MIRA
INFORM REPORT
|
Report Date : |
16.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
BRITACEL
SILICONES LIMITED (w.e.f. 12.04.2007) |
|
|
|
|
Formerly Known
As : |
ENPEE PHARMA
LIMITED |
|
|
|
|
Registered
Office : |
F –18, Street No.
23, MIDC, Marol, Andheri (East), Mumbai – 400 093, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
15.10.1990 |
|
|
|
|
Com. Reg. No.: |
11-58541 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.3.696 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U70101MH1990PLC058541 |
|
|
|
|
IEC No.: |
0391153919 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMB11251C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACE0309B |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturers of
Textile Auxiliaries and Textile Software Silicones |
|
|
|
|
No. of Employees
: |
115 (Approximately)
(In Office + In Factory) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1800000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
|
|
|
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Comments : |
Subject is an established
company having a satisfactory track record. There appears slight dip in
profitability. However, general
financial position of the company seems to be good. Performance capacity
appears high. Trade relations are reported to be fair. Business is active.
Payments are reported to be usually correct and as per commitments. The company can
be considered for normal 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.
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 |
CASH CREDIT: CRISIL BBB- |
|
Rating Explanation |
Have moderate degree of safety regarding
timely servicing of financial obligation it carry moderate credit risk. |
|
Date |
August, 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.
INFORMATION PARTED BY
|
Name : |
Mr. G.P. Oliver |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-9867461916 |
|
Date : |
12.12.2012 |
LOCATIONS
|
Registered Office : |
F –18, F Block Road, Street No. 23, MIDC, Marol,
Andheri (East), Mumbai – 400 093, |
|
Tel. No.: |
91-22-40094000
(100 Lines) |
|
Mobile No.: |
91-9867461916 (Mr. G.P. Oliver) |
|
Fax No.: |
91-22-40094003 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
636 sq. mtrs. |
|
Location : |
Owned |
|
|
|
|
Plants : |
|
|
Unit 1 : |
F - 18, Street No. 23, MIDC, Marol, Andheri
[East], Mumbai – 400093, |
|
Area : |
636 sq. mtrs. –
plot area 628.92 sq. mtrs.
– built up area |
|
|
|
|
Unit 2 : |
Shed No. D-2/6,
Plot No. 192/F, Kundaim Industrial Estate, Kundaim, District Ponda, Goa –
403110, |
|
|
91-832-2395104/2395105 |
|
Fax No.: |
91-832-2395104 |
|
Area : |
1423 sq. mtrs. – plot
area 250 sq. mtrs. –
built up area |
|
Location: |
Owned |
|
|
|
|
Unit 3 : |
Plot No. L – 125
abd 126, |
|
Tel. No. : |
91-832-2783939/2783940 |
|
Fax No. : |
91-832-2782929 |
|
E-mail : |
|
|
Area : |
9672 sq. mtrs. –
plot area 1521 sq. mtrs. –
built up area |
|
Location: |
Owned |
|
|
|
|
Unit 4 : |
Plot No. L – 124,
Verna Industrial Estate, Phase III, Verna, Goa – 403 772, |
|
|
91-832-2783939/
2783940 |
|
Fax No.: |
91-832-2782929 |
|
E-mail : |
|
|
Area : |
7125 sq. meters. –
plot area 1200 sq. meters.
