MIRA
INFORM REPORT
|
Report Date : |
05.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
BHABANI PIGMENTS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
A-30, Block B-1, 3rd Floor, Mohan Co Operative Industrial
Estate, Mathura Road, New Delhi-110044 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
04.10.1993 |
|
|
|
|
Com. Reg. No.: |
55-55513 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.14.250
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74899DL1993PTC055513 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Refined Copper Phthalocyanine, Dehydro Copper Complex
of Phthalocyanine. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2120000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having fine track record. Financial position
of the company is good. Trade
relations are reported as fair. Business is active. Payments are reported to
be regular and as per commitments. The company can be considered 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed legislative
work. India's medium-term growth outlook is positive due to a young population
and corresponding low dependency ratio, healthy savings and investment rates,
and increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
A2 [Letter of Credit] |
|
Rating Explanation |
Strong degree of safety it carry low credit risk. |
|
Date |
November 2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
BBB+ [Cash Credit] |
|
Rating Explanation |
Moderate degree of safety it carry moderate credit risk. |
|
Date |
November 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
A-30, Block B-1, 3rd Floor, Mohan Co Operative Industrial
Estate, Mathura Road, New Delhi-110044, India |
|
Tel. No.: |
91-11-41676738 |
|
Fax No.: |
91-11-41676739 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
7, E Bock 2nd Floor, Local Shopping Centre, Masjid Moth
Greater Kailash II, New Delhi – 110 048, India |
|
Tel. No.: |
91-11-26217775 |
|
|
|
|
Factory : |
|
|
Tel No.: |
91-130-2802161 |
|
|
|
|
Windmill : |
Also Located At:
·
Maharashtra
·
Rajasthan ·
Tamilnadu |
DIRECTORS
AS ON 18.07.2012
|
Name : |
Mr. Santosh Kumar Kanoi |
|
Designation : |
Director |
|
Address : |
9, Raja Santosh Road, Kolkata-700027, West Bengal, India |
|
Date of Birth/Age : |
07.01.1952 |
|
Date of Appointment : |
15.06.2011 |
|
DIN No.: |
00166517 |
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 |
U67120WB1955PTC022361 |
Sri
Bhabani Investments Private Limited |
Director |
30-07-75 |
30-07-75 |
Active |
NO |
|
2 |
U01111WB1985PTC039884 |
Kanoi
Agro Industries Private Limited |
Director |
23-12-85 |
23-12-85 |
Active |
NO |
|
3 |
L51103WB1960PLC024852 |
Universal
Properties Limited |
Director |
19-05-86 |
19-05-86 |
Active |
NO |
|
4 |
U74899DL1986PTC026430 |
Rapid
Properties Private Limited |
Director |
15-04-87 |
15-04-87 |
Active |
NO |
|
5 |
L65920DL1985PLC020269 |
Dharower
Financial Services Limited |
Director |
02-03-92 |
02-03-92 |
Active |
NO |
|
6 |
U01132WB1971PTC028016 |
Binaguri
Tea Company Private Limited |
Director |
20-07-92 |
20-07-92 |
Active |
NO |
|
7 |
U74899DL1988PTC033610 |
Indo
Leather Private Limited |
Director |
27-09-93 |
27-09-93 |
Active |
NO |
|
8 |
U74899DL1992PTC048019 |
Golden
Pigments Private Limited |
Director |
11-12-94 |
11-12-94 |
Active |
NO |
|
9 |
U01132WB1953PTC021220 |
Kanoi
Estates Private Limited |
Director |
28-08-08 |
07-11-07 |
Active |
NO |
|
10 |
U74899DL1993PTC055513 |
Bhabani
Pigments Private Limited |
Director |
15-06-11 |
23-06-10 |
Active |
NO |
|
Name : |
Mr. Amrit Lal Garg |
|
