MIRA INFORM REPORT

 

 

Report No. :

349283

Report Date :

07.11.2015

 

IDENTIFICATION DETAILS

 

Name :

BINDAL SMELTING PRIVATE LIMITED

 

 

Registered Office :

987, Ist Floor, Hardhian Singh Road, Naiwala, Karol Bagh, New Delhi - 110005

Mobile No.:

91-9999299158 (Mr. Sachin Gupta)

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

08.02.1996

 

 

Com. Reg. No.:

55-076142

 

 

Capital Investment / Paid-up Capital :

Rs. 2.873 Million

 

 

CIN No.:

[Company Identification No.]

U27209DL1996PTC076142

 

 

IEC No.:

0501038035

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AAACB5260C

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of Lead Metal and Lead Oxide.

 

 

No. of Employees :

Information declined by the management 

 

 

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 120000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

BINDAL Smelting Private Limited (BSPL) was incorporated in the year 1996. It is established company having satisfactory track record.

 

The rating reflects company's satisfactory financial risk profile because of an adequate capital structure and comfortable debt protection metrics.

 

The rating further derives strength on its experienced promoter company's long track record of operations and profit recorded by the company during the year under review.

 

This rating strength is partially offsets on company thin profitability margin and losses incurred from its .operation during previous FY-13.

 

Trade relations are fair. Business is active. Payments terms reported to be usually correct.

 

The company can be considered for business dealing 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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

Not Available

Rating

Not Available

Rating Explanation

Not Available

Date

Not Available

 

 

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 31-03-2015.

 

INFORMATION DECLINED BY

 

Name :

Mr. Sachin Gupta

Designation :

Whole-time director

Contact No.:

91-9999299158

Date :

07.11.2015

 

LOCATIONS

 

Registered Office :

987, Ist Floor, Hardhian Singh Road, Naiwala, Karol Bagh, New Delhi – 110005, India

Tel. No.:

Not Available

Mobile No.:

91-9999299158 (Mr. Sachin Gupta)

Fax No.:

Not Available

E-Mail :

manmohan@bindalsmelting.com

 

 

Factory:

Plot No.F-62 and 65, Site-B, Surajpur Industrail Area, Greater Noida – 201306, Uttar Pradesh, India

Tel. No.:

0120-2569019

 

 

DIRECTORS

 

AS ON 30.09.2014

 

Name :

Mr. Sachin Gupta

Designation :

Whole-time director

Address :

M-119, Delta - III, Greater Noida, District Gautam Budh Nagar, Noida - 201308, Uttar Pradesh, India

Date of Birth/Age :

27.11.1989

Date of Appointment :

1.11.2013

DIN No.:

06715161

 

 

Name :

Mr. Sunil Kumar Gupta

Designation :

Director

Address :

M-119, Delta - III, Greater Noida, District Gautam Budh Nagar, Noida - 201308, Uttar Pradesh, India

Date of Birth/Age :

02.12.1958

Date of Appointment :

08.02.1996

DIN No.:

00164710

 

 

Name :

Rekha Gupta

Designation :

Director

Address :

M-119, Delta - III, Greater Noida, District Gautam Budh Nagar, Noida - 201308, Uttar Pradesh, India

Date of Birth/Age :

10.08.1963

Date of Appointment :

01.04.2009

DIN No.:

00164615

 

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2014

 

Names of Shareholders

 

No. of Shares

Vinod Kumar Gupta

 

16050

Sunil Kumar Gupta

 

127400

Kusum Gupta

 

10000

Rekha Gupta

 

44664

Olympia International Limited, USA

 

33883

Maple Company of America, USA

 

33768

UMA Jain

 

666

M L Gupta

 

850

Kapil Gupta

 

10000

Sachin Gupta

 

10000

Total

 

287281

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 30.09.2014

 

Category

Percentage

Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others

23.00

Directors or relatives of Directors

73.00

Other top fifty shareholders

4.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Lead Metal and Lead Oxide.

 

 

Products :

Lead Metal and Lead Oxide

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

Information declined by the management 

 

 

Bankers :

IDBI Bank Limited, IDBI Towerwtc Complex, Cuffe Parade, Mumbai - 400005,

Maharashtra, India

 

Banker Name

Axis Bank Limited

Branch Address

Statesman House, 148, Barakhamba Road, New Delhi - 110001, India

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

 

Facilities :

(Rs. In Million)

 

SECURED LOAN

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Term loan from banks

HDFC bank

(Secured against hypothecation of respective vehicle and repayable by way of EMI)

0.372

0.598

SHORT TERM BORROWING

 

 

Demand

From Bank

HDFC bank

(Working capital limits secured by way of first and exclusive charge on all present and future stock book debt, Plant and machinery and vehicles and also collaterally secured by equitable mortgage of factory Land and Building and also personally guaranteed by directors)

