MIRA
INFORM REPORT
|
Report Date : |
28.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
BITU-PLUS INDUSTRIES PRIVATE LIMITED |
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Registered
Office : |
202, Dutti Island, Siripuram, Visakhapatnam-530003, Andhra
Pradesh |
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Country : |
India |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
14.12.2001 |
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Com. Reg. No.: |
01-038215 |
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Capital Investment / Paid-up Capital : |
Rs. 10.000 Millions |
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CIN No.: [Company Identification
No.] |
U24299AP2001PTC038215 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
VPNB00322A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of water proofing membranes and coatings, poly sulphide sealants export, self adhesive membranes, finished membranes. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 53000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The company has incurred a loss in the current year. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some 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 |
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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 : |
202, Dutti Island, Siripuram, Visakhapatnam-530003, Andhra Pradesh,
India |
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Tel. No.: |
91-891-6665037 / 6665038 |
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Fax No.: |
91-891-2508942 |
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E-Mail : |
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Website : |
DIRECTORS
AS ON 29.09.2011
|
Name : |
Ms. Anita Hazra |
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Designation : |
Director |
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Address : |
114B, Prince Anwarshar Road, Black Pearl Housing Co-Operative, Kolkata-700045, West Bengal, India |
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Date of Birth/Age : |
17.01.1955 |
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Date of Appointment : |
14.12.2001 |
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DIN No.: |
01886312 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation of the director |
Date of appointment at current designation |
Original date of appointment |
Company Status |
Defaulting status |
|
1 |
U23209WB1998PTC088371 |
POLYBIT INDIA PRIVATE LIMITED |
Director |
01-12-98 |
01-12-98 |
Active |
NO |
|
2 |
U24299AP2001PTC038215 |
BITU-PLUS INDUSTRIES PRIVATE LIMITED |
Director |
14-12-01 |
14-12-01 |
Active |
NO |
|
Name : |
Mr. Kini Rajendra Tonse |
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Designation : |
Director |
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Address : |
A-11, AI-Gubaiba, Sharjah, United Arab Emirates |
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Date of Birth/Age : |
04.02.1960 |
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Date of Appointment : |
14.12.2001 |
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DIN No.: |
02941468 |
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Name : |
Mr. Philip Geroge Philip |
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Designation : |
Director |
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Address : |
Sterra Gorda-53, Lomasde Chapultepee, Maxico |
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Date of Birth/Age : |
20.05.1961 |
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Date of Appointment : |
14.12.2001 |
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DIN No.: |
02630014 |
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Name : |
Mr. Jayan Paul |
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Designation : |
Director |
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Address : |
A-13, AI-Gubaiba, Sharjah, United Arab Emirates |
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Date of Birth/Age : |
15.02.1959 |
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Date of Appointment : |
14.12.2001 |
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Name : |
Mr. Ganesh Kini Tonse |
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Designation : |
Executive Director |
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Address : |
308, Mahalaxmi Towers, 9-42-9, Balaji Nagar, Siripuram, Visakhapatnam-530003, Andhra Pradesh, India |
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Date of Birth/Age : |
21.09.1963 |
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Date of Appointment : |
01.04.2006 |
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DIN No.: |
00877038 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2011
|
Names of Shareholders |
No. of Shares |
|
Losi Philip |
20000 |
|
Anita Hazra |
1000 |
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Philip George Philip |
20000 |
|
Kini Rajendra Tonse |
24000 |
|
Jayan Paul |
26500 |
|
Kini Ganesh Tonse |
8500 |
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Total |
100000 |
AS ON 29.09.2011
|
Equity Shares
Break Up |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of water proofing membranes and coatings, poly sulphide sealants export, self adhesive membranes, finished membranes. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
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Particulars |
Unit |
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Licensed
Capacity & Installed Capacity |
Sq Mtrs. / Per
Month |
100000 |
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Actual
Production |
Rolls |
82987 |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
· State Bank of India, Siripuram Branch, Dutt Island, Siripuram Junction, Visakhapatnam-530003, Andhra Pradesh, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
MKA Associates Chartered Accountants |
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Address : |
1st Floor, 4-1-969/7, Ahuja Estate, Abids, Hyderabad-500001, Andhra Pradesh, India |
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Tel. No.: |
91-891-2555112 / 113 / 114 |
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Fax No.: |
91-891-2567435 |
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E-Mail : |
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Pan No.: |
ACQDA8546H |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
100000 |
Equity Shares |
Rs.100/- each |
Rs. 10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
100000 |
Equity Shares |
Rs.100/- each |
Rs. 10.000 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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|
SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
10.000 |
10.000 |
10.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
3.489 |
4.051 |
3.226 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
13.489 |
14.051 |
13.226 |
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LOAN FUNDS |
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1] Secured Loans |
16.039 |
14.906 |
10.909 |
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2] Unsecured Loans |
4.693 |
4.649 |
4.532 |
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TOTAL BORROWING |
20.732 |
19.555 |
