MIRA
INFORM REPORT
|
Report Date : |
14.11.2008 |
IDENTIFICATION
DETAILS
|
Name : |
BANKIM PLAST PRIVATE LIMITED |
|
|
|
|
Registered Office : |
2/5, Anna Bhavan, Devji Ratanshi Marg, Dana Bunder, Mumbai – 400 009,
Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
06.07.1992 |
|
|
|
|
Com. Reg. No.: |
11-67551 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U25209MH1992PTC067551 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMB06913E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer and Exporter of master batches. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 27000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having satisfactory track. General
financial position is satisfactory. Payments are reported as slow but
correct. However, the company can be considered normal for business dealings at
usual trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Doshi/ Mr. Chetan |
|
Designation : |
Admin Department |
|
Date : |
13.11.2008 |
LOCATIONS
|
Registered Office : |
2/5, Anna Bhavan, Devji Ratanshi Marg, Dana Bunder, Mumbai – 400 009,
Maharashtra, India |
|
Tel. No.: |
91-22-23738146 |
|
Mobile No.: |
91-9819377754 (Mr. Avnish Karia) |
|
Fax No.: |
91-22-66339746 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
Plot No.
38, Golden Industrial Estate, Somnath Road, Dabhel, Daman - 396 210, Union
Territory. |
|
Tel. No.: |
Tel. No.
91-260-243485, 240138 |
DIRECTORS
|
Name : |
Mr. Dineshchandra Mulji Karia |
|
Designation : |
Director |
|
Address : |
13/14, Mahavir Darshan, 3rd Floor, Kasturba Marg, Mulund
(West), Mumbai – 400 080, Maharashtra, India |
|
Date of Birth/Age : |
21.11.1939 |
|
E-Mail : |
|
|
Date of Appointment : |
06.07.1992 |
|
|
|
|
Name : |
Mr. Bhagwandas Mulji Karia |
|
Designation : |
Director |
|
Address : |
13/14, Mahavir Darshan, DR. Ambedkar Road, Mulund (West), Mumbai – 400
080, Maharashtra, India |
|
Date of Birth/Age : |
24.06.1943 |
|
E-Mail : |
|
|
Date of Appointment : |
06.07.1992 |
|
|
|
|
Name : |
Mr. Harish Mulji Karia |
|
Designation : |
Director |
|
Address : |
601, Koteshwar Ashish Nehru Road, Mulund (West), Mumbai – 400 080,
Maharashtra, India |
|
Date of Birth/Age : |
25.08.1946 |
|
E-Mail : |
|
|
Date of Appointment : |
06.07.1992 |
|
|
|
|
Name : |
Mr. Bankim Harish Karia |
|
Designation : |
Director |
|
Address : |
6, Koteshwar Ashish J. N. Road, Mulund (West), Mumbai – 400 080,
Maharashtra, India |
|
Date of Birth/Age : |
24.12.1977 |
|
E-Mail : |
|
|
Date of Appointment : |
01.08.1997 |
|
|
|
|
Name : |
Mr. Avnish Harish Karia |
|
Designation : |
Director |
|
Address : |
601, Koteshwar Ashish Nehru Road, Mulund (West), Mumbai – 400 080,
Maharashtra, India |
|
Date of Birth/Age : |
19.05.1985 |
|
E-Mail : |
|
|
Date of Appointment : |
01.05.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Dineshchandra Mulji Karia |
|
2000 |
|
Mr. Bhagwandas Mulji Karia |
|
10 |
|
Mr. Harish Mulji Karia |
|
3500 |
|
Mr. Bankim Harish Karia |
|
3540 |
|
Mr. Avnish Harish Karia |
|
2050 |
|
Total |
|
11100 |
Equity share breakup (percentage of total equity)
|
Category |
Percentage |
|
Directors or relatives of directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of master batches. |
|
|
|
|
Exports : |
|
|
Products : |
Batches |
|
Countries : |
|
|
|
|
|
Imports : |
|
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
LC, Credit (30 days) |
|
|
|
|
Purchasing : |
LC, Credit (60 days) |
PRODUCTION STATUS
|
Particulars |
|
|
|
Actual
Production |
|
Master Bathes |
|
|
|
1006899 |
GENERAL
INFORMATION
|
Suppliers : |
|
|
|
|
|
Customers : |
End Users
|
|
|
|
|
No. of Employees : |
30 |
|
|
|
|
Bankers : |
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Akshay Bhatt and Company Chartered Accountants |
|
Address : |
203, Rajdeep, Tara Temple Lane, Opp. D. B. Marg, Police Station, Mumbai
– 400 007, Maharashtra, India |
|
|
|
|
Name : |
S. K.
Rambhia & Company Chartered
Accountants |
|
Address : |
505,
Surat Sadan, 88/89, Surat Street, Dana Bunder, Mumbai - 400 009 Tel. No.
