MIRA
INFORM REPORT
|
Report Date : |
18.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
BINNY WADS PRIVATE LIMITED |
|
|
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Registered Office : |
208, Apra Plaza – B, Rani Bagh Commercial Complex, Pitampura, New Delhi
– 110034, Maharashtra |
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Country : |
India |
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|
Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
28.04.1994 |
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Com. Reg. No.: |
55-58694 |
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CIN No.: [Company
Identification No.] |
U74899DL1994PTC058694 |
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IEC No.: |
0598069119 |
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|
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELB03886B |
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|
Legal Form : |
Private Limited Liability Company |
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|
Line of Business : |
Manufacturer of EPE Wads |
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 |
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Maximum Credit Limit : |
USD 77000 |
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Status : |
Satisfactory |
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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 meeting its normal
commitments timeously. Trade relations are fair. Business is active. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
|
Name : |
Mr. Yogesh Kansal |
|
Designation : |
Director |
|
Contact No.: |
91-9811009643 |
|
Date : |
17.09.2008 |
LOCATIONS
|
Registered Office : |
208, Apra Plaza – B, Rani Bagh Commercial Complex, Pitampura, New
Delhi – 110034, Maharashtra, India |
|
Tel. No.: |
91-11-27028466/ 27028467/ 30905751 |
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Mobile No.: |
91-9811009643 |
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Fax No.: |
91-11-27022873/ 27864675 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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|
|
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Factory 1: |
294-295, MIE, Phase – I, Bahadurgarh District Jhajjar, Haryana, India |
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Tel. No.: |
91-1276-267149 |
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Area : |
5000 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Factory 2: |
911, MIE Phase – I, Bahadurgarh District Jhajjar, Haryana, India |
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Tel. No.: |
91-1276-268954 |
|
Area : |
1000 sq. ft |
|
Location : |
Owned |
DIRECTORS
|
Name : |
Mr. Yogesh Kansal |
|
Designation : |
Director |
|
Address : |
92, Bhagirthi Appartment, Sector 9, Rohini, Delhi – 110085, India |
|
Date of Birth/Age : |
01.06.1962 |
|
Qualifications : |
Law Graduate |
|
Experience: |
14 years |
|
Date of Appointment : |
28.04.1994 |
|
|
|
|
Name : |
Mrs. Purnima Kansal |
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Designation : |
Director |
|
Address : |
92, Bhagirthi Appartment, Sector 9, Rohini, Delhi – 110085, India |
|
Date of Birth/Age : |
19.12.1965 |
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Qualifications : |
BSC, BED |
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Experience: |
14 years |
|
Date of Appointment : |
28.04.1994 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Purnima Kansal |
|
79000 |
|
Yogesh Kansal |
|
99880 |
|
Anjana Kishore |
|
2000 |
|
Madhu Goyal |
|
1500 |
|
Ekta Jain |
|
1500 |
|
Sachin Kansal |
|
1800 |
|
Jolly Jain |
|
800 |
|
SKP Intex |
|
5000 |
|
Pryagwati Kansal |
|
27000 |
|
Ram Gopal |
|
8000 |
|
Alka Jain |
|
9000 |
|
Dharam Singal |
|
5 |
|
Sanjay Kishore |
|
5 |
|
Poonam Gupta |
|
5 |
|
Nirmal Kansal |
|
5 |
|
Mansavi Kansal |
|
5 |
|
Ramesh Chander |
|
5 |
|
Ashok V. Pandey |
|
5 |
|
Vinay Kumar |
|
5 |
|
Sri Krishan Dubey |
|
10 |
|
PN Agnihotri |
|
8010 |
|
Parakh Overseas (Private) Limited |
|
16000 |
|
J. S. Motor Finance Limited |
|
80000 |
|
Poonia Export (Private) Limited |
|
46000 |
|
Parakh Overseas (Private) Limited |
|
14000 |
|
Agroha Finvest (Private) Limited |
|
18000 |
|
Vinod Kumar Gupta |
|
10000 |
|
Tarsen Kumar Gupta |
|
10000 |
|
Lalit Kumar Gupta |
|
10000 |
|
Nitin Kansal |
|
3000 |
|
|
|
|
|
Total |
|
339540 |
(As on 31.03.2007)
|
Category |
|
Percentage |
|
|
|
|
|
Bodies Corporate |
|
22.00 |
|
Directors or relatives of directors |
|
59.42 |
|
Other top fifty shareholders (other than listed above) |
|
18.58 |
|
|
|
|
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of EPE Wads |
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Products : |
