MIRA
INFORM REPORT
|
Report Date : |
21.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
BIRLA INTERNATIONAL PRIVATE LIMITED (w.e.f. 20.04.1999) |
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Formerly Known
As : |
BIRLA INTERNATIONAL LIMITED |
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Registered Office : |
159, Industry Home, Churchgate Reclamation, Mumbai – 400020, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
15.04.1963 |
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Com. Reg. No.: |
11-12630 |
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CIN No.: [Company
Identification No.] |
U99999MH1963PTC012630 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMB13532B |
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PAN No.: [Permanent
Account No.] |
AAACB4327L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
The Company is engaged, amongst others, in trading of fire hose
fittings, furnace oil, cast iron powder, generators, heavy duty angle
grinder, raw wool etc. The Company is also a dealer in other items i.e.
gunmetal couplings, cutting oil, purifier and coolers etc. |
RATING & COMMENTS
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MIRA’s Rating : |
A (63) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 400000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company of Birla Group. Trade relations
are fair. Payments are usually correct and as per commitments. The company can be considered good for normal 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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DECLINED BY
Management Non Co-Operative.
LOCATIONS
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Registered Office : |
159, Industry Home, Churchgate Reclamation, Mumbai – 400020, |
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Tel. No.: |
91-22-22026340 |
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Fax No.: |
91-22-22828865 |
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E-Mail : |
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Head Office of Birla Group: |
1st Floor, Dalamal House, J B Marg, NAriman Point, Mumbai –
400021, |
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Tel. No.: |
91-22-66168400 |
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Head Office of Birla International : |
308, Atlanta Estate, Goregaon Mulund Link Road, Goregaon (E), Mumbai –
400063, Maharashtra, India |
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Tel. No.: |
91-22-40990111 |
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E-mail.: |
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Factory: |
A3/503 and A3/504, 5th Floor, Runwal Plaza Co-operative
Siciety Limited, Panch Pakhadi, Thane (West) – 400602, |
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Area : |
555 Sq. ft. and 565 Sq. ft. Respectively |
DIRECTORS
As on 29.09.2010
|
Name : |
Mrs. Asha Mohta |
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Designation : |
Director |
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Address : |
Flat No. 132, 13th Floor, Silver Arch, Petit Road, 66, |
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Date of Birth/Age : |
09.12.1937 |
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Date of Appointment : |
24.12.1990 |
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Name : |
Mr. Radheshyam Malani |
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Designation : |
Director |
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Address : |
1st Floor, 98, |
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Date of Birth/Age : |
31.08.1946 |
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Date of Appointment : |
23.08.2004 |
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Name : |
Mr. Rajendra Prasad Todi |
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Designation : |
Executive Director |
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Address : |
G2/F2, Shriram Apartment, 17, Gen. A K Vaidya Marg, Malad (E), Mumbai
– 400097, |
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Date of Birth/Age : |
10.05.1957 |
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Date of Appointment : |
03.10.2006 |
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Other Directorship : |
Birla Electricals Limited CIN NO.: U29329DL1996PLC083540 B C I International Limited CIN NO.: U51900MH1997PTC110245 Shearson Investments and Trading Company Private Limited CIN NO.: U37120MH1989PTC054227 Manama Impex Private Limited CIN NO.: U51909MH2005PTC151931 Prishi Impex Private Limited CIN NO.: U51909MH2005PTC153505 Infinity Meditroonics Private Limited CIN NO.: U33112PN2006PTC128481 |
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Name : |
Mr. Nikhil Agarwal |
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Designation : |
Additional Director |
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Address : |
1301, Falkancrest, New Link Road, Yogi Nagar, Borivali (W), Mumbai –
400092, Maharashtra, India |
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Date of Birth/Age : |
27.02.1980 |
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Date of Appointment : |
19.05.2009 |
KEY EXECUTIVES
|
Name : |
Mr. Purshotam Sharma |
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Designation : |
Company Secretary |
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Address : |
19, Arpan – II, Sector – J, Jesal Park, Bhayander (W), District –
Thane, Mumbai – 401105, Maharashtra, India |
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Date of Birth/Age : |
10.05.1945 |
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Date of Appointment : |
22.03.1979 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2010
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Names of Shareholders |
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No. of Shares |
|
Yash Society |
|
40000 |
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Avanti Birla |
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50000 |
