MIRA
INFORM REPORT
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Report Date : |
25.02.2012 |
IDENTIFICATION DETAILS
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Name : |
BHILOSA INDUSTRIES PRIVATE LIMITED [w.e.f. 31.03.2007] |
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Formerly Known
As : |
BHILOSA TEX-N-TWIST PRIVATE LIMITED |
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Registered
Office : |
Survey NO. 14/1/2,
Village Rakholi, Silvassa Dadar Nagar Haveli-396230. |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
01.06.1988 |
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Com. Reg. No.: |
54-000365 |
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Capital Investment
/ Paid-up Capital : |
Rs.543.195 Millions |
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CIN No.: [Company Identification
No.] |
U18101DN1988PTC000365 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer
and Exporter of Polyester Textured Yarn |
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No. of Employees
: |
Not Available. |
RATING & COMMENTS
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MIRA’s Rating : |
A (65) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 11000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having fine track. Financial
position of the company appears to be sound. Trade relations are reported as fair.
Business is active. Payments are reported to be regular and as per
commitments. The company can be considered good for normal 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 |
LOCATIONS
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Registered Office : |
Survey NO. 14/1/2,
Village Rakholi, Silvassa Dadar Nagar Haveli-396230. India |
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E-Mail : |
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Tel. No.: |
91-22-6744 1226 |
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Fax No.: |
91-22-2283 8615 |
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Head Office : |
75, Free Press
Bldg, 7th Floor, Nariman Point, Mumbai - 400 021, India |
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Tel. No.: |
91-22-6744 1200/ 2283 8611/ 2283 8612. |
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Fax No.: |
91-22-2283 8615 |
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E-Mail : |
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Factory 1 : |
90/91 Danu Udyog
Industrial Estate, Piparia, Silvassa (U.T.), |
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Factory 2 : |
Survey 17/1/4 and 6, Rakholi, Silvassa (U.T.), India. |
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Factory 3 : |
Survey 14/1/1 and
15/1/2, Rakholi, Silvassa (U.T.), India. |
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Factory 4 : |
Survey 14/1/2
Rakholi, Silvassa (U.T.), India. |
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Factory 5 : |
Survey 37 and 46/1/3/1 Rakholi, Silvassa (U.T.), |
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DIRECTORS
As on 30.09.2011
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Name : |
Mr. Rameshchandra Tejraji Jain |
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Designation : |
Chairman Cum Managing Director |
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Address : |
Pushpak Apaetment, 18th Flr,
Flat No. 182, Indrashan Soc, 31- Altamount Road, Mumbai-400026, India. |
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Date of Birth/Age : |
22.06.1948 |
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Date of Appointment : |
01.06.1988 |
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DIN No.: |
01327431 |
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Other Directorship
:
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Name : |
Mr. Kumarpal Rameshchandra Jain |
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Designation : |
Director |
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Address : |
Pushpak Apaetment, 18th Flr,
Flat No. 182, Indrashan Soc, 31- Altamount Road, Mumbai-400026, India. |
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Date of Birth/Age : |
04.04.1975 |
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Date of Appointment : |
03.05.1993 |
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DIN No.: |
01003673 |
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Other
Directorship :
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KEY EXECUTIVES
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Name : |
Mr. Pradeep Kumar Agrawal |
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Designation : |
Secretary |
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Address : |
B-402, Rekha Retreat, Shanti Park, Mira Road ( East), Thane-401107 |
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Date of Birth/Age : |
12.02.1968 |
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Date of Appointment : |
01.11.2006 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
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Names of Shareholders |
No. of Shares |
