|
Report Date : |
29.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
BEKAERT CARDING SOLUTIONS PRIVATE LIMITED (w.e.f.18.06.1997) |
|
|
|
|
Formerly Known
As : |
ENGLISH CARD CLOTHING COMPANY ( |
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Registered
Office : |
Gate No. 1087/5, |
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|
Country : |
India |
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Financials (as
on) : |
31.03.2011 |
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Date of Incorporation
: |
18.06.1997 |
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|
Com. Reg. No.: |
11-108867 |
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|
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Capital
Investment/ Paid-up Capital: |
Rs.43.687 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U99999PN1997PTC108867 |
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|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
PNEE00554B |
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|
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PAN No.: [Permanent Account No.] |
AAACE4195K |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Card Coating Machinery parts |
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|
|
|
No. of
Employees: |
100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 167000 |
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|
|
|
Status : |
Moderate |
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|
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Payment Behaviour : |
Slow but correct |
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|
|
Litigation : |
Clear |
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|
Comments : |
Subject is an established company having moderate track. There appears
some accumulated losses recorded by the company. However, the company has
been earned profit during the year. Trade relations are fair. Business is
active. Payments reported to be slow but correct. The company can be considered for business dealings with some
cautions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Sudhir Kinhale |
|
Designation : |
Account Officer |
|
Contact No.: |
91-20-26824996 |
|
Date : |
28.06.2012 |
LOCATIONS
|
Registered Office/Factory : |
Gate No. 1087/5, |
|
Tel. No.: |
91-20-26876717/26824996 |
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Fax No.: |
91-20-26876716 |
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E-Mail : |
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|
Website : |
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|
Location : |
Owned |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Devidas Daulat |
|
Designation : |
Managing Director |
|
Address : |
D10, Sheh Paradise MIT College Road, Kothurud Paud Road, Pune -411038,
Maharashtra, India |
|
Date of Birth/Age : |
01.06.1962 |
|
Date of Appointment : |
05.03.2007 |
|
Din No.: |
01405268 |
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|
|
|
Name : |
Mr. Kevin Mansell |
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Designation : |
Director |
|
Address : |
Apartment No. 501, Building No. A1 Brahma Suncity Vadgaons Pune
-411014, |
|
Date of Birth/Age : |
06.06.1960 |
|
Date of Appointment : |
19.12.2008 |
|
Din No.: |
02423271 |
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|
|
|
Name : |
Mr. Michel H J C Vandevelde |
|
Designation : |
Director |
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Address : |
Watermolenstraat 9 , 911, |
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Date of Birth/Age : |
01.06.1962 |
|
Date of Appointment : |
16.06.2009 |
|
Din No.: |
02688133 |
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|
|
|
Name : |
Mr. Dirk A L M Van Hoeylandt |
|
Designation : |
Director |
|
Address : |
Biland 33, 9450, Haaltert, Haaltert |
|
Date of Birth/Age : |
29.07.1960 |
|
Date of Appointment : |
17.12.2010 |
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Din No.: |
03374510 |
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|
|
|
Name : |
Mrs. Sangeeta Sadafule |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Devidas Daulat |
|
Designation : |
Secretary |
|
Address : |
D10, Sheh Paradise MIT College Road, Kothurud Paud Road, Pune -411038,
Maharashtra, India |
|
Date of Birth/Age : |
01.06.1962 |
|
Date of Appointment : |
27.06.2000 |
|
Pan No.: |
ABFPM2504H |
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|
|
|
Name : |
Mr. Sudhir Kinhale |
|
Designation : |
Account Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Bekaert Engineering NV, |
|
1 |
|
NV Bekaert SA |
|
4368742 |
|
Total |
|
4368743 |
As on 30.09.2011
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors |
|
100.00 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Card Coating Machinery parts |
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Exports : |
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Products : |
Card Coating Machinery parts |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
Advance |
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Purchasing : |
Credit (30 Days) |
GENERAL INFORMATION
|
Customers : |
Manufacturer |
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No. of Employees : |
100 (Approximately) |
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Bankers : |
·
H.D.F.C Bank Limited, ·
H.S.B.C Bank, Pune, |
|||||||||||||||
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|||||||||||||||
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Facilities : |
Rs.
