MIRA
INFORM REPORT
|
Report Date : |
04.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
BINAY UDYOG PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
20A, Sura |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
26.10.1983 |
|
|
|
|
Com. Reg. No.: |
21-36871 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.46.125 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27109WB1983PTC036871 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Pipes and Pipe Fittings. |
|
|
|
|
No. of Employees
: |
More than 300 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 200000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
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. The company can be considered for business dealing with some caution. |
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) |
|
|
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 (GENERAL DETAILS)
|
Name : |
Mr. Sanjeev Kumar Agarwal |
|
Designation : |
Director |
|
Contact No.: |
91-9830049781 |
|
Date : |
27.06.2011 |
LOCATIONS
|
Registered Office : |
20A, Sura |
|
Tel. No.: |
91-33-23539294/ 5 |
|
Mobile No.: |
91-9830049781 (Mr. Sanjeev Kumar) |
|
Fax No.: |
91-33-23539298 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
2000 sq.ft. (Owned) |
|
|
|
|
Factory 1 : |
Village and P.O. Unani, Jagacha ( |
|
Tel. No.: |
91-33-26697357 |
|
Fax No.: |
91-33-30999609 |
|
Area : |
Owned |
DIRECTORS
As on : 30.09.2010
|
Name : |
Mr. Sanjeev Kumar Agarwal |
|
Designation : |
Director |
|
Address : |
39 N, |
|
Date of Birth/Age : |
01.12.1965 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
24.07.2001 |
|
|
|
|
Name : |
Mr. Ghanshyam Das Agarwal |
|
Designation : |
Director |
|
Address : |
39 N, |
|
Date of Birth/Age : |
11.04.1943 |
|
Qualification : |
B.com |
|
Date of Appointment : |
01.12.2006 |
|
Date of Ceasing: |
Prinik Sponge Iron Private Limited U271020R2002PTC007010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on : 30.09.2010
|
Names of Shareholders |
|
No. of Equity Shares |
|
Ghanshyam Das Agarwal and others (HUF) |
|
2500 |
|
Sanjeev Kumar Agarwal |
|
1506300 |
|
Sanjeev Nikhil (HUF) |
|
24500 |
|
Rajeev Kumar Agawal |
|
631300 |
|
Rajeev Agarwal (HUF) |
|
5000 |
|
Chiko Devi |
|
75000 |
|
Ishwari Devi Agarwal |
|
63000 |
|
Nita Goel |
|
6000 |
|
Munshi Lal Agarwal (HUF) |
|
32800 |
|
Ghanshyam Das Agarwal |
|
1205300 |
|
Sarika Agarwal |
|
1000 |
|
Renu Agarwal |
|
558400 |
|
Kishan Kumar Khandelwal |
|
20000 |
|
Dipti Agarwal |
|
20000 |
|
Fun-N-Food Private Limited, Kolkata, West Bengal, |
|
70000 |
|
Uttom Nirnoy Private Limited, Kolkata, West |
|
100000 |
|
Emkay Merchandise (Private) Limited, Kolkata, West Bengal, |
|
50000 |
|
Govind Prasad Khandelwal |
|
48900 |
|
|
|
|
|
Total |
|
4420000 |
Equity Share Breakup (Percentage of Total Equity)
As on : 30.09.2010
|
Category |
|
Percentage of
Holding |
|
Directors or relatives of directors |
|
62.36 |
|
Other top fifty (50) shareholders (Others than listed above) |
|
37.64 |
|
|
|
|
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Pipes and Pipe Fittings. |
||||||||
|
|
|
||||||||
|
Products : |
·
Bends ·
·
YS ·
Reducers ·
Inspection Pipe/ Handhole Pipes ·
Nahani Traps ·
Unequal Interted Junctions ·
P Trap with Vent Collars ·
Floor Traps ·
Cowels ·
Offset ·
Manhole Covers ·
Water Master Boxes ·
Round Covers ·
Tank Covers |
||||||||
|
|
|
||||||||
|
Exports : |
|
||||||||
|
Products : |
Pipes and Pipe Fittings |
||||||||
|
Countries : |
|
||||||||
|
|
|
||||||||
|
Terms : |
|
||||||||
|
Selling : |
Cash and Credit ( 30 / 60 Days) |
||||||||
|
|
|
||||||||
|
Purchasing : |
Cash and Credit ( 30 / 60 Days) |
GENERAL INFORMATION
|
Customers : |
·
Wholesalers ·
Retailers ·
OEM’s |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
More than 300 (Approximately) |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
U Narain and Company Chartered Accountant |
|
Address : |
27, |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5450000 |
Equity Shares |
Rs. 10/- each |
Rs. 54.500 Millions |
|
45000 |
13% Non Cumulative Redeemable Preference Shares |
Rs. 100/- each |
Rs. 4.500 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.59.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4420000 |
Equity Shares |
