MIRA
INFORM REPORT
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Report Date : |
03.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
BIDHATA INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
384-M, Kalbadevi Road, 5th Floor, Mumbai – 400 002, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
08.11.1977 |
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Com. Reg. No.: |
11-19964 |
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CIN No.: [Company
Identification No.] |
U24114MH1977PTC019964 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMB13533C |
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PAN No.: [Permanent
Account No.] |
AABCB1389D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Textile Processing House |
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 170000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory track.
Trade relations are fair. Business is active. General financial position is
good. Payments are reported as usually made as per commitments. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Sumeet Kapoor |
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Designation : |
Accounts Officer |
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Date : |
02.10.2008 |
LOCATIONS
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Registered Office : |
384-M, Kalbadevi Road, 5th Floor, Mumbai – 400 002,
Maharashtra, India |
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Tel. No.: |
91-22-22013018 / 22013019 |
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Fax No.: |
91-22-22013020 |
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E-Mail : |
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Area : |
2000 Sq. ft. |
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Location : |
Owned |
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Factory : |
Plot No. C-5, MIDC, Badlapur, Thane, Maharashtra, India |
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Tel. No.: |
91-95251-2690204 / 205 |
DIRECTORS
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Name : |
Mr. Manoharlal Jagdishprasad Pacheriwala |
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Designation : |
Director |
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Address : |
14/5, Jayant Mahal, ‘D’ Road, Churchgate, Mumbai – 400 020,
Maharashtra, India |
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Date of Birth/Age : |
30.01.1931 |
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Qualification : |
Graduate |
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Date of Appointment : |
08.11.1977 |
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Name : |
Mr. Rajendrakumar Manoharlal Pacheriwala |
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Designation : |
Director |
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Address : |
14/5, Jayant Mahal, ‘D’ Road, Churchgate, Mumbai – 400 020,
Maharashtra, India |
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Date of Birth/Age : |
23.11.1961 |
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Qualification : |
Chartered Accountant |
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Date of Appointment : |
10.03.1996 |
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Name : |
Mrs. Manju Rajendrakumar Pacheriwala |
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Designation : |
Director |
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Address : |
14/5, Jayant Mahal, ‘D’ Road, Churchgate, Mumbai – 400 020,
Maharashtra, India |
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Date of Birth/Age : |
15.08.1961 |
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Date of Appointment : |
30.05.2000 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
No. of Shares |
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Gayatridevi Manoharlal Pacheriwala |
1346 |
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Rajendrakumar Manoharlal Pacheriwala |
22942 |
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Manju Rajendrakumar Pacheriwala |
1250 |
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Rajendrakumar Pacheriwala HUF |
250 |
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Manoharlal Jagdishprasad Pacheriwala |
12212 |
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Total |
38000 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
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Category |
Percentage |
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Directors or relatives of directors |
95.50 |
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Others |
4.50 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Textile Processing House |
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Terms : |
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Selling : |
Credit (30 days / 60 days / 90 days) |
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Purchasing : |
Cash and Credit (30 days / 60 days / 90 days) |
GENERAL
INFORMATION
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Customers : |
Corporates |
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No. of Employees : |
254 (In Office 4 and In Factory 250) – 45 Staff and rest are contract
workers |
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Bankers : |
Central Bank of India Chandermukhi Ground Floor, Nariman Point, Mumbai – 400 021,
Maharashtra, India |
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Facilities : |
Subject enjoys some facilities from it’s bankers. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sundarlal Desai and Kanodia Chartered Accountants |
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Address : |
903, Arcadia, 195 NCPA Road, Nariman Point, Mumbai – 400 021,
Maharashtra, India |
CAPITAL STRUCTURE
(As on 30.09.2008)
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
5.000 |
5.000 |
5.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
28.202 |
24.189 |
20.792 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
33.202 |
29.189 |
25.792 |
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LOAN FUNDS |
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1] Secured Loans |
11.605 |
14.052 |
11.525 |
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2] Unsecured Loans |
14.000 |
19.000 |
20.500 |
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TOTAL BORROWING |
25.605 |
33.052 |
32.025 |
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DEFERRED TAX LIABILITIES |
7.240 |
6.576 |
6.176 |
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TOTAL |
66.047 |
68.817 |
