MIRA
INFORM REPORT
|
Report Date : |
03.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
BHASKAR INDUSTRIES LIMITED (w.e.f. 12.08.1994) |
|
|
|
|
Formerly Known
As : |
D.R. GRAPHICS AND ALLIED INDUSTRIES LIMITED |
|
|
|
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Registered
Office : |
6, Dwarka Sadan, Press Complex, M. P. Nagar, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
18.11.1985 |
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Com. Reg. No.: |
10-003145 |
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Capital
Investment / Paid-up Capital : |
Rs.75.330 Millions |
|
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|
|
CIN No.: [Company Identification
No.] |
U67120MP1985PLC003145 |
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|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
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Line of Business
: |
Manufacturer of Garments Yarns, Denim Fabrics. |
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 8970000 |
|
|
|
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. General
financial position of the company is good. Trade relations are fair. Business
is active. Payments are reported to be usually correct and as per
commitments. The company can be considered normal for 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
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
6, Dwarka Sadan, Press Complex, M. P. Nagar, Bhopal- 462 011, Madhya
Pradesh, India |
|
Tel. No.: |
91-755-3988884 |
|
Fax No.: |
91-755-2675190 |
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E-Mail : |
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|
Website : |
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Factory : |
Plot No.15/16, Sector- D, Industrial Area, Mandideep, District-
Raisen, |
|
Tel. No.: |
91-7480-233404/233164/407010 |
|
Fax No.: |
91-7480-233492/401025 |
DIRECTORS
As on 14.07.2011
|
Name : |
Mr. Ramesh Chandra Agarwal |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
E-1/79, Aera Colony, Bhopal-462 016, Madhya Pradesh, India |
|
Date of Birth/Age : |
15.06.1944 |
|
Date of Appointment : |
16.01.1995 |
|
DIN No.: |
00051310 |
|
|
|
|
Name : |
Mr. Sudhir Agarwal |
|
Designation : |
Director |
|
Address : |
E-1/79, Aera Colony, Bhopal-462 016, Madhya Pradesh, India |
|
Date of Birth/Age : |
20.07.1967 |
|
Date of Appointment : |
10.06.1994 |
|
DIN No.: |
00051407 |
|
|
|
|
Name : |
Mr. Girish Agarwal |
|
Designation : |
Director |
|
Address : |
E-1/79, Aera Colony, Bhopal-462 016, Madhya Pradesh, India |
|
Date of Birth/Age : |
10.07.1971 |
|
Date of Appointment : |
15.06.1992 |
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DIN No.: |
00051375 |
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|
|
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Name : |
Mr. |
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Designation : |
Director |
|
Address : |
House No. 154, Viceroy Park Colony, Bawadiya Kalan, Bhopal – 462016, Madhya
Pradesh, India |
|
Date of Birth/Age : |
14.12.1969 |
|
Date of Appointment : |
16.03.2006 |
|
DIN No.: |
00809325 |
|
|
|
|
Name : |
Mr. Manoj Garg |
|
Designation : |
Director |
|
Address : |
Dainik Bhaskar, Raipur – 492001, Chhattisgarh, India |
|
Date of Birth/Age : |
12.07.1971 |
|
Date of Appointment : |
16.03.2006 |
|
DIN No.: |
00809382 |
|
|
|
|
Name : |
Mr. Pramod Maheshwari |
|
Designation : |
Whole TimeDirector |
|
Address : |
65, Paras Majestic, E-8, Area Colony, Bhopal-462016, Madhya Pradesh,
India |
|
Date of Birth/Age : |
10.07.1960 |
|
Date of Appointment : |
30.06.2009 |
|
DIN No.: |
02702158 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 14.07.2011
|
Names of Shareholders |
|
No. of Equity
Shares |
|
Ramesh Chandra Agarwal (HUF) |
|
173936 |
|
Ramesh Chandra Agarwal |
|
506913 |
|
Sudhir Agarwal |
|
501365 |
|
Girish Agarwal |
|
320910 |
|
Pawan Agarwal |
|
354316 |
|
Jyoti Agarwal |
|
482230 |
|
Namita Agarwal |
|
514890 |
|
Nitika Agarwal |
|
309388 |
|
Bhaskar Foods Private Limited, India |
|
143950 |
|
Chambal Trading Private Limited, India |
|
372263 |
|