Designation : |
Director |
|
Address : |
House No. 417, Sector -28/, Faridabad-121 008, |
|
Date of Birth/Age : |
25.04.1952 |
|
Date of Appointment : |
04.10.1993 |
|
DIN No.: |
00152990 |
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 |
U74899DL1992PTC048019 |
Golden
Pigments Private Limited |
Director |
03-05-93 |
03-05-93 |
Active |
NO |
|
2 |
U74899DL1993PTC055513 |
Bhabani
Pigments Private Limited |
Director |
04-10-93 |
04-10-93 |
Active |
NO |
|
Name : |
Mr. Anant Kanoi |
|
Designation : |
Director |
|
Address : |
9, |
|
Date of Birth/Age : |
22.03.1979 |
|
Date of Appointment : |
15.03.2002 |
|
DIN No.: |
00150667 |
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 |
U74899DL1986PTC026430 |
Rapid
Properties Private Limited |
Director |
16-07-01 |
16-07-01 |
Active |
NO |
|
2 |
U74899DL1988PTC033610 |
Indo
Leather Private Limited |
Director |
14-08-01 |
14-08-01 |
Active |
NO |
|
3 |
U74899DL1992PTC048019 |
Golden
Pigments Private Limited |
Director |
16-08-01 |
16-08-01 |
Active |
NO |
|
4 |
U74899DL1993PTC055513 |
Bhabani
Pigments Private Limited |
Director |
15-03-02 |
15-03-02 |
Active |
NO |
|
5 |
L65920DL1985PLC020269 |
Dharower
Financial Services Limited |
Director |
10-01-03 |
10-01-03 |
Active |
NO |
|
6 |
L32104DL1979PLC009590 |
Precision
Electronics Limited |
Director |
08-08-05 |
08-08-05 |
Active |
NO |
|
7 |
U18109WB1979PLC032018 |
Synthetic
Spinners (India) Limited |
Director |
16-09-05 |
16-09-05 |
Active |
NO |
|
Name : |
Mr. Nitender Kumar Gupta |
|
Designation : |
Director |
|
Address : |
Sector–II, E, Flat No. 12C, Kalpana, Vaishali Ghaziabad-251010, Uttar
Pradesh, India |
|
Date of Birth/Age : |
20.11.1954 |
|
Date of Appointment : |
04.10.1993 |
|
DIN No.: |
00538578 |
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 |
L65920DL1985PLC020269 |
Dharower
Financial Services Limited |
Director |
10-07-89 |
10-07-89 |
Active |
NO |
|
2 |
U74899DL1993PTC055513 |
Bhabani
Pigments Private Limited |
Director |
04-10-93 |
04-10-93 |
Active |
NO |
|
3 |
U22222DL2008PTC179957 |
Batchbuzz
Media Private Limited |
Director |
21-07-08 |
21-07-08 |
Active |
NO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 18.07.2012
|
Names of Shareholders |
|
No. of Shares |
|
Amrit Lal Garg |
|
121350 |
|
Nitender Kumar Gupta |
|
150 |
|
Binaguri Tea Co. Private Limited, India |
|
269250 |
|
Kanoi Estates Private Limited, India |
|
53700 |
|
Ashish Garg |
|
30000 |
|
Usha Rani Garg |
|
60900 |
|
Nirmal Kumar Kanoi |
|
19200 |
|
Rapid Properties Private Limited, India |
|
138850 |
|
Indo Leather Private Limited, India |
|
133400 |
|
Golden Pigments Private Limited, India |
|
139250 |
|
Mohini Devi Kanoi |
|
14550 |
|
Chandra Prakash Kanoi |
|
19050 |
|
Santosh Kumar Kanoi |
|
34350 |
|
Chandra Prakash Kanoi (HUF) |
|
14250 |
|
Sri Bhabani Investments Private Limited, India |
|
183000 |
|
Usha Kanoi |
|
14550 |
|
Bina Kanoi |
|
14550 |
|
Satyam Kanoi |
|
36600 |
|
Shivam Kanoi |
|
37350 |
|
Anant Kanoi |
|
29850 |
|
Vedant Kanoi |
|
14850 |
|
Dharower Financial Services Limited, India |
|
46000 |
|
|
|
|
|
TOTAL
|
|
1425000 |
AS ON 18.07.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
68.60 |
|
Directors
or relatives of directors |
|
31.40 |
|
TOTAL |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Refined Copper Phthalocyanine, Dehydro Copper Complex
of Phthalocyanine. |
||||||
|
|
|
||||||
|
Products : |
|
PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
CPC Blue |
Per Annum in
Tons |
1500 |
1242 |
|
DHCCP |
Per Annum in
Tons |
3000 |
2543 |
NOTES:
