MIRA INFORM REPORT

 

 

Report Date :

30.01.2013

 

IDENTIFICATION DETAILS

 

Name :

BRITE PROOFINGS PRIVATE LIMITED

 

 

Registered Office :

107-110, Raikar Chambers, Shankeshwar Parshwanath Marg, Deonar, Mumbai – 400 088, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

31.03.1997

 

 

Com. Reg. No.:

11-106948

 

 

Capital Investment / Paid-up Capital :

Rs.0.350  Million

 

 

CIN No.:

[Company Identification No.]

U26933MH1997PTC106948

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMB09866D

 

 

PAN No.:

[Permanent Account No.]

AABCB1590J

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject is engaged in Construction Activity like Flooring, Coating, Painting etc.

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (45)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 69000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having satisfactory track record. 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 – 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

 

 

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 :

107-110, Raikar Chambers, Shankeshwar Parshwanath Marg, Deonar, Mumbai – 400 088, Maharashtra, India

Tel. No.:

91-22-40433433

Fax No.:

91-22-40433441

E-Mail :

dhacas@vsnl.com

admin@brppl.co.in

Website :

http://www.brppl.co.in/

Location :

Owned

 

 

Bangalore  Branch Office :

106, Money Point, 1st Floor, No 59, K H Road, Bangalore – 560 027, Karnataka, India.

Tel. No.

91-80-22107268

E-Mail :

briteblr@brppl.co.in

 

 

Ahmedabad Branch Office :

412, Pushpam Complex, Opposite Seema Hall, Anand Nagar Road, Satellite, Ahmedabad – 380051, Ahmedabad, India

Tel. No.:

91-79-40327265

 

,

Factory :

Shop 6 and 7, Ground Floor, A- Wing, Raikar Chambers Premises Society Limited, Village Denoar, Kurla Taluka, Mumbai -400088, Maharashtra, India

 

 

DIRECTORS

 

AS ON 30.09.2012

 

Name :

Mrs. Jyothasana Ramnath

Designation :

Director

Address :

23 – B, Panorama Golf View, C.H.S Limited, Sion – Trombay Road, Chembur, Mumbai – 400071, Maharashtra

Date of Birth/Age :

07.04.1979

Date of Appointment :

01.12.2009

DIN No.:

02888566

 

 

Name :

Mr. Vaidyanath Ramnath

Designation :

Director

Address :

23 – B, Panorama Golf View, C.H.S Limited, Sion – Trombay Road, Chembur, Mumbai – 400071, Maharashtra

Date of Birth/Age :

19.10.1977

Date of Appointment :

31.03.1997

DIN No.:

00603781

 

 

Name :

Mr. Kalpathy Vaidyanath

Designation :

Director

Address :

23 – B, Panorama Golf View CHS. Limited S.T Road, Chembur, Mumbai – 400071, Maharashtra

Date of Birth/Age :

06.04.1948

Date of Appointment :

31.03.1997

DIN No.:

00603833

 

 

MAJOR SHAREHOLDERS

 

AS ON 30.09.2012

 

Names of Shareholders

No. of Shares

Kalpathy Vaidyanath

875

Vaidyanath Ramnath

1750

Jyothasana Ramnath

875

TOTAL

3500

 

AS ON 30.09.2012

 

Equity Shares Break Up

Percentage of Holding

Directors or relatives of Directors

100.00

TOTAL

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in Construction Activity like Flooring, Coating, Painting etc.

