MIRA
INFORM REPORT
|
Report Date : |
07.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
BHAGIRATHI PACKAGING PRIVATE LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
09.03.1994 |
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Com. Reg. No.: |
21-62191 |
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Capital
Investment / Paid-up Capital : |
Rs.11.162 millions |
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CIN No.: [Company Identification
No.] |
U74950WB1994PTC062191 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Plastic Products. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 150000 |
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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. The
company is progressing well. Trade relations are reported as fair. Business
is active. Payments are reported to be usually correct. The company can be considered normal for business dealings at usual
tarde 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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
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
|
Registered Office : |
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|
Tel. No.: |
91-33-22363849 / 22363055 / 40166100 |
|
Fax No.: |
91-33-22219145 |
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E-Mail : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Vishnukant Biyala |
|
Designation : |
Director |
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Address : |
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|
Date of Birth/Age : |
03.09.1955 |
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Date of Appointment : |
03.02.2011 |
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DIN No. : |
02845430 |
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Name : |
Mr. Vishnu Kumar Fogla |
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Designation : |
Director |
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Address : |
78/8, Block E, New Alipore, Kolkata – 700 053, West |
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|
09.06.1949 |
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Date of Appointment : |
09.03.1994 |
|
Election Commission Identity Card No. : |
WB/23/150/012260 |
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DIN No.: |
00270779 |
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Name : |
Mr. Sanjeev Fogla |
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Designation : |
Director |
|
Address : |
38, Shibnath Sastri Sarani, New Alipore, Kolkata – 700 053, West |
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Date of Birth/Age : |
10.05.1968 |
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Date of Appointment : |
09.03.1994 |
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Election Commission Identity Card No. : |
WB/23/150/012266 |
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DIN No.: |
00534212 |
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|
|
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Name : |
Mr. Rishi Fogla |
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Designation : |
Director |
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Address : |
38, Shibnath Sastri Sarani, New Alipore, Kolkata – 700 053, West |
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Date of Birth/Age : |
25.06.1986 |
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Date of Appointment : |
11.09.2007 |
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PAN No.: |
AAIPF3647G |
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DIN No.: |
00532906 |
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Name : |
Mr. Kamlesh Mondal |
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Designation : |
Director |
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Address : |
2/2, |
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Date of Birth/Age : |
07.04.1954 |
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Date of Appointment : |
11.06.2009 |
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PAN No.: |
ADLPM2909G |
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DIN No.: |
01199098 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Vishnu Kumar Fogla |
|
10 |
|
Sanjeev Fogla |
|
10 |
|
Kamakhya ( |
|
15600 |
|
Sai Surfactants (Private) Limited, |
|
21500 |
|
Vishnu Kumar Fogla (HUF) |
|
20000 |
|
Rishi Securities and FIN Private Limited, |
|
34500 |
|
Rama Laminators Private Limited, |
|
20000 |
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Total |
|
111620 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
82.00 |
|
Directors
or relatives of directors |
|
18.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Plastic Products. |
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Products : |
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PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Tape Plant |
M.T. |
NA |
4000 |
2958 (Includes Job
Work done 1782) |
|
Lamination Plant |
M.T. |
NA |
1100 |
543 (Includes Job
Work done 543) |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
·
United Bank of ·
HDFC Bank Limited HDFC Bank House, Senapati Bapat Marg,
Lower Parel W, Mumbai – 400 013, ·
United Bank of ·
United Bank of ·
State Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Roy Subodh and Associates Chartered Accountant |
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Address : |
9/12, |
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Tel. No.: |
91-33-22318945 |
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Mobile No.: |
91-9433099926 |
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Fax No.: |
91-33-22420536 |
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E-Mail : |
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Associates/Group Companies : |
·
M/s. Sai Sulphonates Private Limited ·
M/s. Sai Industries Private Limited ·
M/s. Sai Surfactants Private Limited ·
M/s. A.R.Stanchem Private Limited ·
M/s. Sai Jute Mills Private Limited ·
M/s. Starlite Vyapaar Private Limited ·
M/s. Rama Laminators Private Limited ·
M/s. Sai Fertlizers Private Limited ·
