MIRA
INFORM REPORT
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Report Date : |
12.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
BHAIRAV RAFFIA PRIVATE LIMITED |
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Registered Office : |
Survey No. 427, Shed No. 11, Mahagujarat Industrial Estate, Opp. Nova
Petrochem Sarkhej, Bavla Road, Moriya – 382 210, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
24.12.2003 |
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Com. Reg. No.: |
04-43397 |
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CIN No.: [Company
Identification No.] |
U24139GJ2003PTC043397 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMB02738B |
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PAN No.: [Permanent
Account No.] |
AACCB3936F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Polypropylene bags and PP Woven sacks. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 14000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Trade
relations are fair. Payments are reported as slow but correct. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Rajesh |
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Designation : |
Manager |
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Contact No.: |
91-9376186577 |
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Date : |
01.09.2008 |
LOCATIONS
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Registered Office/Factory : |
Survey No. 427, Shed No. 11, Mahagujarat Industrial Estate, Opp. Nova
Petrochem Sarkhej, Bavla Road, Moriya – 382 210, Gujarat, India |
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Tel. No.: |
91-79-25395192 |
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Mobile No.: |
91-9376186577 |
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Fax No.: |
91-79-25836444 |
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E-Mail : |
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Area : |
1736 Sq. Yard |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Zaberraj Surajmal Sanklecha |
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Designation : |
Director |
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Address : |
80, Rajnigandha Tower, Shahibaug, Ahmedabad – 380 004, Gujarat, India |
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Date of Birth/Age : |
64 Years |
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Qualification : |
B.E. |
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Date of Appointment : |
24.12.2003 |
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Name : |
Mrs. Leelaben Mehta |
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Designation : |
Director |
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Address : |
1/, Swastik Society, Arihant Bunglows, Navrangpura, Ahmedabad – 380
009, Gujarat, India |
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Date of Birth/Age : |
45 Years |
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Qualification : |
B.Com. |
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Date of Appointment : |
24.12.2003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
|
Names of Shareholders |
No. of Shares |
|
Zaberraj Surajmal Sanklecha |
65000 |
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Leelaben Mehta |
65000 |
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Ronak Suresh Mehta |
80000 |
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Babulal Revachand Shah |
25000 |
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Vimlaben Jayantilal Shah |
25000 |
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Jayantilal Revachand Shah |
25000 |
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Ashaben Babulal Shah |
25000 |
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Total |
310000 |
List of Allotment as on 31.03.2008
|
Names of Allottees |
No. of Shares |
|
Manish Chopada |
100 |
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Rakesh Chopada |
100 |
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Manoj Sanklecha |
100 |
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Total |
300 |
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 |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Polypropylene bags and PP Woven sacks. |
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Exports : |
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Countries : |
UAE |
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Terms : |
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Selling : |
Cash |
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Purchasing : |
Cash and Credit (30 days / 60 days / 90 days) |
GENERAL
INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
45 |
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Bankers : |
Syndicate Bank Khadia Raipur Branch, Ahmedabad – 380 001, Gujarat, India |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Surana Maloo and Company Chartered Accountants |
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Address : |
4th Floor, Shaival Plaza, Near Gujarat College,
Ellisbridge, Ahmedabad – 380 006, Gujarat, India |
CAPITAL STRUCTURE
(As on 30.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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310000 |
Equity Shares |
Rs.10/- each |
Rs.3.100 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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310000 |
Equity Shares |
Rs.10/- each |
Rs.3.100 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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3.100 |
3.100 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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(0.389) |
(0.129) |
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NETWORTH |
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2.711 |
2.971 |
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LOAN FUNDS |
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1] Secured Loans |
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12.977 |
8.996 |
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2] Unsecured Loans |
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1.085 |
1.085 |
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TOTAL BORROWING |
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14.062 |
10.081 |
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DEFERRED TAX LIABILITIES |
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0.456 |
0.179 |
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TOTAL |
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17.229 |
13.231 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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9.897 |
9.945 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.030 |
0.030 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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5.043 |
2.445 |
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Sundry Debtors |
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2.588 |
1.940 |
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Cash & Bank Balances |
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1.031 |
0.265 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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2.180 |
0.846 |
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Total
Current Assets |
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10.842 |
5.496 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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3.507 |
2.341 |
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Provisions |
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0.171 |
0.084 |
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Total
Current Liabilities |
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3.678 |
2.425 |
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Net Current Assets |
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7.164 |
3.071 |
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MISCELLANEOUS EXPENSES |
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0.138 |
