MIRA
INFORM REPORT
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Report Date : |
22.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
BULK CONTAINERS INDIA PRIVATE LIMITED |
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Registered Office : |
1543, Omkar Corner, Sadashiv Peth, Pune – 411 030, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
18.01.2002 |
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Com. Reg. No.: |
25-16696 |
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CIN No.: [Company
Identification No.] |
U28992PN2002PTC016696 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEB03329E |
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PAN No.: [Permanent
Account No.] |
AABCB8026B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Flexible Intermediate Bulk Containers. |
RATING &
COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
Poor |
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Payment Behaviour : |
Slow and Delayed |
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Litigation : |
Unknown |
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Comments : |
Financial position of the company is poor. The company continue to
incur heavy losses. Payments are reported as slow and delayed. The company can be considered for any business dealings on safe and
secured trade terms and conditions. |
LOCATIONS
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Registered Office/ Factory : |
1543, Omkar Corner, Sadashiv Peth, Pune – 411 030, Maharashtra, India |
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Tel. No.: |
91-20-24332350 / 2480 / 5690 / 6459 |
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Fax No.: |
91-20-24334458 |
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E-Mail : |
jayanta@bulkcontainers-india.com
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Website : |
DIRECTORS
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Name : |
Mr. Jayant Ganesh Kunte |
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Designation : |
Director |
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Address : |
17 Sadanand C H S Bbwewadi Pune – 411 037, Maharashtra, India |
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Date of Appointment : |
18.01.2002 |
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Name : |
Mr. Ashok Manohar Rajapurkar |
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Designation : |
Director |
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Address : |
11, Sanghvi Nagar, Pune – 411 007, Maharashtra, India |
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Date of Appointment : |
18.01.2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Jayant G Kunte |
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5698 |
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Mr. Ashok M Rajapurkar |
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500 |
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Mr. Atul Upadhyay |
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151602 |
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Mr. Ravi Adhikari |
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8160 |
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Names of Allottees |
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No. of Shares |
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Mr. Atul Upadhyay |
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69444 |
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Mr. Jayant Kunte |
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23137 |
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Total |
92581 |
Equity Share Breakup (Percentage of Total Equity):-
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Category (As on 31.03.2007) |
Percentage |
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Other top fifty (50) shareholders |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Flexible Intermediate Bulk Containers. |
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Products: |
· Big Bags · P E Liners · Fabric · P P Fibrillated and Twisted Yarn · Webbing · Lifting Styles · Filling Options · Bottom Features / Discharging Options |
GENERAL
INFORMATION
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No. of Employees : |
150 |
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Bankers : |
Bank of India, Pune Corporate Banking Branch 1162/6; Ground Floor, Near
Observatory; University Road, Shivaji Nagar, Pune – 411 005, Maharashtra,
India |
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Banking
Relations : |
---- |
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Auditors : |
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Name : |
B N Mandhare and Associates Chartered Accountants |
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Address : |
Office No. 31, 2nd Floor, Sanas Plaza, 1302, Shukrawar
Peth, Pune – 411 002, Maharashtra, India |
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Associates/Subsidiaries : |
Australia S R Agencies Pty Limited (also trading as INDUS IMPEX) 31, Saywell Road,
Macquarie Fields, Tel: 612 9618 5235. Contact person: Singapore
M/s Star Overseas
Pte. Limited Tel: 65-62234300 Contact person: Russia
M/s Star Overseas
Pte. Limited Contact person: |
CAPITAL STRUCTURE
(As on
31.03.2007):-
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
260000 |
Equity Shares |
Rs. 100/- each |
Rs. 26.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
258541 |
Equity Shares |
Rs. 100/- each |
Rs.25.854
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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25.854 |
16.596 |
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2] Share Application Money |
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0.000 |
8.262 |
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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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[23.179] |
[7.341] |
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NETWORTH |
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2.675 |
17.517 |
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LOAN FUNDS |
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1] Secured Loans |
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51.526 |
