MIRA INFORM REPORT

 

 

Report Date :

22.11.2010

 

IDENTIFICATION DETAILS

 

Name :

BANG DATA FORMS PRIVATE LIMITED

 

 

Registered Office :

Unit No. 50, Kewal Industrial Estate, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

19.07.1989

 

 

Com. Reg. No.:

11-52672

 

 

CIN No.:

[Company Identification No.]

U22219MH1989PTC052672

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMB04760A

MUMB13727A

 

 

PAN No.:

[Permanent Account No.]

AAACB1541Q

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of Plastic Packaging Materials and Woven Sacks 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (46)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 616000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having satisfactory track. Trade relations are reported as fair. 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 (General Details)

 

Name :

Mr. Krishna Kumar Bang

Designation :

Director

Contact No. :

91-9322225398

Date :

18.11.2010

 

 

LOCATIONS

 

Registered Office/Factory  :

Unit No. 50, Kewal Industrial Estate, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

Tel. No.:

91-22-22070644

Mobile No. :

91-9322225398 (Mr. Krishna Kumar Bang)

Fax No.:

91-22-22073868

E-Mail :

kkbang@banggroup.com

bangdata@banggroup.com

info@banggroup.com

Website :

http://www.ppwovensacks.net

Area :

5000 sq. ft. (Approximately)

Location :

Owned

 

 

Corporate Office :

103, Keval Industrial Estate, 1st Floor, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

Tel No. :

91-22-24901781

Fax No. :

91-22-24901891

 

 

Factory :

Plot No. A/7, Chincholi MIDC, Off Solapur-Pune Highway, Solapur - 413255

Tel No. :

91-217-2375711 / 2357633

Email :

bdfadmin.spr@bangdataforms.com

 

 

DIRECTORS

(As on 30.09.2010)

 

Name :

Mr. Krishna Kumar Ramkumar Bang

Designation :

Director

Address :

122, Sir Bhacchandra Road, Hindu Colony, Mumbai – 400014, Maharashtra, India 

Date of Birth/Age :

25.04.1966

Date of Appointment :

25.01.1990

 

 

Name :

Mr. Venugopal Balram Bang

Designation :

Director

Address :

122, Sir Bhacchandra Road, Hindu Colony, Mumbai – 400014, Maharashtra, India 

Date of Birth/Age :

02.06.1954

Date of Appointment :

19.07.1989

 

 

Name :

Mr. Varadraj R Bang

Designation :

Director

Address :

9, Arun Bldg, Narayan, Dabolkar Road, Mumbai – 4000066, Maharashtra, India

Date of Birth/Age :

21.10.1967

Date of Appointment :

25.07.1991

 

 

KEY EXECUTIVES

 

Name :

Mr. Ram Manoj

Designation :

Accounts

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2009

 

Names of Shareholders

 

No. of Shares

Sampatkumar Bang

 

20000

Saraswati Devi Bang

 

26200

Ramanujdas Bang

 

5000

Kantadevi Bang

 

22200

Arvind Kumar Bang

 

26200

Purshotam Bang

 

26200

Sridhar Bang

 

28300

Padmavati P Soni

 

13000

Vishnukanta N Baheti

 

15000

Ramankanta S Partani

 

20000

Srikanta Laddha

 

20000

Ramkumar Bang

 

64700

Parwatidevi Bang

 

50200

Narayandas Bang

 

35000

Rekha N Bang

 

31000

Kamalnayan R Bang

 

35000

Krishna K Bang

 

41600

Madhusudan Bang

 

35000

Sita Bajaj

 

20000

Geeta Jakotia

 

20000

Balaram R Bang

 

50400

Radhadevi Bang

 

31400

Venugopal Bang

 

36600

Tara Bang

 

35400

Nandgopal Bang

 

35400

Sobha Bang

 

29600

Rajgobal Bang

 

35400

Girdhar Bang

 

35400

Brijgopal Bang

 

45500

Anusuya S Dhoot

 

20000

Madhu R Maheshwari

 