– built up area |
|
Location: |
Owned |
|
|
|
|
Branch Offices : |
No. 6, Groun
Floor, State Bank Colony, Kongu Nagar Extention, Near Om Shakti Temple,
Tirupur – 641607, India Tel No. :
91-421-4243261 Fax No. : 91-421-4343262 D – 103,
Abhilasha Apartment, Opp. Aarohi Bungalows, Ring Road, Satellite, Ahmedabad –
380015, Gujarat, India |
DIRECTORS
AS ON 17.09.2012
|
Name : |
|
|
Designation : |
Director [Technical] |
|
Address : |
Flat No. 5, 4th
Floor, Joy Sagar, Plot No. 9, Vallabhnagar CHS Limited, |
|
Date of Birth/Age : |
11.12.1965 |
|
Qualification : |
|
|
Date of Appointment : |
05.04.1999 |
|
DIN No.: |
00001364 |
|
|
|
|
Name : |
|
|
Designation : |
Executive
Director |
|
Address : |
Flat No. 5, 4th
Floor, Joy Sagar, Plot No. 9, Vallabhnagar CHS Limited, |
|
Date of Birth/Age : |
11.12.1965 |
|
Qualification : |
B. Com. |
|
Date of Appointment : |
05.04.1999 |
|
DIN No.: |
00001367 |
|
|
|
|
Name : |
|
|
Designation : |
Chairman and
Managing Director |
|
Address : |
Flat No. 5, 4th
Floor, Joy Sagar, Plot No. 9, Vallabhnagar CHS Limited, |
|
Date of Birth/Age : |
12.12.1955 |
|
Qualification : |
|
|
Date of Appointment : |
05.04.1999 |
|
DIN No.: |
00001362 |
KEY EXECUTIVES
|
Name : |
Mr. G.P. Oliver |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 17.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Naishadh Desai |
|
628 |
|
Ketan Desai |
|
628 |
|
Kamini Desai |
|
628 |
|
H. M. Vashi |
|
375 |
|
Nalini Hiren Vashi |
|
236 |
|
Apurva Desai (NRI) |
|
593 |
|
Bhavana Desai (NRI) |
|
608 |
|
|
|
|
|
Total |
|
3696 |
(AS ON 17.09.2012)
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
|
|
|
Directors or relatives of Directors |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of
Textile Auxiliaries and Textile Software Silicones |
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||||
|
Products : |
·
Silicone
Emulsions ·
Flame
Retardants ·
Micro
Amino Emulsions ·
Amino
Silicone Elastomers ·
Modified
Silicone Elastomers ·
Silicone
Resins ·
Silicone
Cationics ·
Water
Repellants ·
Defoamers ·
Hydrophilic
Softeners ·
Silicone
Elastomers ·
Perfumed
Emulsions ·
Exhaustible
Silicone Softeners (New Introduction) |
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Exports : |
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||||
|
Products : |
·
Textile
Auxiliaries ·
Textile
Software Silicones |
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Countries : |
·
Malaysia ·
Taiwan ·
Bangladesh
|
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Imports : |
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||||
|
Products : |
·
Silicone
Fluids |
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Countries : |
·
Japan
·
U.S.A.
·
Singapore
|
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Suppliers : |
·
G
Corporation, Matsui Shikiso Dow Corning, ·
Wacker
Metroak Chemicals Private Limited D. H. Road, Chandi, 24 Praganas (S) – 743 503, West Bengal, India Tel. 91-33-24708384 Contact Person – ·
Dow
Corning India Private Limited Wockhardt Towers, East Wing, Level – 2, Bandra Kurla Complex, Bandra (East),
Mumbai – 400 051, Maharashtra, India Tel. 91-22-56946868 Contact Person – ·
New
Drug abd Chemical Company Tel. 91-22-22068106 Contact Person – Mr. Nimish / ·
Yash
Synthetics Private Limited 66/E, Industrial Estate, Masat, Silvassa, Gujarat, India Tel. 91-79-26734980 Contact Person – ·
Viswaat
Chemicals Limited Triveni, Mith Chowki, Marve Road, Malad (West), Mumbai – 400 064,
Maharashtra, India Tel. 91-22-28809535 Contact Person – ·
Grand
Organics Private Limited D 2 / 26, Bicholim Industrial Estate, Bicholim, Goa – 403 529, India Tel. 91-832- 2362337 / 2362898 |
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Customers : |
Wholesalers and Retailers ·
Raymond
Limited Jekegram,
Pokhran, Thane – 400 606, Maharashtra, India Tel.
91-22-5344191 Contact Person – ·
Abhikesh
Industries Limited Trident Complex, Erial
Rest, Rajkot Road, Barnala, Gujarat, India Tel.
91-2642-1679295251 Contact Person – ·
Clariant
( Survey No. 316,
National Highway, Village Bakrol, Taluka Panoli, District Bharuch, Gujarat,
India Contact Person – Mr. |
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No. of Employees : |
115 (Approximately)
(In Office + In Factory) |
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Bankers : |
· State Bank of India Backbay Reclamation Branch, Nariman Point, Mumbai – 400021, Maharashtra, India · ICICI Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Rameshbhai R.
Shah and Company Chartered
Accountants |
|
Address : |
B – 307, Sagar Apartment,
Off. S.V. Road, Borivali (East), Mumbai – 400105, Maharashtra, India |
|
Tel. No.: |
91-22-28900798 |
|
PAN.: |
AACPS5309J |
|
|
|
|
Group Companies : |
Count Fabri Fluidomatics Limited Address: 29-C,
Raj Industrial Complex, Directors – Mr.
Naishadh Hiren Desai, Mr. Ketan Hiren Desai, Ms. Kamini Hiren Desai Date of
Incorporation: 15.01.1992, Company Reg. No. 11-64869 Pan No.: AABCC4346B Britacel Exports Private Limited Address: 59-C,
Raj Industrial Complex, Marol, Directors – Mr.
