MIRA
INFORM REPORT
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Report Date : |
29.11.2008 |
IDENTIFICATION DETAILS
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Name : |
bharat foam udyog private limited |
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Registered Office : |
1646/47, S.P. Mukherjee Marg, |
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Country : |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
21.07.1972 |
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Com. Reg. No.: |
55-6206 |
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CIN No.: [Company
Identification No.] |
U74899DL1972PTC006206 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RTKB01968B |
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PAN No.: [Permanent
Account No.] |
AAACB2870Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacture and Importer
of Pu Foam and Articles |
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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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a pretty old and established company and had not filed any financials
with the Government departments after 2005 and hence it is very difficult to
assess the current position of the company. The management failed to update
with latest financials so far. No further details or payment could be made
available. The company can be considered for any business dealings on safe and
secured terms, only. |
INFORMATION PARTED BY
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Name : |
Mr. M C Garg |
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Designation : |
Manager |
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Date : |
28.11.2008 |
LOCATIONS
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Registered Office : |
1646/47, S.P. Mukherjee Marg, |
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Tel. No.: |
91-11-2512736 / 2512716 / 23962736 |
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Mobile No.: |
91-9810437894 |
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Fax No.: |
91-11-23962736 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory : |
15/4, |
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Tel. No.: |
91-129-2276364 / 276365 / 278911 /
4046365 / 4048911 / 4087366-69 |
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Fax No.: |
91-129-2277856 |
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E-Mail : |
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Area : |
Above 150 gaj |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Ajit Prasad Jain |
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Designation : |
Managing Director |
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Address : |
House No. 492, |
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Date of Birth/Age : |
26.12.1924 |
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Date of Appointment : |
01.08.2000 |
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Name : |
Mr. Keshab Chand Jain |
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Designation : |
Managing Director |
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Address : |
House No. 246, Sector 15A, Noida – 201 301, Guttam Budh Nagar, |
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Date of Birth/Age : |
11.01.1928 |
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Date of Appointment : |
21.07.1972 |
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Name : |
Mr. Pawan Kumar Jain |
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Designation : |
Director |
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Address : |
Hpuse No. 119, Mahendra Enclave, |
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Date of Birth/Age : |
16.03.1937 |
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Date of Appointment : |
21.07.1972 |
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Name : |
Mr. Ved Prakash Khullar |
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Designation : |
Director |
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Address : |
House No. D/1-26, |
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Date of Birth/Age : |
23.05.1932 |
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Date of Appointment : |
17.01.1996 |
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Name : |
Mr. Amit Jain |
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Designation : |
Director |
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Address : |
House No. 49/2, Raj |
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Date of Birth/Age : |
26.07.1954 |
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Date of Appointment : |
17.01.1996 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(As on 28.09.2005)
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Names of Shareholders |
No. of Shares |
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Bhiku Ram Jain |
447 |
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Keshab Chand Jain |
141 |
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Ramesh Chand Khullar |
838 |
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Pawan Kumar Jain |
260 |
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Ajit Prasad Jain |
1100 |
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Bhushan Jain |
360 |
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Ravinder Kumar Jain |
440 |
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Virender Kumar Jain |
440 |
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Narender Kumar Jain |
440 |
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Amit Jain |
2000 |
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Satya Jain |
295 |
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Atul Jain |
600 |
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Monika Jain |
508 |
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Veena Jain |
507 |
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Prakash Devi Jain |
440 |
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Saraswati Devi Jain |
750 |
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Alka Rani Jain |
360 |
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Arvind Kumar Jain |
440 |
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Adarsh Jain |
540 |
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Ved Prakash Kkullar |
910 |
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Usha Khullar |
162 |
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Naresh Bala Khullar |
90 |
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Sharat Jain |
750 |
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21 |
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Deepti Jain |
360 |
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Ila Jain |
360 |
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Alka Amit Jain |
1150 |
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Anita Jain |
360 |
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Anjali Jain |
100 |
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Chitra Jain |
260 |
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Nitin Jain |
133 |
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Parag Jain |
132 |
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Karan Jain |
107 |
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Vinayak Jain |
107 |
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Total |
15908 |
BUSINESS DETAILS
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Line of Business : |
Manufacture and Importer
of Pu Foam and Articles |
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Products : |
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Brand Names : |
“FOAM PILLOW” |
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Imports : |
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Products : |
Raw Material |
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Countries : |
·
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Terms : |
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Selling : |
L/C |
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Purchasing : |
Credit (60 days) – T/T |
GENERAL INFORMATION
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Suppliers : |
·
Rhone ·
Manali
Petrochemicals Limited, ·
Air Products Inc. ·
·
Arco Chimie TDI
SCA ·
UB Petro Products
Limited, |
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Customers : |
·
End Users ·
Manufacturer ·
Government
bodies. ·
Jyoti Sales
Corporation, ·
S. K. Foam
Traders, ·
Carrier Aircon
Limited, ·
Gadget ·
Krishna
Fabrications Limited, ·
L M L Limited, ·
Defence Supplise, |
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No. of Employees : |
70 |
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Bankers : |
