MIRA
INFORM REPORT
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Report Date : |
21.10.2011 |
IDENTIFICATION DETAILS
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Name : |
BHARAT RUBBER WORKS PRIVATE LIMITED |
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Registered
Office : |
B-46, Girikunj Industrial Estate, Off. |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
13.09.2007 |
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Com. Reg. No.: |
11-174074 |
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Capital
Investment / Paid-up Capital : |
Rs.17.000
Millions |
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CIN No.: [Company Identification
No.] |
U25190MH2007PTC174074 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMB18402G |
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PAN No.: [Permanent Account No.] |
AADCB3852H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Rubber Stopper. |
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No. of Employees
: |
Approximately 115 (In Office – 15, In Factory – 100) |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
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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 93000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. However trade relations are reported as
fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small 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 – September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 : |
Mr. Ganesh |
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Designation : |
Marketing Executive |
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Contact No.: |
91-22-26875361 |
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Date : |
10.10.2011 |
LOCATIONS
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Registered Office/ Factory 1 : |
B-46, Girikunj Industrial Estate, Off. |
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Tel. No.: |
91-22-26875361/ 26875364 |
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Fax No.: |
91-22-26875221/ 22 |
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E-Mail : |
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Website : |
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Factory 2 : |
Located at: v
Vasai, Mumbai |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Jayesh Amritlal Shah |
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Designation : |
Director |
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Address : |
29 B, 11/12, Takshila, |
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Date of Birth/Age : |
13.06.1962 |
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Date of Appointment : |
13.09.2007 |
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DIN No.: |
00879960 |
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Other Directorship :
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Name : |
Mr. Yogesh Amritlal Shah |
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Designation : |
Managing Director |
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Address : |
Building No. 27, B/12, Takshila Mahakali Caves Road, Andheri (East),
Mumbai – 400 093, Maharashtra, India |
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Date of Birth/Age : |
01.07.1955 |
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Date of Appointment : |
13.09.2007 |
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DIN No.: |
00880019 |
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Other Directorship :
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Name : |
Mr. Mansukhlal Jesang Gada |
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Designation : |
Director |
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Address : |
1 D/3-4, The |
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Date of Birth/Age : |
01.06.1952 |
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Date of Appointment : |
13.09.2007 |
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DIN No.: |
00880058 |
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Other Directorship :
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Name : |
Mr. Mayur Nemchand Galaiya |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
26.07.1963 |
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Date of Appointment : |
13.09.2007 |
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DIN No.: |
01468642 |
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Other Directorship :
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KEY EXECUTIVES
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Name : |
Mr. Ganesh |
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Designation : |
Marketing Executive |
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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Jayesh Amritlal Shah |
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430000 |
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Yogesh Amritlal Shah |
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420000 |
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Mansukhlal Jesang Gada |
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430000 |
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Mayur Nemchand Galaiya |
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420000 |
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Total
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1700000 |
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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Bodies
corporate |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Rubber Stopper. |
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Products : |
v