91-22-23743556 / 7 |
|
|
|
|
Associates/Subsidiaries : |
Parth Speciality Chemicals |
CAPITAL STRUCTURE
(As On 19.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15000 |
Equity Shares |
Rs.100/- each |
Rs.1.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11100 |
Equity Shares |
Rs.100/- each |
Rs.1.110
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 |
1.110 |
1.110 |
1.110 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
4.377 |
4.163 |
4.527 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
5.487 |
5.273 |
5.637 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
11.715 |
0.000 |
|
|
2] Unsecured Loans |
52.521 |
39.869 |
44.700 |
|
|
TOTAL BORROWING |
52.521 |
51.584 |
44.700 |
|
|
DEFERRED TAX LIABILITIES |
0.299 |
0.340 |
0.411 |
|
|
|
|
|
|
|
|
TOTAL |
58.307 |
57.197 |
50.748 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
16.315 |
13.028 |
12.133 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
1.189 |
2.189 |
0.075 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
28.422
|
31.414 |
17.989 |
|
|
Sundry Debtors |
17.185
|
11.983 |
12.359 |
|
|
Cash & Bank Balances |
8.197
|
4.087 |
10.031 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
4.087
|
3.789 |
6.220 |
|
Total
Current Assets |
57.891
|
51.273 |
46.599 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
15.844
|
8.125 |
5.478 |
|
|
Provisions |
1.244
|
1.169 |
2.583 |
|
Total
Current Liabilities |
17.088
|
9.294 |
8.061 |
|
|
Net Current Assets |
40.803
|
41.979 |
38.538 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.001 |
0.002 |
|
|
|
|
|
|
|
|
TOTAL |
58.307 |
57.197 |
50.748 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2007 |
|
|
Sales Turnover |
|
|
100.000 |
|
|
Other Income |
|
|
0.000 |
|
|
Total Income |
|
|
100.000 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
|
0.153 |
|
|
Provision for Taxation |
|
|
0.000 |
|
|
Profit/(Loss) After Tax |
|
|
0.153 |
|
|
|
|
|
|
|
|
Imports : |
|
|
|
|
|
|
Raw Materials |
|
|
39.167 |
|
|
Stores & Spares |
|
|
3.204 |
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Other Expenditure |
|
|
99.847 |
|
Total Expenditure |
|
|
99.847 |
|
|
Particulars |
|
|
31.03.2008 |
|
Sales Turnover |
|
|
140.000 |
Expected Sales (2008-09) : Rs.160.000 Millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
0.15
|
N.A |
N.A |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.15
|
N.A |
N.A |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.20
|
N.A |
N.A |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
N.A |
N.A |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
12.68
|
11.54 |
9.35 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.38
|
5.51 |
5.78 |
LOCAL AGENCY
FURTHER INFORMATION
Financial Results
The company has earned for 2006-2007 a net profit of Rs.0.153 Millions
after providing for current year taxes+A82 of Rs.0.075 Millions towards Income
Tax, Rs.0.110 Millions towards fringe benefit Tax and Rs.0.002 towards Wealth
Tax.
Operation:
Due to heavy competitions in the Market there is a reduction in gross
profit ratio. The company has decided to increase its production to meet the
challenges and increase Profitability. The Directors expected to improve the
performance in future by exporting its products to foreign market.
