MIRA INFORM REPORT

 

 

Report Date :

22.12.2012

 

IDENTIFICATION DETAILS

 

Name :

BHARAT SAFETY GLASS PRIVATE LIMITED

 

 

Registered Office :

M-6, IV th Phase, Adityapur Industrial Area, Gamharia, Jamshedpur – 832108, Jharkhand

 

 

Country :

India

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

11.03.1988

 

 

Com. Reg. No.:

35-002895

 

 

Capital Investment / Paid-up Capital :

Rs. 12.224 Millions

 

 

CIN No.:

[Company Identification No.]

U26100JH1988PTC002895

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

RCHB00349G

 

 

PAN No.:

[Permanent Account No.]

AAACB6617R

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Supplier of safety glass and decorative glass.

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (34)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 124000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track record. The company’s financial are still improving. 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 – June 30, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INDIAN ECONOMIC OVERVIEW

 

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

 

 

LOCATIONS

 

Registered Office :

M-6, IV th Phase, Adityapur Industrial Area, Gamharia, Jamshedpur – 832108, Jharkhand, India

Tel. No.:

91-657-2433562

Fax No.:

Not Available

E-Mail :

bspl_glass@hotmail.com

bsgpl_glass@hotmail.com

bsg@bharatsafety.com

Website :

www.bharatsafety.com

 

 

DIRECTORS

 

AS ON 29.09.2012

 

Name :

Mrs. Sunita Devi Bhalotia

Designation :

Director

Address :

28, C.H. Area, Road No. 3, Duplex Bistupur, Singhbhum, Jamshedpur – 831001, Jharkhand, India

Date of Birth/Age :

12.10.1962

Date of Appointment :

04.11.1991

DIN No.:

00535142

 

 

Name :

Mr. Tulsi Ram Agarwal

Designation :

Director

Address :

H. No. 28, Old C. H. Area, Bistupur, Jamshedpur – 831001, Jharkhand, India

Date of Birth/Age :

16.12.1960

Date of Appointment :

11.03.1988

DIN No.:

00535054

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 29.09.2012

 

Names of Shareholders

 

No. of Shares

Tulsi Ram Bhalotia

 

213500

Sunita Devi Bhalotia

 

292060

Tulsi Ram Bhalotia HUF

 

11650

Pranab Sarkar

 

5000

R K Singh

 

5000

K D Mazumder

 

5000

K R Singh

 

5000

K K Jha

 

5000

Sanjay Srivastava

 

5000

Kalpana Sarkar

 

2500

Lumax Dealcomm Private Limited, India

 

50000

Doyen Suppliers Private Limited, India

 

25000

Index Vanijya Private Limited, India

 

30000

Cool Brain Vinimay Private Limited, India

 

20000

Dorner Vyapar Private Limited, India

 

40000

Kanhaiya Consultants Private Limited, India

 

30000

Navjot Emporium Private Limited, India

 

40000

Dignesh Commtrade Private Limited, India

 

15000

Subh Chintak Marketing Private Limited, India

 

20000

Gita Devi Tantia

 

8750

Bothers Trading Private Limited, India

 

8000

K.S.P Choudhary

 

8000

Mahendra Agarwal

 

6400

Maradone Holdings Private Limited, India

 

16000

Mohan Prasad Choudhary

 

6000

Sanjay Lataa

 

4000

S.R.B. Agencies Private Limited, India

 

42000

Sunil Kumar Choudhary

 

8000

Sunkissed Agencies Private Limited, India

 

24000

Tusar Kanti Das

 

8000

Annapurna Goods Private Limited, India

 

12000

Bhalotia Safety Glass Private Limited, India

 

233500

Priti Agarwal

 

6000

Sarita Devi Choudhary

 

8000

Sharmila Choudhary

 

4000

TOTAL

 

1222360

 

 

AS ON 29.09.2012

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Bodies corporate

 

49.54

Directors or relatives of directors

 

50.46

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Supplier of safety glass and decorative glass.

