MIRA
INFORM REPORT
|
Report Date : |
17.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
BINAY UDYOG PRIVATE LIMITED |
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|
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Registered
Office : |
20A, Sura |
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Country : |
India |
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|
Financials (as
on) : |
31.03.2012 |
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|
Date of
Incorporation : |
26.10.1983 |
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Com. Reg. No.: |
21-036871 |
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Capital
Investment / Paid-up Capital : |
Rs.46.125 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27109WB1983PTC036871 |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturer and Exporter of Pipes and Pipe Fittings. |
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|
|
|
No. of Employees
: |
300 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 220000 |
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|
|
|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track record. The profitability
of the company is low. The reserve of the company seems to be insuffient. Howeve, trade relations are reported to be fair. Business is active.
Payment are reported to be slow but correct. The company can be considered for business dealings with some caution. |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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 (GENERAL DETAILS)
|
Name : |
Mr. Sanjeev Kumar Agarwal |
|
Designation : |
Director |
|
Contact No.: |
91-9830049781 |
|
Date : |
15.06.2013 |
LOCATIONS
|
Registered Office : |
20A, Sura |
|
Tel. No.: |
91-33-23539294 / 23539295 |
|
Mobile No.: |
91-9830049781 / 9331013197 (Mr. Sanjeev Kumar) |
|
Fax No.: |
91-33-23539298 |
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E-Mail : |
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|
Website : |
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|
Area : |
2000 sq.ft. |
|
Location : |
Owned |
|
|
|
|
Factory : |
Village and P.O. Unani, Jagacha ( |
|
Tel. No.: |
91-33-26697357 |
|
Fax No.: |
91-33-30999609 |
|
Area : |
Owned |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Sanjeev Kumar Agarwal |
|
Designation : |
Director |
|
Address : |
39 N, |
|
Date of Birth/Age : |
01.12.1965 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
24.07.2001 |
|
DIN No.: |
00445530 |
|
|
|
|
Name : |
Mr. Ghanshyam Das Agarwal |
|
Designation : |
Director |
|
Address : |
39 N, |
|
Date of Birth/Age : |
11.04.1943 |
|
Qualification : |
B.com |
|
Date of Appointment : |
01.12.2006 |
|
Voter ID No.: |
WB22159549782 |
|
DIN No.: |
00445772 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
|
Names of Equity Shareholders |
|
No. of Shares |
|
Ghanshyam Das Agarwal and others (HUF) |
|
2500 |
|
Sanjeev Kumar Agarwal |
|
1506300 |
|
Sanjeev Nikhil (HUF) |
|
24500 |
|
Rajeev Kumar Agawal |
|
631300 |
|
Rajeev Agarwal (HUF) |
|
5000 |
|
Chiko Devi |
|
75000 |
|
Ishwari Devi Agarwal |
|
63000 |
|
Nita Goel |
|
6000 |
|
Munshi Lal Agarwal (HUF) |
|
32800 |
|
Ghanshyam Das Agarwal |
|
1201300 |
|
Sarika Agarwal |
|
1000 |
|
Renu Agarwal |
|
558400 |
|
Kishan Kumar Khandelwal |
|
20000 |
|
Dipti Agarwal |
|
20000 |
|
Fun-N-Food Private Limited, India |
|
70000 |
|
Uttom Nirnoy Private Limited, India |
|
100000 |
|
Emkay Merchandise (Private) Limited, India |
|
50000 |
|
Govind Prasad Khandelwal |
|
48900 |
|
Bhavna Agarwal |
|
4000 |
|
Total |
|
4420000 |
|
Names of Preference Shareholders |
|
No. of Shares |
|
Ghanshyam Das Agarwal (HUF) |
|
7000 |
|
Sanjeev Nikhil (HUF) |
|
7000 |
|
Nikhil Agarwal |
|
5250 |
|
Total |
|
19250 |
As on 29.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Directors or relatives of Directors |
62.36 |
|
Other top fifty shareholders |
37.64 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Pipes and Pipe Fittings. |
|
|
|
|
Products : |
· Pipe Fittings Manhole Covers Gratings (Jali) Other castings |
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Brand Names : |
HEPCO and BPL |
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Exports : |
|
|
Products : |
Pipes and Pipe Fittings |
|
Countries : |
Nepal Europe |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
Wholesalers, Retailers and OEM’s |
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No. of Employees : |
300 (Approximately) |
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Bankers : |
·
ING Vysya Bank Limited, P-182, Ground Floor, Standard Chartered Bank, SME Banking, 19, N. S. Road,
Kolkata - 700001, West bengal, Indias |
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Facilities : |
Note: Secured by hypothecation of stores, Raw Material, Finished Goods and
Books Debts of the Company. |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
U Narain and Company Chartered Accountant |
|
Address : |
35, C.R. Avenue, 5th Floor, Kolkata-700012, West Bengal, India |