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M/s. Godavari Corporation Private Limited, |
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86600 |
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M/s. Shearson Investment and Trading Company Private Limited , |
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219390 |
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Mrs. Avanti Birla and Mr. Arun Kumar Singhi |
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19000 |
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Mrs. Divya Mohta and M/s. Shearson Investment and Trading Company
Private Limited |
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10 |
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Sunanda Educational Society, |
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35000 |
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Total |
|
450000 |
Equity share break-up
as on 30.09.2010
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Category |
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Percentage |
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Bodies corporate |
|
68.00 |
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Other top 50 share holders (Other than those
listed above) |
|
32.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged, amongst others, in trading of fire hose
fittings, furnace oil, cast iron powder, generators, heavy duty angle grinder,
raw wool etc. The Company is also a dealer in other items i.e. gunmetal
couplings, cutting oil, purifier and coolers etc. |
GENERAL INFORMATION
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No. of Employees : |
Approximately 100 |
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Bankers : |
v
Union Bank of v
Bank of v
The Saraswat Co-Operative Bank Limited, v
HDFC Bank Limited |
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Facilities : |
Secured Loans
(Rs. in millions)
Unsecured Loans
(Rs. in millions)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M L Choradia and Associates Chartered Accountant |
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Address : |
C-712, Dosti Lily, Dosti Acres, Wadala (East), Mumbai – 400037, |
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E-mail.: |
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Subsidiary
Company : |
v
Nirved Traders Private Limited CIN No: U51900MH1994PTC082365 |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
750000 |
Equity Shares |
Rs. 10/- each |
Rs. 7.500 millions |
|
250000 |
Unclassified Shares |
Rs. 10/- each |
Rs. 2.500 millions |
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Total |
|
Rs. 10.000 millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs. 10/-
each |
Rs. 5.000
millions |
Subscribed & Paid up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
450000 |
Equity Shares |
Rs. 10/- each |
Rs. 4.500 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
4.500 |
4.500 |
4.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
96.965 |
93.240 |
89.568 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
101.465 |
97.740 |
94.068 |
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LOAN FUNDS |
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1] Secured Loans |
51.089 |
32.635 |
46.593 |
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2] Unsecured Loans |
22.747 |
9.341 |
16.124 |
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TOTAL BORROWING |
73.836 |
41.976 |
62.717 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
175.301 |
139.716 |
156.785 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
8.658 |
8.991 |
9.280 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
104.535 |
104.535 |
104.535 |
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DEFERREX TAX ASSETS |
13.189 |
13.189 |
13.189 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
142.082
|
132.852
|
120.803 |
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Sundry Debtors |
71.436
|
23.359
|
43.310 |
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Cash & Bank Balances |
6.189
|
0.461
|
3.612 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
75.383
|
70.373
|
40.999 |
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Total
Current Assets |
295.090
|
227.045
|
208.724 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
241.367
|
203.613 |
170.571 |
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Other Current Liabilities |
4.804
|
10.431
|
8.373 |
|
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Provisions |
0.000
|
0.000
|
0.000 |
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Total
Current Liabilities |
246.171
|
214.044
|
178.944 |
|
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Net Current Assets |
48.919
|
13.001
|
29.780 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
175.301 |
139.716 |
156.785 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
436.089 |
242.804 |
253.957 |
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Other Income |
1.090 |
0.871 |
5.171 |
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TOTAL (A) |
437.179 |
243.675 |
259.128 |
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Less |
EXPENSES |
|
|
|
|
|
|
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Cost of Gods Sold |
419.644 |
225.928 |
219.779 |
|
|
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Payment to and Provision for Employees |
8.148 |
7.191 |
12.750 |
|
|
|
Other Expenses |
3.904 |
5.309 |
17.840 |
|
|
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TOTAL (B) |
431.696 |
238.428 |
250.369 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
5.483 |
5.247 |
8.759 |
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Less |
FINANCIAL
EXPENSES (D) |
0.713 |
0.554 |
4.206 |
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4.770 |
4.693 |
4.553 |
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|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.364 |
0.488 |
0.568 |
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PROFIT BEFORE
TAX (E-F) (G) |
4.406 |
4.205 |
3.985 |