Bhaskar Infrastructures Limited, India |
|
507883 |
|
Girish Agarwal HUF |
|
350000 |
|
Sudhir Agarwal HUF |
|
510000 |
|
Pawan Agarwal HUF |
|
125000 |
|
Total |
|
5173044 |
|
Names of Shareholders |
|
No. of
Preference Shares |
|
Bhaskar Denim Limited |
|
2360000 |
|
Total |
|
2360000 |
Equity Share Break up (Percentage of Total Equity)
As on 14.07.2011
|
Category |
Percentage |
|
Bodies corporate |
20.00 |
|
Directors or relatives of Directors |
80.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Garments Yarns, Denim Fabrics. |
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Products : |
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PRODUCTION STATUS (As on 31.03.2010)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
|
Spinning |
MT |
27500 |
17500 |
|
Denim |
Lac Mtrs |
550 |
440 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
·
State Bank of India, LHO Complex, Hoshangabad Road,
Bhopal – 462011, Madhya Pradesh, India ·
Central Bank of India, GTB Complex, T. T. Nagar,
Bhopal – 462003, Madhya Pradesh, India
·
State
Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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|
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Auditors : |
|
|
Name : |
Krishna Gupta and Company Chartered Accountants |
|
Address : |
105, |
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Tel. No.: |
91-751-2628374/4086435 |
|
Mobile No.: |
91-9827075044 |
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Fax No.: |
91-751-2628374 |
|
PAN.: |
AAEFK3347G |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12640000 |
Equity Shares |
Rs.10/- each |
Rs.126.400 Millions |
|
2360000 |
Preference Shares |
Rs.10/- each |
Rs.23.600 Millions |
|
|
Total |
|
Rs.150.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5173044 |
Equity Shares |
Rs.10/- each |
Rs.51.730 Millions |
|
2360000 |
Preference Shares |
Rs.10/- each |
Rs.23.600 Millions |
|
|
Total |
|
Rs.75.330 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 |
75.330 |
75.330 |
75.330 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2167.716 |
1814.651 |
1779.994 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2243.046 |
1889.981 |
1855.324 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2533.936 |
1774.212 |
1885.224 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
2533.936 |
1774.212 |
1885.224 |
|
|
DEFERRED TAX LIABILITIES |
173.818 |
167.812 |
171.062 |
|
|
|
|
|
|
|
|
TOTAL |
4950.800 |
3832.005 |
3911.610 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1625.142 |
1568.657 |
1759.574 |
|
|
Capital work-in-progress |
7.239 |
1.510 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
1135.613 |
931.613 |
931.613 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1024.444
|
465.280
|
483.360
|
|
|
Sundry Debtors |
1279.073
|
915.390
|
789.900
|
|
|
Cash & Bank Balances |
185.387
|
35.084
|
9.246
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
125.516
|
126.818
|
103.947
|
|
Total
Current Assets |
2614.420
|
1542.572
|
1386.453 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
345.012
|
135.552
|
123.600
|
|
|
Other Current Liabilities |
86.602
|
76.795
|
42.430
|
|
|
Provisions |
0.000
|
0.000
|
0.000
|
|
Total
Current Liabilities |
431.614
|
212.347
|
166.030 |
|
|
Net Current Assets |
2182.806
|
1330.225
|
1220.423 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4950.800 |
3832.005 |
3911.610 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5769.093 |
4025.453 |
2815.168 |
|
|
|
Other Income |
26.149 |
33.339 |
19.517 |
|
|
|
TOTAL (A) |
5795.242 |
4058.792 |
2834.685 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption material changes inventories |
271.894 |
372.493 |
|
|
|
|
Manufacturing service costs |
345.006 |
275.017 |
|
|
|
|
Employee related costs |
194.990 |
153.842 |
|
|
|
|
Administrative selling other expenses |
88.354 |
77.572 |
|
|
|
|
TOTAL (B) |
900.244 |
878.924 |
2542.630 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4894.998 |
3179.868 |
292.055 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
187.970 |
161.954 |
117.523 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4707.028 |