Dropper Assembly v Rubber Wads v Parenterals Discs v Plastic Lids v Plastic Applicator v Diagnostic Packaging v Blood Collection Tubes v Plastic Products |
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Exports : |
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Products : |
Rubber Stopper |
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Countries : |
v
v
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Suppliers : |
v Anand Metal Roofing v Avi Infotech v Sadguru Enterprises v Super Mould Works v Usha Steel v Dynamic Techno Services v Super Engineering Works v Tejal Enterprises v Vipul Enterprises v BSNL Kalyan v
v Deep Enterprises v Den Publications v Durga Hard Chrome Plating v Grace Plast v Kanha Packwell v Pacific Stationers v Den Tradefair v Plast World v Prakash Roadlines Limited v Trident Systems v Uttam Packaging v A.B. Brothers v Diamond Chemicals v Reliance Industries Limited v Rohit Rubber Corporation v Samir Supply Private Limited v Shree Trikuta Chemicals v S.K. International Glass Private Limited |
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Customers : |
End Users v Agio Pharmaceuticals Limited v Agog Pharma Limited v Akums Drugs and Pharmaceuticals Limited v Albert David Limited v Al Hayat Factory for Medical Products v Alkem Laboratories Limited v Ami Pharma Private Limited v Angel Formulations Private Limited v Atul Industries v Cadila Healthcare Limited v Bottle Closures v Cadila Pharmaceuticals Limited v Dabur Pharma Limited v
Élan Pharma ( v Elder Pharmaceuticals Limited v Fagris Medica Private Limited v FDC Limited v Ganesh Metal Industries v G.I. Caps v
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No. of Employees : |
Approximately 115 (In Office – 15, In Factory – 100) |
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Bankers : |
v
The Shamrao Vithal Co-Operative Bank Limited,
Sanskriti Park, Oposite Canossa High School, Mahakali Caves Road, Andheri (East),
Mumbai – 400 093, Maharashtra, India v
Dena Bank v
HDFC Bank v
UCO Bank v
Karnataka Bank v
Union Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
H.C. Ambavi and Associates Chartered Accountants |
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Address : |
201, Hetal Apartment, |
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Tel. No.: |
91-22-26823070 (Office) 91-22-26838517 (Resident) |
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E-Mail : |
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Associates/Subsidiaries : |
Drytech
Processes ( Address: Mahakali, Andheri (East), Mumbai, |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1700000 |
Equity Shares |
Rs.10/- each |
Rs.17.000
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 |
17.000 |
6.000 |
6.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
6.172 |
2.040 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
23.172 |
8.040 |
6.000 |
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LOAN FUNDS |
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1] Secured Loans |
109.396 |
93.323 |
0.000 |
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2] Unsecured Loans |
57.334 |
46.253 |
0.260 |
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TOTAL BORROWING |
166.730 |
139.576 |
0.260 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
189.902 |
147.616 |
6.260 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
81.874 |
72.561 |
0.000 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.502 |
0.502 |
0.000 |
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DEFERREX TAX ASSETS |
0.068 |
0.369 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
44.907
|
15.979 |
0.000 |
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Sundry Debtors |
60.789
|
59.848 |
0.000 |
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Cash & Bank Balances |
0.986
|
1.761 |
0.000 |
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Other Current Assets |
0.000
|
0.000 |
6.000 |
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Loans, Advances & Deposits |
16.340
|
10.946 |
0.000 |
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Total
Current Assets |
123.022
|
88.534 |
6.000 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
12.449
|
12.019 |
0.000 |
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Other Current Liabilities |
0.768
|
0.913 |
0.000 |
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Provisions |
2.503
|
1.626 |
0.000 |
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Total
Current Liabilities |
15.720
|
14.558 |
0.000 |
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Net Current Assets |
107.302
|
73.976 |
6.000 |
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MISCELLANEOUS EXPENSES |
0.156 |
0.208 |
0.260 |
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TOTAL |
189.902 |
147.616 |
6.260 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
249.268 |
235.730 |
0.000 |
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Other Income |
5.093 |
3.739 |
0.000 |
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TOTAL (A) |
254.361 |
239.469 |
0.000 |
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Less |
EXPENSES |
|
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|
230.912 |
141.271 |
0.000 |
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Manufacturing Expenses |
|
44.207 |
0.000 |
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Administrative Expenses |
|
11.810 |
0.000 |
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Selling and Distribution Expenses |
|
4.971 |
0.000 |
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Preliminary Expenses Written Off |
|
0.052 |
0.000 |
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TOTAL (B) |
230.912
(including financial expenses) |
202.311 |
