MIRA
INFORM REPORT
|
Report Date : |
08.11.2008 |
IDENTIFICATION
DETAILS
|
Name : |
BIJAYA DRUMS PRIVATE LIMITED |
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Registered Office : |
36/ 1 / 1, Camal West Road, Kolkata 700004, West Bengal, India. |
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Country : |
India. |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
10.04.1969 |
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Com. Reg. No.: |
21-29969 |
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CIN No.: [Company
Identification No.] |
U28992WB1975PTC029969 |
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IEC No.: |
0202014550 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALB02386G |
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PAN No.: [Permanent
Account No.] |
AABCB0352L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Steel and Galvanized iron drums. |
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 22060 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade
relations are fair. Financial position is satisfactory. Payments are reported
as slow but Correct. The Company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. R M Das |
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Designation : |
Accountant |
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Date : |
05.11.2008 |
LOCATIONS
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Registered Office/Factory : |
36/ 1 / 1, Camal West Road, Kolkata 700004, West Bengal, India. |
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Tel. No.: |
91-33-25545261 / 25545682 / 32930084 |
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Mobile No.: |
91-9830319431 (Mr. R S Chakraborty) |
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Fax No.: |
91-33-25545682 |
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E-Mail : |
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Website : |
www.bijayadrums.com |
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Area : |
5200 sq ft (Office = 1200 sq ft + Factory = 4000 sq ft) |
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Location : |
Rented |
DIRECTORS
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Name : |
Mr. Rudra Shankha Chakraborty |
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Designation : |
Director |
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Address : |
Village, Post - Udayrajpur, Madhyamgram, Kolkata 700129, West Bengal. |
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Date of Birth/Age : |
22.12.1974 / 34 Years |
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Qualification : |
SSC |
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Date of Appointment : |
01.04.1998 |
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Name : |
Mrs. Shanti Chakraborty |
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Designation : |
Director |
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Address : |
Village, Post - Udayrajpur, Madhyamgram, Kolkata 700129, West Bengal. |
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Date of Birth/Age : |
01.01.1955 / 58 Years |
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Qualification : |
Graduate |
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Date of Appointment : |
17.01.1980 |
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Name : |
Mr. Somya Shnkha Chakraborty |
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Designation : |
Director |
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Address : |
Village, Post - Udayrajpur, Madhyamgram, Kolkata 700129, West Bengal. |
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Date of Birth/Age : |
08.10.1973 / 36 Years |
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Qualification : |
Graduate |
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Date of Appointment : |
01.04.1998 |
KEY EXECUTIVES
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Name : |
Mr. R M Das |
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Designation : |
Accountant |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders (29.09.2007) |
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No. of Shares |
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Mr. Lalit Kumar Barlia |
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100 |
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Mr. Meghraj Barlia |
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100 |
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Ms. Uma Banerjee |
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13450 |
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Ms. Manika Paria |
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4550 |
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Mrs. Shanti Chakraborty |
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115350 |
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Mr. Somya Shankha Chakraborty |
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10000 |
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Mr. Rudra Shnkha Chakraborty |
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47050 |
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Total |
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190600 |
Equity Share breakup (Percentage of total equity)
(As on 29.09.2007)
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Category |
Percentage |
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Others top fifty (50) Shareholders |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Steel and Galvanized iron drums. |
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Products : |
· Mild Steel Drums · Galvanised Sheets Drums · Paint Drums · Adhesive Drums · Thinner Drums · Resin Drums · Bitumen Drums · Pigment Drums |
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Exports : |
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Products : |
Steel and Galvanised Iron Drums |
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Countries : |
Nepal |
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Terms : |
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Selling : |
Credit (30-90days) |
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Purchasing : |
Credit (60-90days) |
PRODUCTION STATUS (As on 31.03.2007
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Particulars |
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Annual Capacity Installed (Rs. In Million) |
Production
of Current Year |
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Drums |
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0.550 |
215275 Pcs |
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Lid |
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0.350 |