 

 

Products :

ITC Code

Product Descriptions

700711

Toughened (Tempered) safety Glass and Laminated safety Glass

 

 

GENERAL INFORMATION

 

No. of Employees :

Not Available

 

 

Bankers :

Ř  Canara Bank, Main Road, Bistupur, Jamshedpur – 831001, Jharkhand, India

Ř  State Bank of India, SME Branch, Adityapur, Jamshedpur – 831001, Jharkhand, India

Ř  Axis Bank Limited

Ř  ICICI Bank Limited

 

 

Facilities :

 

Secured Loans

31.03.2012

31.03.2011

 

 

(Rs. In Millions)

Term loans from Banks

 

 

SBI Jamshedpur

12.583

0.000

Axis Bank Limited (Housing Loan)

1.062

1.148

Canara Bank, Jamshedpur

0.000

4.839

Canara Bank Hundi A/c

0.000

0.185

SBI Adityapur 

9.288

0.000

Overdraft facility from ICICI Bank

7.996

4.844

Total

30.929

11.016

 

 

Unsecured Loans

31.03.2012

31.03.2011

 

 

(Rs. In Millions)

From Body Corporate

6.066

1.571

From Directors and Relatives

0.805

0.000

Total

6.871

1.571

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

S.K. Naredi and Company

Chartered Accountants

Address :

Virdi Niwas, Ground Floor, M-Road, Bistupur, Jamshedpur – 831001, Jharkhand, India

Tel. No.:

91-657-2320691/ 2320686

Fax No.:

91-657-2320593

E-Mail :

sknjsr@rediffmail.com

Income-tax PAN of auditor or auditor's firm :

AAFFS1613J

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2012

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1,250,000

Equity Shares

Rs. 10/- each

Rs. 12.500 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1,222,360

Equity Shares

Rs. 10/- each

Rs. 12.224 Millions

 

 

 

 

 

 

Terms/ Right attached to Equity Shares

 

The company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to approval of the shareholders in the ensuring Annual General Meeting. In the event of liquidation of company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in the proportion to the number of equity shares held by the shareholders. 

 

 

Details of shareholders holding more than 5% Equity Shares in the company:

 

 

Names of Shareholders

No. of Shares

% of Holding

Tulsi Ram Bhalotia

213500

17.47

Sunita Devi Bhalotia

292060

23.89

Bhalotia Safety Glass Private Limited, India

233500

19.10

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2012

31.03.2011

31.03.2010

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

12.224

12.224

12.224

2] Share Application Money

0.000

0.200

0.200

3] Reserves & Surplus

18.721

16.333

14.927

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

30.945

28.757

27.351

LOAN FUNDS

 

 

 

1] Secured Loans

30.927

11.016

8.706

2] Unsecured Loans

6.872

1.571

1.581

TOTAL BORROWING

37.799

12.587

10.287

DEFERRED TAX LIABILITIES

4.313

3.372

3.229

 

 

 

 

TOTAL

73.058

44.716

40.867

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

53.842

35.118

32.539

Capital work-in-progress

0.612

0.000

0.000

 

 

 

 

INVESTMENT

0.012

0.012

0.012

DEFERRED TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
12.386

9.049

10.793

 

Sundry Debtors
1.690

1.844

1.624

 

Cash & Bank Balances
5.346

0.914

0.434

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
6.470

2.789

4.980

Total Current Assets
25.892

14.596

17.831

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
5.778

2.353

2.694

 

Other Current Liabilities
1.449

2.649

6.532

 

Provisions
0.073

0.008

0.289

Total Current Liabilities
7.300

5.010

9.515

Net Current Assets
18.592

9.586

8.316

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

73.058

44.716

40.867

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2012

31.03.2011

31.03.2010

 

SALES

 

 

 

 

 

Income

72.971

56.237

48.052

 

 

Other Income

(0.021)

0.360

0.375

 

 

TOTAL                                     (A)

72.950

56.597

48.427

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of raw material and boughtout consumed

48.198

37.042

 

 

 

Changes in inventories of finished goods and work in progress 

(0.205)

0.791

 

 

 

Employee benefit expenses

6.035

4.889

 

 

 

Other Expenses

9.733

6.690

 

 

 

TOTAL                                     (B)

63.761

49.412

42.061

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

9.189

7.185

6.366

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

1.729

1.831

1.860

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

7.460

5.354

4.506

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

3.923

3.250

3.450

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                              (G)

3.537

2.104

1.056

 

 

 

 

 

Less

TAX                                                                  (H)

1.616

0.659

0.327

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

1.921

1.445

0.729

 

 

 

 

 

Less

INCOME TAX FOR EARLIER YEAR

0.000

0.000

0.004

 

 

 

 

 

 

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

N.A.