Packaging/ Sealing Products Like: Ø E.P.E. Wads/
Liners and Rings Ø Induction Seals Ø Laminated Wads Ø Poly Film |
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Brand Name : |
Ø BWAD Ø ALNER |
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Exports : |
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Products : |
EPE Sheet Rolls |
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Countries : |
Ø Bangladesh Ø Srilanka |
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Imports : |
|
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Products : |
Ø Raw Materials Ø Spares |
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Countries : |
Ø Germany Ø US Ø Taiwan |
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Terms : |
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Selling : |
LC/ Cash and Credit (30-60-90 days) |
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|
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Purchasing : |
Cash and Credit (30 days) |
PRODUCTION STATUS
|
Particulars |
|
|
Actual
Production |
|
|
|
|
|
|
EPE Wads |
|
|
3571866.550 (TH) |
|
EPE Sheet |
|
|
17312.200 (Kg) |
|
Polystyrene Sheet |
|
|
450.000 (Kg) |
GENERAL
INFORMATION
|
Customers : |
End Users |
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|
|
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No. of Employees : |
45 (Office – 6 and Factory 39) |
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|
|
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Bankers : |
Ø Punjab National
Bank Pitampura Branch, Delhi – 110034, India |
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|
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Banking
Relations : |
Satisfactory |
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|
|
|
Financial Institutions: |
Sundaram Finance
Limited No.21, Parullos
Road, Chennai – 600002 |
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|
|
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Auditors : |
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|
Name : |
Verma Aggarwal and Company Chartered Accountant |
|
Address : |
Flat No.6, IInd floor, 10159- Padam Singh Road, Delhi – 110005, India |
|
|
|
|
Name : |
Lalit Gupta and Associates Chartered Accountant |
|
Address : |
412 Arunachal Building, 19 – Barakhamba Road, Connaught Place, New
Delhi – 110001, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
450540 |
Equity Shares |
Rs.10/- each |
Rs.4.505
Millions |
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|
|
|
|
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 |
4.505 |
3.545 |
2.435 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
10.978 |
6.593 |
1.579 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
15.483 |
10.138 |
4.014 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
12.880 |
15.008 |
5.953 |
|
|
2] Unsecured Loans |
16.638 |
15.671 |
13.005 |
|
|
TOTAL BORROWING |
29.518 |
30.679 |
18.958 |
|
|
DEFERRED TAX LIABILITIES |
0.150 |
0.285 |
0.424 |
|
|
|
|
|
|
|
|
TOTAL |
45.151 |
41.102 |
23.396 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
8.271 |
9.591 |
3.828 |
|
|
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 |
6.336
|
8.113 |
2.952 |
|
|
Sundry Debtors |
37.579
|
33.473 |
18.804 |
|
|
Cash & Bank Balances |
0.342
|
0.193 |
0.194 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
3.894
|
2.110 |
1.747 |
|
Total
Current Assets |
48.151
|
43.889 |
23.697 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
10.828
|
11.979 |
3.893 |
|
|
Provisions |
0.443
|
0.399 |
0.237 |
|
Total
Current Liabilities |
11.271
|
12.378 |
4.130 |
|
|
Net Current Assets |
36.880
|
31.511 |
19.567 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.001 |
|
|
|
|
|
|
|
|
TOTAL |
45.151 |
41.102 |
23.396 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
|
|
Sales Turnover |
|
94.228 |
84.999 |
|
|
Other Income |
|
0.031 |
0.026 |
|
|
Total Income |
|
94.259 |
85.025 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
0.853 |
0.839 |
|
|
Provision for Taxation |
|
0.308 |
0.259 |
|
|
Profit/(Loss) After Tax |
|
0.545 |
0.580 |
|
|
|
|
|
|
|
|
Total Exports |
|
1.560 |
0.100 |
|
|
|
|
|
|
|
|
Imports : |
|
|
|
|
|
|
Raw Materials |
|
0.831 |
1.121 |
|
|
Stores & Spares |
|
0.089 |
0.099 |
|
Total Imports |
|
0.920 |
1.220 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Cost of Goods Sold |
|
81.920 |
72.642 |
|
|
Administrative Expenses |
|
6.394 |
5.945 |
|
|
Interest |
|
3.654 |
3.900 |
|
|
Depreciation & Amortization |
|
1.438 |
1.699 |
|
|
Other Expenditure |
|
0.000 |
0.000 |
|
Total Expenditure |
|
93.406 |
84.186 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
0.58
|
0.68 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.91
