MIRA
INFORM REPORT
|
Report Date : |
08.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
BIDHATA INDUSTRIES PRIVATE LIMITED |
|
|
|
|
Registered Office : |
384-M, Kalbadevi Road, 5th Floor, Mumbai – 400 002, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2008 |
|
|
|
|
Date of Incorporation : |
08.11.1977 |
|
|
|
|
Com. Reg. No.: |
11-19964 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U24114MH1977PTC019964 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMB13533C |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AABCB1389D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Textile Processing House |
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 170000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established and reputed company having satisfactory
track records. 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
|
Name : |
Mr. Sumeet Kapoor |
|
Designation : |
Accounts Officer |
|
Date : |
02.10.2008 |
LOCATIONS
|
Registered Office : |
384-M, Kalbadevi Road, 5th Floor, Mumbai – 400 002,
Maharashtra, India |
|
Tel. No.: |
91-22-22013018 / 22013019 |
|
Fax No.: |
91-22-22013020 |
|
E-Mail : |
|
|
Area : |
2000 Sq. ft. |
|
Location : |
Owned |
|
|
|
|
Factory : |
Plot No. C-5, MIDC, Badlapur, Thane, Maharashtra, India |
|
Tel. No.: |
91-95251-2690204 / 205 |
DIRECTORS
|
Name : |
Mr. Manoharlal Jagdishprasad Pacheriwala |
|
Designation : |
Director |
|
Address : |
14/5, Jayant Mahal, ‘D’ Road, Churchgate, Mumbai – 400 020,
Maharashtra, India |
|
Date of Birth/Age : |
30.01.1931 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
08.11.1977 |
|
|
|
|
Name : |
Mr. Rajendrakumar Manoharlal Pacheriwala |
|
Designation : |
Director |
|
Address : |
14/5, Jayant Mahal, ‘D’ Road, Churchgate, Mumbai – 400 020,
Maharashtra, India |
|
Date of Birth/Age : |
23.11.1961 |
|
Qualification : |
Chartered Accountant |
|
Date of Appointment : |
10.03.1996 |
|
|
|
|
Name : |
Mrs. Manju Rajendrakumar Pacheriwala |
|
Designation : |
Director |
|
Address : |
14/5, Jayant Mahal, ‘D’ Road, Churchgate, Mumbai – 400 020,
Maharashtra, India |
|
Date of Birth/Age : |
15.08.1961 |
|
Date of Appointment : |
30.05.2000 |
KEY EXECUTIVE
|
Name : |
Mr. Makarand M. Joshi and Company |
|
Designation : |
Company secretary |
|
Address : |
3rd Floor, Jyoti Chembers, L.T. Road, Mulund (East), Mumbai
– 400081, Maharashtra |
|
Tel No.: |
91-22- 21639868 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
No. of Shares |
|
Manoharlal Pacheriwala |
12212 |
|
Rajender Kumar Pacheriwala |
32942 |
|
Manjulata Pacheriwala |
1250 |
|
Pacheriwala Gayatridevi |
1346 |
|
Rajenderkumar Pacheriwala |
2250 |
|
Total |
50000 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
|
Category |
Percentage |
|
Directors or relatives of directors |
95.50 |
|
Others |
4.50 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Textile Processing House |
|
|
|
|
Terms : |
|
|
Selling : |
Credit (30 days / 60 days / 90 days) |
|
|
|
|
Purchasing : |
Cash and Credit (30 days / 60 days / 90 days) |
GENERAL
INFORMATION
|
Customers : |
Corporates |
|
|
|
|
No. of Employees : |
254 (In Office 4 and In Factory 250) – 45 Staff and rest are contract
workers |
|
|
|
|
Bankers : |
· Central Bank of
India Chandermukhi Ground Floor, Nariman Point, Mumbai – 400 021,
Maharashtra, India · HDFC Bank
Limited |
|
|
|
|
Facilities : |
Subject enjoys some facilities from it’s bankers. |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Sundarlal Desai and Kanodia Chartered Accountants |
|
Address : |
903, Arcadia, 195 NCPA Road, Nariman Point, Mumbai – 400 021,
Maharashtra, India |
CAPITAL STRUCTURE
(As on 30.09.2008)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
5.000 |
5.000 |
5.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
28.202 |
24.189 |
20.792 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
33.202 |
29.189 |
25.792 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
