MIRA
INFORM REPORT
|
Report Date : |
08.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
BILAG INDUSTRIES
PRIVATE LIMITED |
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|
|
|
Formerly Known as : |
BILAG INDUSTRIES LIMITED |
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Registered Office : |
Plot No. 306/3, 2nd
Phase, GIDC, Vapi – 396195, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
08.08.1990 |
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Com. Reg. No.: |
04-049322 |
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Capital Investment / Paid-up Capital : |
Rs. 277.500
millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U99999GJ1990PTC049322 |
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|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
SRTB01014G |
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PAN No.: [Permanent
Account No.] |
AABCB2100L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Agro Chemicals |
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No. of Employees
: |
826 (Approximately) |
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 37519316 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. 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.
INFORMATION PARTED BY
|
Name : |
Mr. Deepak |
|
Designation : |
Accounts
Department |
|
Date : |
07.06.2011 |
LOCATIONS
|
Registered Office / Factory : |
Plot No. 306/3, 2nd
Phase, GIDC, Vapi – 396195, |
|
Tel. No.: |
91-260-2400809 / 2400444/ 2400443 |
|
Fax No. : |
91-260-2400444 / 2432774 |
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E-Mail : |
|
|
Website : |
http://www.bilagindustries.com www.bilag.com
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|
Area : |
26.3 Hector |
|
Location : |
Owned (Some part Owned and Some Leased) |
|
|
|
|
Administrative Office : |
512 / 513, Midas,
Sahar Plaza Complex, J. B. Nagar, Next to Airport, Kohinoor Hotel, Andheri
East, Mumbai 400 069, Maharashtra, India |
|
Tel. No.: |
91-22-28364313 –
16 |
|
Fax No.: |
91-22-2822 2222 |
DIRECTORS
As on 11.08.2010
|
Name : |
Mr. Kadankote
Kannan Unni |
|
Designation : |
Chairman and
Managing Director |
|
Address : |
145, Nibbana
Co-operative Housing Society, Pali Hill, Bandra [West], Mumbai – 400050, |
|
Date of
Birth/Age : |
15.07.1941 |
|
Date of
Appointment : |
13.07.1999 |
|
Other
Directorship : |
Micro Inks
Limited CIN No.:
L24220GJ1991PLC016598 Hikal Limited CIN No.:
U24200MH1988PTC048028 Harvey Healthcare
Limited CIN No.: U85110TN2001PLC046794 Stanes Agencies
Limited CIN No.:
U05110TZ1913PLC000273 |
|
DIN No : |
00227858 |
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|
|
|
Name : |
Dr. Wolfgang
Berhard Welter |
|
Designation : |
Director |
|
Address : |
Am Wickerbach 25,
D – 65719, |
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Date of Birth/Age
: |
28.01.1948 |
|
Date of
Appointment : |
03.11.1999 |
|
DIN No : |
00580197 |
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|
|
|
Name : |
Mr. Swaminathan.