In Millions
|
|
|
|
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Banking
Relations : |
-- |
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|
|
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Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered accountant |
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Address : |
706, B Wing 7th Floor , |
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Pan No.: |
AABFD7919A |
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|
|
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Holding Company: |
·
N V Bekaert SA |
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|
|
|
Fellow Subsidiaries
|
·
Bekaert Carding Solutions Inc ·
Bekaert Advance Product ( ·
Bekaert Do ·
Bekaert Tarak Akseuarl ·
·
Bekaert Jigygyin Wire Products Limited ·
NV Bekaert Carding Solution ·
Bekaert Industries Private Limited ·
Bekaert (Asia) · Bekaert GmbH RONTGENSTR |
CAPITAL STRUCTURE
As on. 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Share |
Rs.10/- each |
Rs.50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4368743 |
Equity Share |
Rs.10/- each |
Rs.43.687
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
43.687 |
43.687 |
43.687 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(1.876) |
(9.680) |
(8.480) |
|
|
NETWORTH |
41.811 |
34.007 |
35.207 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
58.690 |
39.844 |
37.362 |
|
|
TOTAL BORROWING |
58.690 |
39.844 |
37.362 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
|
TOTAL |
100.501 |
73.851 |
72.569 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
43.034 |
43.991 |
44.371 |
|
|
Capital work-in-progress |
3.520 |
2.956 |
2.417 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
46.737
|
32.104 |
25.987 |
|
|
Sundry Debtors |
43.186
|
17.725 |
6.781 |
|
|
Cash & Bank Balances |
3.505
|
2.164 |
1.488 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
29.091
|
20.266 |
15.576 |
|
Total
Current Assets |
122.519
|
72.259 |
49.832 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
57.729
|
38.537 |
19.728 |
|
|
Other Current Liabilities |
4.039
|
3.408 |
1.526 |
|
|
Provisions |
6.804
|
3.410 |
2.797 |
|
Total
Current Liabilities |
68.572
|
45.355 |
24.051 |
|
|
Net Current Assets |
53.947
|
26.904 |
25.781 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
100.501 |
73.851 |
72.569 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SALES |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
9.655 |
(1.395) |
(19.625) |
|
|
|
|
|
|
|
Less |
TAX |
1.150 |
0.000 |
(1.726) |
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
8.505 |
(1.395) |
(17.899) |
|
|
|
|
|
|
|
Add |
Excess
provision for tax |
0.702 |
0.195 |
0.000 |
|
|
|
|
|
|
|
|
Profit and loss
brought Forward |
7.803 |
1.200 |
0.000 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(9.681) |
(8.480) |
9.419 |
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
1.878 |
(9.681) |
8.480 |
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
85.794 |
46.047 |
28.625 |
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
1.95 |
- |
- |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.83
|
1.2 |
20.83 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.04 |
0.56 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.04
|
2.51 |
1.74 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.79
|
1.59 |
2.07 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Constitution
of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
Yes |
|
No.
of Employees |
Yes |
|
Name
of Person Contacted |
Yes |
|
Designation
of contact person |
Yes |
|
Turnover
of firm for last three years |
No |
|
Profitability
for last three years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
No |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
Yes |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
Yes |
|
Export
/ Import Details [If Applicable] |
Yes |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
Yes |
DETAILS OF SUNDRY CREDITORS
Rs. in Millions
|
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Creditors due small micro enterprises |
1.051 |
1.528 |
0.345 |
|
Creditors due others |
56.678 |
37.009 |
19.383 |
|
|
57.729 |
38.537 |
19.728 |
Contingent Liability:
|
Particular |
31.03.2011 |
|
Sales Tax matters |
1909.019 |
|
Excise Duty matters |
1264.121 |
|
Other matters |
0.291 |
Fixed Assets:
Tangible Asses
·
Land
·
Plant and Machinery
·
Furniture and Fixtures
·
Vehicles
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.56.53 |
|
|
1 |
Rs.88.09. |
|
Euro |
1 |
Rs.70.83 |
INFORMATION DETAILS
|
Information Gathered
by : |
SBA |
|
|
|
|
Report Prepared
by : |
BYI |
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 |
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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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.