MIRA
INFORM REPORT
|
Report Date : |
11.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
BHAVYA CEMENTS LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
16.04.2007 |
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Com. Reg. No.: |
01-053611 |
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Capital
Investment / Paid-up Capital : |
Rs. 771.700 Millions |
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CIN No.: [Company Identification
No.] |
U26941AP2007PLC053611 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
HYDB03403B |
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PAN No.: [Permanent Account No.] |
AADCB1182A |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturing of Portland Cement |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (35) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 4000000 |
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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 moderate track record. The
company has been successfully in wipping – off the accumulated losses of the
previous year. However, the company is still improving reserves of the
company seems to be insufficient. Trade relations are active. Payments are
reported to be slow but correct. The company can be dealings with slight 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
A3 (BANK GUARANTEE) |
|
Rating Explanation |
Moderate degree of safety. It carry higher credit risk. |
|
Date |
December 27th, 2012 |
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Rating Agency Name |
CRISIL |
|
Rating |
BBB (Term Loan) |
|
Rating Explanation |
Moderate degree of safety. It carry moderate credit risk. |
|
Date |
December 27th, 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/ Factory : |
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|
Tel. No.: |
91-8649-273900 |
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Fax No.: |
91-8649-273819 |
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E-Mail : |
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Website : |
http://www.bhavyacements.in |
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Corporate Office : |
Plot No. A-1, IInd Floor, Bhavya Spoorthi Bhavan, Film Nagar, Jubilee Hills,
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Tel. No.: |
91-40-23558384 / 85 |
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Fax No.: |
91-40-23558393 |
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E-Mail : |
DIRECTORS
As on 28.09.2012
|
Name : |
Mr. Venigalla Anand Prasad |
|
Designation : |
Managing Director |
|
Address : |
Plot No.1099/A, Road No.41, Jublee Hills Society, |
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Date of Appointment : |
16.04.2007 |
|
DIN : |
00207561 |
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Name : |
Ms. Venigalla Krishna Kumari |
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Designation : |
Director |
|
Address : |
Plot No.1099/A, Raod No.41, Jublee Hills Co-Op Society, |
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Date of Appointment : |
16.04.2007 |
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|
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|
Name : |
Mr. Venkata Rao Yaramasu |
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Designation : |
Director |
|
Address : |
6 3 609 - 1 And 2, F504, Anand Nagar Colony, Khairatabad, |
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Date of Appointment : |
02.02.2010 |
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DIN : |
01046905 |
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|
Name : |
Mr. |
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Designation : |
Nominee Director |
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Address : |
Flat No. 51, 5th Floor, Juhu Gaurav, JVPD Scheme, |
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Date of Appointment : |
08.12.2009 |
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DIN : |
01759409 |
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Name : |
Mr. Raghavulu Edara |
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Designation : |
Director |
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Address : |
16-2-751/A/35/1/3/A, Plot No.3, Road No.1, Asmangadh, |
|
Date of Appointment : |
21.01.2008 |
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DIN : |
02008012 |
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|
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Name : |
Mr. Shivakumar Pokala |
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Designation : |
Whole Time Director |
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Address : |
F No.202, 6-2-10, |
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Date of Appointment : |
16.04.2007 |
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DIN : |
02489876 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2012
SHAREHOLDERS DETAILS FILE ATTACHED
Equity Share Break up (Percentage of Total Equity)
As on 28.09.2012
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Portland Cement |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
8-2-672 Large Corporate Branch, Sufi Chambers, Road No. 1, Banjara
Hills, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
BSR and Associates Chartered Accountants |
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Address : |
Reliance Humsafar, IV Floor, Road No. 11, Banjara Hills, |
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PAN No.: |
AAIFB7355D |
CAPITAL STRUCTURE
As on 28.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
37500000 |
Equity Shares |
Rs.10/- each |
Rs. 375.000 Millions |
|
4000000 |
Preference Shares |
Rs.100/- each |
Rs. 400.000 Millions |
|
|
Total |
|
Rs. 775.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
37170000 |
Equity Shares |
Rs.10/- each |
Rs. 371.700 Millions |
|
4000000 |
Preference Shares |
Rs.100/- each |
Rs. 400.000 Millions |
|
|
|
|
Rs. 771.700
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 |
771.700 |
771.700 |
690.517 |
|
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2] Share Application Money |
0.000 |
0.000 |
12.900 |
|
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3] Reserves & Surplus |
261.583 |
0.000 |
290.017 |
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4] (Accumulated Losses) |
0.000 |
(2.314) |
0.000 |
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NETWORTH |
1033.283 |
769.386 |
993.434 |
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LOAN FUNDS |
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|
|
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1] Secured Loans |
1575.230 |
1894.136 |
1610.062 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
1575.230 |
1894.136 |
1610.062 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
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TOTAL |
2608.513 |
2663.522 |
