MIRA INFORM REPORT

 

 

Report Date :

12.12.2011

 

IDENTIFICATION DETAILS

 

Name :

BHARAT SAFETY GLASS PRIVATE LIMITED

 

 

Registered Office :

M-6, IV th Phase, Adityapur Industrial Area, Gamharia, Jamshedpur – 832108, Jharkhand

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

11.03.1988

 

 

Com. Reg. No.:

35- 002895

 

 

Capital Investment / Paid-up Capital :

Rs. 12.224 Millions

 

 

CIN No.:

[Company Identification No.]

U26100JH1988PTC002895

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

RCHB00349G

 

 

PAN No.:

[Permanent Account No.]

AAACB6617R

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Supplier of Glass, Glass Products, Glassware, Mirrors

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (34)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 115000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track. Profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct.

 

The company can be considered for small to mediocre business dealings at usual trade terms and conditions.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LOCATIONS

 

Registered Office :

M-6, IV th Phase, Adityapur Industrial Area, Gamharia, Jamshedpur – 832108, Jharkhand, India

Tel. No.:

91-657-2433562

Fax No.:

Not Available

E-Mail :

bspl_glass@hotmail.com

 

 

DIRECTORS

 

As on 30.09.2011

 

Name :

Mrs. Sunita Devi Bhalotia

Designation :

Director

Address :

28, C.H. Area, Road No.3, Duplex Bistupur, Singhbhum, Jamshedpur – 831001, Jharkhand, India

Date of Birth/Age :

12.10.1962

Date of Appointment :

04.11.1991

DIN No.:

00535142

Other Directorship :

 

S.No.

CIN

Name of the Company

Current designation of the director

Date of appointment at current designation

Original date of appointment

Date of cessation

Company Status

Defaulting status

1

U26100JH1988PTC002895

Bharat Safety Glass Private Limited

Director

04-11-91

04-11-91

-

Active

NO

2

U45200JH2004PTC010961

Jyesthhaa Builders Private Limited

Director

27-09-04

27-09-04

17-01-07

Active

NO

3

U27106JH2002PTC009975

Bhalotia Safety Glass Private Limited

Director

08-01-07

08-01-07

-

Active

NO

 

 

Name :

Mr. Tulsi Ram Bhalotia

Designation :

Director

Address :

28, C.H. Area, Road No.3, Duplex Bistupur, Singhbhum, Jamshedpur – 831001, Jharkhand, India

Date of Birth/Age :

16.02.1960

Date of Appointment :

11.03.1988

DIN No.:

00535054

Other Directorship :

 

S.No.

CIN

Name of the Company

Current designation of the director

Date of appointment at current designation

Original date of appointment

Date of cessation

Company Status

Defaulting status

1

U26100JH1988PTC002895

Bharat Safety Glass Private Limited

Director

11-03-88

11-03-88

-

Active

NO

2

U27106JH2002PTC009975

Bhalotia Safety Glass Private Limited

Director

11-10-02

11-10-02

-

Active

NO

3

U45200JH2004PTC010961

Jyesthhaa Builders Private Limited

Director

27-09-04

27-09-04

17-01-07

Active

NO

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2011

 

Names of Shareholders

 

No. of Shares

Tulsi Ram Bhalotia

 

213500

Sunita Devi Bhalotia

 

292060

Tulsi Ram Bhalotia HUF

 

11650

Pranab Sarkar

 

5000

R K Singh

 

5000

K D Mazumder

 

5000

K R Singh

 

5000

K K Jha

 

5000

Sanjay Srivastava

 

5000

Kalpana Sarkar

 

2500

Parichay Commotrade Private Limited, India

 

168500

Lumax Dealcomm Private Limited, India

 

50000

Doyen Suppliers Private Limited, India

 

25000

Index Vanijya Private Limited, India

 

30000

Cool Brain Vinimay Private Limited, India

 

20000

Dorner Vyapar Private Limited, India

 

40000

Kanhaiya Consultants Private Limited, India

 

30000

Navjot Emporium Private Limited, India

 

40000

Dignesh Commtrade Private Limited, India

 

15000

Highfly Finvest Private Limited, India

 

