MIRA
INFORM REPORT
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Report Date : |
01.03.2011 |
IDENTIFICATION DETAILS
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Name : |
BHALARIA METAL CRAFT PRIVATE LIMITED |
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Registered Office : |
401, Soni House, 4th Floor, 19 Suvarna Nagar Co-op Housing
Society, 4th Road, JVPD Scheme, Vile Parle (West), Mumbai – 400
056, Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
02.09.1994 |
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Com. Reg. No.: |
11-80759 |
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CIN No.: [Company
Identification No.] |
U27200MH1994PTC080759 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMB14015B / MUMB11201B |
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PAN No.: [Permanent
Account No.] |
AAACB1703A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and
Exporter of Stainless Steel Products of Flatware and Hollow Ware |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (54) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 180000 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed company having
satisfactory track. Financial position is very satisfactory. Trade relations are
fair. Payments are correct and as per commitments. The company can be considered good for any 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 PARTED BY
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Name : |
Mr. Vijay Bhalaria |
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Designation : |
Marketing Manager |
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Contact No.: |
91-9920044722 |
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Date : |
21.02.2011 |
LOCATIONS
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Registered / Corporate Office : |
401, Soni House, 4th Floor, 19 Suvarna Nagar Co-op Housing
Society, 4th Road, JVPD Scheme, Vile Parle (West), Mumbai – 400
056, Maharashtra, India |
|
Tel. No.: |
91-22-28198227/26256526 |
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Mobile No.: |
91-9920044722 (Mr. Vijay Bhalaria)
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E-Mail : |
bhalaria@hotmail.com accounts@bulariametals.com |
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Website : |
http://www.bhalaria.com
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Area : |
Owned |
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Administrative Office : |
Plot K-J, Todi Industrial Estate, |
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Tel. No.: |
91-22-28140913 / 28198234 / 26 / 28198226 / 34 |
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Fax No.: |
91-22-28198227 / 2625 6526 |
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E-Mail : |
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Websites: |
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Area : |
10000 Sq.fts |
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Location : |
Owned |
DIRECTORS
As on 20.09.2010
|
Name : |
Mr. Neel Hitendra Bhalaria |
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Designation : |
Director |
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Address : |
401, Soni House, 4th Floor, 19 Suvarnanagar Co-op HSG
Society Limited , 4th Road, JVPD Scheme, Vile Parle West, Mumbai –
400 056, |
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Date of Birth/Age : |
10.09.1986 |
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Date of Appointment : |
01.11.2007 |
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Name : |
Mr. Hitendra Bhalaria |
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Designation : |
Chairman and Managing Director |
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Address : |
401, Soni House, 4th Floor, 19 Suvarnanagar Co-op HSG
Society Limited , 4th Road, JVPD Scheme, Vile Parle West, Mumbai –
400 056, |
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Date of Birth/Age : |
23.07.1960 |
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Date of Appointment : |
02.09.1994 |
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Name : |
Mr. Janak Bhalaria |
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Designation : |
Director |
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Address : |
8, Madhu Parag 69 Swastik Society, Vile Parle West, Mumbai - 400 056, |
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Date of Birth/Age : |
04.09.1965 |
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Date of Appointment : |
02.09.1994 |
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Name : |
Ms. Bhavana Hitendra Bhalaria |
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Designation : |
Director |
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Address : |
401, Soni House, 4th Floor, 19 Suvarnanagar Co-op HSG
Society Limited , 4th Road, JVPD Scheme, Vile Parle West, Mumbai –
400 056, |
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Date of Birth/Age : |
09.06.1963 |
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Date of Appointment : |
02.09.1994 |
KEY EXECUTIVES
|
Name : |
Mr. Vijay Bhalaria |
|
Designation : |
Marketing Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 20.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Hitendra Bhalaria |
|
411358 |
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Janak Bhalaria |
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1135236 |
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Bhavana Hitendra Bhalaria |
|
799248 |
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Neel Hitendra Bhalaria |
|
42214 |
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Hriday Bhalaria |
|
42004 |
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Total |
|
2430060 |
As on 20.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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Directors
or relatives of directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and
Exporter of Stainless Steel Products of Flatware and Hollow Ware |
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Products : |
· Stainless Steel Cooking Utensils · Stainless Steel Platter Stand · Stainless
