MIRA
INFORM REPORT
|
Report Date : |
04.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
BRITE PROOFINGS PRIVATE LIMITED |
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Registered Office : |
107-110, Raikar Chambers, Shankeshwar Parshwanath Marg, Deonar, Mumbai
– 400 088, |
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Country : |
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Financials (as on) : |
31.03.2009 |
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Date of Incorporation : |
31.03.1997 |
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Com. Reg. No.: |
11-106948 |
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Capital Investment / Paid-up Capital : |
Rs.0.350 Million |
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CIN No.: [Company
Identification No.] |
U26933MH1997PTC106948 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMB09866D |
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PAN No.: [Permanent
Account No.] |
AABCB1590J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is engaged in Construction Activity like Flooring, Coating,
Painting etc. |
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No. of Employees : |
Approximately 20 (In Office) + Contract Basis Worker |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 32000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. 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
|
Name : |
Ms. Savan |
|
Designation : |
Accountant |
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Contact No.: |
91-22-40433433 |
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Date : |
30.09.2011 |
LOCATIONS
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Registered Office : |
107-110, Raikar Chambers, Shankeshwar Parshwanath Marg, Deonar, Mumbai
– 400 088, |
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Tel. No.: |
91-22-40433433 |
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Fax No.: |
91-22-40433441 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Branch Office : |
106, Money Point, 1st Floor, No 59, |
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Fax No.: |
91-80-22107268 |
DIRECTORS
As On: 25.09.2009
|
Name : |
Mr. Kalpathy Vaidyanath |
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Designation : |
Director |
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Address : |
23 – B, Panorama Golf View CHS. Limited |
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Date of Birth/Age : |
06.04.1948 |
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Date of Appointment : |
31.03.1997 |
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DIN No.: |
00603833 |
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Name : |
Mr. Vaidyanath Ramnath |
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Designation : |
Director |
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Address : |
23 – B, Panorama Golf View, C.H.S Limited, Sion – |
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Date of Birth/Age : |
19.10.1977 |
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Date of Appointment : |
31.03.1997 |
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DIN No.: |
00603781 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On: 25.09.2009
|
Names of Shareholders |
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No. of Shares |
|
Kalpathy Vaidyanath |
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3490 |
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Vaidyanath Ramnath |
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10 |
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Total |
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3500 |
As On: 25.09.2009
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Category |
Percentage |
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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 : |
Subject is engaged in Construction Activity like Flooring, Coating,
Painting etc. |
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Terms : |
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Selling : |
Cash and Credit (30 days) |
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Purchasing : |
Cash and Credit (30 days) |
GENERAL INFORMATION
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Customers : |
·
Corporate ·
AstraZeneca International ·
Biocon ·
Cipla ·
GlaxoSmithKline ·
L’Oreal ·
Macleods ·
Micro Labs ·
Reliance Life Sciences ·
Wockhardt |
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No. of Employees : |
Approximately 20 (In Office) + Contract Basis Worker |
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Bankers : |
·
ICICI Bank ·
Citi Bank, Deonar Branch ·
Citi Bank N.A. |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Divakar Hari And Associates |
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Address : |
611/612, Raikar Chambers, |
CAPITAL STRUCTURE
As on 31.03.2009
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.100/- each |
Rs.1.000 Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
3500 |
Equity Shares |
Rs.100/- each |
Rs.0.350 Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.350 |
0.350 |
0.350 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
7.726 |
5.303 |
4.430 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
8.076 |
5.653 |
4.780 |
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LOAN FUNDS |
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1] Secured Loans |
13.109 |
7.717 |
7.492 |
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2] Unsecured Loans |
1.330 |
1.019 |
0.322 |
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TOTAL BORROWING |
14.439 |
8.736 |
7.814 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
22.515 |
14.389 |
12.594 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
10.321 |
10.123 |
7.223 |
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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 |
0.044 |
0.550 |
0.168 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
9.483
|
13.598 |
27.429 |
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Sundry Debtors |
1.472
|
19.685 |
13.168 |
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Cash & Bank Balances |
26.242
|
0.090 |
0.275 |
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Other Current Assets |
1.783
|
0.032 |
0.965 |
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Loans & Advances |
1.731
|
1.050 |
1.251 |
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Total
Current Assets |
40.711
|
34.455 |
43.088 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
18.498 |
10.879 |
13.722 |
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Other Current Liabilities |
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Provisions |
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Total
Current Liabilities |
28.561
|
30.739 |
37.885 |
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Net Current Assets |
12.150
|
3.716 |
5.203 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
22.515 |
14.389 |
