|
Report Date : |
29.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
B. R. SPINNERS PRIVATE LIMITED (w.e.f. 16.01.2009) |
|
|
|
|
Formerly Known
as: |
INDO GLOBLE INDUSTRIES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Village Seerah Rahon Road, Ludhiana – 141007, Punjab |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
22.07.1994 |
|
|
|
|
Com. Reg. No.: |
014851 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.49.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U18101PB1994PTC014851 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
JLDB00603B |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Poly Carbonate Granules |
|
|
|
|
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 732708 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow But Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.
|
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
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Village Seerah Rahon Road, Ludhiana – 141007, Punjab, India |
|
Tel. No.: |
91-161-4626443 |
|
Fax No.: |
91-161-5016839 |
DIRECTORS
AS ON 29.09.2010
|
Name : |
Mr. Kailash Aggarwal |
|
Designation : |
Managing Director |
|
Address : |
3301, Gurdev Nagar, Ludhiana – 141001, Punjab, India |
|
Date of Birth/Age : |
05.06.1948 |
|
Date of Appointment : |
22.07.1994 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation of the director |
Date of appointment at current designation |
Original date of appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U17111PB1987PTC007771 |
Shakun Polyplasts Private
Limited |
Managing director |
31/10/1987 |
31/10/1987 |
- |
Active |
NO |
|
2 |
U45202PB1992PTC012127 |
B R TOWER BUILDERS PVT LTD
|
Managing director |
23/03/1992 |
23/03/1992 |
- |
Active |
NO |
|
3 |
U18101PB1994PTC014851 |
B.R. SPINNERS PRIVATE
LIMITED |
Managing director |
22/07/1994 |
22/07/1994 |
- |
Active |
NO |
|
4 |
U17117PB1995PTC015858 |
B.R. COMBERS PVT LTD |
Director |
21/02/1995 |
21/02/1995 |
- |
Active |
NO |
|
5 |
U17200PB2010PLC033745 |
GENEX POLYFAB LIMITED |
Director |
29/03/2010 |
29/03/2010 |
- |
Active |
NO |
|
6 |
U52100PB2011PTC035206 |
ARK IMPORTS PRIVATE
LIMITED |
Director |
23/06/2011 |
23/06/2011 |
- |
Active |
NO |
|
7 |
U70109PB2012PTC035990 |
GENEX INFRATECH PRIVATE
LIMITED |
Director |
28/02/2012 |
28/02/2012 |
- |
Active |
NO |
|
Name : |
Ms. Rajni Aggarwal |
|
Designation : |
Director |
|
Address : |
3301, Gurdev Nagar, Ludhiana – 141001, Punjab, India |
|
Date of Birth/Age : |
23.10.1951 |
|
Date of Appointment : |
18.08.2003 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation of the director |
Date of appointment at current designation |
Original date of appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U45202PB1992PTC012127 |
B R TOWER BUILDERS PVT LTD
|
Director |
23/03/1992 |
23/03/1992 |
- |
Active |
NO |
|
2 |
U17111PB1987PTC007771 |
Shakun Polyplasts Private
Limited |
Director |
04/09/2002 |
04/09/2002 |
- |
Active |
NO |
|
3 |
U17117PB1995PTC015858 |
B.R. COMBERS PVT LTD |
Director |
06/09/2002 |
06/09/2002 |
- |
Active |
NO |
|
4 |
U18101PB1994PTC014851 |
B.R. SPINNERS PRIVATE
LIMITED |
Director |
18/08/2003 |
18/08/2003 |
- |
Active |
NO |
|
5 |
U17200PB2010PLC033745 |
GENEX POLYFAB LIMITED |
Additional director |
20/05/2010 |
20/05/2010 |
- |
Active |
NO |
|
6 |
U52100PB2011PTC035206 |
ARK IMPORTS PRIVATE
LIMITED |
Director |
23/06/2011 |
23/06/2011 |
- |
Active |
NO |
|
7 |
U70109PB2012PTC035990 |
GENEX INFRATECH PRIVATE
LIMITED |
Director |
28/02/2012 |
28/02/2012 |
- |
Active |
NO |
|
Name : |
Mr. Anubhav Aggarwal |
|
Designation : |
Director |
|
Address : |
3301, Gurdev Nagar, Ludhiana – 141001, Punjab, India |
|
Date of Birth/Age : |
25.07.1977 |
|
Date of Appointment : |
01.04.2008 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation of the director |