69.073

72.366

Total

69.445

72.964

 

Auditors :

 

Name :

AVK and Associates

Chartered Accountants

Address :

KD-117, Pitampura, Near Kohat Enclave Metro Station, New Delhi – 110088, India

PAN N Income-tax PAN of auditor or auditor's firm :

AAAFV4591R

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Associates/Subsidiaries :

--

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

500000

Equity Shares

Rs.10/- each

Rs. 5.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

287281

Equity Shares

Rs.10/- each

Rs. 2.873 Million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

 

ABRIDGED BALANCE SHEET

 

 

SOURCES OF FUNDS

31.03.2014

31.03.2013

31.03.2012

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

2.873

2.873

2.873

(b) Reserves & Surplus

37.831

36.993

40.072

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

40.704

39.866

42.945

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

7.322

9.614

12.152

(b) Deferred tax liabilities (Net)

1.360

0.763

1.647

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

8.682

10.377

13.799

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

69.073

72.366

77.559

(b) Trade payables

5.935

6.828

13.090

(c) Other current liabilities

2.705

2.504

10.254

(d) Short-term provisions

0.393

0.321

0.457

Total Current Liabilities (4)

78.106

82.019

101.360

 

 

 

 

TOTAL

127.492

132.262

158.104

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

14.889

16.765

19.368

(ii) Intangible Assets

0.006

0.008

0.010

(iii) Capital work-in-progress

0.000

0.000

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.000

0.000

0.000

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

12.688

10.314

8.125

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

27.583

27.087

27.503

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

52.866

50.498

42.937

(c) Trade receivables

35.798

35.436

67.126

(d) Cash and cash equivalents

1.484

0.636

2.704

(e) Short-term loans and advances

9.373

18.249

17.322

(f) Other current assets

0.388

0.356

0.512

Total Current Assets

99.909

105.175

130.601

 

 

 

 

TOTAL

127.492

132.262

158.104

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

251.507

347.810

571.498

 

Other Income

1.282

3.599

0.831

 

TOTAL

252.789

351.409

572.329

 

 

 

 

 

 

EXPENSES

251.298

355.372

568.309

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

1.491

(3.963)

4.020

 

 

 

 

 

 

TAX

0.608

(0.883)

0.689

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

0.884

(3.079)

3.331

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

3.08

(10.72)

NA

 

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

0.226

0.304

6.194

Cash generated from operations

NA

NA

NA

Net cash Inflow from operating activities

17.103

22.769

NA

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

0.35

(0.89)

0.58

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

1.17

(3.00)

2.54

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.04

(0.10)

0.09

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

1.88

2.06

2.23

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.28

1.28

1.29

 

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

2.873

2.873

2.873

Reserves & Surplus

40.072

36.993

37.831

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

42.945

39.866

40.704

 

 

 

 

long-term borrowings

12.152

9.614

7.322

Short term borrowings

77.559

72.366

69.073

Current maturities of long-term debts

6.194

0.304

0.226

Total borrowings

95.905

82.284

76.621

Debt/Equity ratio

2.233

2.064

1.882

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

571.498

347.810

251.507

 

 

(39.141)

(27.688)

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

571.498

347.810

251.507

Profit

3.331

(3.079)

0.884

 

0.58%

(0.89%)

0.35%

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

No

17

Details of sister concerns

No

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

No

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

UNSECURED LOAN

 

(Rs. In Million)

Particulars

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Loan from related parties

6.950

6.800

Loan from body corporate

0.000

2.216

Total

6.950

9.016

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10206004

31/01/2011 *

100,000,000.00

HDFC BANK LIMITED

HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W
, MUMBAI, MAHARASHTRA - 400013, INDIA

B06662886

2

10202837

25/01/2011 *

100,000,000.00

HDFC BANK LIMITED

HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W
, MUMBAI, MAHARASHTRA - 400013, INDIA

B06663298

 

* Date of charge modification

 

CONTINGENT LIABILITIES

 

Particulars

As on

31.03.2014

As on

31.03.2013

 

 

 

Bills/LC/ Discounted not matured

4.714

8.059

Bank Guarantee Outstanding

1.963

1.603

Claim against the company not acknowledged as debt

Sales tax demand

2.835

0.976

Sales tax surety to others

0.030

0.030

Corporate Guarantee to a bank to facilities loan to another company

85.514

85.514

 

FIXED ASSETS

 

 

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.65.79

UK Pound

1

Rs.99.95

Euro

1

Rs.71.55

 

 

INFORMATION DETAILS

 

Information Gathered by :

SVA

 

 

Analysis Done by :

KAS

 

 

Report Prepared by :

KVT

 

 

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

--PROFITABILITY

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

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

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.