11.605 |
14.052 |
11.525 |
|
|
2] Unsecured Loans |
14.000 |
19.000 |
20.500 |
|
|
TOTAL BORROWING |
25.605 |
33.052 |
32.025 |
|
|
DEFERRED TAX LIABILITIES |
7.240 |
6.576 |
6.176 |
|
|
|
|
|
|
|
|
TOTAL |
66.047 |
68.817 |
63.993 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
41.691 |
40.326 |
44.287 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
5.369
|
4.739 |
4.637 |
|
|
Sundry Debtors |
0.000
|
0.000 |
8.636 |
|
|
Cash & Bank Balances |
0.163
|
0.146 |
0.242 |
|
|
Other Current Assets |
8.713
|
7.556 |
0.000 |
|
|
Loans & Advances |
24.522
|
21.477 |
23.455 |
|
Total
Current Assets |
38.767
|
33.918 |
36.970 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
14.411
|
5.427 |
14.861 |
|
|
Provisions |
0.000
|
0.000 |
2.403 |
|
Total
Current Liabilities |
14.411
|
5.427 |
17.264 |
|
|
Net Current Assets |
24.356
|
28.491 |
19.706 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
66.047 |
68.817 |
63.993 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
Sales Turnover (Including other income) |
206.053 |
181.845 |
157.618 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
7.482 |
6.177 |
6.298 |
|
Provision for Taxation |
2.746 |
2.210 |
2.002 |
|
Profit/(Loss) After Tax |
4.736 |
3.967 |
4.296 |
|
|
|
|
|
|
Total Expenditure |
198.571 |
175.668 |
151.320 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
02.29
|
02.18 |
02.72 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
03.63
|
03.39 |
03.99 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
09.29
|
08.31 |
07.75 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
22.53
|
21.16 |
24.41 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.21
|
1.32 |
1.91 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.69
|
6.25 |
2.14 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References
- Raymonds
- Prakash
Textile, Mumbai
Form No. 8
|
Name of the company |
BIDHATA INDUSTRIES PRIVATE LIMITED |
||||||||||||||
|
Presented By |
Central Bank of
India and Bidhata
Industries Private Limited |
||||||||||||||
|
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 |
||||||||||||||
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.38.500
millions in the form of various credit facilities |
||||||||||||||
|
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. |
||||||||||||||
|
4) Gist of the terms and conditions and extent and operation of the charge. |
|
||||||||||||||
|
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 |
||||||||||||||
|
6) Date and brief description of instrument modifying the charge |
Memorandum of
Deposit of Title Deeds dated 4th January, 2005 |
||||||||||||||
|
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:
|
||||||||||||||
|
Corporate
identity number of the company |
U24114MH1977PTC019964 |
|
Name of the
company |
BIDHATA INDUSTRIES PRIVATE LIMITED |
|
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 |
|
This form is for |
Modification of charge |
|
Type of charge |
Hypothecation |
|
Particular of charge
holder |
Central Bank of India Chandermukhi Ground Floor, Nariman Point, Mumbai – 400 021,
Maharashtra, India |
|
Amount secured by
the charge |
Rs.19.200
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Margin @ 25%
p.a., Compound Interest @ 22.55 p.a. |
|
Description of
the property charged indicating whether it is a charged on |
Stock in trade |
|
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. |
|
Charge
identification number of the charge to be modified |
90243272 |
|
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 |
|
Date of
instrument modifying the charge |
28.06.2006 |
|
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.01 |
|
UK Pound |
1 |
Rs.84.16 |
|
Euro |
1 |
Rs.65.20 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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
|
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 |
|