MIRA
INFORM REPORT
|
Report Date : |
12.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
BAGLA POLIFILMS LIMITED (w.e.f. 21.03.2011) |
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Formerly Known
As : |
BAGLA POLIFILMS PRIVATE LIMITED (w.e.f. 10.11.2009) RANI SATI ENTERPRISES PRIVATE LIMITED |
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Registered
Office : |
7, Old Post Office Street, Ground Floor, R No.9, Kolkata – 700001,
West Bengal |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
18.03.1998 |
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Com. Reg. No.: |
21-086772 |
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Capital
Investment / Paid-up Capital : |
Rs.7.500 Millions |
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CIN No.: [Company Identification
No.] |
U25200WB1998PLC086772 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CALR06449C |
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PAN No.: [Permanent Account No.] |
AACCR6010N |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer, Exporter and Supplier of Poli Oil Film. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
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 160000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company is under pressure. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow. 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 – 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 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 : |
7, Old Post Office Street, Ground Floor, R No.9, Kolkata – 700001,
West Bengal, India |
|
Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Corporate Office : |
B-2/8, Safdarjung Enclave, New Delhi – 110029, India |
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Email : |
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|
Factory : |
Plot No.16 and 17, KIE Industrial Estate, Village-Mundlyaki, Parganga Mangalour,
Thesil Roorkee, District Haridwar – 247667, Uttarakhand, India |
|
Tel. No.: |
91-1332-229743 |
DIRECTORS
(AS ON 29.09.2012)
|
Name : |
Mr. Madhusudan Lalit Kumar Bagla |
|
Designation : |
Managing Director |
|
Address : |
B-2/7, Safdarjung Enclave, Delhi-110029, India |
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Date of Birth/Age : |
16.03.1963 |
|
Date of Appointment : |
28.01.2009 |
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DIN No.: |
01425646 |
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Name : |
Ms. Pushpa Devi Bagla |
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Designation : |
Director |
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Address : |
B-2/7, Safdarjung Enclave, Delhi-110029, India |
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Date of Birth/Age : |
10.07.1942 |
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Date of Appointment : |
09.05.2003 |
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DIN No.: |
01094722 |
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Name : |
Mr. Lalit Kumar Bagla |
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Designation : |
Director |
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Address : |
B-2/7, Safdarjung Enclave, Delhi-110029, India |
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Date of Birth/Age : |
25.09.1941 |
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Date of Appointment : |
28.01.2009 |
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DIN No.: |
01596548 |
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Name : |
Mr. Dinesh Chandra Ray |
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Designation : |
Director |
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Address : |
Mahuja Chatla, JL No.93, Jumki Egar Purba, Midnapore-721448, West
Bengal, India |
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Date of Birth/Age : |
02.11.1959 |
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Date of Appointment : |
20.04.2006 |
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DIN No.: |
01613604 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 29.09.2012)
|
Names of Shareholders |
|
No. of Shares |
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Pushpa Devi Bagla |
|
10300 |
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Lalit Kumar Bagla |
|
26000 |
|
Dhruv Bagla U/G M. S. Bagla |
|
100400 |
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Madhusudan Bagla |
|
35000 |
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Nakul Bagla |
|
73600 |
|
Hamsafar Vanijya Private Limited, India |
|
62400 |
|
Surya Consumer Goods Private Limited, India |
|
353000 |
|
Synergy Commerce Private Limited, India |
|
75300 |
|
Agarwal Tracom Private Limited, India |
|
123000 |
|
Hindustan Foils Limited |
|
36500 |
|
DPD International Private Limited |
|
25000 |
|
Goodview Trade Com Private Limited |
|
25000 |
|
Mubarak Lubricant Private Limited |
|
25000 |
|
|
|
|
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Total |
|
970500 |
(AS ON 29.09.2012)
Equity Shares Break – up
|
Category |
|
Percentage |
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Bodies corporate |
|
74.72 |
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Directors or relatives of Directors |
|
25.28 |
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Supplier of Poli Oil Film |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2012)
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
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Plastic Film |
MT |
NA |
1877 |
1008.94 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
·
Allahabad Bank International Branch, 17, Parliament Street, New Delhi – 110001, India
·
State Bank of Mysore Industrial Finance Branch, Gloe Market, New Delhi, India |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Salarpuria and Partners Chartered Accountant |
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Address : |
1008, Chiranjiv Tower, 43, Nehru Place, New Delhi – 110001, India |
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PAN No.: |
AAOPG3160H |
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Other related Parties : |
·
Hindustan Foil limited ·
