MIRA INFORM REPORT

 

 

Report Date :

15.01.2011

 

IDENTIFICATION DETAILS

 

Name :

BHAGWAN PACKAGING INDUSTRIES PRIVATE LIMITED

 

 

Registered Office :

Shop No 3, Bombay Bazar Shopping Centre Station Road, Santacruz West, Mumbai – 400054, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

29.04.1999

 

 

Com. Reg. No.:

11-119676

 

 

CIN No.:

[Company Identification No.]

U28129MH1999PTC119675

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMB09943D

 

 

PAN No.:

[Permanent Account No.]

AAACB9065H

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of Plastic Components

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (45)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 93000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments.

 

The company can be considered normal for 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)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INFORMATION PARTED BY

 

Name :

Mr. Rane

Designation :

Accounts Department

Date :

14.01.2011

 

 

LOCATIONS

 

Registered Office/ Factory :

Shop No 3, Bombay Bazar Shopping Centre Station Road, Santacruz West, Mumbai – 400054, Maharashtra, India

Tel. No.:

91-22-26481405

Fax No.:

91-22-26490286

E-Mail :

bhagwanmumbai@gmail.com

usgandhiandco@rediffmail.com

 

 

DIRECTORS

 

As On 13.09.2010

 

Name :

Mr. Prakash Tikamdas Kukreja

Designation :

Managing Director

Address :

La-Emrude, 3rd Floor, 14th Road, khar, Mumbai – 400052, Maharashtra, India

Date of Birth/Age :

05.03.1969

Date of Appointment :

29.04.1999

DIN No. :

00581924

 

 

Name :

Mr. Bansilal Bhagwandas Kukreja

Designation :

Director

Address :

La-Emrude, 3rd Floor, 14th Road, khar, Mumbai – 400052, Maharashtra, India

Date of Birth/Age :

15.09.1950

Date of Appointment :

29.04.1999

DIN No. :

00582039

 

 

Name :

Ms. Champa Nandlal Kukreja

Designation :

Director

Address :

La-Emrude, 3rd Floor, 14th Road, khar, Mumbai – 400052, Maharashtra, India

Date of Birth/Age :

06.05.1945

Date of Appointment :

29.04.1999

DIN No. :

01438259

 

 

KEY EXECUTIVES

 

Name :

Mr. Rane

Designation :

Accounts Department

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As On 13.09.2010

 

Names of Shareholders

 

No. of Shares

Prakash T. Kukreja

 

7510

Bansilal B. Kukreja

 

9000

Tikamdas B Kukreja

 

8510

Manoharlal B Kukreja

 

8500

Kanchan D Kukreja

 

10600

Rani T Kukreja

 

7000

Poonam B Kukreja

 

8500

Saatchi R Kukreja

 

10700

Shailesh B Kukreja

 

12000

Neeta M Kukreja

 

8600

Tarun T Kukreja

 

12000

Rakesh M Kukreja

 

12000

Som M Kukreja

 

10600

Anchal P Kukreja

 

8000

Champa N Kukreja

 

7000

Sheetal T Kukreja

 

10600

Dilip N Kukreja

 

8500

Jitendra B Kukreja

 

9000

Bhagwan Plastrade Private Limited – India

 

10

Total

 

168630

 

As On 13.09.2010

 

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Plastic Components

 

 

Exports :

 

Products :
  • Plastic Components

Countries :
  • USA

 

 

Imports :

 

Products :
  • Raw Materials

Countries :
  • Thailand

 

 

Terms :

 

Selling :

L/C, Cash, Credit

 

 

Purchasing :

L/C, Cash, Credit

 

 

 

GENERAL INFORMATION

 

Suppliers :
  • Aero Shine Inks
  • Anand Enterprises
  • Bankim Plast Private Limited
  • Bhavin Industries
  • Calcium and Minerals (India)
  • Colo Plast (Daman)
  • Coloplast (Gujrat)
  • Cosmos Twisters Private Limited
  • Glopack Inc
  • Gurukrupa Plastics
  • Jalram Plastics
  • Jani Sales Private Limited
  • Laj Traders
  • Mitsu Inks Private Limited
  • Marudhara Pack Products
  • Nidhi Plasto Pack

