MIRA
INFORM REPORT
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Report Date : |
03.03.2011 |
IDENTIFICATION DETAILS
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Name : |
BHANSALI BRIGHT BARS PRIVATE LIMITED (w.e.f. 12.10.1994) |
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Formerly Known
As : |
SAVITA NYLONS PRIVATE LIMITED |
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Registered
Office : |
Madhav Bhavan, 150, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
29.10.1990 |
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Com. Reg. No.: |
11-058711 |
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CIN No.: [Company Identification
No.] |
U12020MH1990PTC058711 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMB13449C/ MUMB12053G |
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PAN No.: [Permanent Account No.] |
AABCB1544N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Exporter and Importer of Stainless Steel Bright Bars,
Hexagons and Squares. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (47) |
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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 553000 |
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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 a well established company having satisfactory track.
Profit margin is very low. However, networth appears to be satisfactory. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct. 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
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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. Mukesh H. Bhansali |
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Designation : |
Director |
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Contact No.: |
91-9821065002 |
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Date : |
02.03.2011 |
LOCATIONS
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Registered/ Head/ Corporate Office : |
Madhav Bhavan, 150, |
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Tel. No.: |
91-22-23882320/ 23865178 |
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Mobile No.: |
91-9821065002 (Mr. Mukesh Bhansali) |
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Fax No.: |
91-22-23808500 |
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E-Mail : |
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Website : |
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Area : |
1500 sq ft |
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Location : |
Owned |
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Marketing Office and Factory : |
C-8/3, T.T.C. Industrial Area, Village Pawne, Navi Mumbai – 400 705, |
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Tel. No.: |
91-22-27684011, 27682926, 27682903, 41588888 (30 Lines) |
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Fax No.: |
91-22-27631544, 41588889 |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Hiralal Chhogalal Bhansali |
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Designation : |
Director |
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Address : |
C-902, |
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Date of Birth/Age : |
29.02.1948 |
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Date of Appointment : |
25.08.1992 |
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DIN No.: |
00917733 |
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Name : |
Mr. Shantilal Hiralal Bhansali |
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Designation : |
Director |
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Address : |
C-902, |
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Date of Birth/Age : |
17.01.1970 |
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Date of Appointment : |
25.08.1992 |
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DIN No.: |
01113155 |
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Name : |
Mr. Lalitkumar Misrimal Bhansali |
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Designation : |
Director |
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Address : |
C-41, Bharat Nagar, 4th Floor, Mumbai – 400 001, |
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Date of Birth/Age : |
10.01.1962 |
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Date of Appointment : |
28.08.1992 |
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DIN No.: |
01113211 |
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Name : |
Mr. Mukesh Hiralal Bhansali |
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Designation : |
Director |
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Address : |
C-902, |
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Date of Birth/Age : |
21.04.1978 |
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Date of Appointment : |
30.09.2002 |
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DIN No.: |
01121687 |
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Name : |
Mr. Chandraprakash Pukhraj Bhansali |
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Designation : |
Director |
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Address : |
C-903, |
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Date of Birth/Age : |
03.12.1976 |
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Date of Appointment : |
12.03.2008 |
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DIN No.: |
01995979 |
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Name : |
Mr. Pukhraj Hiralal Bhansali |
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Designation : |
Director |
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Address : |
C-903, |
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Date of Birth/Age : |
12.11.1946 |
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Date of Appointment : |
25.08.1992 |
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DIN No.: |
00917675 |
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Name : |
Mr. Harakchand Bhansali |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
30.12.1954 |
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Date of Appointment : |
01.11.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Pukhraj Hiralal Bhansali |
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410000 |
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Bhansali Ferromet Private Limited, |
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662300 |
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Hiralal Chogalal Bhansali |
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77000 |
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Hiralal Chogalal Bhansali HUF |
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56000 |
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Shantilal Hiralal Bhansali |
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94000 |
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Chandraprakash Pukhraj Bhansali |
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13000 |
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Pankidevi Lali Bhansali |
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11000 |
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Kiran Hiralal Bhansali |
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42000 |
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Shilpa Lalit Bhansali |
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3600 |
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Lalitkumar Misrimal Bhansali |
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9100 |
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Mukesh Hiralal Bhansali |
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70000 |
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Sushiladevi Hiralal Bhansali |
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45000 |
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Sunitadevi Shantilal Bhansali |
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46000 |
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Rekha Kiran Bhansali |
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5000 |
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Champalal Bacchraj Bhansali |
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199000 |
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Harakchand Bacchraj Bhansali |
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20000 |
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Lalitkumar Misrimal Bhansali HUF |
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56000 |
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Vrijesh Pawan Sanghvi |
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125000 |
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Jagruti Resin Private Limited, |
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160000 |
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Total |
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2104000 |
As on 30.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Stainless Steel Bright Bars, Hexagons
and Squares. |
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Products : |
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Exports : |
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Products : |
Steel Bars, Hexagons, Squares |
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Countries : |
Europe, |
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Imports : |
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Products : |
Raw Material |
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Countries : |
US |
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Terms : |
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Selling : |
L/C, Cash and Credit (30/ 60/ 90 days) |
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Purchasing : |
L/C, Cash and Credit (30/ 60/ 90 days) |
PRODUCTION STATUS (AS ON 31.03.2010)
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Particulars |
Unit |
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2009-10 |
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Actual Production |
M Tons. |
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8523.275 |
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GENERAL INFORMATION
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Customers : |
End Users and OEM’s |
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No. of Employees : |
100 (Approximately) |
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Bankers : |
Bank of India, C.P. Tank Branch, Chandaramji Girls’ High School,
Building, 95, Vithalbhai Patel Road, C.P. Tank, Mumbai – 400 004,
Maharashtra, India |
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Facilities : |
Notes: i) The Working Capital loans taken by the Company is secured by Equitable Mortgage of all block of assets situated at C-8/3, T.T.C. Industrial Area, T.B. Road, Pawne, New Bombay and Hypothecation of plant and machinery, stock, book debts of the Company, Demand Promissory note and corporate and personal guarantee given by all directors, and relatives and a group company. ii) Vehicle loan credit secured by Hypothecation of Vehicle Financed.