65000

Subh Chintak Marketing Private Limited, India

 

20000

Gita Devi Tantia

 

8750

Banwarilal Agarwal

 

4000

Bhagwan Das Choudhary

 

4000

Bothers Trading Private Limited, India

 

8000

Kanishka Marketing Private Limited,India

 

4000

K.S.P Choudhary

 

8000

Mahendra Agarwal

 

4000

Maradone Holdings Private Limited, India

 

16000

Mohan Prasad Choudhary

 

6000

Rajendra Prasad Agarwal

 

4000

Rashmi Agarwal

 

2000

Sanjay Lataa

 

4000

Shanti Devi Agarwal

 

4000

Sitaram Agarwal HUF

 

2400

S.R.B. Agencies Private Limited, India

 

42000

Sunil Kumar Chaudhary

 

4000

Sunkissed Agencies Private Limited, India

 

24000

Tusar Kanti Das

 

8000

Annapurna Goods Private Limited

 

12000

TOTAL

 

1222360

 

Equity Share Break up (Percentage of Total Equity)

 

As on 30.09.2011

 

Category

Percentage

Bodies corporate

49.86

Directors or relatives of Directors

50.14

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Supplier of Glass, Glass Products, Glassware, Mirrors

 

 

Products :

Product Description

Item Code No.

 

 

Toughened (Tempered) Safety Glass and Laminated Safety Glass

700711

 

GENERAL INFORMATION

 

No. of Employees :

Not Available

 

 

Bankers :
  • Canara Bank, Main Road, Bistupur, Jamshedpur – 831001, Jharkhand, India
  • Axis Bank Limited

 

 

Facilities :

Secured Loan

As on

31.03.2011

(Rs. in

Millions)

As on

31.03.2010

(Rs. in

Millions)

Term Loan

 

 

From Canara Bank, Jamshedpur

1.267

2.914

Housing Loan

 

 

Axis Bank Limited

1.237

1.333

Working Capital Loan

 

 

Cash Credit from Canara Bank, Jamshedpur

4.839

3.240

Canara Bank Hundi Account

0.185

0.624

Vehicle Loan

 

 

Canara Bank Against XYLO

0.482

0.595

Total

8.010

8.706

 

Unsecured Loan

As on

31.03.2011

(Rs. in

Millions)

As on

31.03.2010

(Rs. in

Millions)

From Body Corporate

1.571

1.581

Total

1.571

1.581

 

Banking Relations :

-

 

 

Auditors :

 

Name :

S.K. Naredi and Company

Chartered Accountant

Address :

Virdi Niwas, Ground Floor, M Road, Bistupur, Jamshedpur – 831001,Jharkhand,  India

Tel. No.:

91-657-2320691/2320686

Fax No.:

91-657-2320593

E-Mail :

sknjsr@rediffmail.com

PAN.:

AAFFS1617J

 

 

CAPITAL STRUCTURE

 

As on 31.03.2011

 

Authorised Capital :

No. of Shares

Type

Value

Amount

1250000

Equity Shares

Rs.10/- each

Rs. 12.500 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

1222360

Equity Shares

Rs.10/- each

Rs. 12.224 Millions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2011

31.03.2010

31.03.2009

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

12.224

12.224

12.224

2] Share Application Money

0.200

0.200

0.200

3] Reserves & Surplus

16.333

14.927

14.203

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

28.757

27.351

26.627

LOAN FUNDS

 

 

 

1] Secured Loans

8.010

8.706

10.191

2] Unsecured Loans

1.571

1.581

1.581

TOTAL BORROWING

9.581

10.287

11.772

DEFERRED TAX LIABILITIES

3.372

3.229

3.192

 

 

 

 

TOTAL

41.710

40.867

41.591

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

35.118

32.539

33.501

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.012

0.012

0.012

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
9.049

10.793

8.939

 

Sundry Debtors
1.844

1.624

0.943

 

Cash & Bank Balances
0.914

0.434

0.727

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
3.298

4.980

3.875

Total Current Assets
15.105

17.831

14.484

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
2.353

2.694

1.002

 

Other Current Liabilities
5.654

6.532

5.222

 