1. Capacity as certified by the Management.
2. The turnover does not include sale of scrap for Rs. 1.226 Millions
(Previous Year Rs. 0.905 million)
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
State Bank of India, MID Corporate Loan,
Administration Unit, 2nd Floor, Chandni Chowk, New Delhi -110006,
India ·
State Bank of India, Commercial Branch, N-3, South
Extension Part I, New Delhi-110049, India ·
ICICI Bank Limited ·
ING Vysya Bank Limited ·
HDFC Bank Limited |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Maheshwari Rajiv and Company Chartered Accountant |
|
Address : |
37, First Floor, Defense Enclave, New Delhi-110092, India |
|
PAN No: |
AAFFM5141F |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1425000 |
Equity Shares |
Rs.10/- each
|
Rs.14.250
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
14.250 |
14.250 |
14.250 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
517.216 |
373.025 |
257.320 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
531.466 |
387.275 |
271.570 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
105.963 |
118.622 |
71.797 |
|
|
2] Unsecured Loans |
37.345 |
39.725 |
18.829 |
|
|
TOTAL BORROWING |
143.308 |
158.347 |
90.626 |
|
|
DEFERRED TAX LIABILITIES |
16.542 |
10.994 |
11.368 |
|
|
|
|
|
1.500 |
|
|
TOTAL |
691.316 |
556.616 |
|
|
|
|
|
|
375.064 |
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
509.807 |
357.544 |
245.931 |
|
|
Capital work-in-progress |
1.255 |
27.431 |
18.269 |
|
|
|
|
|
|
|
|
INVESTMENT |
10.034 |
9.889 |
8.370 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
57.069
|
51.617 |
39.336
|
|
|
Sundry Debtors |
144.425
|
141.316 |
115.548
|
|
|
Cash & Bank Balances |
9.855
|
1.773 |
21.491
|
|
|
Other Current Assets |
1.902
|
1.795 |
0.000
|
|
|
Loans & Advances |
24.730
|
11.695 |
35.055
|
|
Total
Current Assets |
237.981
|
208.196 |
211.430 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
49.369
|
18.147 |
68.590
|
|
|
Other Current Liabilities |
12.074
|
14.105 |
7.672
|
|
|
Provisions |
6.318
|
14.192 |
32.674
|
|
Total
Current Liabilities |
67.761
|
46.444 |
108.936
|
|
|
Net Current Assets |
170.220
|
161.752 |
102.494
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
691.316 |
556.616 |
375.064 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
928.420 |
839.711 |
617.146 |
|
|
|
Other Income |
0.722 |
4.057 |
7.185 |
|
|
|
TOTAL (A) |
929.142 |
843.768 |
624.331 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
571.307 |
506.477 |
|
|
|
|
Employees Benefits Expenses |
18.627 |
13.973 |
|
|
|
|
Other Expenses |
94.049 |
104.424 |
478.516 |
|
|
|
Change in Inventory of finished goods, work in progress and stock in
trade |
(5.525) |
2.412 |
|
|
|
|
TOTAL (B) |
678.458 |
627.286 |
478.516 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
250.684 |
216.482 |
145.815 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
17.640 |
14.462 |
10.467 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
233.044 |
202.020 |
135.348 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
44.417 |
33.750 |
22.203 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
188.627 |
168.270 |
113.145 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
42.780 |
49.897 |
29.254 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
145.847 |
118.373 |
83.891 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.275 |
0.569 |
0.076 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
144.000 |
114.500 |
80.000 |
|
|
|
Proposed Dividend |
1.425 |
3.562 |
2.850 |
|
|
|
Dividend Distribution Tax |
0.231 |
0.605 |
0.548 |
|
|
BALANCE CARRIED
TO THE B/S |
0.466 |
0.275 |
0.569 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
0.000 |
2.040 |
3.205 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
311.697 |
303.903 |
254.213 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
102.35 |
83.07 |
58.87 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
15.70
|
14.03 |
13.44 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
20.32
|
20.04 |