Ravisankar |
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Designation : |
Director and
Company Secretary |
|
Address : |
C – 2/401, Sankara
Colony, P L Lokhande Marg, Govandi, Mumbai – 400043, Maharashtra, India |
|
Date of
Birth/Age : |
23.06.1956 |
|
Date of
Appointment : |
22.08.2003 |
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PAN No : |
AABPR0416Q |
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|
|
|
Name : |
Mr. Pramod
Gopaldas Gujarathi |
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Designation : |
Director |
|
Address : |
26, Yash,
Dharamsi Park, Opp. Gidc Guest House, Gidc Vapi – 396195, Gujarat, India |
|
Date of
Birth/Age : |
25.06.1952 |
|
Date of
Appointment : |
22.03.2006 |
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DIN No : |
00418958 |
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|
|
Name : |
Mr. Geoff Halls |
|
Designation : |
Alternate
Director To Mr. Remy Goetgheluck |
|
Address : |
Sendelbacher, Wwg
41- 65779, |
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Date of
Birth/Age : |
12.06.1952 |
|
Date of
Appointment : |
07.02.2005 |
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DIN No : |
01710652 |
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|
|
Name : |
Mr. Ian Finday
Chisholm |
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Designation : |
Director |
|
Address : |
Zaunswinekelstra
Be 29 B, Monhein am Rhein |
|
Date of
Birth/Age : |
18.01.1953 |
|
Date of
Appointment : |
30.06.2008 |
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DIN No : |
02288746 |
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|
|
Name : |
Mr. Kumar Narayan
Inamdar |
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Designation : |
Managing Director
|
|
Address : |
B / 101, Macromol
Apt, |
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Date of
Birth/Age : |
12.11.1965 |
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Date of
Appointment : |
01.01.2007 |
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DIN No : |
01191768 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 11.08.2010
|
Names of Shareholders |
|
No. of Shares |
|
Bayer CropScience
SA, |
|
27749999 |
|
Bayer CropScience
SAS (Nominee Shareholder of Bayer CropScience SA), |
|
1 |
|
|
|
|
|
Total |
|
27750000 |
Equity Share
Breakup as on 11.08.2010
|
Category |
Percentage of
Holding |
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Agro Chemicals |
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Products : |
·
Alphacypermethrin ·
Permethrin ·
Cypermethric
Acid Chloride ·
Metaphenoxybenzeldehyde |
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Exports : |
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Products : |
Agro Chemicals |
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Countries : |
·
USA ·
Germany |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
·
China ·
Korea |
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Terms : |
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Selling : |
Depend |
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Purchasing : |
Depend |
PRODUCTION STATUS AS ON 31.03.2010
|
PARTICULERS |
AS AT 31.03.2010 Qty. (MT) |
AS AT 31.03.2009 Qty. (MT) |
|
Class of Goods |
|
|
|
Pesticides |
9354 |
6689 |
|
Pesticide Intermediates |
8600 |
8600 |
|
Total |
17954 |
15289 |
|
|
|
|
|
PARTICULERS |
AS AT 31.03.2010 Qty. (MT) |
AS AT 31.03.2009 Qty. (MT) |
|
Class of Goods |
|
|
|
Pesticides |
5271 |
4133 |
|
Pesticide Intermediates |
6937 |
7427 |
|
Total |
12208 |
11560 |
Note :
- The installed capacities, as certified by the management and
accepted by the Auditors, without verification, being a technical matter
- As per the industrial policy declared in July 1991, as amended in
April 1993, no license are required for the products manufactured by the
company.
- Production includes production made for captive consumption.
- Production of Pesticides includes Allethrins producing rented
facilities.
GENERAL INFORMATION
|
No. of Employees : |
826 (Approximately) |
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|
|
Customers : |
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|
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Bankers : |
·
Bank
of ·
Bank
of ·
Dena
Bank , ·
Punjab
National Bank, International Banking
Branch, F/73, ·
Punjab
National Bank , GIDC, Vapi – 396195, Gujarat-Main
(Working Capital
Limit Rs.1000.000 millions) ·
Deutsche
Bank ·
Nova
Scotia Bank ·
ABN
Amro Bank ·
Bank
of ·
HSBC
Bank ·
Citi Bank ·
ANZ Grindlays Bank Limited, O.R.D.S.A. , 90, |
|
|
|
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Banking
Relations : |
-- |
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|
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Auditors : |
|
|
Name : |
Price Waterhouse Chartered
Accountants |
|
Address : |
252, Veer Savakar
Marg, |
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Holding Company and Ultimate Holding Companies : |
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Group Companies : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
40000000 |
Equity Shares |
Rs.10/- each |
Rs. 400.000 millions |
|
8500000 |
Preference Shares |
Rs.100/- each |
Rs. 850.000 millions |
|
|
|
|
|
|
|
Total |
|
Rs.1250.000 millions
|
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
27750000 |
Equity Shares |
Rs. 10/- each |
Rs. 277.500 millions |
|
|
|
|
|
NOTE:
On January 4, 2010, Buyer Crop Science S.A..,
Of the above 25474000 Equity Shares of Rs. 10 /- each were allotted as
fully paid up bonus shares capitalization of Capital Redemption Reserve and
General Reserve.
