MIRA
INFORM REPORT
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Report Date : |
02.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
BHARATIYA VALVES PRIVATE LIMITED |
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Registered
Office : |
House No. 253, Sector 19, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
11.04.1996 |
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Com. Reg. No.: |
05-033208 |
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Capital
Investment / Paid-up Capital : |
Rs.0.990 Million |
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CIN No.: [Company Identification
No.] |
U23300HR1996PTC033208 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in Manufacturing and Sale of High Pressure Gas Cylinder
Valves for Industrial, Medical and Fire Fighting Cylinders along with Spares
and Engineering Components. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
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 5900 |
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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 relatively small 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. The company can be considered for business dealings with some
cautions. |
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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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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 |
LOCATIONS
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Registered Office : |
House No. 253, Sector 19, |
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Tel. No.: |
91-129-2413639 |
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E-Mail : |
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Website : |
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Factory Cum Corporate Office : |
I-18, DLF Industrial, Estate No.1, |
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Tel. No.: |
91-129-4113429 / 2274429 / 4113329 |
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Fax No.: |
91-129-4113329 / 2272429 |
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E-Mail : |
DIRECTORS
As on 3.09.2010
|
Name : |
Mr. Jai Malhotra Parkash |
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Designation : |
Director |
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Address : |
253, Sector 19, Nit |
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Date of Birth/Age : |
19.03.1949 |
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Din : |
00597704 |
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Date of Appointment : |
24.07.1996 |
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Name : |
Mrs. Anita Malhotra |
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Designation : |
Director |
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Address : |
253, Sector 19, Nit |
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Date of Birth/Age : |
21.09.1953 |
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Din : |
01039573 |
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Date of Appointment : |
24.09.1996 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Geeta Katyal |
|
1500 |
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Jai Malhotra Prakash |
|
22770 |
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Anita Malhotra |
|
63570 |
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J P Malhotra and Sons |
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3000 |
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A N Katyal |
|
1000 |
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Gautam Malhotra |
|
6200 |
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S K Katyal |
|
1000 |
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Total |
|
99040 |
As on 30.09.2010
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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 Manufacturing and Sale of High Pressure Gas Cylinder
Valves for Industrial, Medical and Fire Fighting Cylinders along with Spares
and Engineering Components. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
Punjab National Bank, 36, Janpath, HDFC Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Vimal Chand Jain and Company Chartered Accountant |
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Address : |
B 327-328, Nehru Ground Nit, |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
100,000 |
Equity Shares |
Rs.10/-each |
Rs.1.000 million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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99,040 |
Equity Shares |
Rs.10/-each |
Rs.0.990 million |
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As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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300,000 |
Equity Shares |
Rs.10/-each |
Rs.3.000
millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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99,040 |
Equity Shares |
Rs.10/-each |
Rs.0.990 million |
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FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.990 |
0.990 |
0.990 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.492 |
0.284 |
0.246 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1.482 |
1.274 |
1.236 |
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LOAN FUNDS |
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1] Secured Loans |
3.201 |
5.382 |
6.584 |
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2] Unsecured Loans |
2.798 |
3.196 |
3.195 |
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TOTAL BORROWING |
5.999 |
8.578 |
9.779 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
7.481 |
9.852 |
11.015 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.794 |
2.924 |
2.057 |
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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 |
0.001 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
3.626
|
3.429 |
6.591 |
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Sundry Debtors |
5.745
|
5.281 |
5.020 |
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Cash & Bank Balances |
0.003
|
0.006 |
0.005 |
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Other Current Assets |
0.000
|
0.000 |
0.242 |
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Loans & Advances |
0.647
|
0.297 |
0.251 |
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Total
Current Assets |
10.021
|
9.013 |
12.109 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
4.386
|
1.697 |
2.929 |
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Other Current Liabilities |
0.393
|
0.260 |
0.223 |
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Provisions |
0.555
|
0.129 |
0.000 |
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Total
Current Liabilities |
5.334
|
2.086 |
3.152 |
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Net Current Assets |
4.687
|
6.927 |
8.957 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.001 |
0.000 |
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TOTAL |
7.481 |
9.852 |
11.015 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PROFIT / LOSS
BEFORE TAX |
NA |
0.242 |
0.194 |
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PROFIT / LOSS
AFTER TAX |
0.327 |
0.142 |
0.193 |
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PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
0.135 |
0.058 |
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BALANCE CARRIED
TO THE B/S |
NA |
0.122 |
0.135 |
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Earnings Per
Share (Rs.) |
2.17 |
1.23 |
1.36 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
2.03 |
1.37 |
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Return on Investment (ROI) (PBT/Networth) |
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NA
|
0.19 |
0.16 |
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Debt Equity Ratio (Total Liability/Networth) |
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7.65
|
8.37 |
10.46 |
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Current Ratio (Current Asset/Current Liability) |
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1.88
|
4.32 |
3.83 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U23300HR1996PTC033208 |
|
Name of the
company |
BHARTIYA VALVES PRIVATE
LIMITED |
|
Address of the
registered office or of the principal place of business in |
H.No. 253, Sector
19, |
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Type of charge |
Others –
Hypothecation Of Car |
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Particular of
charge holder |
Punjab National Bank, 36, Janpath, |
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Nature of
description of the instrument creating or modifying the charge |
Letter Of
Hypothecation |
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Date of
instrument Creating the charge |
27.12.2008 |
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Amount secured by
the charge |
Rs.0.600 million |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
- as per sanction or as decided by the bank from time to time Terms of
Repayment - repayable in 60 installments of Rs. 0.013 million each Margin - as per
sanction Extent and
Operation of the charge – 100% |
|
Short particulars
of the property charged |
Hypothecation of
car purchased out of the term loan
together with all tools , accessories etc. |
FIXED ASSETS :
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixtures
·
Computer
·
Office Equipments
·
Electrical Installations
·
Tools and Instruments
·
Car
·
Air Conditioner
·
Refrigerator
As per Website
Company Profile
An ISO 9001:2000 Certified Company, established in 1989 Subject,
(formerly BHARAT VALVES), a Small Scale Unit registered with GM DIC Faridabad,
is engaged in Manufacturing and Sale of High Pressure Gas Cylinder Valves for
Industrial, Medical and Fire Fighting Cylinders along with Spares and
Engineering Components.
The Valves are manufactured under BIS Certification Marks scheme as per Latest
IS : 3224 and IS : 3745 and approved by Chief Controller of Explosives, Govt.
of India,
Industrial Valves are used by manufacturers of Gas Cylinders and manufacturers
of Gases like Oxygen, Hydrogen, Nitrogen, Argon, DA, Nitrous Oxide and Carbon
Di-Oxide Valves are used by manufacturers of Fire Extinguishers.
Promoted on the Technical Strength of Mr. J.P. Malhotra (Chief Executive
Officer), a 1970 Mechanical Engineering Graduate from Delhi College of
Engineering,
On the basis of technical evaluation of the unit on its performance and quality
of the products, the Government of India, Ministry of Industry selected Mr.
J.P. Malhotra, and he has been awarded by Honble President of India NATIONAL
AWARD for OUTSTANDING SMALL SCALE ENTREPRENEURS 1994 a special recognition and
tribute to BHARAT Valves and its products.
Subject is rated SE2A by NSIC - IBA ONICRA (Govt. of
Mr. Gautam Malhotra, General Manager is a qualified Computer Engineer having
worked with Infosys for 2 years forms MIS and Customer Support for the Company
assuring in time response The KRA of Bhartiya Valves
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.45.89 |
|
|
1 |
Rs.74.31 |
|
Euro |
1 |
Rs.65.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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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.