18.33 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
25.22
|
29.74 |
24.74 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.35
|
0.43 |
0.42 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.40
|
0.53 |
0.78 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.51
|
4.48 |
1.94 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
OPERATIONAL REVIEW
The production of
Copper Phthalocyanine Crude (CPC) Blue in Unit-I has been 669 MT in FY 2011-12 compared
to 1242 MT in FY 2010-11. The production of De-hydro Copper Complex of
Phthalocyanine (DHCCP) Blue in Unit-II has been 2794 MT in FY 2011-12 as
compared to 2543 MT in FY 2010-11. Efforts to standardize CPC in order to make
it suitable for applications where DHCCP is being used had started in the
previous year and the company hopes to achieve this by next year. The company
also continued to achieve a better spread among its customer base for its
products. The company's Gross Sales grew to Rs.962.500 Millions in FY 2011-12
in comparison to Rs.862.700 Millions in FY 2010-11. The Net Profit increased
from Rs.118.000 Millions in FY 2010-11 to Rs.151.500 Millions in FY 2011-12.
The unrelenting focus on achieving higher efficiencies in operations made sure
that the profitability did not get eroded despite the market conditions not
being as strong as the as the previous year. The increase in revenues from the
Wind Turbines that the company owns in Maharashtra, Tamil Nadu and Rajasthan
and additional income from its Real Estate investments also helped in boosting
the bottom-line of the company.
FUTURE OUTLOOK
The international
market conditions for organic pigments should be stable in the next coming year
despite the weak economic sentiment in the Euro zone, USA and the Far East.
Today's environmental regulations are forcing manufacturers to restrict the use
of inorganic pigments and increase usage of organic pigments. Today,
Pthalocyanine pigments are the largest category of organic pigments
manufactured globally. The company supplies to CPC Crude Blue to phthalocyanine
pigment manufacturers which mainly comprise mostly of leading MNC's in this
field. Therefore the company expects a good demand for its products and hopes
to grow at a good rate next year as well.
WIND ENERGY
The company has
added two new Wind Turbine Generators (WTG's) in FY 2011-12. A WTG with a rated
capacity of 1.25 MW was commissioned in August, 2011 and another one with a
rated capacity of 1.5 MW was commissioned in February, 2012. Both the WTG's
were set up at Akal site in the state of Rajasthan. Currently, the total
installed capacity of Wind Turbine of the company stands at 6.75 MW. During the
year the company has generated 79,17,557/-units of electricity and has had a
total billing of 77,46,706 units to the respective State Electricity Boards.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10040074 |
|
Corporate
identity number of the company |
U74899DL1993PTC055513 |
|
Name of the
company |
BHABANI PIGMENTS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
A-30, Block B-1, 3rd Floor, Mohan Co Operative Industrial Estate,
Mathura Road, New Delhi-110044, India |
|
Type of charge |
Book Debts Movable Property
[not being pledge] Floating Charge Immovable
Property Others |
|
Particular of
charge holder |
State Bank of India, Commercial Branch, N-3, South
Extension Part I, New Delhi-110049, India Email: chaman.tanwar@sbi.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
C-2A Supplemental
agreement regarding of Hypothecation of goods and assets for increase in the
overall limit C-5 Letter
regarding the grant of Individual limits within the overall limit Copy of recitals |
|
Date of
instrument Creating the charge |
26.10.2012 |
|
Amount secured by
the charge |
Rs.133.400
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 2.75% over base
rate presently effective @12.50% p.a. on monthly rest or such other rate(s) specified
by the bank from time to time. Terms of Repayment Working capital
on demand Margin Stocks -25% LC / BG-10% Book-debts /