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 |
277.500 |
277.500 |
277.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
9102.329 |
7188.470 |
4825.574 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
9379.829 |
7465.970 |
5103.074 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
93.004 |
84.982 |
113.363 |
|
|
|
|
|
|
|
|
TOTAL |
9472.833 |
7550.952 |
5216.437 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2099.384 |
1943.590 |
1702.631 |
|
|
Capital work-in-progress |
68.818 |
300.208 |
73.934 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.115 |
0.118 |
566.837 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1660.733
|
2161.829
|
1714.737
|
|
|
Sundry Debtors |
1560.280
|
1848.401
|
1440.409
|
|
|
Cash & Bank Balances |
1696.489
|
1590.153
|
234.600
|
|
|
Other Current Assets |
5.346
|
13.766
|
31.254
|
|
|
Loans & Advances |
3012.157
|
939.885
|
665.309
|
|
Total
Current Assets |
7935.005
|
6554.034
|
4086.309
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
38.310
|
32.946
|
22.158
|
|
|
Sundry Creditors |
565.579
|
1175.917
|
1171.256
|
|
|
Provisions |
26.606
|
38.135
|
19.860
|
|
Total
Current Liabilities |
630.489
|
1246.998
|
1213.274
|
|
|
Net Current Assets |
7304.516
|
5307.036
|
2873.035
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
9472.833 |
7550.952 |
5216.437 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
01.04.2008 to
31.03.2009 |
01.01.2007 to
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
7932.322 |
8058.856 |
7661.310 |
|
|
|
Other Income |
|
302.113 |
251.220 |
|
|
|
TOTAL (A) |
7932.322 |
8360.969 |
7912.530 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
4063.540 |
4684.692 |
|
|
|
Cost of traded goods |
|
-- |
1.082 |
|
|
|
(Accretion) / Decretion of other Inventories |
5373.603 |
(68.244) |
(324.725) |
|
|
|
Manufacturing and Other Expenses |
|
1159.673 |
1214.602 |
|
|
|
TOTAL (B) |
5373.603 |
5154.969 |
5575.651 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2558.719 |
3206.000 |
2336.879 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
NA |
0.750 |
10.963 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2558.719 |
3205.250 |
2325.916 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
NA |
288.770 |
370.053 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2558.719 |
2916.480 |
1955.863 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
644.860 |
553.585 |
349.528 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
1913.859 |
2362.895 |
1606.335 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
6675.030 |
4312.134 |
2705.799 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
8588.890 |
6675.029 |
4312.134 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B Value of Exports |
5611.377 |
6240.875 |
NA |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1914.432 |
2708.964 |
NA |
|
|
|
Stores & Spares |
26.776 |
15.985 |
NA |
|
|
|
Capital Goods |
8.201 |
19.386 |
NA |
|
|
TOTAL IMPORTS |
1949.411 |
2744.337 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
68.97 |
85.15 |
56.50 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
01.04.2008 to
31.03.2009 |
01.01.2007 to
31.03.2008 |
|
PAT / Total
Income |
(%) |
24.12 |
28.26 |
20.30
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA |
36.18 |
242.23
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
25.49 |
34.32 |
33.78
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27 |
0.39 |
3.83
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.77 |
0.87 |
0.80
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
12.58 |
5.25
|
3.36 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILES
(Rs. In Millions)
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
-
Due to micro and small
enterprises |
8.841 |
12.456 |
4.882 |
|
-
Due to others |
556.001 |
1163.461 |
963.798 |
|
-
Advance Received From
Customers |
0.737 |
0.000 |
202.574 |
|
Total |
565.579 |
1175.917 |
1171.254 |
History:
The Company was
incorporated on 8th August, 1990 at Vapi in
The company changed
its name to “Bilag Industries Limited” w.e.f. 27th December, 1999.