 

 

Customers :
  • Wholesalers
  • Avenue Marketing.
  • Dhanush Packaging.
  • Kamal Poly Plast
  • Kaiser International Limited
  • Ishan Desiging Studio Private Limited
  • Surya
  • Sun Agencies.
  • Sai Impex.(D)
  • Riddhi Siddhi Marketing
  • Timrecha Marketing

 

 

No. of Employees :

52 (approximately) [10 – In Office + 42 – In Factory]

 

 

Bankers :
  • HDFC Bank, HDFC Bank House Senapati Bapat Marg Branch, Lower Parel (W), Mumbai – 400013, Maharashtra, India

 

 

Facilities :

Secured Loans

31.03.2010 (Rs. In Millions

31.03.2009 (Rs. In Millions)

HDFC Bank Limited CC

29.511

23.692

External Commercial Borrowings

4.112

0.000

HDFC -EXPORT PACKING CREDIT

0.000

9.600

HDFC DL No. 2759041

0.839

1.259

HDFC DL No. 1182093.

0.026

0.215

HDFC DL No. 1265503.

0.180

0.935

HDFC DL No.1519717

0.049

0.158

HDFC DL No. 1551407.

0.069

0.194

HDFC DL No. 2086937

0.230

0.419

HDFC DL No. 897268

0.000

0.101

HDFC BANK D.L.NO 1183867.

0.014

0.362

HDFC DL No. 1435527.

0.405

1.593

HDFC BANK DL.NO.2740264

0.801

1.227

HDFC BANK D.L.NO 3292695

0.982

0.258

HDFC BANK D.L.NO 3293143

1.032

0.000

HDFC BANK D.L.NO 80038582

2.723

0.000

HDFC BANK D.L.NO 8008354

0.942

0.000

HDFC Bank - C/A

0.049

0.000

Motor Car Loan

0.098

0.280

Motor Car Loan(TATA)

0.847

1.496

Total

42.909

41.789

 

 

Unsecured Loans

31.03.2010 (Rs. In Millions

31.03.2009 (Rs. In Millions)

Tikamdas Bros. (Proprietor - Mr T B Kukreja - Shareholder)

0.000

0.980

Sonu Enterprises

7.107

6.186

Bhagwan Enterprise Textiles Private Limited

0.092

0.230

Total

7.199

7.396

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

U. S. Gandhi and Company

Chartered Accountant

Address :

215, 2nd Floor, Sundervilla, S. V. Road, Santacruz (West), Mumbai – 400054, Maharashtra, India

Pan No.:

AACFU5143J

 

 

 

CAPITAL STRUCTURE

 

As On 31.03.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

200000

Equity Shares

Rs. 10/- each

Rs. 2.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

168630

Equity Shares

Rs. 10/- each

Rs. 1.686 Millions

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2010

31.03.2009

31.03.2008

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

1.686

1.686

1.686

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

21.696

16.886

15.037

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

23.382

18.572

16.723

LOAN FUNDS

 

 

 

1] Secured Loans

42.909

41.789

42.474

2] Unsecured Loans

7.199

7.396

4.983

TOTAL BORROWING

50.108

49.185

47.457

DEFERRED TAX LIABILITIES

1.471

0.930

1.076

 

 

 

 

TOTAL

74.961

68.687

65.256

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

44.945

35.707

35.377

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.306

0.289

1.012

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
22.820

15.832

20.778

 

Sundry Debtors
13.859

21.813

17.914

 

Cash & Bank Balances
1.398

1.213

0.278

 

Other Current Assets
2.731

0.469

4.353

 

Loans & Advances
4.698

6.419

3.511

Total Current Assets
45.506

45.746

46.834

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
9.960

11.025

15.553

 

Other Current Liabilities
5.836

1.620

1.984

 

Provisions
0.000

0.410

0.430

Total Current Liabilities
15.796

13.055

17.967

Net Current Assets
29.710

32.691

28.867

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

74.961

68.687

65.256

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

Gross Turnover/Receipt

243.644

209.839

200.302

 

 

 

 

 

Less

EXPENSES

234.657

204.471

194.218

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION

8.987

5.368

6.084

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION        

3.686

3.263

3.567

 

 

 

 

 

 

PROFIT BEFORE TAX

5.301

2.105

2.517

 

 

 

 

 

Less

TAX                                                                 

1.360

0.263

0.218

 

 

 

 

 

 

PROFIT AFTER TAX

3.941

1.842

2.299

 

 

 

 

 

 

Earnings Per Share (Rs.)