-- |
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V P Ring |
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|
0.200 |
-- |
GENERAL
INFORMATION
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Customers : |
·
Manufacturers ·
Shalimar Paints Limited., Kolkata. ·
DIC India Limited., Kolkata ·
Bengal Chemical and pharmaceutical Limited. ·
Waldies Limited. ·
Reliance Paints Industries Private Limited., Nepal. ·
Dalmia Paints and Chemical Industies, Nepal ·
Chandras Chemical Enterprises Private Limited. ·
The Oriental Chemical Works Private Limited. ·
Asia Industrial and MFG. Company. ·
Himalaya Pulverising Udyog, Nepal. ·
Mahalaxmi Pulversing Unyog, Nepal ·
Rukmani Chemical Industries, Nepal ·
Austin Paints and Chemical. ·
Berger Paints Limited. |
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No. of Employees : |
150 |
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Bankers : |
·
Bank of Baroda, SSI
Kasba Branch 837, Rajdnga Main Road, 1st Floor, Plot No.85, Block
GA, Kolkata 700107, West Bengal. ·
HDFC Bank Limited, 88, Chowringhee Road, Kolkata 700020, West Bengal,
India |
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Banking
Relations : |
--- |
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Auditors : |
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Name 1 : |
S Mazumdar, Chartered Accountant |
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Address : |
1B, Graham Road, Kolakata 700040, West Bengal. |
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Name 2 : |
Faruque and Bhaumik Chartered Accountant |
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Address : |
20, Channdney Chowk Street, Kolakata 700072, West Bengal. |
CAPITAL STRUCTURE
(As on 31.03.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- Each |
Rs.5.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
190600 |
Equity Shares |
Rs.10/- Each |
Rs.1.906
Millions |
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(Notes: Out of above 1 Equity Shares of Rs.10
Each Fully Paid up issued for a Consideration other than Cash) |
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FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2008 (Estimated) |
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Sales Turnover |
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30.000 |
Expected Sales (2008-09) : Rs. 50.000 Millions
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.906 |
1.906 |
0.490 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2.506 |
7.022 |
2.038 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
4.412 |
8.928 |
2.528 |
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LOAN FUNDS |
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1] Secured Loans |
6.776 |
7.041 |
9.937 |
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2] Unsecured Loans |
0.020 |
0.035 |
1.436 |
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TOTAL BORROWING |
6.796 |
7.076 |
11.373 |
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DEFERRED TAX LIABILITIES |
0.000 |
3.255 |
3.380 |
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TOTAL |
11.208 |
19.259 |
17.281 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.905 |
1.094 |
0.732 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
15.268
|
12.955 |
12.871 |
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Sundry Debtors |
4.213
|
4.168 |
2.668 |
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Cash & Bank Balances |
0.790
|
0.797 |
0.623 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
0.562
|
0.372 |
0.542 |
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Total
Current Assets |
20.833
|
18.292 |
16.704 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
10.300
|
0.050 |
0.067 |
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Provisions |
0.230
|
0.077 |
0.088 |
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Total
Current Liabilities |
10.530
|
0.127 |
0.155 |
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Net Current Assets |
10.303
|
18.165 |
16.549 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
11.208 |
19.259 |
17.281 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
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Sales Turnover |
|
24.222 |
26.410 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
24.222 |
26.410 |
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Profit/(Loss) Before Tax |
|
0.263 |
0.322 |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
0.263 |
0.322 |
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Expenditures : |
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Interest |
|
0.774 |
0.498 |
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Depreciation & Amortization |
|
0.234 |
0.212 |
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Other Expenditure |
|
22.951 |
25.378 |
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Total Expenditure |
|
23.959 |
26.088 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
1.09
|
1.22 |
-- |
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Net Profit Margin (PBT/Sales) |
(%) |
1.09
|
1.22 |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.21
|
1.66 |
-- |
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Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
3.61 |
-- |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.93
|
0.81 |
4.56 |
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Current Ratio (Current Asset/Current Liability) |
|
1.98
|
144.03 |
107.77 |
LOCAL AGENCY
FURTHER INFORMATION
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Additional
Requirement of Indiamart for Trust-Seal |
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Excise Registration No.: AABCB0352 LXM001 |
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VAT / TIN : 19350175078 |
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IEC Code : 0202014550 |
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PAN / TAN : AABCB0352L |
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Bank Name : Bank of Baroda |
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Bank Address : SSI Kasba, Kolkata. |
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Bank A/c. No.: 25600500001588 |
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Account Since :4 Years |
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In case of any affiliations / memberships / certifications : |
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Name : 9001:2000 |
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Type : DNV |
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Expiry Date : 2010 |
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Trade Reference:
·
Shalimar Paints Limited, Kolkata
·
DIC India Limited, Kolkata.