M/s. Kamakhya ( ·
M/s. Rishi Securities and Finance Private Limited ·
M/s. A. R. Sulphonates Private Limited ·
M/s. Sai Bulk Bags Private Limited ·
M/s. Sai Fertilizers and Phosphates Private
Limited |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
115000 |
Equity Shares |
Rs.100/- each |
Rs.11.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
111620 |
Equity Shares |
Rs.100/- each |
Rs.11.162
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 |
11.162 |
11.162 |
10.662 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
26.182 |
13.255 |
8.410 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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|
NETWORTH |
37.344 |
24.417 |
19.072 |
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|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
60.114 |
61.036 |
27.756 |
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2] Unsecured Loans |
1.373 |
6.657 |
1.291 |
|
|
TOTAL BORROWING |
61.487 |
67.693 |
29.047 |
|
|
DEFERRED TAX LIABILITIES |
1.457 |
1.143 |
0.010 |
|
|
|
|
|
|
|
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TOTAL |
100.288 |
93.253 |
48.129 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
72.755 |
79.230 |
0.145 |
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|
Capital work-in-progress |
14.825 |
0.141 |
42.761 |
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|
|
|
|
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|
INVESTMENT |
2.500 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
8.754
|
2.856 |
0.000 |
|
|
Sundry Debtors |
35.149
|
28.441 |
2.229 |
|
|
Cash & Bank Balances |
0.912
|
0.460 |
0.262 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
13.009
|
7.868 |
9.279 |
|
Total
Current Assets |
57.824
|
39.625 |
11.770 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
8.982
|
3.124 |
4.535 |
|
|
Other Current Liabilities |
37.373
|
21.963 |
1.674 |
|
|
Provisions |
1.261
|
0.656 |
0.338 |
|
Total
Current Liabilities |
47.616
|
25.743 |
6.547 |
|
|
Net Current Assets |
10.208
|
13.882 |
5.223 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
100.288 |
93.253 |
48.129 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales Manufacturing |
|
38.206 |
0.000 |
|
|
|
Processing Charges Received |
|
16.257 |
0.000 |
|
|
|
Other Income |
4.211 |
8.105 |
1.438 |
|
|
|
TOTAL (A) |
120.686 |
62.568 |
1.438 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
115.796 |
31.427 |
0.000 |
|
|
|
Manufacturing Expenses |
|
6.329 |
0.000 |
|
|
|
Payment to and Provision for Employees |
|
2.714 |
0.000 |
|
|
|
Administrative, Selling and Other
Charges |
|
1.853 |
0.083 |
|
|
|
Increase / (Decrease) in Stock |
|
(0.907) |
0.078 |
|
|
|
TOTAL (B) |
115.796 |
41.416 |
0.161 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(Including
Interest and Depreciation) |
21.152 |
1.277 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST (D) |
|
8.227 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
12.925 |
1.277 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
8.410 |
0.012 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
4.890 |
4.515 |
1.265 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1.070 |
1.640 |
0.158 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
3.820 |
2.875 |
1.107 |
|
|
|
|
|
|
|
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|
|
INCOME TAX FOR
EARLIER YEARS |
NA |
(0.030) |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
(0.830) |
(1.937) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
5.861 |
2.015 |
(0.830) |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
34.23 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.17
|
4.60 |
76.98 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.20
|
8.29 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.74
|
3.80 |
10.62 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.18 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.92
|
3.83 |
1.87 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.21
|
1.54 |
1.80 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS
Performance of the Company during the year is satisfactory. The
directors expects that the turnover of the Company will increase in near future
and company will be able to show better results in coming year also.
FORM 8
|
Corporate identity number of the company |
U74950WB1994PTC062191 |
|
Name of the company |
BHAGIRATHI PACKAGING PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in |
|
|
This form is for |
Creation of charge |
|
Type of charge |
·
Book debts ·
Movable property (not being pledge) ·
Floating charge ·
Others o
plant and machinery and Stock |
|
Particular of charge holder |
HDFC Bank Limited HDFC Bank House, Senapati Bapat Marg, Lower Parel W, Mumbai – 400 013,
|
|
Nature of instrument creating charge |
1) Letter of Hypothecation of Stocks and Book Debts 2)Memorandum Relating To Hypothecation of Machinery |
|
Date of instrument Creating the charge |
24.09.2010 |
|
Amount secured by the charge |
Rs.93.000 millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest The Borrower shall pay interest as per Bank's / RBI Guidelines from
time to time. Terms of Repayment on demand Margin CC/WCDL - 25 % margin, LC/Buyer credit / Bg - 15 % margin , or such
other margin as may be agreed between the borrower and the Bank Extent and Operation of the charge Exclusive first charge on Stock, Book debts, movable Fixed assets,
both present and future Others NA |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
Exclusive first charge on Stock, Book debts, movable Fixed assets,
both present and future |
FIXED ASSETS
·
Land
·
Plant and Machinery
·
Electrical Installations
·
Factory Buildings
·
Air Conditioner
·
Office Equipments
·
Generator Set
·
Tools and Equipments
·
Furniture and Fixtures
·
Tube Well
·
Goods Vehicle
·
Motor Car
·
Motor Cycle
·
Computers
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.46.13 |
|
|
1 |
Rs.74.18 |
|
Euro |
1 |
Rs.64.88 |
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 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
42 |
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.