63.993 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
41.691 |
40.326 |
44.287 |
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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 |
5.369
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4.739 |
4.637 |
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Sundry Debtors |
0.000
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0.000 |
8.636 |
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Cash & Bank Balances |
0.163
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0.146 |
0.242 |
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Other Current Assets |
8.713
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7.556 |
0.000 |
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Loans & Advances |
24.522
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21.477 |
23.455 |
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Total
Current Assets |
38.767
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33.918 |
36.970 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
14.411
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5.427 |
14.861 |
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Provisions |
0.000
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0.000 |
2.403 |
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Total
Current Liabilities |
14.411
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5.427 |
17.264 |
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Net Current Assets |
24.356
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28.491 |
19.706 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
66.047 |
68.817 |
63.993 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
31.03.2006 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.21
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1.32 |
1.91 |
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Current Ratio (Current Asset/Current Liability) |
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2.69
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6.25 |
2.14 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References
- Raymonds
- Prakash
Textile, Mumbai
Form No. 8
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Name of the company |
BIDHATA INDUSTRIES PRIVATE LIMITED |
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Presented By |
Central Bank of
India and Bidhata
Industries Private Limited |
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1) Date and description of instrument creating the change |
Equitable
Mortgage by deposit of title deeds for land and building situated at Plot No.
C-5, Badlapur MIDC, created on 03.08.1993 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.38.500
millions in the form of various credit facilities |
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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 |
Land and Factory
building situated at Plot No. C-5, Badlapur MIDC, Badlapur Dist., Thane. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
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5) Name and Address and description of the person entitled to the charge. |
Central Bank of India Chandermukhi Ground Floor, Nariman Point, Mumbai – 400 021,
Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
Memorandum of
Deposit of Title Deeds dated 4th January, 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 title deeds originally
deposited with the Bank on 03.08.1993 to continue as collateral security for
the facilities granted to the Company for securing repayment, discharge and
redemption of its existing working capital credit facilities and fresh Term
Loan aggregating to Rs.27.000 millions as follows:
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Corporate
identity number of the company |
U24114MH1977PTC019964 |
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Name of the
company |
BIDHATA INDUSTRIES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
384-M, Kalbadevi Road, 5th Floor, Mumbai – 400 002,
Maharashtra, India |
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This form is for |
Modification of charge |
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Type of charge |
Hypothecation |
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Particular of
charge holder |
Central Bank of India Chandermukhi Ground Floor, Nariman Point, Mumbai – 400 021,
Maharashtra, India |
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Amount secured by
the charge |
Rs.19.200
millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
Margin @ 25%
p.a., Compound Interest @ 22.55 p.a. |
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Description of
the property charged indicating whether it is a charged on |
Stock in trade |
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Particulars of
the property charged |
All movable
property comprising plant and machinery, spare parts, tangible movable
property such as products, stock in trade, goods at MIDC, C-5 Badlapur, Dist.
Thane, and 384-M, Kalbadevi Road, Mumbai and all the book debts, outstanding
moneys, receivables claims, bills, contracts, securities, investment, rights
etc. |
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Charge
identification number of the charge to be modified |
90243272 |
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Brief description
of the instrument modifying the charge under section 135 |
·
Agreement of
Hypothecation to secure Demand Cash Credit against goods ·
Articles of
Agreement ·
Letter of
Hypothecation ·
Letter of
Hypothecation for LC |
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Date of
instrument modifying the charge |
28.06.2006 |
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Particulars of
the present modification |
The aggregate facilities
of Rs.12.000 millions have been revised to Rs.28.500 millions as follows: ·
Cash Credit
Rs.11.000 millions ·
Overdraft
against Book Debts Rs.7.500 millions ·
Letter of
credit Rs.0.500 million ·
B/G Rs.1.000
millions |
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.46.96 |
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UK Pound |
1 |
Rs.83.91 |
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Euro |
1 |
Rs.66.36 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
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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54 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
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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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