23.00

11.00

14.00

 

 

Expected Sales (2010-2011): Rs. 220.000 Millions

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
1.62

0.88

1.15

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
5.86

2.58

3.06

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.23

0.11

0.15

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
2.82

3.35

3.91

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
2.88

3.50

2.61

 

 

LOCAL AGENCY FURTHER INFORMATION

 

The Details of Sundry Creditors:

Rs. In Millions

Particulars

31.03.2010

31.03.2009

31.03.2008

Sundry creditors for goods

9.960

11.025

 

 

 

Trade References:

Son Mastch Limited

 

Financial Results:

 

There has been reasonable increase of about 16.11% in the business of the company over preceding year. This was possible due to efforts taken by the Directors and staff. They take this opportunity to thank every contributory. The Company has earned a net profit before tax of Rs. 5.301 millions which is due to the sincere efforts put in by the Directors of the Company.

 

Form 8:

 

Corporate identity number of the company

U28129MH1999PTC119675

Name of the company

BHAGWAN PACKAGING INDUSTRIES PRIVATE LIMITED

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

Shop No 3 Bombay Bazarshopping Centre Station Road

Santacruz West, Mumbai – 400054, Maharashtra, India

 

This form is for

Modification of charge

Type of charge

Book Debts

Movable Property

Floating Charge

Particular of charge holder

Name :

HDFC Bank Limited

Address :

HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai – 400013, Maharashtra, India

Email :

RBBform8@hdfcbank.com

Nature of instrument creating charge

Supplemental Memorandum relating to Hypothecation of Stocks, Book Debts and Machinery.

Date of instrument Creating the charge

15.10.2009

Amount secured by the charge

Rs. 76.320 Millions

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

Rate of Interest - Interest at the rate as may be communicated by the Bank from time to time.

 

Terms of Repayment - Working Capital Facility Shall Be payable On demand.

Term Loan Shall be repayable in Suitable Installment.

 

Margin - As may be stipulated by the Bank from time to time.

 

Extent and Operation of the charge - Hypothecation by way of First charge on Company's Current Assets including Stocks, Book Debts and Machinery, to secure as a continuing security as mentioned in Column No.15 below for the repayment of Rs.76.320 millions together with interest, costs, charges, expenses and other moneys due and payable by the Company to the Bank.

Particulars of the property charged

Hypothecation of First charge over the Stocks, Book Debts and Machinery of the Company.

Particulars of the present modification

The charge shall stand increased from Rs.65.320 Lacs to Rs.76.320 Millions (Comprising: Cash Credit of Rs.25.000 Millions, PCFC/ EPC of Rs.10.000 Millions, BG of Rs.1.500 Millions, LC of Rs.10.000 Millions, Adhoc CC of Rs.3.500 Millions, TL of Rs.12.020 Millions, PSR of Rs.3.300 Millions, CC of Rs.5.000 Millions, TL of Rs.6.000 Millions), against the security of  Stocks, Book Debts and Machinery

 

 

Fixed Assets:

  • Plant and machinery
  • Furniture and fixture
  • Computers
  • Air conditioner
  • Air compressor
  • Office equipment
  • Electrical inst.
  • Printer
  • Land and building (Unit 1 and 2) [Factory]
  • Motor car
  • Motor cycle
  • Patch Loop BSS Machines
  • Printing Cylinders
  • Tables
  • Hoper loading systems

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                              None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                          None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                          None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.30

UK Pound

1

Rs.71.73

Euro

1

Rs.60.40

 

 

 

 

 

 

 

 

 

 

 

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

5

--PROFITABILIRY

1~10

5

--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

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.