charged (including location of the property) |
N A Land situated
and being Plot NO.68 adm. 1424 sq. yds. (1190 sq. m.) and Plot No.69/70/71/72
in aggregate adm. 7108 sq. yds (5943 sq. m) (including in both cases, the a
share in the un-alloted land for common use) of Block No.399 of Village
Kathwada of Dascroi Taluka of Sub-Dist, Ahmedabad -7 (Odhav) Situated at
Private Industrial Estate, “Tribhuvan Industrial Estate, Together with right
with all rights, titles, interests and other legal estate and all buildings,
structure, erection thereon. |
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Particular of the
present modification |
NA |
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.42.77 |
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UK Pound |
1 |
Rs.84.33 |
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Euro |
1 |
Rs.66.65 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
- |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
- |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
2 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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16 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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