receivables -30% (cover period -90 days) Extent and Operation of the charge First pari passu
charge on current assets. |
|
Short particulars
of the property charged |
Working Capital:
- First pari passu charge on any kind of stocks / book-debts / receivables
and all the current assets of the company with ING Vysya Bank both present
and future. First exclusive charge
on all the fixed assets of the company in future both present and future
including, Equitable
mortgage of following immovable properties :-(1) Land bearing No. SF 73/1(P)
Village, V. Kallipalayan, Taluka Palladum, District Tirupur, Tamilnadu housing
a wind mill. (2) Land survey
no. 88/3 or K-282 at Village Kaltek, Taluka Sakri District Dhule Maharashtra
measuring 0.80 hectares and housing a wind mill. Pari passu charge
with ING Vysya Bank on the following immovable properties :- (3) Factory Land
and Building at Khewat No. 21/20 Mauza Ziaudeen Pur Tehsil Kharkhoda District
Sonepat Haryana Measuring 2.50
acre vide sale deed no. 631 dated 29/10/1993. (4) Factory Land
and Building at 21/20 Mauza Ziaudeen pur Tehsil Kharkhoda District Sonepat
Haryana measuring 5.87acre or 28410sq. yards vide sale deed no. 422 dated
07/06/1994. Together with all
the infrastructures / fixed plant and machinery and other constructions
thereon both present and future. |
|
Particulars of
the present modification |
Total credit
facilities of Rs.133.400 Millions modified as under :- Cash credit (
Stocks ) Rs.50.000 Millions Cash credit (
Book-debts ) Rs.(50.000) Millions Sub limit of cash credit(stocks) LC / Buyers
credit Rs.80.000 Millions BG Rs.3.000
Millions Forward contract
Rs.4.000 Millions Total Rs.133.400
Millions. |
FIXED
ASSETS:
Ø
Ø
Ø
Ø
Ø
Buildings and Roads
Ø
Buildings for Wind Mill
Ø
Plant and Machinery
Ø
Wind Mill Machinery
Ø
Furniture and Fixtures and Equipments
Ø
Vehicle
WEB SITE DETAILS
PROFILE
Subject commenced production in 1995 with prime objective to
satisfy, through quality conscious production methods, the need of a
professional company to manufacture and supply Phthalocyanine pigments to all
its end users. Today, they are one of the most prominent pigment manufacturers
in India supplying to industries which include printing inks, paints, plastics,
rubber etc. Owing to their strong export performance over the years, the
Government of India has accorded us with the status of a 'Star Export House'.
Subject is an ISO: 9001 certified company and has been
awarded the accreditation by TUV Rheinland. They are committed to maintain and to
continuously improve our high quality standards and systems at all levels of
the company.
The ethos of the company is to continuously strive to increase
efficiency and to innovate. They emphasize and encourage the need to build long
term supplier relationships by working with their customers to understand and
fulfill their needs. Their success is based on their ability to implement our
philosophy and their readiness to adapt to the ever changing market
environment.
Subject is a subsidiary of a group which has other business
interests in the areas of Tea, Education, Energy and Real Estate.
COMPANY GROWTH
- Modest beginning with a 300 TPA plant
in 1995
- 2nd unit in 1999 increasing installed
capacity to 1200 TPA
- Current installed capacity is in excess
of 4000 TPA
- Planning to set up 12000 TPA plant in
Vadodara, Gujarat
- Set up a new plant to manufacture
finished pigments in 2009
- Started manufacturing of Phthalocyanine
Green
- Achieved a sustained CAGR of 23% P.A.
since inception
- They are an ISO 9001:2008 certified
company
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 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 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.54.85 |
|
|
1 |
Rs.88.16 |
|
Euro |
1 |
Rs.71.54 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
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 |
7 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
53 |
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.