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Rameshchandra Jain |
11570290 |
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Manjula Jain |
2024535 |
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Kumarpal Jain Jointly with Ramneshchandra Jain |
4622160 |
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Sandeep Jain Jointly with Ramneshchandra Jain |
2052170 |
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Rameshchandra Jain Jointly with Manjula Jain |
4482335 |
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Chetna Jain Jointly with Manjula Jain |
292000 |
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Kumarpal Jain Jointly with Manjula Jain |
450000 |
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Sandeep Jain Jointly with Manjula Jain |
300000 |
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Rameshchandra T Jain HUF |
225000 |
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Kumarpal Jain |
7201010 |
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Madhavi Jain |
1775000 |
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Sandeep Jain |
1825000 |
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Rameshchandra Jain |
2875000 |
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Sandeep Jain |
822500 |
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Hirvi Jain |
1677500 |
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Kumarpal Jain |
15875000 |
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Total |
58069500 |
Equity Share Break up (Percentage of Total Equity)
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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 : |
Manufacturer
and Exporter of Polyester Textured Yarn |
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Products : |
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Products : |
Polyester Textured Yarn |
PRODUCTION STATUS
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Particulars |
31.03.2010 |
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Installed
Capacity |
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Partially Oriented Yarn / FDY (Mts.) |
105000 |
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Polyester Chips (Mts.) |
180000 |
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Texturised Yarn (Spindles) |
32040 |
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Twisted Yarn (Spindles) |
3544 |
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Looms (Nos) |
12 |
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Production |
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Partially Oriented Yarn / FDY (Mts.) |
88182.939 |
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Polyester Chips (Mts.) |
66219.71 |
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Texturised Yarn (Mts.) |
87812.81 |
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Fabrics (Mts.) |
9041540 |
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Wastage Yarn (Mts.) |
2041.08 |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
Notes on nature of security : a) Term Loans are
secured by 1st parri passu equitable mortgage on Company’s entire immovable
properties and hypothecation of plant and machineries and other fixed assets
of the company and further secured by 2nd pari passu charge
on company’s entire current assets and
personal guarantees of two promoter directors. b) Vehicle Loans
are secured by Hypothecation of specific vehicles. c) Cash Credit Loans are secured by Hypothecation of present and
future stocks of Raw Material, Stock in Process, Finished goods and Book
debts of the Company and further secured by 2nd pari passu charge on
company’s entire immovable properties and personal guarantees of two promoter
directors. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Sanghvi Sanghvi and Sanghvi Chartered Accountant |
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Address : |
10, LA Citadelle, 2nd Floor,
99, |
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PAN.: |
AACFS2693D |
CAPITAL STRUCTURE
Aa on 31.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
80000000 |
Equity Shares |
Rs.10/- each |
Rs.800.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
58069500 |
Equity Shares |
Rs.10/- each |
Rs.580.695
Millions |
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
60000000 |
Equity Shares |
Rs.10/- each |
Rs.600.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
54319500 |
Equity Shares |
Rs.10/- each |
Rs.543.195
Millions |
Out of the above shares:
(1) 10,00,000
Equity Shares are alloted as fully paid by way of Bonus Shares from Capitalisation
of General Reserve.
(2) 9,800 Equity
Shares are alloted as fully paid up pursuant to a contract without payment
being received in cash.
(3) 3,33,400
Equity shares are issued to the the shareholders of erstwhile Bhilosa
Synthetcis Private Limited pursuant to the scheme of amalgamation sanctioned by
the High Court of Judicature,
(4) 2,94,55,600
Equity Shares are alloted during the year ended 31st March, 2008 as fully paid
by way of Bonus Shares by capitalization of Shares Premium and General Reserve.
FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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543.200 |
393.200 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
2177.000 |
1313.600 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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2720.200 |
1706.800 |
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LOAN FUNDS |
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1] Secured Loans |
|
2434.400 |
2169.600 |
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2] Unsecured Loans |
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3504.100 |
1782.800 |
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TOTAL BORROWING |
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5938.500 |
3952.400 |
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DEFERRED TAX LIABILITIES |
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438.200 |
296.200 |
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TOTAL |
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9096.900 |
5955.400 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
5156.600 |
3193.400 |
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Capital work-in-progress |
|
1358.500 |
728.100 |
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INVESTMENT |
|
1.500 |
1.500 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
1603.000
|
632.400
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Sundry Debtors |
|
1592.300
|
1085.500
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Cash & Bank Balances |
|
495.700
|
196.600
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Other Current Assets |
|
0.000
|
0.000
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Loans & Advances |
|
1070.400
|
642.200
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Total
Current Assets |
|
4761.400
|
2556.700
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Sundry Creditors |
|
2038.600
|
477.200 |
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Other Current Liabilities |
|
70.400
|
37.100
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Provisions |
|
74.400
|
13.200
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Total
Current Liabilities |
|
2183.400
|
527.500
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Net Current Assets |
|
2578.000
|
2029.200
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MISCELLANEOUS EXPENSES |
|
2.300 |
3.200 |
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TOTAL |
|
9096.900 |
5955.400 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
|
9101.000 |
7023.900 |
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Other Income |
|
66.600 |
17.800 |
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TOTAL (A) |
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9167.600 |
7041.700 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
|
7608.500 |
6052.000 |
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Advertising Expenses |
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TOTAL (B) |
|
7608.500 |
6052.000 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
1559.100 |
989.700 |
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Less |
FINANCIAL
EXPENSES (D) |
|
279.700 |
284.900 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
1279.400 |
704.800 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
238.100 |
165.700 |
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PROFIT BEFORE
TAX (E-F) (G) |
|
1041.300 |
539.100 |
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Less |
TAX (I) |
|
327.900 |
132.800 |
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PROFIT AFTER TAX
(G-I) (J) |
|
713.400 |
406.300 |
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EARNINGS IN
FOREIGN CURRENCY |
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|
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|
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Export Earnings |
|
873.400 |
160.700 |
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TOTAL EARNINGS |
|
873.400 |
160.700 |
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IMPORTS |
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|
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Raw Materials |
|
4175.600 |
1142.100 |
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Stores & Spares |
|
0.500 |
0.000 |
|
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Capital Goods |
|
1163.000 |
787.700 |
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Others |
|
64.200 |
0.000 |
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TOTAL IMPORTS |
|
5403.300 |
1929.800 |
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|
Earnings Per
Share (Rs.) |
|
18.14 |
11.04 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
|
7.78
|
5.76 |
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Net Profit Margin (PBT/Sales) |
(%) |
|
11.44
|
7.67 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
10.50
|
9.37 |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.38
|
0.31 |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
2.99
|
2.62 |
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Current Ratio (Current Asset/Current Liability) |
|
|
2.18
|
4.84 |
LOCAL AGENCY FURTHER INFORMATION
Change of Address:
The registered office of the has been shifted from 74/75, Free Press House., 7th Floor, Free Press
Journal Marge, Nariman Point, Mumbai-400 021, India to the present address w.
e. f. 16.03.2011
Result of
Operations
During the year
performance of the Company has registered an improvement over the previous
year. Net Sales increased by 29.57% from Rs.7023.900 millions in 2008-09 to
Rs.9101.000 millions in 2009-10 and net profit for the year was Rs.713.400
millions, thereby registering an increase of 75.58%. Cash profit increased to
Rs.1093.500 millions from Rs 637.700 millions in the previous year, an increase
of 71.48%.
CP Projects
Their prestigious
continuous polymerization (CP) Project with a capacity of 1, 80,000 TPA has
been commissioned and started production from Oct.23, 2009.
To consolidate its
position further in PFY industry the company has undertaken the project to
increase its polyethylene terephthalate chips capacity by further setting up a
continuous polymerization (CP) plant at new location village Naroli, Silvassa
with a capacity of 2,27,500 TPA. The plant is slated to be operational by
April, 2012.
Expansion Project
of PTY
The expansion
project to install additional 27 Texturising Machines with a capacity of 40330
TPA was completed by March, 2010.