Fixed Assets:
·
Goodwill
·
Plant and Machinery
·
Factory Shed
·
Dice
·
Electric Installation
·
Tools and Implements
·
A C Machine
·
Furniture and Fixture
·
Type Writer
·
Computer
·
Office Equipment
·
Motor Car.
Form 8:
|
This form is for |
Modification of
charge |
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Charge identification
number of the modified |
80032120 |
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Corporate
identity number of the company |
U28992WB1975PTC029969 |
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Name of the
company |
BIJAYA DRUMS
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
36/ 1 / 1, Camal West Road, Kolkata 700004, West Bengal, India. |
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Type of charge |
·
Book Debts ·
Movable
Property |
|
Particular of
charge holder |
Name: Bank of
Baroda Address: SSI
Kasba Branch 837, Rajdnga Main Road, 1st Floor, Plot No.85, Block
GA, Kolkata 700107, West Bengal. Email:
ssikas@bankofbaroda.com |
|
Nature of
description of the instrument creating or modifying the charge |
·
Supplemental
Agreement of Hypothecation of Book-Debts. ·
Supplemental
Agreement of Hypothecation of Goods. ·
Supplemental
Agreement of Hypothecation of Machinery. |
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Date of
instrument Creating the charge |
12.05.2007 |
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Amount secured by
the charge |
Rs.7.900 Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
In Case
Term-Loan:- 1% over banks
prime landing Rate i.e. 14.25% p.a. Compounded monthly rest. In Case of Cash
Credit:- 0.25% over banks
PLR i.e.13.50% p.a. Compounded Monthly rest. Terms of Repayment:
Term Loan to be repaid by 20 Quarterly installments of Rs.0.045 Million each
Commence from the next month form the date of disbursement of Loan. Margin : a) 25% in respect
of stocks and Book-Debts. b) 25.31% of the
limit or such higher percent as may be Necessary for term loan. Extent and
Operation of the charge : The Overall Limit of Rs.7.900 Millions Comprise
of:- 1)
Cash Credit
limit for Rs.7.000 Millions. 2)
Term loan
limit for Rs.0.900 Million. |
|
Short particulars
of the property charged |
1)
All Stocks
of Raw-material, work-in-progress and finished goods both present and future
lying at the borrower premises / Godowns / Factory at 36/1/1, camal West
Road, Kolkata-700004 abd elsewhere, 2)
Both Present
and future Book-Debts of the Company 3)
All Movable Machinery
of the company, including all stocks and spare parts both present and future
belonging to the borrower. |
|
Date of latest
modification prior to the present modification |
07.03.2006 |
|
Particulars of
the present modification |
By this modification
the overall limit have been enhanced from Rs.6.000 Millions to Rs.7.900
Millions. The overall limit of Rs. 7.900 Millions Comprise of:- 1)
Cash Credit
Limit For Rs. 7.000 Millions 2)
Terms Loan
Limit for Rs. 0.900 Million Total = Rs. 7.900 Millions. |
Other Details:
The Company Continuous to manufacture all
sizes of M S Drums up To 100 ltrs capacity, V P Ring and Lid. During the year
total turnover of Rs. 24.222 Millions against Rs. 26.410 Millions for the
previous year.
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.47.76 |
|
UK Pound |
1 |
Rs.74.87 |
|
Euro |
1 |
Rs.60.81 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
|