Date of appointment at current designation |
Original date of appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U18101PB1994PTC014851 |
B.R. SPINNERS PRIVATE
LIMITED |
Additional director |
01/04/2008 |
01/04/2008 |
- |
Active |
NO |
|
2 |
U17200PB2010PLC033745 |
GENEX POLYFAB LIMITED |
Director |
29/03/2010 |
29/03/2010 |
- |
Active |
NO |
|
3 |
U52100PB2011PTC035206 |
ARK IMPORTS PRIVATE
LIMITED |
Director |
23/06/2011 |
23/06/2011 |
- |
Active |
NO |
|
4 |
U70109PB2012PTC035990 |
GENEX INFRATECH PRIVATE
LIMITED |
Director |
28/02/2012 |
28/02/2012 |
- |
Active |
NO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Kailash Aggarwal |
|
1450000 |
|
Rajni Aggarwal |
|
653000 |
|
Anubhav Aggarwal |
|
1215000 |
|
Shakun Polyplas Private Limited, Punjab |
|
1309500 |
|
Novo Recycling Co. LLP, United Kingdom |
|
81150 |
|
Total |
|
4708650 |
PREFERENCE SHARES AS ON 29.09.2010
|
Rajni Aggarwal |
|
10000 |
AS ON 29.09.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
1.70 |
|
Bodies corporate |
27.80 |
|
Directors or relatives of Directors |
70.50 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Poly Carbonate Granules |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
United Bank of India, 202, Sai Towers, Near Cheema Chowk, Ludhiana -
141001, Punjab, India |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Navneet Sehgal and Co. Chartered Accountant |
|
Address : |
10, Fountain Chowk, Cemetry Road, Civil Lines, Ludhiana – 141001,
Punjab, India |
|
|
|
|
Associates/Subsidiaries : |
NA |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4990000 |
Equity Shares |
Rs.10/- each |
Rs.49.900 Millions |
|
10000 |
Preference Shares |
Rs.10/- each |
Rs.0.100 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4708650 |
Equity Shares |
Rs.10/- each |
Rs.47.086
Millions |
|
10000 |
Preference Shares |
Rs.10/- each |
Rs.0.100 Million |
|
|
|
|
|
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 |
47.186 |
47.186 |
45.000 |
|
|
2] Share Application Money |
41.713 |
14.713 |
0.000 |
|
|
3] Reserves & Surplus |
94.278 |
90.759 |
26.512 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
183.177 |
152.658 |
71.512 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
336.091 |
228.656 |
101.071 |
|
|
2] Unsecured Loans |
39.037 |
37.283 |
27.136 |
|
|
TOTAL BORROWING |
375.128 |
265.939 |
128.207 |
|
|
DEFERRED TAX LIABILITIES |
3.333 |
3.958 |
0.265 |
|
|
|
|
|
|
|
|
TOTAL |
561.638 |
422.555 |
199.984 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
190.743 |
118.414 |
26.006 |
|
|
Capital work-in-progress |
1.184 |
22.582 |
33.335 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
184.412
|
166.749 |
84.581 |
|
|
Sundry Debtors |
156.069
|
56.401 |
79.431 |
|
|
Cash & Bank Balances |
14.079
|
31.794 |
9.122 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
48.789
|
68.137 |
21.369 |
|
Total
Current Assets |
403.349
|
323.081 |
194.503 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
0.000
|
0.000 |
0.000 |
|
|
Other Current Liabilities |
33.481
|
40.375 |
53.860 |
|
|
Provisions |
0.252
|
1.273 |
0.000 |
|
Total
Current Liabilities |
33.733
|
41.648 |
53.860 |
|
|
Net Current Assets |
369.616
|
281.433 |
140.643 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.095 |
0.126 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
561.638 |
422.555 |
199.984 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL |
1503.213 |
869.743 |
608.429 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
11.742 |
9.010 |
4.974 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
8.223 |
5.087 |
2.109 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
3.519 |
3.923 |
2.865 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.23
|
0.45 |
0.47 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.98
|
2.04 |