During the year,
The Company has taken up project to increase its PTY capacity from 137690 TPA
to 204910 TPA by adding 45 Texturising Machines. The implementation of the
project is at advance stage, till date out of 45 Texturising Machines, the 32
Texturising Machines have already arrived, commissioned at the site and
commercial production has started on all thirty two machines. The entire
project is expected to be completed by end of March 2011.
Expansion Project
of 414 POY Position and 108 FDY Position with Melt Transfer Line.
To further improve
the margins, the company has taken up project to increase its POY capacity from
82320 TPA to 183750 TPA by installing 414 POY Position with capacity of 101430
TPA. The company has also taken up project to increase its FDY capacity from
9450 TPA to 37800 TPA by installing 108 FDY Position with capacity of 28350
TPA. All plants have already been delivered at site and erection is at advance
stage. Out of 414 POY Position, commercial production on 288 POY Position
already started through Melt Transfer Line and balance 126 POY Position and 108
FDY Position is expected to be operational by October 2010.
Form 8:
|
Corporate identity number of the company |
U18101DN1988PTC000365 |
|
Name of the company |
BHILOSA
INDUSTRIES PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
Survey No.
14/1/2, Village Rakholi, Silvassa Dadar Nagar Haveli-396230, India. Email- pradeepa@bhiosa.com |
|
This form is for |
Creation of charge |
|
Type of charge |
Book debt Movable
Property(not being pledge) Others : Current
and Fixed Assets |
|
Particular of charge holder |
State bank of indie, Industrial Finance
Branch, The Arcade, 2nd Floor, World Trade center, Cuff Parade,
Mumbai-400005, Maharashtra, India. Email- bhushan.mahajan@sbi.co.in |
|
Nature of instrument creating charge |
Form CF-1 Working Capital Consortium
Agreement Form CF-2 Joint Deed of Hypothecation |
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Date of instrument Creating the charge |
09.11.2011 |
|
Amount secured by the charge |
Rs.5000.000 Millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate
of Interest As per sanction letters and as stipulated
by bank from time to time. Terms of repayment As per sanction letters and as stipulated
by bank from time to time. Margin
As per sanction letters and as stipulated
by bank from time to time. Extent
and operation of the charge As per sanction letters and as stipulated
by bank from time to time Others As per sanction letters and as stipulated
by bank from time to time |
|
Short particulars of the property or
asset(s) charged (including complete address and location of the property) |
Hypothecation/
Mortgage Charge of all the Present and Future. 1) Current
Assets of the Company including Stocks, Book debts, Securities, Investments
etc. On first Pari Passu charge basis. 2. Fixed Assets
of the company including plant and machinery and immovable properties
including building, Structure and plants thereon, of the company on second
pari passu charge basis situated at At survey no.
14/1/2, 14/1/1/1, 15/2, 17/1/6, 17/1/4 and 46/1/3/1 & 37, Village
Rakholi, Silvassa. At s. no. 199,201/p, 201/1/3,& plot no.3
of survey no. 201/1/2 ; s. no. 106/1/2/3, 106/1/2/4p & 106/1/2/5 ; s. no.
202/1/2, 202/2/2, plot
no. 1,2,3,4 & 30 of s. no. 202 Paiky, Village Naroli, Silvassa. At survey no. 202/2/3,
202/2/4, plot no. 31, 32, 33, 34 of survey no. 202/p, Village Naroli,
Silvassa. At B-501, Pinnaacle Corp. Park (A wing),
BKC, Bandra (E), Mumbai |
Fixed
Assets
- Land
- Building
- Electric Fittings
- Plant and Machinery
- Furniture
- Office Equipments
- Vehicles
- Computer Software
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. 49.07 |
|
|
1 |
Rs.77.18 |
|
Euro |
1 |
Rs.65.57 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
65 |
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.