15.441 |
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DEFERRED TAX LIABILITIES |
0.190 |
0.257 |
0.313 |
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TOTAL |
34.411 |
33.863 |
28.980 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
9.241 |
10.533 |
10.196 |
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Capital work-in-progress |
3.991 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
|
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Inventories |
5.497
|
5.133 |
2.789 |
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Sundry Debtors |
22.411
|
22.666 |
17.651 |
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|
Cash & Bank Balances |
2.197
|
1.773 |
2.058 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
2.887
|
4.102 |
1.599 |
|
Total
Current Assets |
32.992
|
33.674 |
24.097 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
11.813
|
9.855 |
4.833 |
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Other Current Liabilities |
0.000
|
0.000 |
0.000 |
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|
Provisions |
0.000
|
0.489 |
0.480 |
|
Total
Current Liabilities |
11.813
|
10.344 |
5.313 |
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Net Current Assets |
21.179
|
23.330 |
18.784 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
34.411 |
33.863 |
28.980 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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|
89.503 |
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Other Income |
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TOTAL |
88.168 |
89.503 |
73.755 |
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Less |
EXPENSES |
|
|
|
|
|
|
|
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|
86.761 |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
87.456 |
86.761 |
71.253 |
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PROFIT / (LOSS) BEFORE TAX, DEPRECIATION
AND AMORTISATION |
0.712 |
2.742 |
2.502 |
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|
Less |
DEPRECIATION/
AMORTISATION |
1.315 |
1.344 |
1.300 |
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PROFIT / (LOSS)
BEFORE TAX |
(0.603) |
1.398 |
1.202 |
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Less |
TAX |
(0.042) |
0.573 |
0.453 |
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PROFIT / (LOSS) AFTER TAX |
(0.561) |
0.825 |
0.749 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
4.451 |
3.961 |
NA |
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TOTAL EARNINGS |
4.451 |
3.961 |
NA |
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|
Earnings /
(Loss) Per Share (Rs.) |
(5.61) |
8.25 |
7.49 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(0.64)
|
0.92 |
1.02 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(1.43)
|
3.16 |
3.51 |
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Return on Investment (ROI) (PBT/Networth) |
|
(0.04)
|
0.10 |
0.09 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
2.43
|
2.15 |
1.59 |
|
|
|
|
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|
|
Current Ratio (Current Asset/Current Liability) |
|
2.79
|
3.26 |
4.54 |
LOCAL AGENCY FURTHER INFORMATION
REVIEW OF
OPERATIONS
During the year, the company has earned an income of Rs. 88.168 Millions as compared to Rs. 89.503 Millions during the previous year and the Expenditure incurred during the year was Rs. 87.456 millions as against Rs. 86.761 Millions during the previous year. The profit before depreciation was Rs. 0.712 million as compared to Rs. 2.742 million during the previous year. The Deprecation provided during the year was Rs. 1.315 Million and that of the previous year was Rs.1.344 Millions. As a result, the Loss during the year before the tax was Rs. 0.603 Million as compared to previous year Profit of Rs. 1.398 Millions during the previous year and the deferred tax during the year was Rs. 0.086 million as against the previous year was Rs. 0.573 million and the Company has reported the net loss of Rs. 0.561 Million as compared to the previous year profit of Rs. 0.825 million. The loss was incurred due to increase in overheads and continuation of the same quantum of depreciation. However, the Board has taken the required steps for effective operations to control overheads and also for increasing the business of the company in view of recovery of economy in all sectors. Hence, the company expects more business and income in coming years.
FORM 8
|
Corporate
identity number of the company |
U24299AP2001PTC038215 |
|
Name of the
company |
BITU-PLUS
INDUSTRIES PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in India of the company |
202, Dutti Island, Siripuram, Visakhapatnam-530003, Andhra Pradesh, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable
property Book debts Movable property
(not being pledge) |
|
Particular of
charge holder |
State Bank of India, Siripuram Branch, Dutt Island, Siripuram Junction, Visakhapatnam-530003, Andhra Pradesh, India |
|
Nature of
instrument creating charge |
1.
Letter
of arrangement (SME-1) 2.
Supplemental
agreement of Loan-Cum-Hypothecation (SME-4) 3.
Memorandum
for recording extension of Mortgage (SME-7) |
|
Date of
instrument Creating the charge |
24.10.2010 |
|
Amount secured by
the charge |
RS. 21.000
Millions |
|
Brief of the principal terms an conditions and extent and operation of the charge |
Rate of interest Cash Credit
Facility -13.75% Terms of repayment Working Capital
shall be repayable on demand Margin Finished Goods
(Stocks) – 25% Domestic
Receivables -- 40% Letters of
Credit -- 25% Extent and operation of the charge It is a continuous charge until the repayment of entire dues to the Bank. Other Nature of
Facilities : Cash Credit limits : Rs. 16.000 Millions : Bank Guarantee
Limits : Rs. 5.000 Millions |
|
Short particulars of the property charged (Including location of the property) |
Hypothecation of Plant and Machinery, Stocks and Receivables and all other current assets of the Company (both present and future) Equitable Mortgage on Plot No.18 in S. No.203 admeasuring 6334.50 Sq. Mtrs. situated at IDA, Gurrampalem Village, Pendurthi, Visakhapatnam District. |
|
Charge identification number of the charge to be modified |
10151012 |
|
Date of
instrument modifying the charge |
07.01.2010 |
|
Particulars of
the present modification |
The State Bank of India, Siripuram Branch, Visakhapatnam has enhanced the cash credit limits from Rs. 1200.000 Millions to Rs. 16.000 Million. There is no change in the existing bank guarantee limits or Rs. 5.000 Millions, hence the overall limits are Rs. 21.000 Millions. All the existing securities be and are hereby extended to the new limit also. There is no change in other terms and conditions. |
FIXED ASSETS
·
Land
·
Factory Building
·
Office Building
·
Plant and Machinery
·
Generator Set
·
Lab Equipment
·
Electrical Installation
·
Furniture and Fixtures
·
Office Equipments
·
Mobile Phone
·
Car
·
Cycle
·
Motor Cycle
·
Computer
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 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. 49.64 |
|
|
1 |
Rs. 77.79 |
|
Euro |
1 |
Rs. 65.04 |
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 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
28 |
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.