20000

Rangnath Bang

 

64900

Pushpadevi Bang

 

49800

Varadraj Bang

 

50400

Vasudev Bang

 

50500

Laxminiwas Bang

 

70500

Pushpa Bang

 

44200

Gopibai Bang

 

10000

Satyanarayan Sarda

 

10000

Dwarka Prasad Sarda

 

10000

Ramkishore Sarda

 

10000

Rajgopal Sarda

 

10000

Shobha Devi Sarda

 

10000

 

 

 

Total

 

1320000

 

Equity Shares Breakup as on 30.09.2009

 

Category

Percentage

Directors or relatives of directors

100.00

 

 

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Plastic Packaging Materials and Woven Sacks. 

 

 

Exports :

 

Products :

Plastic Packaging material

Countries :
  • U.S.
  • U.K.
  • Canada
  • Dubai
  • Russia
  • Africa

 

 

Imports :

 

Products :

Raw Material

Countries :

European Countries

 

 

Terms :

 

Selling :

Cash and Credit (30 days / 60 days / 90 days)

 

 

Purchasing :

Cash and Credit (30 days / 60 days / 90 days)

 

 

GENERAL INFORMATION

 

Customers :
  • End Users
  • OEM’s

 

 

No. of Employees :

40 (Approximately)

 

 

Bankers :
  • SICOM Limited, Nirmal Building, 1st Floor, Nariman Point, Mumbai – 400021, Maharashtra, India
  • ING Vysya Bank

 

 

Facilities :

Secured Loans

31.03.2010

Rs. in Millions

Term Loan

 

From ING Vysya Bank

Secured against hypothecation of land, building and machinery of the company and personal guarantee of the directors

21.125

SICOM Limited

Pari passu charges by way of equitable mortgage of land, building and machinery of the company and personal guarantee of the directors

101.000

Cash Credit

Secured against hypothecation of stocks and debtors of the company and personal guarantee of directors

29.921

Others – Pre-shipment Credit from ING Vysya Bank

Secured against hypothecation of stocks and debtors of the company and personal guarantee of directors

3.377

 

 

Total

155.423

 

 

Unsecured Loans

 

Loan from Directors

0.038

Loan from Shareholders

0.813

Interest free sales tax deferred loan 

0.582

 

 

Total

1.433

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

K.M. Garg and Company

Chartered Accountant

Address :

603/604, Unique Tower, Off. S.V. Road, Goregaon (W), Mumbai – 400062, Maharashtra, India 

 

 

Associates/Subsidiaries :
  • Supreme Polyweave Private Limited
  • Bang polypack

 

 

CAPITAL STRUCTURE

As on 31.03.2009

 

Authorised Capital :

No. of Shares

Type

Value

Amount

2000000

Equity Shares

Rs. 10 /- each

Rs. 20.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

1320000

Equity Shares

Rs. 10 /- each

Rs.13.200 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

13.200

13.200

13.200

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

140.898

94.418

72.320

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

154.098

107.618

85.520

LOAN FUNDS

 

 

 

1] Secured Loans

155.423

117.494

149.531

2] Unsecured Loans

1.433

28.520

30.526

TOTAL BORROWING

156.856

146.014

180.057

DEFERRED TAX LIABILITIES

11.893

8.865

9.602

 

 

 

 

TOTAL

322.847

262.497

275.179

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

207.778

158.452

163.116

Capital work-in-progress

23.519

0.000

0.000

 

 

 

 

INVESTMENT

0.197

0.197

0.197

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES
 

 

 

 

Inventories
67.744
50.371

87.137

 

Sundry Debtors
76.935
36.256

36.956

 

Cash & Bank Balances
9.345
4.832

8.071

 

Other Current Assets
0.000
0.000

0.000

 

Loans & Advances
56.265
77.724

68.483

Total Current Assets
210.289

169.183

200.647

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
73.173
38.879

88.781

 

Provisions
45.763
26.456

0.000

Total Current Liabilities
118.936

65.335

88.781

Net Current Assets
91.353

103.848

111.866

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

322.847

262.497

275.179

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2010

31.03.2009

31.03.2008

 