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Tel. No.: |
91-33-22119986 |
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Fax No.: |
91-33-22110384 |
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E-mail: |
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PAN No.: |
AAAFU2548M |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5450000 |
Equity Shares |
Rs. 10/- each |
Rs. 54.500 Millions |
|
45000 |
13% Non Cumulative Redeemable Preference Shares |
Rs. 100/- each |
Rs. 4.500 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.59.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4420000 |
Equity Shares |
Rs. 10/-
each |
Rs. 44.200
Millions |
|
19250 |
13% Non Cumulative Redeemable Preference Shares |
Rs. 100/-
each |
Rs. 1.925
Millions |
|
|
|
|
|
|
|
Total |
|
Rs.46.125 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
46.125 |
46.125 |
|
(b) Reserves & Surplus |
|
9.245 |
7.995 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
|
|
|
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|
(3)
Non-current liabilities |
|
|
|
|
(a) Long-term borrowings |
|
25.408 |
21.123 |
|
(b) Deferred tax liabilities (Net) |
|
1.605 |
1.808 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
|
|
|
|
|
(4) Current liabilities |
|
|
|
|
(a) Short term borrowings |
|
66.285 |
77.509 |
|
(b) Trade payables |
|
0.005 |
1.522 |
|
(c) Other current
liabilities |
|
5.313 |
5.777 |
|
(d) Short-term provisions |
|
0.000 |
0.063 |
|
TOTAL |
|
153.986 |
161.922 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
26.595 |
29.880 |
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
|
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
1.142 |
0.211 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
55.466 |
50.389 |
|
(c) Trade receivables |
|
68.212 |
69.506 |
|
(d) Cash and cash
equivalents |
|
0.822 |
1.561 |
|
(e) Short-term loans and
advances |
|
1.463 |
10.100 |
|
(f) Other current assets |
|
0.286 |
0.275 |
|
TOTAL |
|
153.986 |
161.922 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
46.125 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
6.332 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
52.457 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
68.435 |
|
|
2] Unsecured Loans |
|
|
16.669 |
|
|
TOTAL BORROWING |
|
|
85.104 |
|
|
DEFERRED TAX LIABILITIES |
|
|
2.028 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
139.589 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
33.613 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
41.176
|
|
|
Sundry Debtors |
|
|
62.345
|
|
|
Cash & Bank Balances |
|
|
1.402
|
|
|
Other Current Assets |
|
|
0.078
|
|
|
Loans & Advances |
|
|
13.579
|
|
Total
Current Assets |
|
|
118.580
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
4.125
|
|
|
Other Current Liabilities |
|
|
7.790
|
|
|
Provisions |
|
|
0.689
|
|
Total
Current Liabilities |
|
|
12.604
|
|
|
Net Current Assets |
|
|
105.976
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
139.589 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
6.019 |
6.436 |
6.301 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
4.188 |
4.586 |
4.476 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
1.831 |
1.851 |
1.825 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.581 |
0.188 |
0.471 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
1.250 |
1.663 |
1.354 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
6.946 |
5.283 |
3.929 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
8.196 |
6.946 |
5.283 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
0.28 |
0.37 |
0.31 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.18
|
1.14 |
1.20 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
0.03 |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.66
|
1.82 |
3.88 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.77
|
1.55 |
9.41 |
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 |
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 |
No |
|
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 |
Y No |
|
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 |
Yes |
|
34] |
External Agency Rating,
if available |
No |
UNSECURED LOAN
|
Particulars |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
Long Term
Borrowing |
|
|
|
Loans and Advances from related parties |
25.408 |
21.123 |
|
Total |
25.408 |
21.123
|
Note:
There is no such terms of policy made by the company for the repayment
of the unsecured Loan taken from the related parties of the company.
FIXED ASSETS
¯ Land
¯
Building
and Shed
¯
Plant
and Machinery
¯
Laboratory
Equipment
¯
Furniture
and Fittings
¯
Electrification
¯
Generator
¯
Trolley
¯
Tube
Well
¯
Motor
Vehicle
¯
Type
Writer
¯
Weigh
Bridge
¯
Computer
¯
Air
Conditioners
¯
Flat
at Kudhat
¯
Telephone
Equipment
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.57.74 |
|
|
1 |
Rs.90.64 |
|
Euro |
1 |
Rs.77.02 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
34 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.