Dividend
Due to insufficient profits and to conserve resources the directors do
not recommend any dividend for the financial year 2006-07
Form 8
|
Name of the company |
Bankim Plast
Private Limited |
|
Presented By |
Mr. Bankim Karia |
|
1) Date and description of instrument creating the change |
Goods Security
Agreement dated 05.09.2005 executed by Bankim Plast Private Limited
(Hereafter reffered to as the Company) in favour of Citi bank |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Working capital
Rs.20.000 Millions |
|
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 |
The whole of
movable assets, including stock of raw materials, goods in process of
manufacture, semi-finished goods and all finished and manufactured goods and articles together with all stores,
components and spares which now belongs to and pertains to, The company and
which are or shall or may be brought in to stored or be in or upon or about
The company’s factory, godowns and/or their premises wherever else the same
may be situated, stored, or lying or being including any such raw materials,
inventories, article or goods, any stores spares and components or other
similar movable assets in course of transit or delivery to The company and
all of The company’s present and
future book debts , outstanding Monies, receivables, claims, bills,
investments, rights to or on movable pertaining to the continuance of this
security become due, owing payable or belonging to or pertaining to or
pertaining to or The Company in the course of its business and TOGETHER WITH
all benefits, advantages and legal incidence thereof. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
In consideration
of the lender having agreed to lend advance to the company, said credit
facilities the Company covenants inter alia, as follows |
|
5) Name and Address and description of the person entitled to the charge. |
1. To repay the
facility ar (2) above and pay interest and all other monies in the manner set
out in the said agreement between the Company and the Lender and to comply
with the terms and conditions of the said Agreement. 2. The said
current hypothecated to the Lender by way of first exclusive charge created
in favour of the bank, as security for and be charged with the repayment of
the loan with all intrest, liquidated, damages, premia on prepayment or on
redemption, costs, charges and other expenses payable Margin 32% for stock
and 41% for book debts. 3. The company to
keep the said assets in marketable and good condition and also insured as
provided therin 4. Power of
entry, power to take charge and or possession of size recover, receive,
appoint and sell contract, dispatch for realization or otherwise dispose of
or deal with all or any part of the said goods; etc, as provided therein. |
|
6) Date and brief description of instrument modifying the charge |
City Bank, Citigroup Centre, Bandra Kurla Complex, Bandra (East),
Mumbai – 400 051, Maharashtra, India |
|
This form is for |
Creation of
charge |
|
Charge
identification number of the modified
|
|
|
Corporate
identity number of the company |
U25209MH1992PTC067551 |
|
Name of the
company |
BANKIM PLAST PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
2/5, Anna Bhavan, Devji Ratanshi Marg, Dana Bunder, Mumbai – 400 009,
Maharashtra |
|
Type of charge |
Book Debts Movable Property Others |
|
Particular of
charge holder |
Barclays Bank Plc, Ceejay House, Shivsagar Estate, DR. A. Beasant
Road, Worli, Mumbai – 400 018, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
Deed of
Hypothecation |
|
Date of
instrument Creating the charge |
24.03.2008 |
|
Amount secured by
the charge |
Rs.42.700
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As may be decided
between the Borrower and the Bank from time to time. Terms of
Repayment As may be
specified by the Bank from time to time. Margin As may be
specified by the Bank from time to time Extent and
Operation of the charge First and
exclusive charge by way of Hypothecation in favour of Barclays Bank Plc on
all current assets of the Borrower, both present and future and plant and
machinery to secure following facilities granted to the Borrower. Overdraft / WCDL
: INR.7.50 Millions LC : Inland – INR
10 Millions LC : Import – INR
37.50 Million Letter of
Undertaking – INR 30 Millions Counter BG I –
INR 20 Millions Counter BG II –
INR 5.20 Millions Term Loan : INR 4
Millions Total Facilities
:INR 42.70 Millions Others |
|
Short particulars
of the property charged |
All current
assets Viz. Stock of raw material, Semi-finished goods, outstanding,
receivables, Investments, deposits, book debts, monies receivables, claims,
bills and consumable stores and other movables. 2. All plant and
Machinery (including the plant and machinery to be purchased out of the
disbursement of the Term loan facility.) |
Trade Reference
- Barrier Films
Private Limited
- Heena
Polyplast Limited
Fixed Assets
- Land
- Borewell
- Building
- Electric
Fitting
- Plant and
Machinery
- Plant not put
in use
- Electrical
Transformer
- Airconditioner
- Weighing
Scale
- Camers in
Factory
- Computers
Hardware
- Cooling Tower
- Fax Machine
- EPABX System
- Furniture and
Fixture
- Mobile Phone
- Motor Car
Toyoto
- Motor Car L
and K Skoda
- Television
- Motor Car
Skoda Octavia
- Motor Car
Skoda Ride
As Per Websites
Subject are one of the leading manufacturers of master batches, compounds and additives.
They are fast growing industry in their field.
Their products has critical applications like BOPP films, CPP films, Blown films, Carry bags, Blow Moulding, Injection Moulding.
They also offer special Compound for polyamides and polycarbonates. Their
products are accepted as an Industry Standard.
They have installed capacity of 3600 M.Ts.p.a. They are offering excellent quality products as per the requirements of various industries.
They also offer good solution to their customers, which will make them most
competitive in the market.
They believe in "To grow with the customer"
They sincerely welcome the organizations for their valued patronage.
They are established private limited company in 1997, with largest capacity for the manufacturing of master batches with the track record in the industry.
Their products are accepted as a standard and it has applications all over
India, Global market as well.
Their director possesses 35 years experience for the manufacturing of master batches, and are well conversant with the changing scenario in international market.
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.48.79 |
|
UK Pound |
1 |
Rs.75.41 |
|
Euro |
1 |
Rs.61.48 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
|
43 |
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 |
|