Rs. 10/-
each |
Rs. 44.200
Millions |
|
19250 |
13% Non Cumulative Redeemable Preference Shares |
Rs. 100/-
each |
Rs. 1.925
Millions |
|
|
|
|
|
|
|
Total |
|
Rs.46.125 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 |
46.125 |
46.125 |
46.125 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
6.331 |
4.978 |
4.108 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
52.456 |
51.103 |
50.233 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
68.434 |
63.866 |
59.174 |
|
|
2] Unsecured Loans |
16.669 |
16.956 |
14.899 |
|
|
TOTAL BORROWING |
85.103 |
80.822 |
74.073 |
|
|
DEFERRED TAX LIABILITIES |
2.028 |
1.850 |
1.360 |
|
|
|
|
|
|
|
|
TOTAL |
139.587 |
133.775 |
125.666 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
33.613 |
32.019 |
29.901 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.014 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
41.175
|
57.267
|
60.673 |
|
|
Sundry Debtors |
62.345
|
41.429
|
30.129 |
|
|
Cash & Bank Balances |
1.401
|
1.301
|
0.448 |
|
|
Other Current Assets |
0.078
|
0.066
|
0.044 |
|
|
Loans & Advances |
13.579
|
7.347
|
16.755 |
|
Total
Current Assets |
118.578
|
107.410
|
108.049 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
4.125
|
2.942
|
3.740 |
|
|
Other Current Liabilities |
7.790
|
2.035
|
8.109 |
|
|
Provisions |
0.689
|
0.677
|
0.449 |
|
Total
Current Liabilities |
12.604
|
5.654
|
12.298 |
|
|
Net Current Assets |
105.974
|
101.756
|
95.751 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
139.587 |
133.775 |
125.666 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Turnover |
NA |
NA |
176.691 |
|
|
|
Other Income |
NA |
NA |
28.234 |
|
|
|
TOTAL (A) |
NA |
NA |
204.925 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
|
22.244 |
|
|
|
Pig Iron / Scraps |
|
|
144.814 |
|
|
|
Stores and Spares consumed |
NA |
NA |
8.094 |
|
|
|
Power and Fuel |
|
|
8.312 |
|
|
|
Payment to and Provision for Employees |
|
|
5.839 |
|
|
|
Other Expenses |
|
|
2.979 |
|
|
|
TOTAL (B) |
NA |
NA |
192.282 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
NA |
NA |
12.643 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST (D) |
NA |
NA |
6.889 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
6.301 |
6.116 |
5.754 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
4.476 |
4.529 |
4.248 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1.825 |
1.588 |
1.506 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.469 |
0.718 |
0.556 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1.356 |
0.870 |
0.950 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3.929 |
3.059 |
2.110 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
5.282 |
3.929 |
3.060 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
-- |
-- |
0.26 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
NA |
NA
|
0.46 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA |
NA
|
0.85 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.19 |
1.14
|
1.09 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03 |
0.03
|
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.88 |
1.69
|
1.72 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
9.40 |
18.99
|
8.79 |
LOCAL AGENCY FURTHER INFORMATION
FORM : 8
|
Corporate identity number of the company |
U27109WB1983PTC036871 |
|
Name of the company |
BINAY UDYOG PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
20A Sura 3rd Lane, Kolkata,
West Bengal – 700010, India |
|
This form is for |
Modification of charge |
|
Type of charge |
Immovable property Book debts Movable property (not being pledge) Others |
|
Particular of charge holder |
Standard Chartered Bank, Sme Banking, 19,
N. S. Road, Kolkata – 700001, West Bengal, INDIA |
|
Nature of instrument creating charge |
Memorandum of Entry |
|
Date of instrument Creating the charge |
23/08/2010 |
|
Amount secured by the charge |
Rs. 82.500 millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate
of interest The bank will charge interest and other
charges as stipulated in the sanction terms. Presently the applicable ROI for
OD is 11.00% p.a (variable) on daily balances however subject to change. Terms
of repayment The working capital limit (Rs. 80.000
millions by way of OD / WCDL facility, however WCDL is restricted to Rs.