12.594 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SALES |
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Turnover |
127.587 |
117.086 |
63.841 |
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Miscellaneous Income |
0.151 |
0.079 |
0.446 |
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TOTAL |
127.738 |
117.165 |
64.287 |
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TOTAL
EXPENSES |
121.357 |
112.497 |
61.130 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
6.381 |
4.668 |
3.157 |
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Less |
FINANCIAL
EXPENSES |
1.542 |
1.316 |
0.889 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
4.839 |
3.352 |
2.268 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
1.144 |
1.112 |
0.826 |
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PROFIT BEFORE
TAX |
3.695 |
2.240 |
1.442 |
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Less |
TAX |
0.746 |
0.618 |
0.567 |
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Less |
PRIOR PERIOD
ITEMS |
0.000 |
0.489 |
0.058 |
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PROFIT AFTER TAX
|
2.949 |
1.133 |
0.817 |
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Earnings Per
Share (Rs.) |
842.67 |
323.88 |
233.42 |
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Particulars |
|
31.03.2011 |
31.03.2010 |
|
Sales Turnover (Approximately) |
|
200.000 |
170.000 |
Expected Sales (2011-2012) : Rs.250.000 millions
The above information has been parted by Ms. Savan
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
2.31
|
0.97 |
1.27 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.90
|
1.91 |
2.26 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.24
|
5.02 |
2.87 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.46
|
0.40 |
0.30 |
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Debt Equity Ratio (Total Liability/Networth) |
|
5.32
|
6.98 |
9.56 |
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Current Ratio (Current Asset/Current Liability) |
|
1.43
|
1.12 |
1.14 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
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1. |
Year of Establishment |
YES |
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2. |
Locality of the firm |
YES |
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3. |
Constitutions of the firm |
YES |
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4. |
Premises details |
YES |
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5. |
Type of Business |
YES |
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6. |
Line of Business |
YES |
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7. |
Promoter’s background |
-- |
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8. |
No. of employees |
YES |
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9. |
Name of person contacted |
YES |
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10. |
Designation of contact person |
YES |
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11. |
Turnover of firm for last three years |
YES |
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12. |
Profitability for last three years |
NO |
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13. |
Reasons for variations <> 20% |
-- |
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14. |
Estimation for coming financial year |
YES |
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15. |
Capital in the business |
NO |
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16. |
Details of sister concerns |
-- |
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17. |
Major Suppliers |
NO |
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18. |
Major Customers |
YES |
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19. |
Payment terms |
YES |
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20. |
Export / Import details (is applicable) |
-- |
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21. |
Market information |
-- |
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22. |
Litigation that the firm / promoter involved
in |
-- |
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23. |
Banking Details |
YES |
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24. |
Banking facility details |
YES |
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25. |
Conduct of the banking account |
-- |
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26. |
Buyer visit details |
-- |
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27. |
Financials, if provided |
NO |
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28. |
Incorporation details, if applicable |
-- |
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29. |
Last accounts filed at ROC |
-- |
|
30. |
Major Shareholders, is available |
-- |
DETAILS OF SUNDRY
CREDITORS
|
Particulars |
As
on 31.03.2009 Rs.
in millions |
As
on 31.03.2008 Rs.
in millions |
As
on 31.03.2007 Rs.
in millions |
|
Creditors for Raw Material |
17.989 |
10.879 |
13.584 |
|
Creditors for Expenses |
0.509 |
0.000 |
0.005 |
|
Other Creditors |
0.000 |
0.000 |
0.133 |
|
Total |
18.498 |
10.879 |
13.722 |
NOTE
The Registered Office of the company has been shifted from 128/223
Acharya Commercial Centre,
OPERATIONS
The Company for the
Financial year has achieved a Total Turnover of Rs.127.587 millions (Previous Year Rs.117.086 millions). Miscellaneous Income of Rs.0.151 million (Previous Year Rs.0.079 million). The Company has
earned the Profit before Taxation to the tune of Rs.3.695 millions (Previous Year Rs.2.240 millions)
FORM 8
|
Corporate
identity number of the company |
U26933MH1997PTC106948 |
|
Name of the
company |
BRITE PROOFINGS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
128/223 Acharya Commercial Centre, |
|
This form is for |
Creation Of
Charges |
|
Type of charge |
Immovable
Property |
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Particular of
charge holder |
Citi Bank N.A. |
|
Nature of
instrument creating charge |
Loan Agreement |
|
Date of
instrument Creating the charge |
16.07.2009 |
|
Amount secured by
the charge |
Rs. 2.500
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate
Of Interest: 10.25% p.a. ·
Terms
of repayment: Loan shall be Repayable in 60 MMR of Rs.0.053 million, starting
from 1st August, 2009 and ending on 1st July, 2014. ·
Margin:
As may be stipulated by the Bank from time to time. ·
Extent
and Operation of the Charge: Repayment
of loan Rs.2.500 millions by the Borrowers, together with interest, fees,
costs, charges and expenses and all other amounts payable there under to the Bank
shall be secured by way of first exclusive charge by way of mortgage in favor
of the Bank over the property and such other properties. ·
Others
: Nil |
|
Description of
the property charged indicating whether it is a charged on |
Flat No.101, 1st
Floor, Mascot Residency Site, 331 Ideal Homes Towen Ship, Kenchanahalli, |
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.49.42 |
|
|
1 |
Rs.76.72 |
|
Euro |
1 |
Rs.65.85 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.