MIRA
INFORM REPORT
|
Report Date : |
28.03.2012 |
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Tel. No.: |
(022) 25927502 |
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Fax No.: |
(022) 25927503 |
IDENTIFICATION DETAILS
|
Name : |
BANGERA OVERSEAS PRIVATE LIMITED |
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Registered
Office : |
Vinod House,
Bahukudrumane, Post Basrur, Kundapur Taluk, Udupi District – 576 211, Karnataka |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
08.08.2006 |
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Com. Reg. No.: |
08-040163 |
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Capital
Investment / Paid-up Capital : |
Rs.4.062
millions |
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CIN No.: [Company Identification
No.] |
U63022KA2006PTC040163 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRB06086D |
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PAN No.: [Permanent Account No.] |
AACCB9166B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader and Exporter of Sea Food. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (51) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 455000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established company having satisfactory track. Trade relations are reported
as 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) |
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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
|
Registered Office : |
Vinod House,
Bahukudrumane, Post Basrur, Kundapur Taluk, Udupi District – 576 211, |
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Tel. No.: |
91-8254-262996/ 237747 |
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Fax No.: |
91-8254-262992 |
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E-Mail : |
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Head Office |
505, Marathon Max, 5th Floor, L.B.S. Marg, Mulund (West),
Mumbai – 400 080, |
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Tel. No.: |
91-22-25927502 |
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Fax No.: |
91-22-25927503 |
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Factory : |
Koravadi Cross, Kumbhashi, Kundapura Taluk, Udupi District – 576 257, |
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Tel. No.: |
91-8254-262995/ 262996 |
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Fax No.: |
91-8254-262992 |
DIRECTORS
As on 16.09.2011
|
Name : |
Mr. Kishore Mutha Bangera |
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Designation : |
Managing Director |
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Address : |
A-403, |
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Date of Birth/Age : |
02.01.1962 |
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Date of Appointment : |
08.08.2006 |
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DIN No.: |
00527603 |
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Other Directorship :
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Name : |
Mr. Rajesh Mutha Bangera |
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Designation : |
Whole-Time Director |
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Address : |
Vinod House,
Bahukudrumane, Post Basrur, Kundapur Taluk, Udupi District – 576 211, |
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Date of Birth/Age : |
01.05.1968 |
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Date of Appointment : |
08.08.2006 |
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DIN No.: |
00527640 |
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Other Directorship :
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Name : |
Mr. Mutha Venkata Bangera |
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Designation : |
Whole-Time Director |
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Address : |
Vinod House,
Bahukudrumane, Post Basrur, Kundapur Taluk, Udupi District – 576 211, |
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Date of Birth/Age : |
01.03.1930 |
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Date of Appointment : |
08.08.2006 |
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DIN No.: |
00527682 |
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Other Directorship :
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Name : |
Mrs. Pushpa Kishore Bangera |
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Designation : |
Whole-Time Director |
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Address : |
A-403, |
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Date of Birth/Age : |
18.06.1970 |
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Date of Appointment : |
08.08.2006 |
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DIN No.: |
01786741 |
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Other Directorship :
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 16.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Kishore Mutha Bangera |
|
101562 |
|
Rajesh Mutha Bangera |
|
101558 |
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Mutha Venkata Bangera |
|
101562 |
|
Pushpa Kishore Bangera |
|
101563 |
|
A.V. Damodaran |
|
5 |
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Total |
|
406250 |
As on 16.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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|
|
Directors
or relatives of directors |
|
99.99 |
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Other
top fifty shareholders |
|
0.01 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader and Exporter of Sea Food. |
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GENERAL INFORMATION
|
Suppliers : |
v
A Gift Fisheries v
AAA Honnavar v
Abdul Khader Mangalore v
ABF v
Bharath Bhushan Mangalore v
EFG Karwar v
Namratha Seafood v
Nandini Seafoods v
Netaji Star Fisheries Gangolli v
S.R. Fisheries v
Seema Seafood v
Cargo Links v
Imran Containers v
HML Agencies Private Limited v
Packwell Print Pack Industries |
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Customers : |
v
Cha Song Kow Cold Storage and Trading Company v
Dayananda Boholaa Sea Food Company Limited v
Hai Kee Hung Sdn Bhd v
Kung Rung Ruang Company Limited v
Kuwait International Bank K.S.C. v
Sea Wealth Frozen Food Company Limited |
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No. of Employees : |
Not Available |
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Bankers : |
v
Canara Bank, Kundapura Branch, Kundapura – 576 201,
v
HDFC Bank Limited v
State Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
K. Subramanya Kamath Chartered Accountant |
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Address : |
D.No.13-2-150A, |
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Tel. No.: |
91- 824-2428608 |
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Mobile No.: |
91-9845080809 |
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E-Mail: |
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Income-tax
PAN of auditor or auditor's firm : |
ADPPK9651K |
CAPITAL STRUCTURE
As on 16.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
406250 |
Equity Shares |
Rs.10/- each |
Rs.4.062