Steel Bathroom Accessories |
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Exports : |
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Products : |
Stainless Still Product |
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Countries : |
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Terms : |
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Purchasing : |
Cash/ Advance D/P |
GENERAL INFORMATION
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Customers : |
Wholesaler, Retailers |
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No. of Employees : |
600 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
C N Shah and Associates Chartered Accountants |
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Address : |
131/133, |
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Tel. No.: |
91-22-22071618 |
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Mobile No.: |
91-9820050880 |
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Associates/Subsidiaries : |
Bhalaria Metal Forming, |
CAPITAL STRUCTURE
As on 20.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2430060 |
Equity Shares |
Rs.10/- each |
Rs.24.300
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 |
24.300 |
12.150 |
12.150 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
22.697 |
22.780 |
22.666 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
46.997 |
34.930 |
34.816 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
112.461 |
33.844 |
38.871 |
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2] Unsecured Loans |
132.848 |
81.657 |
64.451 |
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TOTAL BORROWING |
245.309 |
115.501 |
103.322 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
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TOTAL |
292.306 |
150.431 |
138.138 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
102.421 |
45.472 |
35.571 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.039 |
0.039 |
0.034 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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Inventories |
158.528
|
98.303 |
88.534
|
|
|
Sundry Debtors |
45.257
|
33.812 |
29.247
|
|
|
Cash & Bank Balances |
10.395
|
0.534 |
2.388
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.000
|
|
|
Loans & Advances |
43.489
|
22.587 |
23.195
|
|
Total
Current Assets |
257.669
|
155.236 |
143.364 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Sundry Creditors |
36.619
|
29.604 |
30.762 |
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Other Current Liabilities |
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Provisions |
31.204
|
20.712 |
10.069
|
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Total
Current Liabilities |
67.823
|
50.316 |
40.831
|
|
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Net Current Assets |
189.846
|
104.920 |
102.533
|
|
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|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
292.306 |
150.431 |
138.138 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
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SALES |
|
|
|
|
|
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Income |
438.585 |
406.311 |
351.153 |
|
|
|
Other Income |
27.011 |
(3.976) |
26.765 |
|
|
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TOTAL (A) |
465.596 |
402.335 |
377.918 |
|
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Less |
EXPENSES |
|
|
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Office Expenses |
|
|
|
|
|
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Administrative Expenses |
425.989 |
386.084 |
352.910 |
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Advertising Expenses |
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TOTAL (B) |
425.989 |
386.084 |
352.910 |
|
|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
39.607 |
16.251 |
25.008 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
9.867 |
7.055 |
6.774 |
|
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
29.740 |
9.196 |
18.234 |
|
|
|
|
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|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
8.439 |
6.116 |
5.282 |
|
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|
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|
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|
PROFIT BEFORE
TAX (E-F) (G) |
21.301 |
3.080 |
12.952 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
8.006 |
1.695 |
4.878 |
|
|
|
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|
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|
PROFIT AFTER TAX
(G-H) (I) |
13.295 |
1.385 |
8.074 |
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|
Earnings Per Share
(Rs.) |
10.85 |
1.14 |
NA |
|
Expected Sales (2010-2011) : Rs.500.000 Millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.85
|
0.34 |
2.14 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
4.85
|
0.76 |
3.69 |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.92
|
1.53 |
7.23 |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.45
|
0.09 |
0.37 |
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
6.66
|
4.75 |
4.14 |
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|
Current Ratio (Current Asset/Current Liability) |
|
3.80
|
3.08 |
3.51 |
LOCAL AGENCY FURTHER INFORMATION
Note: The registered
office of the company has been shifted 8 Madhum Parag, 69 Swastikwastik
Society, Vile Pale West, Mumbai,
FINANCIAL
ANALYSIS:
During the year the company has registered sale of Rs. 438.585 Millions
(Previous Year Rs. 406.311 millions) thereby recording an increase in sales by
about 7.20% as compared to previous year. The Gross Profit for the year was at
Rs. 39.608 Laos compared to Rs. 16.251 Millions during the previous year. On account
of increase in the volume of business the interest cost on working capital has
increased to Rs. 9.867 Millions as against Rs. 7.055 millions in the previous
year. The company has earned net Profit of Rs.13.295 millions (Previous year
Rs. 1.385 Millions) after providing Rs.8.439 Millions for Depreciation
(previous year Rs. 6.116 Millions) and Rs.8.006 Millions for taxation (previous
year Rs. 1.695 Millions).