2603.496 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2691.261 |
2867.171 |
4.473 |
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Capital work-in-progress |
26.411 |
3.004 |
2401.623 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
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Inventories |
179.073
|
87.524 |
0.000 |
|
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Sundry Debtors |
194.449
|
29.988 |
0.000 |
|
|
Cash & Bank Balances |
13.315
|
41.305 |
153.425 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
260.619
|
222.504 |
103.123 |
|
Total
Current Assets |
647.456
|
381.321 |
256.548 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
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Sundry Creditors |
91.961
|
52.075 |
38.958 |
|
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Other Current Liabilities |
639.294
|
523.601 |
0.000 |
|
|
Provisions |
25.360
|
12.298 |
20.227 |
|
Total
Current Liabilities |
756.615
|
587.974 |
59.185 |
|
|
Net Current Assets |
(109.159)
|
(206.653) |
197.363 |
|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.037 |
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|
|
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TOTAL |
2608.513 |
2663.522 |
2603.496 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
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SALES |
|
|
|
|
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|
Income |
2761.420 |
308.237 |
0.000 |
|
|
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Other Income |
2.151 |
0.986 |
7.194 |
|
|
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TOTAL (A) |
2763.571 |
309.223 |
7.194 |
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material consumed |
234.161 |
|
|
|
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|
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(34.700) |
(23.877) |
|
|
|
|
Employee benefit expense |
69.792 |
28.934 |
|
|
|
|
Other expense |
1533.063 |
261.812 |
|
|
|
|
Prior period items |
0.000 |
19.858 |
|
|
|
|
TOTAL (B) |
1802.316 |
329.485 |
54.817 |
|
|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
961.255 |
(20.262) |
(47.623) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
313.269 |
142.335 |
135.284 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
647.986 |
(162.597) |
(182.907) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
384.089 |
210.917 |
1.034 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
263.897 |
(373.514) |
(183.941) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
263.897 |
(373.514) |
(183.941) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(630.759) |
(257.245) |
(73.304) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(366.862) |
(630.759) |
(257.245) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.72 |
(13.84) |
N.A |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
9.55
|
(120.79) |
(2556.84) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.56
|
(121.18) |
N.A |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.90
|
(11.49) |
(6.91) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26
|
(0.49) |
(0.18) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.52
|
2.46 |
1.68 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.86
|
0.65 |
4.33 |
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] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
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 |
NOTES : Registered office address
of the company has been shifted from Plot No. A-1, 2nd Floor, Bhavya Spoorthi
Bhavan, Film Nagar, Jubilee Hills, Hyderabad – 500033, India to the present
address w.e.f. 08.12.2009
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity
number of the company |
U26941AP2007PLC053611 |
|
Name of the
company |
BHAVYA CEMENTS
LIMITED |
|
Address of the
registered office or of the principal place of business in |
Thangeda
(Village), Dachepally (Mandal), |
|
This form is for |
Modification
of charge |
|
Charge
identification (ID) number of the charge to be modified |
10124959 |
|
Type of charge |
|
|
Particular of
charge holder |
8-2-672 Large Corporate Branch, Sufi Chambers, Road No. 1, Banjara
Hills, |
|
Nature of
instrument creating charge |
MEMORANDUM OF
ENTRY Memorandum of
Deposit of Title Deeds |
|
Date of
instrument Creating the charge |
18.04.2012 |
|
Amount secured by
the charge |
Rs. 2800.000
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest PNB:BR+3.50%
i.e.14.25% P.A; SBH:3.75%+Base rate i.e.14.25% p.a, State Bank of Terms of Repayment No Change from
previous Modification Margin No Change from
previous Modification Extent and Operation of the charge 1st pari passu charge
on all Current Assets including Stocks, Book Debts, etc., both present and
future. 2nd charge on
entire fixed assets and equitable mortgage on Company's land admeasuring
957.1 acres at First Pari passu
charge by way of Equitable mortgage on Co's land adme. 44.02 acres at Creation of fresh
Mortgage on Properties Others Corporate
Guarantee extended by BHAVYA CONSTRUCTIONS PVT LTD |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Charge on all Current Assets including
Stocks, Book Debts both present and future including all its licences Equitable
mortgage on Company's land admeasuring 957.1 acres at Equitable
mortgage on Co's land adme. 44.02 acres at Plot No. 1, 2
& 3 in Sy No. 127 in Block No. 2 totally admeasuring 1094.50 Sq yds at
Hydernagar village, Kukatpally Muicipality, Balanagar Mdl, R R Dist Plot no. A-1 in
Sy No. 403 of Shaik pet village, admeasuring 750 sq yds at Bhaya Spoorthy Bhavan,
A-1, Film Nagar, Jubilee Hills, Hyderabad-5000033 Fresh creation of
Mortgage on agricultural/ non agricultural land admeasuring 31.04 acres in
Tangeda village, Dachepalli Mdl, Guntur District in Sy No. 253/2, 115, 25A,
22/2, 29/1, 29/3, 23, 25/A,136- 290-2, 290-2,
838/B3, 280/3, 281/1, 838/B3, 280/3, 281/1, 838/B5, 838/B3, 838/31 to the
extent of Acres 31.04 cents together with all Building and Structures |
|
Date of
instrument modifying the charge |
21.03.2012 |
|
Particulars of the
present modification |
Fresh creation of
Mortgage on agricultural/ non agricultural land admeasuring 31.04 acres in
Tangeda village, Dachepalli Mdl, Guntur District in Sy No. 253/2, 115, 25A,
22/2, 29/1, 29/3, 23, 25/A,136-, 290-2, 290-2, 838/B3, 280/3, 281/1, 838/B3,
280/3, 281/1, 838/B5, 838/B3, 838/31 to the extent of Acres 31.04 cents
together with all Buildings and Structures for Enhanced Limits of Working
Capital facilities as |
FIXED ASSETS :
- Furniture and
Fixtures
- Computer
- Office
Equipments
- Electrical
Installations
- Vehicles
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.54.40 |
|
|
1 |
Rs.81.56 |
|
Euro |
1 |
Rs.71.23 |
INFORMATION DETAILS
|
Report Prepared
by : |
RSMK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
35 |
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.