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Less |
TAX (I) |
0.681 |
0.534 |
3.694 |
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PROFIT AFTER TAX
(G-I) (J) |
3.725 |
3.671 |
0.291 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
51.696 |
48.025 |
47.734 |
|
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|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
55.421 |
51.696 |
48.025 |
|
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|
|
|
|
|
Earnings Per
Share (Rs.) |
8.28 |
8.16 |
0.064 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.85
|
1.51
|
1.28 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
1.01
|
1.73
|
1.57 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.45
|
1.19
|
1.19 |
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.04
|
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.15
|
2.19
|
1.90 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.20
|
1.06
|
1.17 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
(Rs. in millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
For Goods |
174.219 |
35.395 |
80.619 |
|
For Expenses |
3.366 |
15.684 |
15.836 |
|
For Others |
63.782 |
152.534 |
74.116 |
|
Total |
241.367 |
203.613 |
170.571 |
Date of Incorporation:
The company was incorporated as Vallabh
Textile Mills Limited on April 15, 1963. Its name was changed to Maharashtra Commodity Trading Company Limited
on January 13, 1970. Subsequently the word Private was added to its
existing name on February 15, 1971, changing its name to Maharashtra Commodity Trading Company Private
Limited. The company further changed its name to Birla International Limited on
May 01, 1978. Consequently the name of the company was changed to Birla International Private Limited on
February 21, 1991. The word Private was
deleted on February 21, 1991. On April 20, 1999 the name of the company
was again changed to Birla International Private Limited.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U99999MH1963PTC012630 |
|
Name of the
company |
BIRLA
INTERNATIONAL PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
159, Industry Home, Churchgate Reclamation,
Mumbai – 400020, |
|
This form is for |
Creation of
Charge |
|
Type of charge |
Immovable Property |
|
Particular of
charge holder |
The Saraswat Co-Operative Bank Limited, |
|
Nature of
instrument creating charge |
Legal Mortgage |
|
Date of
instrument Creating the charge |
11.05.2010 |
|
Amount secured by
the charge |
Rs. 500.000 Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest 12.25% p.a. or at
such rate as may be determined by the bank from time to time Terms of
Repayment 6 Months Margin As determined by
the bank form time to time Extent and
Operation of the charge This is term loan
facility. |
|
Short particulars
of the property charged |
Mortgage of
office premises bearing no. 101 on the first floor of the building known as Dalamal
House Commercial Complex Co-Operative Limited constructed on leasehold land
belonging to Government of Maharashtra situated at Plot No. 206 Block No. III
Backbay Reclamation Schme, Cadastral Survey No. 1957 of Colaba Division
Jamnalal Bajaj Marg Nariman Point Mumbai together with 5 shares bearing
number 6 to 10 (both inclusive) issued by Dalmal House Commercial Complex
Co-Operative Society Limited together with 12 car solely belonging to the
Nirved Traders Private Limited |
|
This form is for |
Modification of
charge |
||||||
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Charge
identification number of the modified |
90223244 |
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Corporate
identity number of the company |
U99999MH1963PTC012630 |
||||||
|
Name of the
company |
BIRLA
INTERNATIONAL PRIVATE LIMITED |
||||||
|
Address of the registered
office or of the principal place of
business in |
159, Industry Home, Churchgate Reclamation,
Mumbai – 400020, |
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Type of charge |
v
Immovable
property |
||||||
|
Particular of
charge holder |
|
||||||
|
Nature of description
of the instrument creating or modifying the charge |
Extension of
memorandum of deposit of title deeds |
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Date of
instrument Creating the charge |
03.03.2007 |
||||||
|
Amount secured by
the charge |
Rs. 20.000
millions |
||||||
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest as
determined by the bank from time to time. Terms of
Repayment On Demand Margin As Per Sanction
Terms Extent and
Operation of the charge The property as
stated in column 14 below has been mortgaged by M/s. Birla International
Private Limited to Union Bank of |
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|
Description of
the instrument creating or evidencing the charge |
Extension of
memorandum of deposit of title deeds |
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|
Short particulars
of the property charged |
Residential Flat Nos.
A3/503 and A3/504 Admeasuring 555 Sq. Ft. and 565 Sq. Ft. Respectively On The
5th Floor, Runwal Plaza Co-Op. Housing Society Limited, Panch Pakhadi, Thane
(West). |
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|
Date of latest
modification prior to the present modification |
25.07.2005 |
||||||
|
Particulars of
the present modification |
Extension of
mortgage in favour of the bank by constructive delivery of title deeds of the
company's immovable property described in column 14 above to secure the
enhanced sod book debts limit of Rs. 20.000 millions granted by the bank to
M/s. Viking Travels Private Limited (borrower) together with interest,
compound interest and /or additional interest in case of default, liquidated
damages, commitment charges, costs, charges, expenses etc. payable by the
borrower to the bank. |
FIXED ASSETS
v Building
v Furniture and Fixtures
v Office Equipment
v Computers
v Vehicles
v Telephone Installations
v Goodwill
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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. 45.18 |
|
|
1 |
Rs. 73.04 |
|
Euro |
1 |
Rs. 61.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.