57.976 |
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2] Unsecured Loans |
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21.851 |
8.345 |
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TOTAL BORROWING |
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73.377 |
66.321 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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76.052 |
83.838 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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57.452 |
60.679 |
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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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0.000 |
0.000 |
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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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25.728 |
20.258 |
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Sundry Debtors |
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15.295 |
11.118 |
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Cash & Bank Balances |
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0.053 |
0.023 |
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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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10.176 |
8.492 |
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Total
Current Assets |
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51.252 |
39.891 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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33.079 |
17.340 |
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Provisions |
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0.014 |
0.000 |
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Total
Current Liabilities |
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33.093 |
17.340 |
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Net Current Assets |
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18.159 |
22.551 |
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MISCELLANEOUS EXPENSES |
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0.441 |
0.608 |
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TOTAL |
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76.052 |
83.838 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover |
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103.239 |
52.778 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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103.239 |
52.778 |
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Profit/(Loss) Before Tax |
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[15.838] |
[7.993] |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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[15.838] |
[7.993] |
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Expenditures : |
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Depreciation & Amortization |
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4.714 |
4.571 |
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Other Expenditure |
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114.363 |
56.200 |
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Total Expenditure |
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119.077 |
60.771 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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[15.34] |
[15.14] |
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Net Profit Margin (PBT/Sales) |
(%) |
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[15.34] |
[15.14] |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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[14.57] |
[7.95] |
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Return on Investment (ROI) (PBT/Networth) |
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[5.92] |
[0.46] |
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Debt Equity Ratio (Total Liability/Networth) |
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39.80 |
4.78 |
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Current Ratio (Current Asset/Current Liability) |
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1.55 |
2.30 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
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Name of the company
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BULK CONTAINERS INDIA PRIVATE LIMITED |
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Presented By |
Bank of India, Pune Corporate Banking
Branch, Pune |
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1) Date and description of instrument creating the change |
20.05.2003 Oral assent by a
Limited Company |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 61.800
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 |
In consideration
of the bank having agreed to grant or continue to grant the facilities the
company has created an equitable mortgage by deposit of bank of its immovable
properties comprising of land and building and other structures, fixed
machinery and plant , fixtures and fitting erected or installed thereon
or to be erected or installed thereon situated at village Markal,
Udyog Nagar, Near Alandi, Sub district Pune. Description of property : Land, Building,
fixed plant and machinery fixtures, fittings situated at bearing plot No. 96
to 109, 144 to 146, 148 to 157 and 159
from and out of Gat No. 213, 214/1, 235, 236, 220, 221, 222 and 223 at
village Markal, Taluka Khed, District, Pune
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4) Gist of the terms and conditions and extent and operation of the charge. |
Details of facilities covered in the
entire loan of Rs. 61.800 millions are as under:-
For Term Loans :- Interest:
2.6% over Bank
PTLR with minimum of 14.6% p.a with rate /s as may from time to time notified
by the bank. Repayable: In 20 quarterly
installments from one year from the date of disbursement of entire loan or
one and half year from the date of first disbursement of the term loan
whichever is earlier. For working capital: 4% above plr i.e 15.5% p.a with monthly rests
or at such rate /s as may from time to time notified by the bank Repayable : On demand For Working capital: Interest: 4% above PLR i.e.