3017.914 |
174.532 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
125.264 |
181.663 |
160.332 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
4581.764 |
2836.251 |
14.200 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
141.045 |
(1.443) |
13.079 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
4440.719 |
2837.694 |
1.121 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2.449 |
0.333 |
2.212 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
350.000 |
30.000 |
3.000 |
|
|
BALANCE CARRIED
TO THE B/S |
5.563 |
2.499 |
0.333 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
67.59 |
6.21 |
0.22 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
76.62
|
69.91
|
0.04
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
79.42
|
70.46
|
0.50
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
108.07
|
91.16
|
0.45
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
2.04
|
1.50
|
0.01
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.32
|
1.05
|
1.10
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
6.06
|
7.26
|
8.35
|
LOCAL AGENCY FURTHER INFORMATION
Nature of
Operations
Subject is in the business
of Manufacturing Denim Cloth and Yarn. The Yarn Produced is Captively Consumed
and also sold to outside parties. The Company derives its revenue mainly from
the sale of Denim Cloth.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U67120MP1985PLC003145 |
|
Name of the
company |
BHASKAR
INDUSTRIES LIMITED |
|
Address of the
registered office or of the principal place of business in |
6,Dwarka Sadan ,
Press Complex, M.P. Nagar, Bhopal – 462011, Madhya Pradesh, India Email : csbpl2008@yahoo.co.in |
|
This form is for |
Modification
of charge |
|
Charge
identification (ID) number of the charge to be modified |
90204014 |
|
Type of charge |
Book debts Movable property
(not being pledge) |
|
Particular of
charge holder |
State Bank of India, LHO Complex, Hoshangabad Road, Bhopal – 462011,
Madhya Pradesh, India Email : sbi.01920@sbi.co.in |
|
Nature of
instrument creating charge |
1. Joint deed of
hypothecation dated 28th December, 2011 |
|
Date of
instrument Creating the charge |
28.12.2011 |
|
Amount secured by
the charge |
Rs.1380.000
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest As per SBI
sanctioned letter Terms of
repayment Repayable on
Demand Margin As per sanction
letter Extent and
operation of the charge i) WC - First pari-passu
charge over the Company's entire current assets, ranking pari-passu with
other working capital lenders ii) TL- First
pari-passu charge over the entire fixed assets of the company ranking
pari-passie with other term lenders Others The charge is in
favour of the "State Bank of India Consortium" with State Bank of
India (SBI) as the lead Bank and IDBI Bank Limited (IDBI), State Bank of
Bikaner and Jaipur (SBBJ) and Central Bank of India (CBI) as the other
consortium members |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
i) For WC -second
pari-passu charge over entire fixed assets of the company ranking pari-passu
with the other consortium banks ii) For TLs - Second
pari-passu charge over entire current assets of the company ranking
pari-passu with the other consortium banks |
|
Date of
instrument modifying the charge |
03.03.2008 |
|
Particulars of
the present modification |
1. Enhancement in
the overall working capital facilities of "SBI CONSORTIUM" from
779.000 Millions to Rs. 1380.000
Millions (Fund based -Rs. 1180.000 Millions + non fund based –Rs.200.000
Millions) 2. Second Pari Passu charge and Mortgage with charges created / to
be created in favour of IDBI, SBI, SBBJ, and CBI on the entire immovable properties of the
company |
Fixed Assets:
·
Land and Site Development
·
Land (Free and Leasehold)
·
Building
·
Plant and Machinery
·
Office Equipments
·
Fans and Electrical Fittings
·
Furniture and Fixture
·
Vehicles
·
Computer
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.49.35 |
|
|
1 |
Rs.78.68 |
|
Euro |
1 |
Rs.65.63 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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.