·
State Bank of SIB Branch, 65, ·
Canara Bank Kashmere Gate Branch, |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Ramanan Aiyar and Company Chartered Accountants |
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Address : |
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Associates/Subsidiaries : |
·
Jain Motor Company
Private Limited, ·
Jain Motor Trading
Company, ·
Faridabad Metal
Udyog Private Limited, ·
Jain Motors Car
Company, ·
Banmore Foam
Private Limited, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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16000 |
Equity Shares |
Rs.100/- each |
Rs.1.600 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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15908 |
Equity Shares |
Rs.100/- each |
Rs.1.591
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
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31.03.2008 |
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Sales Turnover |
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180.000 |
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Particulars |
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31.03.2005 |
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Share Capital |
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1.591 |
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Reserves & Surplus |
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30.269 |
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Secured Loans |
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1.515 |
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Unsecured Loans |
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5.206 |
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FIXED ASSETS [Net Block] |
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19.120 |
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INVESTMENT |
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0.013 |
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Net Current Assets |
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21.675 |
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Turnover |
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978.570 |
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Profit Before Tax |
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1.943 |
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Profit After Tax |
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1.768 |
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Total Expenditure |
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976.627 |
LOCAL AGENCY FURTHER INFORMATION
Trade References
·
Carrier Aircon
·
Action Shoes
Form No. 8
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Name of the company |
bharat foam udyog private limited |
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Presented By |
bharat foam udyog private limited |
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1) Date and description of instrument creating the change |
Dated 16.06.1999,
General Agreement for the grant of small industrial advances and Hypothecation
of all movables, book debts and other assets whether present and future
registered on 14.07.1999. Charge modified on 16.09.1999, 07.12.2002,
11.06.2004 and modifications registered on 07.10.1999, 06.01.2003 and
08.07.2004 respectively. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.10.000
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
all stock of raw material, stores and spares, stock in process, finished
goods lying in factory, godowns and elsewhere including goods in transit and
receivables, present and future. Equitable mortgage of land building
including building proposed to be constructed repaired out of bank’s finance
owned by the company measuring 44 kanals, 2 marlas equivalent to 26680 sq.
yards situated at 15/4 mile stone, |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Margin 25%.
Documents under LC to be retired from own resources. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of SIB Branch, 65, |
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6) Date and brief description of instrument modifying the charge |
General Agreement
fro the grant of small Industrial advances and Hypothecation of all movables,
book debts and other assets and letter for creation of equitable mortgage
dated 13.12.2005. |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The limit stands enhanced
from Rs.25.800 millions to Rs.27.400 millions. (Cash Credit (Hyp.) – Rs.9.500
millions, Cash Credit (Book Debts) being sublimit within Cash credit (hyp.) –
Rs.4.500 millions, SME Credit – Rs.1.900 millions, LC – Rs.15.000 millions,
Bank Guarantee – Rs.1.000 millions.) Interest shall be charged @ 1% above
SBAR with a minimum of 11.25% p.a. Margin 25%. The enhanced limit of
Rs.27.400 millions shall be secured by all stocks, book debts and receivables
of the company and also by way of equitable mortgage of land and building of
the company measuring 44 kanals, 2 marlas equivalent to 26680 sq. yards
situated at 15/4 mile stone, Other terms and
conditions remain the same. |
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Corporate
identity number of the company |
U74899DL1972PTC006206 |
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Name of the
company |
bharat foam udyog private limited |
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Address of the
registered office or of the principal place of business in |
1646/47, S.P. Mukherjee Marg, |
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This form is for |
Modification of
charge |
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Type of charge |
·
Immovable
property ·
Book
debts ·
Movable
property (not being pledge) ·
Floating
charge |
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Particular of
charge holder |
State Bank of SIB Branch, 65, |
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Nature of
instrument creating charge |
Letter of
Arrangement, Agreement of Loan cum Hypothecation, Copy of Inland Letter |
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Date of
instrument Creating the charge |
23.02.2008 |
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Amount secured by
the charge |
Rs.63.500
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate
of interest Working Capital – Interest at 1% above (SBAR 12.50% w.e.f 16.02.2008)
with a minimum of 13.5% p.a. rising or falling therewith, on daily products with
monthly rests. Present effective rate 13.5% p.a. ·
Terms
of repayment Repayable on Demand ·
Margin Raw material (Imported) – 25%, Raw Material (Indigenous) – 25%. Semi
Finished Goods – 25%, Finished Goods – 25%, Domestic Receivables – 40%,
Letter of Credit – 15%, Bank Guarantee – 15%. ·
Extent
and Operation of the charge Hypothecation of stock of raw materials, SIP, Finished goods and all
book debts / receivable, present and future. Equitable mortgage of factory
land and building situated at 15/4, |
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Particulars of
the property charged |
15/4, |
Web Details
Profile
Subject are manufacturers of Polyurethane foam set up in
They are sure this will change the colours of Pillow Foam
industry in time to come. From the various products displayed at the shop, will
observe that they have taken every care to ensure that only the BEST is offered
to the customers at the most reasonable prices.
Flexible Polyurethane foam is an extremely versatile
material, which can be used for many applications.
To meet the requirements of each applications the properties
of the flexible foam would need to be precisely tailored through the balanced
selection of formulated ingredients
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.84 |
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|
1 |
Rs.76.81 |
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Euro |
1 |
Rs.64.38 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
2 |
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--LEVERAGE |
1~10 |
2 |
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--RESERVES |
1~10 |
- |
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--CREDIT LINES |
1~10 |
- |
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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 |
YES |
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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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19 |
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 |
|
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 |
|
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 |
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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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