15.5% p.a with monthly rests or at such rate/s as may from time to time
notified by the bank Repayable : On Demand |
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5) Name and Address and description of the person entitled to the charge. |
Bank of India Pune Corporate
Banking Branch, 1162/6 Ground Floor, Near Observatory, University Road,
Shivajinagar, Pune – 411 005, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
07.02.2005 Memorandum of
entry for recording extension of equitable mortgage · Supplemental loan agreement for Rs. 1.100 millions · Supplemental loan agreement for Rs. 28.200 millions · Supplemental loan agreement for Rs. 14.000 millions All the documents
for same modification |
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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. |
1st
modification on 22.05.2004 company has extended its mortgage over the
immovable properties to cover the total facilities of Rs. 65.300 millions
granted to it by bank of India. The details of
the facilities granted by the bank are as follow:
Interest: For cash credit : 4% over BOIPLR
min 14.75% p.a with monthly rests or at such rate as may from time to time
notified by the bank. For export
packing credit: 7.5% p.a upto 180 days and after that at 14.75%
p.a For FBP/FBN 6.5% on demand
bills and usance bills upto 90 days and thereafter at 14.75% with monthly
rests. Repayable : On Demand Details of property : Land and
building, fixed plant and machinery fixtures , fittings situated at bearing
Plot Nos. 96 to 109, 144 to 146 , 148 to 157 and 159 from and out of Gat
Nos. 213, 214/1, 235, 236, 220, 221,
222 and 223 at Village Markal, Taluka Khed, District Pune. By the present
modification the company has created
and equitable mortgager by oral assent and gave consent to the bank to continue to hold and retain the tile deeds in respect of its immovable
properties as and by way of mortgage
by deposits of title deeds, by
immovable property as and by way of
mortgage properties of title deeds , by constructive delivery , on the said immovable property as security for due repayment sand
discharge by the company to the bank
of term loan of Rs. 3.500
millions (in term loan A/C IV) and additional by bank together with
interests, liquidated damages, costs,
charges, expenses and other monies payable by the company in
respect of said financial assistance
. Total limit covered for equitable mortgage becomes Rs. 72.800 millions. Details of property:- Land, Building,
fixed plant and machinery fixtures, fittings situated at bearing Plot Nos. 96
to 109, 144 to 146, 148 to 157 and 159 from and out of Gat Nos. 213, 214/1,
235, 236, 220, 221, 222 and 223 at village Markal , Taluka Khed, District
Pune. The bank has
agreed at the request of the company
to revise the repayment schedule of term loans as under: Term loan of Rs.
1.100 millions : repayable in 60 monthly installments of Rs. 0.018 million
commencing from April 2005 Term Loan of Rs.
28.200 millions : Repayable in 60
monthly installments of Rs. 0.470
million commencing from April 2005 Term Loan of Rs.
14.000 millions : Repayable in 60
monthly installments of Rs. 0.233 millions commencing from April 2005. Interest: 3.50%
over BOIPLR, presently 14.225% with monthly rests. |
WEBSITE DETAILS:-
Subject is a Company based in Pune, India, engaged in the manufacturing and exports of Flexible Intermediate Bulk Containers (FIBC).
Subject is a 100% Export Oriented Unit and is exporting its products to various countries in Europe, Australia, Africa and America.
Subject has a very modern manufacturing facility with an in-house capability of manufacturing all the components used in the manufacturing of FIBC. It has its own test rig to conduct the top lift and cyclic tests and also weathering equipment to test UV stability of the materials. All the designs manufactured by subject have been certified either by NEL(UK), Labordata(Germany) or IIP(India - in case of UN certification).
Subject has a capacity of manufacturing upto 2.5 million FIBC per year. Subject manufactures various types of Jumbo Bags including the C type conductive bags, baffle type bags and UN
The company is a 100% Export Oriented Unit with a capacity of about 200,000 bags per month.
Subject is engaged in the manufacturing and exports of Flexible Intermediate Bulk Containers (FIBC)/ Jumbo Bags/ Big Bags.
Subject is equipped with latest machinery and testing equipment to produce FIBC, meeting international standards and norms of quality.
Subject manufactures jumbo bags of various types and styles, including the panel type, circular, baffel or Q type and C type conductive bags.
The companies bags have been meeting the EFIBCA standards and are certified by NEL, UK and Labordata, Germany to meet the European and Australian standards. Subject is also regularly supplying bags with UN certification to its customers in Europe.
With a dynamic and experienced team, subject has helped its customers in optimizing their requirements thereby helping in the cost reduction without compromising on quality and safety.
Subject is in the process of acquiring ISO certification and expects to get the certification done by end of this year.
Products
Subject provides a wide range of bulk packaging solutions to cater to the customer requirements. These are based on various specification criteria like lifting styles, filling options, discharging options etc.
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.46.32 |
|
UK Pound |
1 |
Rs.83.57 |
|
Euro |
1 |
Rs.65.90 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
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OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
--- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
--- |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
--- |
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DEMERIT POINTS |
|
|
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
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--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 |
|
15 |
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 |
|