The Registered
Office has been shifted from 512/513, 5th Floor, MIDAS Sahar Plaza
Complex, Andheri – Kurla Road, J. B. Nagar, Andheri (East), Mumbai – 400 059,
Maharashtra to the present address w.e.f. 01.11.2006
The Bilakhia Group,
owns and manages Hindustan Inks and Resins Limited,
In 1990, as a move to
diversify, it set up Mitsu Industries Limited. This venture, focused on the
agrochemical business on a small scale, in the area of intermediate chemicals.
Its manufacturing
activities commenced in the year 1991 with Chloral.
The Bilakhias,
foreseeing a tremendous opportunity in this field, chose to move up the value
chain through backward integration.
This move has
resulted in the introduction of a series of new products, with the value level
going up appreciably.
In 1993,
Trichloroacetyl Chloride was added.
In 1994, Mitsu
carried out a forward integration into the manufacture of Chlorpyriphos
Technical, becoming the largest exporter of Chlorpyriphos from
In 1995, it further
added Cypermethrin Technical and its intermediates Cypermetric Acid Chloride
and Metaphenoxy Benzaldehyde.
In 1996, two new
synthetic pyrethroids Alpha Cypermethirn and permethrin were added.
Then in 1997, it
added Metaphenoxy Benzyl Alcohol and followed it up with the eventful launch of
Deltamethrin. D-trans Allethrin and Lambda Cyhalothrin, were then added to its
product portfolio in 1998 and 1999 respectively.
In a conscious
move, Mistu concentrated its energies on exploring foreign markets.
The Company has
with effect from May 17, 2001 changed its name from Bilag Industries Limited to
Bilag Industries Private Limited.
Necessary approval from the Registrar of Companies has been obtained.
Business:
The company is
engaged in the business as manufacturing and marketing of Pesticides and
Pesticide Intermediates.
The company is also
engaged in to carry on business as manufacturers, formulators, processors,
producers, makers, buyers, sellers, re-sellers, importers, exporters,
distributors, suppliers, fermentators, distillers, refiners, stockists, agents,
merchants and dealers in Chemical, Chemical Compounds (Organic and Inorganic)
in all forms (Solid, Liquid and Gaseous and of all kinds of Heavy Chemicals,
Acids, Alkalies, Tanning Extracts, Solvents, Dyestuffs, Dyes, Colours,
Intermediates, Chemical Auxiliaries, Bio Chemicals and its threaded
preparations, articles and products of all kinds of Pesticides, Insecticides,
Dips, Vermicides, Germicides, etc.
The company is now
a joint venture of Hoechst Schering Agrico AG, German (51%) and Bilakhia Group
(49%) for manufacture of Synthetic Pyrethroids Chemicals and
Intermediates. This Joint Venture is
effective from 1st June, 1999.
The company backed
by global size capacities, fine tuned operations, high powered Research and
Development, intensive quality control parameters and a globally savvy
marketing task force, Mitsu soon catapulted to a position of strength.
A position it
reinforced further, by introducing more than one product a year, which
vindicated its dominance over complex chiral chemistry.
The company marketed
by Aventis, as its central pyrethroid sourcing point and has inherited a world
class manufacturing and Research and Development facility, with an emphasis on
environment protection.
Subject is a merger
of Aventis (Now Bayer Crop Science S.A.), one of the top five MNC's in the
global crop protection industry and Mitsu Industries Limited, the Rs. 2250
millions company of the Bilakhia Group.
Focused totally on the Synthetic Pyrethroids business this venture will
combine Mitsu's manufacturing expertise in Pyrethroids with the worldwide
marketing and distribution of Aventis. Additionally, it will give Subject
access to the latest technology, newer products and the latest safety and
ecological measures adopted by Aventis in its operations.
Subject, consequent
to the merger has also become the largest and most integrated manufacturer of
synthetic pyrethroids in the world.