60.000 millions and Rs. 2.500 millions by way of BG ) shall be repayable on
demand. Margin The borrower shall maintain appropriate
margin as stipulated in the sanction terms i.e. 25% on stock and book-debts
(up to 120 days) less sundry creditors. Extent
and operation of the charge The charged security under the above
agreement shall be a continuing security and by way of first charge. The company hereby declare that all the
charged assets now existing are absolute property of and at the sole disposal
of the company and free from any prior charge or encumbrance and undertake
that all the future property shall like wise be the unencumbered and absolute
and disposal property of the company. Other
The charged security shall be kept at the
Co's risk and expenses in good condition and fully insured against loss or
damage by fire , theft etc and also against other loss or damages may be
required by the Bank. The charged goods and all sales realization
and insurance proceeds thereof and all the documents under this security
shall be held as bank's exclusive property. Other terms are as per Sanction letter and Mortgage
Paper etc. |
|
Short particulars of the property charged (Including
location of the property) |
Co. hereby hypothecates by way of 1st
Charge : All the stock in trade such as
Manufacturing of Iron Steel Products and other merchandise whatsoever being
movable properties stored in borrowers place of business or
anywhere else 2. All the book debts, outstanding moneys
receivable, claims and bill etc. and other Current Assets. 3. All the movable fixed assets. 4. Further the company created Equitable
Mortgage by deposit of Title Deeds in respect of -All that Flat No. 1-B admeasuring about
1350 Sq. Ft. super built up area on the 1st Floor of the G+4 storied building together with one servant quarter
of the said building built and constructed at or upon the plot of land
measuring about 7 Cottahs 6 Chittacks and 2 Sq. Ft. situated at 20A, Sura 3rd
Lane Kolkata -700010 under Municipal word no.
33 within the limits of the Kolkata Municipal Corporation Deed of Conveyance being no. 05639 dated
23.07.2004 registered in the office of ARA-I, Kolkata. both present and future |
|
Particulars of the present modification |
By present modification the overall limit
secured by charge has been remained unchanged i.e. Rs. 82.500 millions (Rs.
0.800 millions), however the Co. created equitable mortgage by deposit of
title deeds in respect of All that Flat No. 1-B admeasuring about 1350 Sq.
Ft. super built up on the 1st Floor of building situated at 20A, Sura 3rd
Lane Kolkata -700010 with proportionate right in land & other amenities. Other terms and conditions save as
modified above remained unchanged. |
FIXED ASSETS:
·
Land
·
Building and Shed
·
Plant and Machinery
·
Laboratory Equipments
·
Furniture and Fixtures
·
Electrification
·
Generator
·
Trolley
·
Tube well
·
Motor Vehicle
·
·
Computer
·
Telephone Equipments
·
Air Conditioner
·
Office
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 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. 44.58 |
|
|
1 |
Rs. 71.75 |
|
Euro |
1 |
Rs. 64.80 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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.