Ketan Hiren Desai, Ms. Kamini Hiren Desai Date of
Incorporation: 23.06.1992, Company Reg. No. 11-67356 Pan No.: AAACB9025B Baysil Chemicals Private Limited Address : Plot
No. F-18, Street No. 23, MIDC Marol, Andheri (East), Mumbai – 400 093,
Maharashtra, India Directors – Mr.
Naishadh Hiren Desai, Mr. Ketan Hiren Desai, Mrs. Neelam Naishadh Desai Date of
Incorporation: 18.04.2007, CIN. No. U24110MH2007PTC170085 Pan No.: AADCB1186E Line of Business:
Trading in Textile Auxiliaries Baysil Pharma Private Limited Address : Plot
No. F-18, Street No. 23, MIDC Marol, Andheri (East), Mumbai – 400 093,
Maharashtra, India Directors –Mr.
Ketan Hiren Desai, Mrs. Nalini Hiren Desai Date of
Incorporation: 13.04.2007, CIN. No. U24100MH2007PTC169939 Pan No.: AADCB1186E Baysil Polymers Private Limited Address : Plot
No. F-18, Street No. 23, MIDC Marol, Andheri (East), Mumbai – 400 093,
Maharashtra, India Directors –Mr.
Ketan Hiren Desai, Ms. Kamini Hiren Desai, Mrs. Nalini Hiren Desai Date of
Incorporation: 18.04.2007, CIN. No. U24110MH2007PTC169974 Pan No.: AADCB1119R Crossfield Textile Chemicals (India)
Private Limited Address: 59-C,
Raj Industrial Complex, Marol, Directors – Mr.
Naishadh Hiren Desai, Ms. Kamini Hiren Desai, Mrs. Neelam Naishadh Desai Date of
Incorporation: 04.11.2008, CIN No. U24200MH2008PTC187962 Pan No.: AADCC5102D Line of Business:
Distributors of Eurodye CTC |
|
|
|
|
Related parties : |
Cros Field
Textile Chemicals India Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000 |
Equity Shares |
Rs.1000/- each |
Rs.5.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3696 |
Equity Shares |
Rs.1000/- each
|
Rs.3.696 Millions |
|
|
|
|
|
Details of
Shareholders holding more than 5% share in the Company
|
Equity Shares of
Rs.1000/- each fully paid |
No. of Shares |
% of Holding |
|
|
|
|
|
Naishadh H Desai |
628 |
16.99% |
|
Ketan H Desai |
628 |
16.99% |
|
Kamini H Desai |
628 |
16.99% |
|
Hiren M Vash |
375 |
10.15% |
|
Nalini H Vashi |
236 |
6.39% |
|
Apurva H Desai |
593 |
16.04% |
|
Bhavana H Desai |
608 |
16.45% |
|
|
|
|
|
TOTAL |
3696 |
100.00% |
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 |
3.696 |
3.696 |
3.696 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
446.442 |
433.772 |
421.672 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
450.138 |
437.468 |
425.368 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
201.272 |
248.237 |
301.776 |
|
|
2] Unsecured Loans |
54.183 |
77.859 |
0.000 |
|
|
TOTAL BORROWING |
255.455 |
326.096 |
301.776 |
|
|
DEFERRED TAX LIABILITIES |
0.394 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
705.987 |
763.564 |
727.144 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
66.267 |
66.953 |
67.006 |
|
|
Capital work-in-progress |
22.606 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
65.338 |
125.338 |
41.556 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.083 |
0.258 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
223.069
|
212.912 |
300.269 |
|
|
Sundry Debtors |
356.046
|
311.038 |
339.771 |
|
|
Cash & Bank Balances |
22.513
|
67.365 |
65.319 |
|
|
Other Current Assets |
2.220
|
7.176 |
0.000 |
|
|
Loans & Advances |
44.228
|
46.067 |
74.763 |
|
Total
Current Assets |
648.076
|
644.558 |
780.122 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
71.394
|
50.632 |
161.798 |
|
|
Other Current Liabilities |
11.924
|
9.806 |
|
|
|
Provisions |
12.982
|
12.930 |
|
|
Total
Current Liabilities |
96.300
|
73.368 |
161.798 |
|
|
Net Current Assets |
551.776
|
571.190 |
618.324 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
705.987 |
763.564 |
727.144 |
|
%2016-Jan-2013_files/image001.gif){kind=small}
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
899.717 |
863.264 |
898.259 |
|
|
|
Other Income |
7.220 |
1.274 |
2.930 |
|
|
|
TOTAL (A) |
906.937 |
864.538 |
901.189 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed Purchase of Stock-in-trade |
631.493 |
630.126 |
832.614 |
|
|
|
Changes in inventories of Finished goods WIP and Stock-in-trade |
(1.590) |
(3.511) |
|
|
|
|
Employee Benefits Expenses |
73.993 |
62.434 |
|
|
|
|
Other Expenses |
133.327 |
104.232 |
|
|
|
|
TOTAL (B) |
837.223 |
793.281 |
832.614 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
69.714 |
71.257 |
68.575 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
32.874 |
28.371 |
26.529 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
36.840 |
42.886 |
42.316 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
10.533 |
8.637 |
8.667 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
26.307 |
34.249 |
33.649 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
15.129 |
9.220 |
9.037 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H)
(I) |
11.178 |
25.029 |
24.612 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4101.60 |
6771.98 |
-- |
|
%2016-Jan-2013_files/image002.gif){kind=small}
Expected Sales (2012-2013): Rs.1100.000 Millions
The above information has been parted by Mr. G. P. Oliver.
