MIRA
INFORM REPORT
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Report Date : |
21.03.2011 |
IDENTIFICATION DETAILS
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Name : |
BDI INDIA PRIVATE LIMITED |
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Registered
Office : |
Shreeshyla, |
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Country : |
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Financials (as
on) : |
31.12.2009 |
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Date of
Incorporation : |
02.04.2007 |
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Com. Reg. No.: |
08-042349 |
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CIN No.: [Company Identification
No.] |
U51909KA2007FTC042349 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRB06497B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader of Industrial Equipments. |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 158000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a company having moderate track. There appears accumulated
losses recorded by the company. However, trade relations are reported as fair.
Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
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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 (GENERAL DETAILS)
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Name : |
Mrs. Ratna |
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Designation : |
Accountant |
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Date : |
18.03.2011 |
LOCATIONS
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Registered Office : |
Shreeshyla, |
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Tel. No.: |
91-80-22560418 / 419 |
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Fax No.: |
91-80-22560420 |
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E-Mail : |
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Branches : |
Flat No. 303, 3rd |
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Tel. No.: |
91-40-27820051 |
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Fax No.: |
91-40-27820052 |
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DIRECTORS
AS ON 05.05.2010
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Name : |
Mr. Carl Gilbrt James |
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Designation : |
Director |
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Address : |
109, High Street, Canfield |
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Date of Birth/Age : |
25.05.1952 |
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Date of Appointment : |
02.04.2007 |
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Name : |
Mr. Daniel Joseph Maison Ville |
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Designation : |
Director |
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Address : |
794, |
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Date of Birth/Age : |
27.06.1959 |
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Date of Appointment : |
02.04.2007 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 05.05.2010
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Names of Shareholders |
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No. of Shares |
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Braring Distributors Incorporation, Cleaveland |
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9839099 |
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Carl Gilbert James |
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1 |
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Total |
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9839100 |
AS ON 05.05.2010
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Category |
Percentage |
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Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
99.90 |
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Bodies corporate |
0.00 |
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Directors or relatives of Directors |
0.10 |
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Other top fifty shareholders |
0.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader of Industrial Equipments. |
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Product : |
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Terms : |
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Selling : |
Cash, Credit |
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Purchasing : |
Cash, Credit |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
37 (In office 30 and In Branches 07) (Approximately) |
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Bankers : |
Standard Chartered Bank, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Panth And Company Chartered Accountant |
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Address : |
No. 16/3, 2nd Cross Gupta layout, South End Road,
Basavanagudi, Bangalore – 560004, Karnataka, India |
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Holding Company : |
Bearing Distributors Incorporation |
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Associate Companies : |
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CAPITAL STRUCTURE
AS ON 31.12.2009
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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7738656 |
Equity Shares |
Rs.10/- each |
Rs.77.387
Millions |
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Note :
Of the above 7738655 shares (previous year 3584151 shares) are held by
holding company bearing distributors Inc,
As on : 30.06.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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9839099 |
Equity Shares |
Rs.10/- each |
Rs.98.391
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
77.386 |
35.841 |
31.812 |
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2] Share Application Money |
9.531 |
18.463 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(52.384) |
(38.148) |
(15.765) |
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NETWORTH |
34.533 |
16.156 |
16.047 |
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LOAN FUNDS |
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1] Secured Loans |
39.759 |
17.110 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
39.759 |
17.110 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
74.292 |
33.266 |
16.047 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
6.580 |
7.676 |
7.804 |
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Capital work-in-progress |
0.000 |
0.000 |
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 |
52.475
|
26.742 |
5.836 |
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Sundry Debtors |
19.849
|
8.021 |
0.390 |
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Cash & Bank Balances |
0.912
|
2.987 |
4.712 |
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Other Current Assets |
0.105
|
0.026 |
0.022 |
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Loans & Advances |
5.358
|
4.031 |
3.470 |
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Total
Current Assets |
78.699
|
41.807 |
14.430 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
3.424 |
9.589 |
5.278 |
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Other Current Liabilities |
7.398
|
6.098 |
0.630 |
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Provisions |
0.165
|
0.530 |
0.279 |
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Total
Current Liabilities |
10.987
|
16.217 |
6.187 |
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Net Current Assets |
67.712
|
25.590 |
8.243 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
74.292 |
33.266 |
16.047 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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|
31.12.2009 |
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SALES |
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Income |
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59.961 |
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Other Income |
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TOTAL |
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59.961 |
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EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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150.522 |
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Interest |
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Depreciation |
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TOTAL |
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150.522 |
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PROFIT BEFORE
TAX |
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(14.111) |
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Less |
TAX |
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0.125 |
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PROFIT AFTER TAX
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(14.236) |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
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5.708 |
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TOTAL EARNINGS |
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5.708 |
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IMPORTS |
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Finished Goods |
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18.697 |
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Finished Goods – in – Transit |
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0.793 |
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TOTAL IMPORTS |
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19.490 |
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Earnings Per
Share (Rs.) |
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(2.44) |
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KEY RATIOS
|
PARTICULARS |
|
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.16)
|
-- |
-- |
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Return on Investment (ROI) (PBT/Networth) |
|
(0.40)
|
-- |
-- |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.46
|
2.06 |
0.38 |
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Current Ratio (Current Asset/Current Liability) |
|
7.16
|
2.57 |
2.33 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors :
(Rs.
In Millions)
|
Particulars |
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
Dues of Micro Small and Medium Enterprises |
0.177 |
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Others than Micro Small and Medium Enterprises (As certified by the management) |
-- |
-- |
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Dues to companies under the same management |
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Beating Distributors Incorporation |
0.940 |
9.435 |
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BDI (Maximum amount outstanding during the year |
-- |
0.104 |
5.278 |
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BDI Global Trading Group (Maximum amount outstanding during the year) |
0.001 |
0.004 |
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BDI 65 |
2.193 |
-- |
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BDI ( |
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BDI |
0.113 |
-- |
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Total |
3.424 |
9.589 |
5.278 |
Note :
The registered office address of the company is shifted from No. 302,
Pride Elite, No. 10,
Form : 8
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This form is for |
Creation of
charge |
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Corporate identity
number of the company |
U51909KA2007FTC042349 |
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Name of the
company |
BDI India Private
Limited |
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Address of the
registered office or of the principal place of business in |
Shreeshyla, |
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Type of charge |
Book debts Others |
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Particular of
charge holder |
Standard
Chartered Bank, Raheja Towers, Sixth Floor, No. 26-27, M. G. Road, Bangalore
– 560001, |
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Nature of
instrument creating charge |
Unattested
Memorandum Of Hypothecation |
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Date of
instrument Creating the charge |
20/01/2009 |
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Amount secured by
the charge |
Rs. 85.000
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest : As negotiated and
agreed Terms of repayment : Repayable on
demand Margin : As applicable Extent and operation of the charge : Charge extends by
way of first charge on all the assets throughout the period of sanctioned
limits. Other : NA |
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Short particulars
of the property charged (Including location of the property) |
Hypothecation of
the whole of the present and future stocks of raw materials, finished goods,
goods in process, book debts, outstandings,
moneys receivables, claims, bills and other current assets belonging to the
company situated at Shreeshyala, Doddakallasandra - Kanakapura Road,
Bangalore-560 062 or at any other place in the borrower's possession or
occupation or at any other place. |
Fixed Assets :
- Electrical
Installation
- Office Equipments
- Furniture and Fittings and Interiors
- Computers and Software
- Vehicles
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. 45.09 |
|
|
1 |
Rs. 72.82 |
|
Euro |
1 |
Rs. 63.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
1 |
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--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
26 |
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.