Provisions
0.518

0.289

0.194

Total Current Liabilities
8.525

9.515

6.418

Net Current Assets
6.580

8.316

8.066

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.012

 

 

 

 

TOTAL

41.710

40.867

41.591

 

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2011

31.03.2010

31.03.2009

 

SALES

 

 

 

 

 

Income

56.237

48.052

43.630

 

 

Other Income

0.360

0.375

0.093

 

 

TOTAL                                     (A)

56.597

48.427

43.723

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Consumption of Raw Material

37.042

27.650

30.488

 

 

Manufacturing and Other Overheads

7.492

6.943

5.681

 

 

Administration and Selling Overheads

4.086

4.301

3.387

 

 

Increase/ Decrease in Stock

0.791

3.167

(2.634)

 

 

TOTAL                                     (B)

49.411

42.061

36.922

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

7.186

6.366

6.801

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

1.831

1.860

2.147

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

5.355

4.506

4.654

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

3.250

3.450

4.621

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

2.105

1.056

0.033

 

 

 

 

 

Less

TAX                                                                  (H)

0.700

0.331

0.048

 

 

 

 

 

 

PROFIT/LOSS  AFTER TAX (G-H)                     (I)

1.405

0.725

(0.015)

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

10.737

10.012

10.027

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

12.142

10.737

10.012

 

 

 

 

 

 

Earnings Per Share (Rs.)

1.15

0.59

(0.01)

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2011

31.03.2010

31.03.2009

PAT / Total Income

(%)
2.48

1.48

(0.03)

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
3.74

2.20

0.08

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
4.19

2.10

0.07

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.07

0.04

0.12

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
0.63

0.72

0.68

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.77

1.87

2.26

 

 

LOCAL AGENCY FURTHER INFORMATION

 

FORM 8

 

Corporate identity number of the company

U26100JH1988PTC002895

Name of the company

BHARAT SAFETY GLASS PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

M-6, IV th Phase, Adityapur Industrial Area, Gamharia, Jamshedpur – 832108, Jharkhand, India

Email: bspl_glass@hotmail.com

This form is for

Creation of charge

Type of charge

Movable Property (not being pledge)

Particular of charge holder

Canara Bank, Main Road, Bistupur, Jamshedpur – 831001, Jharkhand, India

Email: rci0324@canbank.co.in

Nature of instrument creating charge

1. NF-928 Canmobile Agreement

 

2. NF-803 Letter Evidencing Execution of Documents

 

3. NF-721 Letter of Undertaking Re : Loans/Advances

Date of instrument Creating the charge

28.01.2010

Amount secured by the charge

Rs. 0.600 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of Interest:

1. 8.5% Per Annum From 28/01/2010 To 27/01/2011

 

2. 9.5% Per Annum From 28/01/2011 To 27/01/2013

 

3. 10% Per Annum Form 28/01/2013 To 28/01/2015

 

Terms of Repayment:

The borrower shall repay the entire amount of loan by EMI instalments, each of Rs.0.012 millions for first 12 months, Rs.0.013 millions for next 24 months and Rs.0.013 millions for the next 37 to 60 months.

 

Margin:

Rs. 0.220 Millions

 

Extent and Operation of charge:

Charge operates exclusively in favour of the charge holder to secure the payment of the principal amount, interest and other charges incurred thereon.

 

Other:

As per agreement

Short particulars of the property or asset(s) charged (including complete address and location of the property)

Hypothecation of new mahindra and mahindra xylo car.

 

FIXED ASSETS

 

  • Land
  • Shed and Building
  • Guest House
  • Plant and Machinery
  • Furniture and Fixture
  • Vehicle
  • Computer and Software
  • Office Equipment
  • Generator Set
  • Air Conditioners
  • Electrical Installation
  • Tools and Dies
  • Truck
  • Mobile Phone
  • Camera
  • Xerox Machine

 

 

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.52.33

UK Pound

1

Rs.81.55

Euro

1

Rs.69.60

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILIRY

1~10

3

--LIQUIDITY

1~10

4

--LEVERAGE

1~10

4

--RESERVES

1~10

4

--CREDIT LINES

1~10

3

--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

 

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

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

-

NB

                                       New Business

-

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.