 

 

GENERAL INFORMATION

 

Suppliers :

·         BASF India Limited Ahmedabad

·         Hempel Paints Private Limited Ahmedabad

·         Ardex Endura (I) Private Limited – Banglore

·         BASF India Limited – Banglore

·         Darshana Polychem – Banglore

·         D.R. Coats Inks & Resins Private Limited.- Banglore

·         Floecret India Private Limited - Banglore

·         Hempel Paints Private Limited – Banglore

·         Ind Agiv Commerce Limited – Banglore

·         20 Microns Limited - Rajasthan

 

 

Customers :

·         AstraZeneca International

·         Biocon

·         Cipla

·         GlaxoSmithKline

·         L’Oreal India

·         Macleods

·         Micro Labs

·         Reliance Life Sciences

·         Wockhard

 

 

No. of Employees :

Not Available

 

 

Bankers :

·         Citi Bank N.A., Trent House, 2nd floor, G B Block, Plot No. C60, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051, Maharashtra, India

 

·         Yes Bank Limited, 9th Floor, Nehru Center, Discovery of India, DR. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India

 

·         HDFC Bank Limited

 

 

Facilities :

Secured Loan

 

Rs. In Millions

31.03.2012

Rs. In Millions

31.03.2011

Citi Bank Home Loan- Bangalore Flat

1.351

1.794

Citi Bank - Term Loan- No. 1

1.883

0.000

Citi Bank - Term Loan- No. 2

4.683

0.000

HDFC Bank Limited. - Car Loan

0.398

0.761

Cash Credit

0.000

29.995

Term Loan from Banks

0.000

10.412

Citi Bank A/C No. 0036304111 Overdraft

30.410

0.339

TOTAL

38.725

43.301

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Divakar Hari And Associates

Charted Accountant

Address :

611/612, Raikar Chambers, S. P. Road, Deonar, Mumbai – 400088, Maharashtra, India

PAN No.:

AAAFD1563D

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2012

 

Authorised Capital :

 

No. of Shares

Type

Value

Amount

 

 

 

 

10000

Equity Shares

Rs.100/- each

Rs.1.000  Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

 

No. of Shares

Type

Value

Amount

 

 

 

 

3500

Equity Shares

Rs.100/- each

Rs.0.350 Million

 

 

 

 

 

Note:

 

Sr. No

Particulars

31.03.2012

(Rs. in Millions)

31.03.2011

(Rs. in Millions)

1

Share Capital

Authorised 10000 Equity Shares of Rs.100/- Each

(10000 Numbers of Equity Shares of Rs.100.00 Each )

 

 

1.000

 

 

1.000

2

Issued, Subscribed and Paid-up Capital

3500 Numbers of Equity Shares of Rs.100.00 Each

 

0.350

 

0.350

 

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

0.350

0.350

0.350

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

17.001

13.114

10.559

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

17.351

13.464

10.909

LOAN FUNDS

 

 

 

1] Secured Loans

38.725

43.301

27.479

2] Unsecured Loans

8.424

7.528

2.989

TOTAL BORROWING

47.149

50.829

30.468

DEFERRED TAX LIABILITIES

0.591

0.315

0.000

 

 

 

 

TOTAL

65.091

64.608

41.377

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

28.169

27.652

26.151

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
21.354

17.650

7.766

 

Sundry Debtors
60.944

33.508

31.969

 

Cash & Bank Balances
2.339

1.034

1.223

 

Other Current Assets
1.912

4.029

0.209

 

Loans & Advances
1.903

3.174

0.894

Total Current Assets
88.452

59.395

42.061

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
31.149

16.147

17.533

 

Other Current Liabilities
14.278

2.673

7.197

 

Provisions
6.103

3.619

2.105

Total Current Liabilities
51.530

22.439

26.835

Net Current Assets
36.922

36.956

15.226

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

65.091

64.608

41.377

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2012

31.03.2011

31.03.2010

 

SALES

 

 

 

 

 

Income

N.A

191.897

151.919

 

 

Other Income

N.A

0.137

0.443

 

 

TOTAL                                     (A)

N.A

192.034

152.362

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Material Consumption

N.A

135.502

108.387

 

 

Contract Site Overheads

N.A

24.651

22.101

 

 

Selling & Distribution Overheads

N.A

5.605

3.909

 

 

Administrative Overheads

N.A

13.619

8.862

 

 

TOTAL                                     (B)

N.A

179.377

143.259

 

 

 

 

 

Less

PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

N.A

12.657

9.103

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

N.A

4.520

2.523

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                               (E)

N.A

8.137

6.580

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

N.A

2.886

2.193

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX (E-F)                 (G)

N.A

5.251

4.387

 

 

 

 

 

Less

TAX                                                                  (H)

N.A

1.637

1.368

 

 

 

 

 

 

PROFIT / (LOSS) AFTER TAX (G-H)                  (I)

N.A

3.614

3.019

 

 

N.A

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

 

10.332

7.313

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

N.A

13.946

10.332

 

 

 

 

 

 

 

 

 

 

 

Earnings Per Share (Rs.)