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
D.C. Bothra and Company Chartered Accountants |
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Address : |
Nanachowk, Mumbai – 400 007, |
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Tel. No.: |
91-22-23875734 |
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Fax No.: |
91-22-23876943 |
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E-Mail : |
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Associates : |
Bhansali Ferromet
Private Limited Address: Madhav Bhavan, 150, Bhansali Metal
Corporation Address: Madhav Bhavan, 150, Bhansali Metal
Depot Bhansali Steel ( Bhansali Precision
Components Triveni Shinton
International Limited |
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Group Companies : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2104000 |
Equity Shares |
Rs.10/- each |
Rs.21.040
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
21.040 |
21.040 |
21.040 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
117.091 |
116.133 |
115.789 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
138.131 |
137.173 |
136.829 |
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LOAN FUNDS |
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1] Secured Loans |
388.234 |
249.564 |
354.829 |
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2] Unsecured Loans |
69.445 |
34.520 |
26.095 |
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TOTAL BORROWING |
457.679 |
284.084 |
380.924 |
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DEFERRED TAX LIABILITIES |
6.139 |
6.106 |
5.939 |
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TOTAL |
601.949 |
427.363 |
523.692 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
38.178 |
39.831 |
47.533 |
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Capital work-in-progress |
91.533 |
32.599 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
202.280
|
129.220 |
206.878 |
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Sundry Debtors |
304.558
|
210.432 |
278.054 |
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Cash & Bank Balances |
28.302
|
27.901 |
28.910 |
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Deposits |
2.459
|
1.022 |
0.884 |
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Advances, Other Receivables and Taxes Paid |
52.920
|
51.095 |
65.931 |
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Total
Current Assets |
590.519
|
419.670 |
580.657 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
111.157 |
56.080 |
81.880 |
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Other Current Liabilities |
3.629
|
7.128 |
5.336 |
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Provisions |
3.579
|
1.653 |
17.483 |
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Total
Current Liabilities |
118.365
|
64.861 |
104.699 |
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Net Current Assets |
472.154
|
354.809 |
475.958 |
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MISCELLANEOUS EXPENSES |
0.084 |
0.124 |
0.201 |
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TOTAL |
601.949 |
427.363 |
523.692 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Turnover |
1244.600 |
1513.900 |
NA |
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PROFIT BEFORE
TAX |
2.882 |
3.178 |
18.438 |
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Less |
TAX |
0.697 |
1.603 |
7.198 |
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PROFIT AFTER TAX
|
2.185 |
1.575 |
11.240 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4.969 |
4.625 |
3.901 |
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Less |
APPROPRIATIONS |
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Dividend for the year |
1.052 |
1.052 |
3.861 |
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Tax on Dividend |
0.175 |
0.179 |
0.655 |
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Transfer to General Reserve |
0.000 |
0.000 |
6.000 |
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BALANCE CARRIED
TO THE B/S |
5.927 |
4.969 |
4.625 |
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EARNINGS IN
FOREIGN CURRENCY |
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F.O.B. Value of Export Sales |
394.580 |
643.565 |
696.160 |
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TOTAL EARNINGS |
394.580 |
643.565 |
696.160 |
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IMPORTS |
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Materials |
0.000 |
10.363 |
31.138 |
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TOTAL IMPORTS |
0.000 |
10.363 |
31.138 |
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Earnings Per
Share (Rs.) |
1.04 |
0.89 |
5.34 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.46
|
0.69 |
2.94 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.02 |
0.13 |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.17
|
2.54 |
3.55 |
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Current Ratio (Current Asset/Current Liability) |
|
4.99
|
6.47 |
5.55 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
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Sundry Creditors
for Goods |
97.316 |
48.278 |
72.640 |
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Sundry Creditors
for Expenses |
13.841 |
7.802 |
9.240 |
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|
111.157 |
56.080 |
81.880 |
OPERATIONS:
During the year, the
Company's turnover is 1244.600 millions. The Board expects further growth in
sales volumes considering the order in hand and the increased demand both in
global and domestic market in the core products line of the business of the
Company. During the year Company has earned profits of 2.184 millions (PAT)
EXPANSION:
The Company has
taken up expansion project of Bright Bars at Khapoli which has a project outlay
of about Rs.150.000 millions. The cost incurred up to date is about Rs.90.000
millions, which includes Direct and indirect costs. Company does not expect any
cost overrun.