PROFIT BEFORE TAX                           

63.374

33.235

15.501

 

 

 

 

 

Less

TAX                                                                 

21.702

11.543

4.620

 

 

 

 

 

 

PROFIT AFTER TAX                

41.672

21.692

10.881

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

243.961

243.148 

164.850

 

TOTAL EARNINGS

243.961

243.148 

164.850

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

NA

62.353

24.760

 

 

Others

NA

0.149

0.068

 

TOTAL IMPORTS

NA

62.502

24.828

 

 

 

 

 

 

Earnings Per Share (Rs.)

--

16.43

--

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

Return on Total Assets

(PBT/Total Assets}

(%)
15.16
10.14

4.26

 

 
 
 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.41
0.31

0.18

 

 
 
 

 

Debt Equity Ratio

(Total Liability/Networth)

 
1.79
1.96

3.14

 

 
 
 

 

Current Ratio

(Current Asset/Current Liability)

 
1.77
2.59

2.26

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

Operations:

 

This is the 21th year of the Commercial Activities of the company. The company’s performance has been encouraging and the company has registered a Net Profit of Rs. 41.673 Millions in the year. The order position is encouraging and the directors are confident that the performance of the company will be much better in the current year.  

 

 

Sundry Creditors Details:

 

Particulars

31.03.2010

Rs. in Millions

31.03.2009

Rs. in Millions

31.03.2008

Rs. in Millions

Sundry Creditors

 

 

For Goods

33.138

11.720

 

For Expenses

20.917

18.751

 

For others

19.117

8.408

88.781

 

 

Fixed Assets:

 

  • Land
  • Building
  • Plant and Machinery
  • Furniture
  • Office Equipment
  • Computer Software
  • Vehicle
  • Electrical Equipments

 

 

Note:

 

The Registered Address of the company has been shifted from 581, Bhuleshwar Road, Mumbai – 400002, Maharashtra, India to the present address i.e. Unit No. 50, Kewal Industrial Estate, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India w.e.f. 27.03.2009.

 

Form 8:

 

Corporate identity number of the company

U22219MH1989PTC052672

Charge Identification number of the charged to be modified

10181137

Name of the company

BANG DATA FORMS PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

Unit No. 50, Kewal Industrial Estate, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

This form is for

Modification of charge

Type of charge

Immovable property

Particular of charge holder

SICOM Limited, Nirmal Building, 1st Floor, Nariman Point, Mumbai – 400021, Maharashtra, India

Nature of instrument creating charge

Supplemental Memorandum of Entry

Date of instrument Creating the charge

08.02.2010

Amount secured by the charge

Rs. 27.000 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of Interest

Rate of 2% over and above SICOM’s very long term references rate. In case of default in payment, additional interest @ 2.5% over and above the applicable rate of interest is to be paid.

 

Terms of Repayment

The company shall repay the said loan of Rs. 27.000 Millions to SICOM in 20 quarterly installments commencing at the end of 12 months from the date of first disbursement of the said loan:

First 04 installments Rs. 0.600 Million

Next 10 Installment Rs. 1.500 Millions

Last 06 installments Rs. 1.600 Millions

 

Margin

Minimum margin of 14% for Phase I of the project and 39% for the total project.

 

Extent and Operation of the charge

First Pari Passu charge on the immovable property of the company

Short particulars of the property or assets charged

a)       All that piece and parcel of the property being industrially converted Land bearing Plot No. A-7 measuring 11,720 sq mtrs, located at Chincholi Industrial Area, Village – Pakni

b)       Taluk – North Solapur, District Solapur.

c)       All that piece and parcel of the property being industrially converted Land bearing Plot No. A-64 measuring 9100 sq mtrs, located at Chincholi Industrial Area, Village – Chincholi, District - Solapur

 

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.45.26

UK Pound

1

Rs.72.60

Euro

1

Rs.61.78

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

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

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

46

 

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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.