2.26 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.06 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.23
|
2.01 |
2.55 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
11.96
|
7.76 |
3.61 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8:
|
Corporate identity number of the company |
U18101PB1994PTC014851 |
|
Name of the company |
B.R. SPINNERS PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
Village Seerahroahon Road, Punjab –
141007, Ludhiana, India |
|
This form is for |
Modification of charge |
|
Type of charge |
Book Debts Movable Property Immovable Property |
|
Particular of charge holder |
UNITED BANK OF INDIA |
|
Nature of instrument creating charge |
1. Deed of Guarantee 2. Joint Deed of Hypothecation 3. Sanction Letter Bank of Maharashtra |
|
Date of instrument Creating the charge |
04/04/2011 |
|
Amount secured by the charge |
Rs.488.100 Millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate of Interest UBI : Term Loan BR+3.80% p.a. i.e., 12.75% p.a. with
monthly rests. CC: BR+5.75% p.a. i.e.,
14.70% p.a. Bank of Maharashtra : As per Sanction
Letter Terms of Repayment Working Capital: Repayable on demand. Term Loan-I of Rs. 96.600 Millions provided by UBI,
will be repaid in 17 quarterly
installments of Rs. 5.682 Millions each. Bank of Maharashtra : Term Loan As per
Sanction Letter Margin Cash Credit : 25% on stock and 40%
book-debt. Letter of Credit: 10% Term Loan: As existing 40% by way of
promoter's contribution in project cost. PC: 25% against stock FBP: Nil Extent and Operation of the charge Extent and operation of the charge is 100%
Others United Bank of India is a lead bank,
United Bank Of India, 202, Sai Towers, Near Cheema Chowk, Ludhiana (Pb) and
the consortium details of credit facilities are as under: 1. United Bank Of India : Rs. 341.600 Millions 2. Bank Of Maharashtra : Rs. 146.500
Millions
-------------------------------- TOTAL : Rs. 488.100 Millions |
|
Short particulars of the property charged |
Security: On pari-passu basis with Bank of Maharashtra under
consortium. Primary: The primary securities against individuals sub-limits
shall remain extended to all the other sub-limits. a) Cash Credit: Hypothecation of stocks of
raw materials, work-in-process, finished goods, stores, spares and consumables, book debts/receivables
and other current assets of the company both present and future of both the
units. b) PC: Extension of hypothecation of stock of Raw Material, WIP,
Finished goods, stores spares and consumables etc. for execution of export
orders. c) FBD/FBN: Extension of hypothecation of foreign bill/export
receivables. d) Letter of Credit: Extension of charge
on goods to be procured under LC and
related documentary bills for.
retirement of LC. Margin component of LC to be brought by the Company in the
form of cash or Bank's own term deposit to be kept as Lien with the Bank. e)
Term Loan: Equitable mortgage of factory land building and hypothecation of
entire plant and machinery and other misc. fixed assets (both present and
future) of the polycarbonate unit at Village Poorva, Samrala, Distt.
Ludhiana, Punjab. Collateral: 1) Equitable mortgage of existing factory
LandB, hypothecation of PandM of the company situated at khasra No. 50/596,
Khewat No. 84, Vill. Seerah, Rahon Road, Ludhiana |
|
Date of instrument modifying the charge |
10/02/2011 |
|
Particulars of the present modification |
The overall facilities enhanced to Rs.
488.100 Millions in consortium with Bank of Maharashtra. Other terms and
conditions remains the same. |
CMT REPORT (Corruption, Money Laundering and 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.49.14 |
|
|
1 |
Rs.77.85 |
|
Euro |
1 |
Rs.66.06 |
SCORE and RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--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 and 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.