0.185 |
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TOTAL |
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17.229 |
13.231 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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24.216 |
9.268 |
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Other Income |
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1.241 |
0.198 |
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Total Income |
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25.457 |
9.466 |
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Profit/(Loss) Before Tax |
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0.019 |
0.055 |
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Provision for Taxation |
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0.280 |
0.184 |
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Profit/(Loss) After Tax |
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(0.261) |
(0.129) |
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Expenditures : |
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Increase/(Decrease) in Finished Goods |
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(2.371) |
(1.731) |
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Depreciation & Amortization |
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0.486 |
0.199 |
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Other Expenditure |
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27.323 |
10.943 |
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Total Expenditure |
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25.438 |
9.411 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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(1.03) |
(1.36) |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.08 |
0.59 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.09 |
0.36 |
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Return on Investment (ROI) (PBT/Networth) |
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0.01 |
0.02 |
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Debt Equity Ratio (Total Liability/Networth) |
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6.54 |
4.21 |
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Current Ratio (Current Asset/Current Liability) |
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2.95 |
2.27 |
LOCAL AGENCY
FURTHER INFORMATION
Trustseal Acceptance Chart
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Parameters |
Details |
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Existence Verification |
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Name |
BHAIRAV RAFFIA PRIVATE LIMITED |
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Statutory Approvals |
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Legal Status of Firm |
Private Limited |
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Income Tax Registration |
AACCB3936F |
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Central Sales Tax Registration |
24574600960 |
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VAT/ TIN Registration |
24574600960 |
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Name of Bank |
Syndicate Bank |
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Current Account Number |
7003/1250000077 |
Trade References
·
Padmavati Polycap
Form No. 8
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Name of the company |
BHAIRAV RAFFIA PRIVATE LIMITED |
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Presented By |
Mr. Zaberraj Surajmal Sanklecha, Director |
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1) Date and description of instrument creating the change |
Composite
Hypothecation Agreement Dated 31.12.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.92.500
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 the goods, stocks, including HDPE/PP Granules and semi finished products and
woven fabrics raw materials, finished goods, unfinished goods, movable
property of any kind, plant, machinery, fixtures, implements, fittings and
other installations, furniture, vehicles, computers and all other articles,
and things both present and future, whether installed or not, whether lying
loose or in cases, at site or in transit of which may at any time hereafter
during the continuance of this security be installed or lying loose or in
cases or being on or upon which now or hereafter from time to time during
this security shall be brought into stores or be Plot No. 11, Mahagujarat
Industrial Estate, Moraiya, Tal. Sanad, Sarkhej Bavla Road, Ahmedabad. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest will be
charged as 12.75% p.a. being 1.75% over and above the Bank S.P.L.R. which is
11.00% p.a. The loan amount is repayable in 60 Equated Monthly Instalment
including interest thereon and such First installment of Rs.0.158 million
commence from on or before 01.04.2005 and subsequent instalments are payable
at the same rate at First day of every month and the last such instalment of
Rs.0.158 million is payable on or before 01.03.2010. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of
India Khadia Raipur
Branch, Ahmedabad |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
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Corporate
identity number of the company |
U24139GJ2003PTC043397 |
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Name of the
company |
BHAIRAV RAFFIA PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
B-13 ST Floor,
New Cloth Market, Ahmedabad – 380 002, Gujarat, India |
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This form is for |
Modification of
charge |
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Type of charge |
Movable property
(not being pledge) |
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Particular of
charge holder |
Syndicate Bank Khadia Raipur Branch, Ahmedabad – 380 001, Gujarat, India |
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Nature of
instrument creating charge |
Composite
Hypothecation Agreement |
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Date of
instrument Creating the charge |
30.12.2006 |
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Amount secured by
the charge |
Rs.11.200 million |
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Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
interest Interest @ 13.25% p.a. being 1.75% over and above the Syndicate Bank’s
PLR/PTLR. ·
Terms of
repayment Working Capital to be repayable on demand. Term Loan balance to be
repaid as per existing terms. ·
Margin Stock 25% Book Dents 30% ·
Extent and
operation of the charge By way of first charge |
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Particulars of
the property charged |
All goods,
stocks, raw materials, finished / unfinished goods, any movable property,
plant and machinery, fixtures, implements, fittings, installations,
furniture, vehicles, computers, articles, things, both present and future,
whether installed or not whether lying loose or in cases, at site or in
transit or be installed or lying loose or in cases or being in or upon which
now or hereafter brought into stores or be in or about the borrower’s factory
at Plot No.11, Mahagujarat Industrial Estate, Muraiya, Tal. Sanad |
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Particulars of
the present modification |
Sodh facilities
increased from Rs.2.250 millions to Rs.5.000 millions, original term loan of
Rs.7.000 millions balance as on the date of agreement is Rs.6.200 millions. Net
increase in existing limit of Rs.1.950 million, making total limit of
Rs.11.200 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.45.44 |
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UK Pound |
1 |
Rs.79.62 |
|
Euro |
1 |
Rs.63.48 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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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 |
YES |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
34 |
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 |
|