10.737

10.012

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

N.A.

12.142

10.737

 

 

 

 

 

 

Earnings Per Share (Rs.)

1.95

1.15

0.59

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2012

31.03.2011

31.03.2010

PAT / Total Income

(%)
2.63

2.55

1.51

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
4.85

3.74

2.20

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
4.44

4.23

2.10

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.11

0.07

0.04

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
1.46

0.61

0.72

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
3.55

2.91

1.87

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

Sr. No.

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

No

5]

Type of Business

Yes

6]

Line of Business

Yes

7]

Promoter's background

Yes

8]

No. of employees

No

9]

Name of person contacted

No

10]

Designation of contact person

No

11]

Turnover of firm for last three years

Yes

12]

Profitability for last three years

Yes

13]

Reasons for variation <> 20%

--

14]

Estimation for coming financial year

No

15]

Capital in the business

Yes

16]

Details of sister concerns

No

17]

Major suppliers

No

18]

Major customers

No

19]

Payments terms

No

20]

Export / Import details (if applicable)

No

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

Yes

29]

Last accounts filed at ROC

Yes

30]

Major Shareholders, if available

Yes

31]

Date of Birth of Proprietor/Partner/Director, if available

Yes

32]

PAN of Proprietor/Partner/Director, if available

No

33]

Voter ID No of Proprietor/Partner/Director, if available

No

34]

External Agency Rating, if available

No

 

 

BANKERS CHARGES REPORT AS PER REGISTRY

 

Corporate identity number of the company

U26100JH1988PTC002895

Name of the company

BHARAT SAFETY GLASS PRIVATE LIMITED

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

M-6, IV th Phase, Adityapur Industrial Area, Gamharia, Jamshedpur – 832108, Jharkhand, India

Email: bspl_glass@hotmail.com

This form is for

Creation of charge

Type of charge

Immovable property

Book debts

Movable property (not being pledge)

Floating charge

Others [Receivables]

Particular of charge holder

State Bank of India, SME Branch, Adityapur, Jamshedpur – 831001, Jharkhand, India

Email: sbi06726@sbi.co.in

Nature of description of the instrument creating or modifying the charge

1) Agreement of Loan-Cum-Hypothecation

2) Letter of Arrangement

Date of instrument Creating the charge

24.11.2011

Amount secured by the charge

Rs. 25.200 Millions

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

Rate of Interest

On Cash Credit and Term loan: @ 3.50% above base rate s(BR=10% w.e.f. 13/08/2011).

 

Terms of Repayment

1) Cash Credit- Repayable on demand

2) Term Loan-Principal amount will be repaid on 21 quarterly instalments, including moratorium period of 17 months amount will be repaid.

 

Margin

Cash Credit (Stock)-25%

Cash Credit (Book Debts)-25% cover period 30 days

Term Loan-37.53%

Foreign Letter Credit-37.53%

 

Extent and Operation of the charge

Charge creates exclusively in favour of charge holder State Bank of India for the repayment of principal amount and interest thereon.

Short particulars of the property charged

First charge over the all current assets of the company situated at M-6(P), Phase IV, Gamharia, Seraikela EM over factory land and building at M-6(P), Phase IV, Gamharia, Seraikela in the name of company.

 

 

FIXED ASSETS

 

Ř  Land

Ř  Shed and Building

Ř  Guest House

Ř  Plant and Machinery

Ř  Furniture and Fixture

Ř  Vehicle

Ř  Computer and Software

Ř  Office Equipment

Ř  Generator Set

Ř  Air Conditioners

Ř  Electrical Installation

Ř  Tools and Dies

Ř  Truck

Ř  Mobile Phone

Ř  Camera

Ř  Xerox Machine

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

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

 

1]         INFORMATION ON DESIGNATED PARTY

No 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 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. 55.09

UK Pound

1

Rs. 89.54

Euro

1

Rs. 72.77

 

 

INFORMATION DETAILS

 

Report Prepared by :

BVA

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILIRY

1~10

4

--LIQUIDITY

1~10

4

--LEVERAGE

1~10

4

--RESERVES

1~10

4

--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

 

34

 

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

-

 

 

 

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

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