Agarwal Tracom Private limited ·
Hindustan Adhesives Limited ·
Surya Consumers Private Limited |
CAPITAL STRUCTURE
(AS ON 29.09.2012)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
1250000 |
Equity Shares |
Rs.10/- each |
Rs.12.500 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
970500 |
Equity Shares |
Rs.10/- each |
Rs.9.705
Millions |
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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 |
|
|
|
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1] Share Capital |
9.705 |
7.500 |
7.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
29.860 |
17.437 |
29.609 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
39.565 |
24.937 |
37.109 |
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|
LOAN FUNDS |
|
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1] Secured Loans |
|
136.074 |
124.358 |
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2] Unsecured Loans |
|
62.041 |
18.493 |
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TOTAL BORROWING |
183.072 |
198.115 |
142.851 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
222.637 |
223.052 |
179.960 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
172.425 |
180.149 |
175.987 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
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INVESTMENT |
0.740 |
0.741 |
0.741 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
31.436
|
27.360
|
5.489 |
|
|
Sundry Debtors |
19.448
|
14.921
|
0.006 |
|
|
Cash & Bank Balances |
5.887
|
3.976
|
7.876 |
|
|
Other Current Assets |
0.782
|
0.339
|
1.149 |
|
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Loans & Advances |
2.110
|
1.481
|
4.267 |
|
Total
Current Assets |
59.663
|
48.077
|
18.787 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
6.159
|
4.620
|
14.842 |
|
|
Other Current Liabilities |
3.842
|
1.216
|
0.784 |
|
|
Provisions |
0.190
|
0.079
|
0.000 |
|
Total
Current Liabilities |
10.191
|
5.915
|
15.626 |
|
|
Net Current Assets |
49.472
|
42.162
|
3.161 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.071 |
|
|
|
|
|
|
|
|
TOTAL |
222.637 |
223.052 |
179.960 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
163.727 |
77.087 |
0.157 |
|
|
|
Other Income |
5.116 |
6.518 |
0.050 |
|
|
|
TOTAL (A) |
168.843 |
83.247 |
0.207 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
103.434 |
62.888 |
0.118 |
|
|
|
Changes in Inventories of Finished Goods Workd0in-progress |
(1.919) |
(18.333) |
(0.013) |
|
|
|
Employees Remuneration and Benefits |
7.104 |
4.607 |
0.015 |
|
|
|
Other Expenses |
33.470 |
17.525 |
0.092 |
|
|
|
TOTAL (B) |
142.089 |
66.687 |
0.212 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
26.754 |
16.560 |
(0.005) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
25.044 |
19.868 |
0.135 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1.710 |
(3.308) |
(0.140) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
9.132 |
8.863 |
0.069 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(7.422) |
(12.171) |
(0.209) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(7.422) |
(12.171) |
(0.209) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(12.150) |
0.021 |
0.230 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(19.572) |
(12.150) |
0.021 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
32.565 |
4.273 |
0.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
0.000 |
0.562 |
113.108 |
|
|
|
Raw Materials |
80.429 |
33.063 |
0.000 |
|
|
TOTAL IMPORTS |
80.429 |
33.625 |
113.108 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(9.89) |
(16.23) |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(4.40)
|
(14.62)
|
(100.97) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(4.53)
|
(15.79)
|
(133.12) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(3.20)
|
(5.33)
|
(0.11) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.19)
|
(0.49)
|
(0.01) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
4.63
|
7.94 |
3.85 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.85
|
8.13
|
1.20 |
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 |
Yes |
|
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 |
No |
|
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 |
STATE OF THE COMPANY’S AFFAIRS
The company achieved total turnover of
Rs.163.727 Millions (Previous year Rs.77.087 Millions). The company has total reserves
and surplus of Rs.29.860 Millions (Previous year Rs.17.438 Millions).
The company had commenced commercial production of Polyolefin Shrink
Films from the 30th March, 2010, and in the year, it has been able
to further consolidate its position in the market for this product both in the
Domestic and as well the international market. The quality of the finished
product have been appreciated by most of the customers in India and also
globally and the company has got approval from leading multinational companies
operating in Indi besides it has established a good distribution network for
its products. The company is now confident of using maximum installed capacity
in the next financial year ending March 2013 and would then be in a position to
expand the facilities in the immediate future. The company has been able to
manufacturer a wide range of POF shrink films used for display packaging with
customized features. It is envisaged that this will bring good results to the
company in the year to come, and allow the company to grow and become a leader
in this business.
The factory set up in the State of Uttarakhand, is a state of the art
facility of international standards and they thank both their Bankers for their
support in financing the Unit was also the State Government for their support
and fiscal incentives provided for setting up new manufacturing units in the
State.
FIXED ASSETS
·
Freehold Land
·
Building
·
Plant and Machinery
·
Electrical Installation
·
Furniture and Fixtures
·
Computers
·
Air Conditioner
·
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 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.54.29 |
|
|
1 |
Rs.81.09 |
|
Euro |
1 |
Rs.70.61 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
28 |
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.