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 |
4.062 |
4.062 |
4.062 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
109.715 |
64.709 |
28.352 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
113.777 |
68.771 |
32.414 |
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LOAN FUNDS |
|
|
|
|
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1] Secured Loans |
12.768 |
22.162 |
34.480 |
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2] Unsecured Loans |
8.757 |
8.757 |
8.757 |
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TOTAL BORROWING |
21.525 |
30.919 |
43.237 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
SUNDRY CREDITORS FOR WORK IN PROGRESS |
0.724 |
0.518 |
1.735 |
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|
|
|
|
|
|
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TOTAL |
136.026 |
100.208 |
77.386 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
66.230 |
60.649 |
59.077 |
|
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Capital work-in-progress |
0.471 |
0.000 |
0.000 |
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|
|
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INVESTMENT |
2.547 |
1.547 |
0.034 |
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DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
15.981
|
19.116 |
6.261 |
|
|
Sundry Debtors |
15.540
|
26.239 |
31.798 |
|
|
Cash & Bank Balances |
10.102
|
6.234 |
1.536 |
|
|
Other Current Assets |
111.091
|
36.821 |
6.481 |
|
|
Loans & Advances |
6.733
|
4.535 |
2.488 |
|
Total
Current Assets |
159.447
|
92.945 |
48.564 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
76.296
|
39.047 |
24.566 |
|
|
Other Current Liabilities |
6.130
|
11.524 |
0.000 |
|
|
Provisions |
10.480
|
4.836 |
6.434 |
|
Total
Current Liabilities |
92.906
|
55.407 |
31.000 |
|
|
Net Current Assets |
66.541
|
37.538 |
17.564 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.237 |
0.474 |
0.711 |
|
|
|
|
|
|
|
|
TOTAL |
136.026 |
100.208 |
77.386 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
|
|
|
|
Income |
807.627 |
561.249 |
441.277 |
|
|
|
Other Income |
|
69.440 |
55.847 |
|
|
|
TOTAL |
807.627 |
630.689 |
497.124 |
|
|
|
|
|
|
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|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
747.352 |
581.755 |
466.686 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
747.352 |
581.755 |
466.686 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
60.275 |
48.934 |
30.438 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
17.096 |
16.975 |
12.922 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
43.179 |
31.959 |
17.516 |
|
|
|
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|
|
EARNINGS IN
FOREIGN CURRENCY |
679.697 |
NA |
466.721 |
|
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|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
106.29 |
78.67 |
43.14 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total
Income |
(%) |
5.35
|
5.07 |
3.52 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
8.72 |
6.90 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
26.71
|
31.86 |
28.28 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.53
|
0.71 |
0.94 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.01
|
1.26 |
2.29 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.72
|
1.68 |
1.57 |
LOCAL AGENCY FURTHER INFORMATION
MAJOR ACHIEVEMENTS:
The major
achievements of the Company during 2010-11 are highlighted below:
During the year
the company had substantially expanded its factory building. The company had
spent Rs.6.821 millions on expansion of the factory building.
The EPS of the
company has increased from Rs.78.67 per share to Rs.106.29 during the year.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U63022KA2006PTC040163 |
|
Name of the
company |
BANGERA OVERSEAS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Vinod House,
Bahukudrumane, Post Basrur, Kundapur Taluk, Udupi District – 576 211, E-Mail: kishorembangera@yahoo.co.in |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10049859 |
|
Type of charge |
Immovable Property Any interest in immovable property Book Debts Movable Property (not being pledge) Floating Charge |
|
Particular of
charge holder |
Canara Bank, Kundapura Branch, Kundapura – 576 201, E-Mail: manjappa22777@gmail.com |
|
Nature of
description of the instrument creating or modifying the charge |
1. Supplemental
common hypothecation agreement 2. Letter
evidencing deposit of title deed |
|
Date of
instrument Creating the charge |
08.01.2010 |
|
Amount secured by
the charge |
Rs.121.510
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: For PC limit (Rs.57.500
millions)-Interest @ 9.50% p.a. For FDB/FBE limit
(Rs.17.500 millions)-Interest @ 9.50% p.a. All other terms and
rate of interest are same and continue as per original charge and earlier
modification Terms of
Repayment: 1. PC limit (Rs.57.500
millions) - 90 days running account. 2. FDB/ FBE limit
(Rs.17.500 millions) - 90 days running account. All other terms and
rate of interest are same and continue as per original charge and earlier
modification Margin: 1. PC limit (Rs.57.500
millions) - Margin- 25% 2. FDB/ FBE limit
(Rs.17.500 millions) - Margin-Not Applicable All other terms and
rate of interest are same and continue as per original charge and earlier
modification Extent and
Operation of the charge: The Charge
operates as security, interalia for due repayment by the company, to Canara
Bank for its loan of Rs.121.510 millions, together with interest, service
charges, expenses, and all other monies payable by the company in terms of
the above said agreements. |
|
Short particulars
of the property charged |
Hypothecation
of Plant and Machinery such as
Refrigeration equipment, Lab equipment, Ice Plant , Valves and Controls, Plate
freezers, motors, cold room equipment etc situated at factory at Kumbhashi
Village. Hypothecation of
Tata Truck with PUF insulated body chassis 1613/4225 proposed to be acquired. Receivable and
book debts, stock of finished goods, work in progress, raw materials and all
kinds of marine fish and fish products of the Company. Continuing
security by EMT of landed property bearing S.No.178-2, 178-1, 178-3P1, 177-8,
measuring 4.65 acres situated at Kumbhashi, fully described in Schedule B to
letter evidencing deposit of title deeds |
|
Date of latest
modification prior to the present modification |
09.09.2008 |
|
Particulars of
the present modification |
Total limit
increased from Rs.100.000 millions to Rs.121.510 millions by this
modification and in sub limit PC limit increased from Rs.37.500 millions to
Rs.57.500 millions, and FDB / FBE limit increased from Rs.15.000 millions to
Rs.17.500 millions. (Sub limits Term
Loan I - Rs.35.000 millions, Term Loan II
Rs.10.000 millions, PC Rs.57.500
millions, FDB/ FBE Rs.17.500 millions
and Bank Guarantee Rs.1.510 millions) |
FIXED ASSETS:
v
Plant and Machinery
v
Building
v
Electrical Equipments
v
Furniture and Fixture
v
Vehicles
v
Computers
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.50.90 |
|
|
1 |
Rs.81.27 |
|
Euro |
1 |
Rs.67.99 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
51 |
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.