Ably backed by the
manufacturing capacities, integrated plants setup, high-powered Research and
Development centre, quality mind set, precise logistic management, etc. the
company went from strength to strength in very competitive market. 80 % of the
total revenue of the company comes from export business.
The company has
increased exports sales through access of Aventis Crop Science global marketing
network and also assured sales to Aventis Crop Science SA and its associates
worldwide.
It has gained
access to latest technology and to newer products through the Research and
Development activities undertaken by Aventis Crop Science, SA.
It has gained
access to latest safety and ecological measures adopted by Aventis.
In 1999, the joint
venture was incorporated in
In the later years
AgrEvo merged globally with Rhone Poulenc of France to form Aventis
CropScience. In 2001, Aventis CropScience was acquired by the German chemical
conglomerate Bayer AG to create Bayer CropScience.
At present subject
is a joint venture company of Bayer Cropscience SA and Bilakhia with 74%
and 26% holding respectively.
Subject's turnover
(2003-04) is Rs.4000 millions (US $ 85 Million) of
which 80% is generated from exports to over 60 countries.
Subject became part
of Bayer AG consequent to the acquisition of crop protection business of ACS SA
by Bayer AG. BCS SA (Formerly known as ACS SA) have increased their equity
stake to 74% in company and accordingly the representation of BCS SA in the
Board of Subject has increased to 7 members out of the total strength of 9
members.
Subject has
implemented project for the manufacture of special chemical namely Acrinathrin.
The manufacturing process of the product is a complex one and with the help of
the R and D Department at BCS SA, subject is able to successfully implement the
project.
With the
manufacture of Acrinathrin and Deltamethrin (through
The company
operates from its caption owned factory and office which are equipped with most
modern manufacturing facilities.
PERFORMANCE REVIEW:
Sales:
During the period
under review, the company has achieved a turnover of Rs. 7512.830 Millions as
against Rs. 8048.180 Millions in previous year.
Exports:
During the period
under review, the company’s export sales stood at Rs. 5867.960 Millions as
against Rs. 6459.770 Millions during the previous year. The company exports
stood at 78% of the total sales.
Profitability:
During the period
under review, total additional operating profits i,e, PBDIT of Rs. 2847.260
Millions as compared to Rs. 3206.000 Millions during the previous accounting Period.
The Profit after taxation (PAT) of the company for the accounting period under
review aggregated to Rs. 1913.860 Millions as against Rs. 2362.890 Millions in
the previous year.
Capital Expenditure :
During the period
under review, total additional to fixed assets including capital
work-in-process amounted to Rs. 501.970 millions and accordingly the gross
Fixed assets of the company stood at Rs. 4839.470 millions and the Net Fixed
Assets stood at Rs. 2168.200 millions
Dividend :
The directors of
the company is not proposing any dividend for the accounting year under review.
BUSINESS EXPANSION AND FUTURE OUTLOOK:
The performance
during the period under review was mainly affected due to recession in the
global economy coupled with climate change in the world over and the poor
monsoon in
As part of
environmental control and its commitment on Climate change as a part of
corporate social responsibility, the company continue to generate power and
steam by using natural gas as fuel.
Fixed assets
- Freehold land
- Leasehold land and Buildings
- Plant and machinery
- Laboratories Equipments
- Furniture and Fittings
- Office Equipments
- Computer Hardware and Software
- Vehicles
- Manufacturing and Process Know-how
- Marketing Rights
NOTE:
The Registered
Address of the company has been shifted from 512/513, 5th Floor,
Sahar Complex, Andheri – Kurla Road, J.B. Nagar, Andheri (E), Mumbai – 400069,
Maharashtra, India to the present address w.e.f. 01.11.2006.