The gratifying part of the performance was the accomplishment in a year
which saw recessionary conditions in several countries, where the Company has
presence, at a time of high volatility in raw material prices and exchange
rate.
PROSPECTS FOR THE
YEAR 2010-11:
The Company will continue to focus on expansion of its production
facilities at the newly set up Plant at Tembhi, Umbergaon Taluka,
The company has so far managed to sustain the difficult conditions
arising out of the inflationary pressures by taking prudent decisions at
appropriate times. The company continues to endeavour developing new products
which has helped to create new customers overseas. The directors are confident
that during the current year also the company will be able to sustain the
adverse conditions.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10203613 |
|
Corporate
identity number of the company |
U27200MH1994PTC080759 |
|
Name of the
company |
BHALARIA METAL
CRAFT PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
401, Soni House, 4th Floor, 19 Suvarna Nagar Co-op Housing
Society, 4th Road, JVPD Scheme, Vile Parle (West), Mumbai – 400
056, Maharashtra, India |
|
Type of charge |
Movable Property
(not being pledge) |
|
Particular of
charge holder |
Canara Bank,
Overseas Branch, 211, |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
a) Supplemental
Common Hypothecation Agreement. b) Term Loan
Agreement. |
|
Date of
instrument Creating the charge |
29.06.2010 |
|
Amount secured by
the charge |
Rs.167.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest PC/PCFC/FDB/BRD :
As applicable to export finance. Term Loan : @ 14% p.a. floating. Terms of
Repayment PC/PCFC/FDB/BRD :
Repayable on Demand. Term Loan : To
commence from January'2011 in 28 stepped up quarterly installments as under: a) 5 quarterly
installments of Rs.2.000 millions each. b) 4 quarterly
installments of Rs.2.500 millions each. c) 8 quarterly
installments of Rs.3.500 millions each. d) 4 quarterly
installments of Rs.4.000 millions each. e) 4 quarterly
installments of Rs.4.500 millions each. f) 3 quarterly
installments of Rs.6.000 millions each. Margin PC/PCFC : 10% FDB/BRD : Nil Term Loan :
29.38% (upfront) Extent and
Operation of the charge The charge is to
operate as security, by way of first exclusive charge, for the due repayment
of aggregate credit facilities of Rs.167.500 Millions together with
interests, additional interests, costs, charges, expenses and all other
moneys payable by the Company to the Bank from time to time in terms of
sanction. Others Facility Limits
(Rs. in Millions )
Existing Revised ----------
----------- ----------- PC/PCFC/FDB/BRD
(Sight) 100.000 67.500 Term Loan --- 100.000
----------- ---------- Total 100.000 167.500 |
|
Short particulars
of the property charged |
I)
Hypothecation
of entire stocks and receivables of the Company. II)
Hypothecation
of other fixed assets of the Company viz: Plant / machinery, dies and tools, furniture and fixture, office equipments and computers
lying at Mumbai. |
|
Particulars of
the present modification |
The amount
secured by the charge has been enhanced from Rs.100.000 millions to
Rs.167.500 millions. Facility Existing Revised [Limits
(Rs. in Millions )] ----------
----------- ----------- PC/PCFC/FDB/BRD(Sight) 100.000
67.500 Term Loan --- 100.000
----------- ---------- Total 100.000
167.500 |
FIXED ASSETS:-
- Plant and Machinery, Dies Tools
- Furniture and Fixtures
- Office Equipment
- Computer
- Vehicle Transport
- Motor Car
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.72.79 |
|
Euro |
1 |
Rs.62.15 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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.