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.23 |
2.90 |
2.73 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.92 |
3.97 |
3.75 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.68 |
4.81 |
3.97 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06 |
0.08 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.78 |
0.91 |
1.09 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
6.73 |
8.79 |
4.82 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
In Millions)
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
Trade Payables |
71.394 |
50.632 |
Not Available |
|
|
|
|
|
|
Total |
71.394 |
50.632 |
Not Available |
|
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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
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 |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
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] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOAN
|
Particulars |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
From Directors |
54.183 |
77.859 |
|
|
|
|
|
Total |
54.183 |
77.859 |
OPERATIONS
The Company has performed reasonably well in local markets during the year in a highly competitive business environment. The Company achieved a turnover of Rs.899.717 Millions as against Rs. 863.264 Millions achieved last year.
EXPORTS
During the year 2011-2012 the Company registered Exports Sales of Rs.84.000 Millions as against Rs.44.300 Millions achieved last year. The Company has initiated several exports promotion measures to increase Exports Sales but could not achieve it due to recession.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U24230MH1982PLC026989 |
|
Name of the company
|
BRITACEL
SILICONES LIMITED |
|
Address of the
registered office or of the principal place of business in |
F –18, Street No.
23, MIDC, Marol, Andheri (East), Mumbai – 400 093, Maharashtra, India |
|
This form is for |
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
90187013 |
|
Type of charge |
· Book debts ·
Movable property (not being pledge) |
|
Particular of
charge holder |
State Bank of India, Backbay Reclamation Branch, Nariman Point, Mumbai – 400 021, Maharashtra, India |
|
Nature of
instrument creating charge |
Letter Regarding the
Grant of Individual Limits within the overall Limit |
|
Date of
instrument Creating the charge |
07.08.2012 |
|
Amount secured by
the charge |
Rs.187.500
Millions |
|
Brief of the
principal terms and conditions and extent and operation of the charge |
Rate of Interest Demand cash
credit Rs 180.000 Millions - 4.50% Above Base Rate. Terms of Repayment As per the
sanction terms. Margin Raw
Materials 25% stock in-
process 33.33% Finished
Goods 33.33% Book
debts/Receivables (cover
period 120 days) 40% Extent and Operation of the charge Demand Cash
Credit Rs.180.000 Millions. Letter of
Credit Rs.2.500 Millions Bank
Guarantee Rs 5.000 Millions Total Rs 187.500 Millions. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
All present and
future goods, book debts, movables and other assets of the borrower including
document of title to goods and other assets such as outstanding monies,
receivables, claims, bills contracts, engagements, securities,
investments, rights and assets and all
present and future machinery. |
|
Date of
instrument modifying the charge |
19.04.2011 |
|
Particulars of
the present modification |
The original
charge was created on 24.07.2003 for Rs.157.500 Millions. 1stly modified on
17.03.2004 for Rs.180.000 Millions. 2ndly modified on 29.03.2004 for mortgage
of immovable property. 3rdly modified on 14.02.2007 for Rs.207.500 Millions.
4thly modified on 14.05.2007 for mortgage of immovable property. 5thly
modified on 28.05.2008 for Rs.237.500 Millions. 6thly modified on 19.04.2011
for mortgage of immovable property. Now by this modification the limit has been
reduced from Rs.237.500 Millions to Rs.187.500 Millions. |
FIXED ASSETS
·
Building
·
Plant and Machinery
·
Other Assets
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 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.54.54 |
|
|
1 |
Rs.87.69 |
|
Euro |
1 |
Rs.72.85 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
NTH |
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 |
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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.