0.000 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
37.158 |
0.000 |
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Less |
FINANCIAL
EXPENSES (D) |
|
19.090 |
0.000 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
23.449 |
18.068 |
0.000 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
18.042 |
15.791 |
0.000 |
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PROFIT BEFORE
TAX (E-F) (G) |
5.407 |
2.277 |
0.000 |
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Less |
TAX (H) |
1.276 |
0.237 |
0.000 |
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PROFIT AFTER TAX
(G-H) (I) |
4.131 |
2.040 |
0.000 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
0.000 |
0.000 |
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BALANCE CARRIED
TO THE B/S |
NA |
2.040 |
0.000 |
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EARNINGS IN
FOREIGN CURRENCY |
NA |
40.733 |
NA |
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|
Earnings Per
Share (Rs.) |
2.43 |
3.40 |
0.00 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.62
|
0.85 |
0.00 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.17
|
0.97 |
0.00 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.64
|
1.41 |
0.00 |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.28 |
0.00 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
7.87
|
19.17 |
0.04 |
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|
Current Ratio (Current Asset/Current Liability) |
|
7.83
|
6.08 |
0.00 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of
Establishment |
Yes |
|
2) Locality of
the firm |
Yes |
|
3) Constitutions
of the firm |
Yes |
|
4) Premises
details |
Yes |
|
5) Type of
Business |
Yes |
|
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 |
No |
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12) Profitability
for last three years |
No |
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13) Reasons for
variation <> 20% |
No |
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14) Estimation
for coming financial year |
No |
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15) Capital in
the business |
Yes |
|
16) Details of
sister concerns |
Yes |
|
17) Major
suppliers |
Yes |
|
18) Major
customers |
Yes |
|
19) Payments
terms |
Yes |
|
20) Export /
Import details (if applicable) |
Yes |
|
21) Market
information |
-- |
|
22) Litigations
that the firm / promoter involved in |
-- |
|
23) Banking
Details |
Yes |
|
24) Banking
facility details |
Yes |
|
25) Conduct of the
banking account |
-- |
|
26) Buyer visit
details |
-- |
|
27) Financials,
if provided |
Yes |
|
28) Incorporation
details, if applicable |
-- |
|
29) Last accounts
filed at ROC |
-- |
|
30) Major
Shareholders, if available |
-- |
Note: The
registered office of the company has been shifted from B-45, Girikunj
Industrial Estate, Off Mahakali Caves Road, Andheri (East), Mumbai-400093,
Maharashtra, India to the present address w.e.f. 20.09.2007.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10124130 |
|
Corporate
identity number of the company |
U25190MH2007PTC174074 |
|
Name of the
company |
BHARAT RUBBER
WORKS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
B-46, Girikunj Industrial Estate, Off. |
|
Type of charge |
Book Debts Movable Property
(not being pledge) |
|
Particular of
charge holder |
The Shamrao Vithal Co-Operative Bank Limited, Sanskriti Park, Oposite
Canossa High School, Mahakali Caves Road, Andheri (East), Mumbai-400093,
Maharashtra, India |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Supplementary
Deed of Hypothecation |
|
Date of
instrument Creating the charge |
17.09.2010 |
|
Amount secured by
the charge |
Rs.80.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Rate of Interest:
@ 10.50% p. a. or at such lending rate that RBI/Bank Policies may determine
to charge from time to time. Margin As may be decided
from time to time by the Bank. Extent and
Operation of the charge To secure the due
repayment of Cash Credit facility of Rs.80.000 Millions (Buyer's Credit of
Rs.7.500 Millions as a sub- limit of Cash Credit facility), together with
interest, all cost, charges and expense thereon, granted by the Bank to the
Company. |
|
Short particulars
of the property charged |
I)
All,
present and future, stocks of raw materials,
goods-in-process of mfg and all
finished goods and articles, such as
Synthetic and Natural Rubber, Plastic
Polymers, Fillers and Excelrators,
etc. II)
All,
present and future, book-debts, outstanding monies, receivables, claims,
bills, rights to or in moveable properties and moveable assets of the
Company. III)
All
the plant and machinery, other assets,
etc., all tangible movable assets, furniture, fixtures, other installations,
computer and other accessories, as
described in Schedule B to the said agreement |
|
Date of latest
modification prior to the present modification |
18.09.2009 |
|
Particulars of
the present modification |
This charge shall
also hold good to secure the due repayment of additional Cash Credit facility
of Rs.20.000 Millions (with a sub-limit of Buyer's Credit facility of
Rs.7.500 Millions), granted to the Company. Hence, the aggregate Cash Credit
facility, secured by charge, enhanced from Rs.60.000 Millions to Rs.80.000
Millions. Therefore, the overall charge now stands at Rs.80.000 Millions. |
Fixed Assets:
- Air
Conditioner
- Computer
- Cycle
- Electrical
Installation
- Factory
Premises
- Fax
- Furniture and
Fixtures
- Factory
Storage Rack
- Instrument
and Equipment
- Motor Car
- Mould and
Dies
- Plant and
Machinery
- Vehicle
- Weighing
Scale
- Xerox
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.49.71 |
|
|
1 |
Rs.78.09 |
|
Euro |
1 |
Rs.68.05 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
27 |
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.