FORM 8:
|
Corporate
identity number of the company |
U12020MH1990PTC058711 |
|
Name of the
company |
BHANSALI BRIGHT BARS PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Madhav Bhavan, 150, E-Mail: bothra_01@redifmail.com |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90152525 |
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Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Bank of India, C.P. Tank Branch, Chandaramji Girls’ High School, Building,
95, Vithalbhai Patel Road, C.P. Tank, Mumbai – 400 004, Maharashtra,
India |
|
Nature of description
of the instrument creating or modifying the charge |
Oral Assent /
Continuing Oral Assent |
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Date of
instrument Creating the charge |
30/08/2010 |
|
Amount secured by
the charge |
Rs.590.000
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: For term loan
facilities: 1% below BPLR presently 11.50% p. a. For cash credit
and cheque purchase facilities: BPLR presently 12.50% p. a. For other
facilities: at applicable rates. Terms of
Repayment: On demand Margin: As per sanction
terms. Extent and
Operation of the charge: To secure the
aggregate amount of Rs.590.000 millions granted by the bank to the company. For details of
facilities please refer page 1 of the oral assent / continuing oral assent. |
|
Short particulars
of the property charged |
(1) extension of
equitable mortgage in favour of the bank in respect of the company Industrial
Plot and with Factory Building situate at No.C-8/3, Trans Thane Creek
Industrial Area, Village Pawne, District Thane and fixed plant and
machineries, furniture and fittings erected / to be erected or installed
thereon. (2) creation of
equitable mortgage in favour of the bank in respect of the company's land and
building relating to Plot Bearing Survey No.24/2 and 25/2 at Village
Khumbhivali, Savroli Kharpade Road, Khalapur, District Raigad. |
|
Date of latest
modification prior to the present modification |
27/12/2007 |
|
Particulars of
the present modification |
extension /
creation of equitable mortgage in favour of the bank in respect of the
company immovable properties viz. (i) Industrial Plot No.C-8/3, and with
Factory Building Situate at Trans Thane Creek Industrial Area, Village Pawne,
District Thane and (ii) Land and Building relating to Plot Bearing Survey
No.24/2 And 25/2 at Village Khumbhivali, Savroli Kharpade Road, Khalapur,
District Raigad As Security For The Aggregate Facilities of Rs.590.000 millions
granted by the bank to the company. |
CONTINGENT
LIABILITIES NOT PROVIDED FOR IN RESPECT OF: (As on 31.03.2010)
i) Sales made against declaration from where receipt of such declaration
are yet pending and non receipt of that will result in liabilities of Rs.3.719
millions which has not been provided.
ii) Under the provision of Income Tax Act, pending case for various year
that will result in liabilities or Rs.0.710 million which has not been
provided.
FIXED ASSETS:
·
·
·
·
Plant and Machinery
·
Electrical, Telephone and Office Equipments
·
Computers
·
Furniture
·
Vehicles
·
Capital Work in progress
·
WEBSITE DETAILS:
GROUP COMPANIES:
Stainless Steel
Distribution
Way back in 1970, Bhansali Group started their business in Stainless
Steel under the name and style of M/s. Bhansali Metal Corporation. It has sales
and distribution network throughout
Textiles
In 1976, Bhansali Group diversified into exports of Readymade Garments
and Textiles in the name of M/s. United Impex
ABS Polymers
In the year 1981, Bhansali Engineering Polymers Limited was set up for
manufacturing of ABS Polymers. In the year 1999, Bhansali Engineering Polymers
Limited diversified and set up a new division for manufacturing of SAN Polymers
and new plant setup in Abu-Road in 2004. As on date the combined production per
annum of all the three division is 48,000 M/T and expected to increase the
production to 2,00,000 MT
Stainless Steel Trade
In 1988, Bhansali Ferromet Private Limited was formed to cater to
international markets in Stainless Steel. Bhansali Ferromet is actively
involved in exports and imports of various Stainless Steel Products like round bars,
sheets, pipes, wire rods, scrap. It also has strong presence in the Domestic
market in high-tech industries.
MANUFACTURING
Stainless Steel
Wires
In the year 2005, they acquired Stainless Steel Wire manufacturing plant
in
Stainless Steel
Components
In 2006, Stainless Steel manufacturing facility was set up in the name
of "Bhansali Precision Components" to serve the existing and new
customer. They can manufacture the components as per customers drawing and
specification in small as well as large volumes. The quality goal is to supply
parts with zero defects, at the right time with right price and right place in
accordance with the customers requirements.
AWARDS:
On its path of success, Bhansali has earned Export Excellence Awards,
Performance Certificates and Export House Status from the Government of India.
|
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.45.12 |
|
|
1 |
Rs.73.43 |
|
Euro |
1 |
Rs.62.32 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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.