|
0.99 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.51
|
1.57 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.08 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.63
|
4.25 |
5.75 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.27
|
3.55 |
5.74 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Corporate
identity number of the company |
U74899DL1994PTC058694 |
|
Name of the
company |
BINNY WADS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
208, Apra Plaza – B, Rani Bagh Commercial Complex, Pitampura, New
Delhi – 110034, Maharashtra, India |
|
This form is for |
Modification of Charge |
|
Type of charge |
Book Debts Movable Property Stock |
|
Particular of
charge holder |
Ø Punjab National
Bank Pitampura Branch, Delhi – 110034, India |
|
Nature of
instrument creating charge |
Hypothecation
agreement of stock and book debts agreement of current stock agreement of
block of assets, personal guarantee of the directors mortgage of properties. |
|
Date of
instrument Creating the charge |
27.09.2006 |
|
Amount secured by
the charge |
Rs.9.600 Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
Interests: BPLR + 1% p.a. Terms of
Repayment: Repayable On
Demand Margin: 25% on Stock and
50% of Book Debts Extent and
Operation of the charge: Hypothecation of
Stock and Book debts Others: As per sanctioned
letter attached |
|
Particulars of
the property charged |
911 MIE Phase 1
Bahadurgarh Haryana 295 MIE Phase 1
Bahadurgarh Haryana |
|
Particulars of
the present modification |
Limit of stock hypothecation increased from Rs.2.500 Millions to Rs.5.100 Millions and Book Debts Limit Increased from Rs.2.900 Millions to Rs.4.600 Millions |
|
Name of the
company |
BINNY WADS PRIVATE LIMITED |
|
Presented By |
Sundaram Finance
Limited, No.21, Parullos
Road, Chennai – 600002 |
|
1) Date and description of instrument creating the change |
Loan Agreement
Dated 01.12.2005 Coont No.AD-3615 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Finance Rs.0.475 Millions Interests
Rs.0.053 Millions Total Repayable
Rs.0.527 Millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
On the security of
1 No.2005 Model Tata Pickup E No.497SPTC36LUZ899491 CH No.357551LUZ828440 |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Rs.0.528 Millions
is repayable in 35 monthly Installment as under: Installment 1-34 Rs.0.015 Millions 35 Rs.0.015 Millions Rate of
Interests: 7.29% 1st
Installment falls due on 22.12.2005 |
|
5) Name and Address and description of the person entitled to the charge. |
Sundaram Finance
Limited No.21, Parullos
Road, Chennai – 600002 |
|
6) Date and brief description of instrument modifying the charge |
NA |
|
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. |
NA |
Website Details:
Profile:
It's
a matter of great pleasure for them to introduce their self as a leader in the
field of EPE Liners/Wads manufacturer.
Subject is a young, modern, progressive
and professionally managed company with more than fifteen years of experience
in the field of Co-extruded expanded Polyethelene, EPE Wads, Liners and Rings.
Subject is the first ISO 9001:
2000 Certified Indian Company in the field of EPE / Liners, having client tail
all over India and abroad.
They are the preferred vendor for many pharmaceuticals and Liquor companies
like Mc Dowells and Company Limited, Ranbaxy Laboratory Limited, Dabur India
Limited, Bisleri International Private Limited, etc.
The group has been promoted by Mr. Yogesh K. Kansal, He is the first generation
entrepreneur and promoter of Compnay, based at (New Delhi), and Bahadurgarh
(Haryana).
Promoter of Company The man with
the vision and the driving force for the group. Mr. Yogesh K. Kansal has a
diverse array of interest and expertise and is committed to excellence in every
engagement that company participates
in.
Their pleasure to say that with
the grace of God and the continuous support, they have started their new unit at
911, MIE, Phase-1, Bahadurgarh-124507 (Haryana) where they are manufacturing EPE
Wads/Liners through CO2 gas.
Subject is a prominent name in
the field of EPE Liners / Wads manufacturing not only because of their quality
products but also for their services.
Ø Largest
Production Capacity in India
Ø Largest
Diameter Range
Ø First
Manufacturer in India using CO2 gas as a foaming agent.
Ø In
house facility of Testing
Ø Density-range
from 0.25 to 0.50gms/cc.
Ø Diameter-range
from 18 to 120mm
Ø Thickness-range
from 0.30 to 2.5mm
Ø Three
Colours Wads Manufacturing
Ø Range
of Rings
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 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.46.34 |
|
UK Pound |
1 |
Rs.82.96 |
|
Euro |
1 |
Rs.65.82 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
|