N.A

1032.48

862.60

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2012

31.03.2011

31.03.2010

PAT / Total Income

(%)
N.A
1.88

1.98

 

 
 
 

 

Net Profit Margin

(PBT/Sales)

(%)
N.A
2.74

2.89

 

 
 
 

 

Return on Total Assets

(PBT/Total Assets}

(%)
N.A
6.03

6.43

 

 
 
 

 

Return on Investment (ROI)

(PBT/Networth)

 
N.A
0.39

0.40

 

 
 
 

 

Debt Equity Ratio

(Total Debt/ Networth)

 
2.72
3.78

2.79

 

 
 
 

 

Current Ratio

(Current Asset/Current Liability)

 
1.72
2.65

1.58

 

 

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 two 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

Yes

18]

Major customers

Yes

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]

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

No

 

 

UNSECURED LOAN DETAILS

 

Particulars

Rs. In Millions

31.03.2012

Rs. In Millions

31.03.2011

Jyotsana Ramnath - Loan A/C

3.535

2.962

K.R. Vaidyanath Loan A/C

1.966

2.113

V. Ramnath Loan A/C

2.923

2.453

TOTAL

8.424

7.528

 

FORM 8

 

Corporate identity number of the company

U26933MH1997PTC106948

Name of the company

BRITE PROOFINGS PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

107-110, Raikar Chambers,

Shankeshwar Parshwanath Marg, Deonar,  Mumbai – 400 088, Maharashtra, India

Email: dhacas@vsnl.com

This form is for

Modification of charge

Type of charge

Immovable Property

Particular of charge holder

Citi Bank N.A., Trent House, 2nd floor, G B Block, Plot No. C60, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051, Maharashtra, India

Email: vlaxman@vsnl.com

Nature of instrument creating charge

Memorandum of Entry

Date of instrument Creating the charge

02.04.2012

Amount secured by the charge

Rs.44.820  Millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of interest

Interest to be charged at such rate/s as may be determined by the bank from time to time.

 

Terms of repayment

On Demand

 

Margin

As may be stipulated by Bank from time to time.

 

Extent and operation of the charge

The Company accorded and gave oral consent to bank to continue to hold and retain the title deeds (by way of constructive delivery) in respect of its immovable properties as mentioned under item No 15 as security for repayment of credit facilities of Rs.44.820 Millions, with interest, liquidated damages, costs, charges and expenses and all other money whatsoever due and payable thereon.

Short particulars of the property charged (Including location of the property)

Immovable property being Unit 107-110, 1st Floor, Raikar Chambers Society, Village Denoar, Kurla Taluka, Mumbai – 400088.

 

Immovable property being Shop# 6 and 7 , Ground Floor, A – Wing, Raikar Chambers Premises Society Limited, Village Denoar, Kurla Taluka, Mumbai – 400088.

Particulars of the present modification

The charge shall bnow stand increased from Rs.43.000 Millions in favour of the bank, against the security of immovable properties being lying situated at Kurla Taluka, Mumbai – 400088.

 

FIXED ASSETS

 

·         Premises

·         Furniture and Fixture

·         Office Equipments

·         Motor and Vehicle

·         Computer Systems

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.53.70

UK Pound

1

Rs.84.35

Euro

1

Rs.72.21

 

 

INFORMATION DETAILS

 

Report Prepared by :

HET

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--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

 

45

 

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

-

 

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.