FORM 8:-
|
Name of the
company |
Bilag
Industries Private Limited |
|||||||||||||||||||||||||||||||||
|
Presented By |
Bilag Industries Private
Limited |
|||||||||||||||||||||||||||||||||
|
1) Date and
description of instrument creating the change |
14.08.1995 CC Hypothecation
of goods an packing credit hypothecation
|
|||||||||||||||||||||||||||||||||
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 22.500
Millions including sub limit of packing credit hypothecation of Rs. 7.500
millions |
|||||||||||||||||||||||||||||||||
|
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 |
Stock of raw
materials, semi finished goods, finished goods, stock, spares and spares,
packing credit material used for manufacturing |
|||||||||||||||||||||||||||||||||
|
4) Gist of the terms
and conditions and extent and operation of the charge. |
|
|||||||||||||||||||||||||||||||||
|
5) Name and
Address and description of the person entitled to the charge. |
Punjab National Bank GIDC, Vapi 396195 |
|||||||||||||||||||||||||||||||||
|
6) Date and brief description of instrument
modifying the charge |
Dated 4.05.2006
no document has been executed but letter form bank. |
|||||||||||||||||||||||||||||||||
|
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. |
No document is
executed however the PNB has given a letter for reduction of various credit
limits as per certified copy of the letter enclosed. The existing
charge of Rs. 269.000 millions on hypothecation of goods is reduced by Rs.
254.000 millions thereby total is reduced to Rs. 15.000 millions and the cash
credit is being continued against the security of hypothecation of raw materials in process and finished
goods the details as below : The other terms
and conditions remains same.
|
|
Name of the company |
Bilag Industries Private Limited |
||||||||||
|
Presented By |
Bilag Industries Private Limited |
||||||||||
|
1) Date and description
of instrument creating the change |
Date of
Hypothecation executed on the 13.12.2000
|
||||||||||
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 15 millions
|
||||||||||
|
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 |
Pari Passu First
charge by way of Hypothecation of company Goods i.e. charge
on all stock in trade raw materials goods in process semi manufactured goods
semi finished and finished products articles equipments stores and spares of
every kind now or at any time hereafter lying anywhere or in transit or
awaiting transit by ship rail air or otherwise or in custody or control of
any of the company agent or distributors. All the present
and future book dents outstanding money receivable claims close in action
contracts engagement and security which are now due and owing or which may
any time hereinafter become due to owing to the company. For the due
repayment and payment on demand of all monies including the principal sums interests
additional interest, interest in case of default commission costs charges
expenses and other monies whatsoever and howsoever due owing and payable by
the company to the bank in respect of or in anywise concerning or relating to
the banking facilities and
accommodation granted to be granted by the bank to the company as
aforesaid
|
||||||||||
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
ROI Interest to be charged above Prime Lending Rate of the company which
is 15.5 % p.a. The maximum limit for the above facilities are as indicated against each
and total combined outstanding at any point in time must nor exceed the
combined limit stated. |
||||||||||
|
5) Name and
Address and description of the person entitled to the charge. |
Standard Chartered Bank Mumbai – 400001 |
||||||||||
|
6) Date and brief description of instrument
modifying the charge |
Dated 23.05.2005
no document has been executed but letter form bank. |
||||||||||
|
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. |
No document is
executed however the PNB has given a letter for reduction of various credit
limits as per certified copy of the letter enclosed. The original charge
by way of hypothecation of Goods and Book debts created on 13.12.2000 for Rs.
1500 millions is further modified on 20.09.2003 the earlier limit of Rs. 1500
millions comprising of Short term
Working capital loan / Export Finance / Letter of Credit / Non convertible
debenture is now sustained with overdraft / Working capital demand loan /
inland bills discount / guarantee / letter of credit for INR 1500 Mio. Is further
modified on 23.05.2005 for the Existing charge of Rs. 1500 millions on
Hypothecation of goods and book dents
is reduced by Rs. 500 Millions thereby total is reduced to Rs. 1000 millions
comparison of working capital demand
loan / export finance / letter of credit with overdraft / working
capital demand loan / inland bills discount / guarantee / letter of credit
for INR Discount / grantees letter of credit for INR 1000 mio. |
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.44.74 |
|
|
1 |
Rs.73.25 |
|
Euro |
1 |
Rs.65.48 |
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
|
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.