MIRA
INFORM REPORT
|
Report Date : |
12.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
BGH EXIM LIMITED |
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Formerly Known As : |
BIRLA CONVERGENCE HOLDINGS LIMITED |
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Registered Office : |
71-A, Mittal Chamber, 7th Floor, Nariman Point,
Mumbai-400021, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
27.06.2000 |
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Com. Reg. No.: |
11-127425 |
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CIN No.: [Company
Identification No.] |
U17110MH2000PLC127428 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RKTB00742A |
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Legal Form : |
A Closely held Public Limited Liability Company. |
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Line of Business : |
Trading Activities. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 13000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
71-A, Mittal Chamber, 7th Floor, Nariman Point,
Mumbai-400021, Maharashtra, India |
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Tel. No.: |
91-22-22846030 |
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E-Mail : |
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Website : |
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Head Office : |
DBZ S 140, Ward 12A, Opposite Bank of Baroda, Gandhidham,
Kutch-370110, Gujarat, India |
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Tel. No.: |
91-2836-231252/ 3, 231179 |
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Fax No.: |
91-2836-231218 |
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E-Mail : |
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Branches : |
Located at : v Delhi v Kolkata v Mumbai |
DIRECTORS
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Name : |
Mr. Gopi Krishna L Tulsian |
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Designation : |
Director |
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Address : |
32, Peacock Palace, 69, Bhulabhai Desai Road, Mumbai-400028,
Maharashtra |
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Date of Birth/Age : |
02.02.1937 |
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Date of Appointment : |
27.06.2000 |
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Name : |
Mr. Sushil G Agarwal |
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Designation : |
Director |
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Address : |
301, Ocean View, Union Park, Khar (West), Mumbai-400052, Maharashtra |
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Date of Birth/Age : |
13.06.1963 |
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Date of Appointment : |
27.06.2000 |
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Name : |
Mr. Kapil Agarwal |
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Designation : |
Director |
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Address : |
Challenger Apartment, Flat No.1004, Tower No.III, Thakur Village,
Kandivali (East), Mumbai-400101, Maharashtra |
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Date of Birth/Age : |
01.10.1971 |
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Date of Appointment : |
30.03.2002 |
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Date of Ceasing : |
27.12.2004 |
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Name : |
Mr. Sushil Kumar Saboo |
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Designation : |
Director |
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Address : |
44, Satnam Apartments, 93, Cuffe Parade, Mumbai-400005, Maharashtra |
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Date of Birth/Age : |
05.11.1942 |
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Date of Appointment : |
27.12.2004 |
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Name : |
Mr. Sanjay Bhartia |
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Designation : |
Manager |
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Address : |
604, Harmony Yashodham Enclave, Film City Road, Goregaon (East),
Mumbai-400063, Maharashtra |
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Date of Birth/Age : |
15.05.1967 |
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Date of Appointment : |
08.11.2003 |
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Name : |
Mr. Jagdish S Bajaj |
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Designation : |
Director |
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Address : |
13-2A, Asha Nagar, Borivali (East), Mumbai, Maharashtra |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 29.09.2005
|
Names of Shareholders |
No. of Shares |
|
Mr. Dwarka Das Rathi |
100 |
|
Mr. Sushil Agarwal |
100 |
|
Mr. Jagdish Bajaj |
100 |
|
Mr. Sanjeev Bafna |
100 |
|
Mr. Kapil Agarwal |
100 |
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Mr. Bharat Banka |
100 |
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Mr. Gopi Krishna Tulsian |
100 |
|
Rajratna Holdings Private Limited |
50000 |
|
Birla Group Holdings Private Limited |
9949300 |
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Trapti Trading and Investments Private Limited |
2500000 |
|
Turquoise Investments and Finance Private Limited |
2500000 |
|
P T Indo Bharat Rayon |
14998304 |
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Total |
29998304 |
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|
|
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As on 29.09.2006 |
|
|
IGH Holdings Private Limited |
2500000 |
As on 31.03.2006
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Foreign Holdings |
|
49.99 |
|
Bodies Corporate |
|
50.00 |
|
Others |
|
0.01 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trading Activities. |
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Products : |
PETROLEUM PRODUCTS v HSD (High Speed
Diesel) v Naphtha
v Fuel
Oil v Base Oil SN
500 v RPO (Rubber
Processing Oil) v Methanol
v LAB (Linear
Alkyl Benzene) AGRICULTURE PRODUCTS v Wheat v Rice v Soya Bean
Meal v Rape Seed
Meal v Ground Nut
Meal Scrap Castor Oil Coal Steel Rock Phosphate Sulphur Fluorspar Petroleum Coke Metallurgical Coke Ammonium Nitrate Salt Pulses |
GENERAL INFORMATION
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Bankers : |
Bank of America, 5th Floor, DCM Building, 16, Barakhamba Road, New Delhi-110001 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Khimji Kunverji & Company Chartered Accountants |
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Address : |
Suite 52, Bombay Mutual Building, Sir P M Road, Fort, Mumbai-400001,
Maharashtra, India |
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|
|
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Associates : |
v Rajratna
Holdings Private Limited v Birla Group
Holdings Private Limited v Trapti Trading
and Investments Private Limited v Turquoise Investments
and Finance Private Limited v P T Indo Bharat
Rayon |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 millions |
|
2500000 |
Preference Shares |
Rs.100/- each |
Rs.250.000 millions |
|
|
Total |
|
Rs.550.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
29998304 |
Equity Shares |
Rs.10/- each |
Rs.299.983
millions |
|
2500000 |
Preference Shares |
Rs.100/-
each |
Rs.250.000
millions |
|
|
Total |
|
Rs.549.983 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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|
|
|
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1] Share Capital |
|
299.983 |
299.983 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
3010.083 |
3155.100 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
3310.066 |
3455.083 |
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LOAN FUNDS |
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|
|
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1] Secured Loans |
|
274.885 |
1496.196 |
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2] Unsecured Loans |
|
2377.281 |
0.000 |
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TOTAL BORROWING |
|
2652.166 |
1496.196 |
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DEFERRED TAX LIABILITIES |
|
2.604 |
1.759 |
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TOTAL |
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5964.836 |
4953.038 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
50.952 |
52.992 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
5825.376 |
4065.876 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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Inventories |
|
1549.735 |
1466.455 |
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Sundry Debtors |
|
637.454 |
556.909 |
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Cash & Bank Balances |
|
42.309 |
22.639 |
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Other Current Assets |
|
7.857 |
8.241 |
|
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Loans & Advances |
|
133.526 |
763.480 |
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Total
Current Assets |
|
2370.881 |
2817.724 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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|
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Current Liabilities |
|
2209.821 |
1844.919 |
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Provisions |
|
72.552 |
138.796 |
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Total
Current Liabilities |
|
2282.373 |
1983.715 |
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Net Current Assets |
|
88.508 |
834.009 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.161 |
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TOTAL |
|
5964.836 |
4953.038 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
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Sales Turnover |
|
5789.223 |
4487.741 |
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Other Income |
|
27.187 |
128.416 |
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Total Income |
|
5816.410 |
4616.157 |
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Profit/(Loss) Before Tax |
|
(143.120) |
92.742 |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
(143.120) |
92.742 |
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Expenditures : |
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Raw Material Consumed |
|
235.587 |
270.172 |
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Purchases made for re-sale |
|
5283.683 |
4919.728 |
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Consumption of stores and spares parts |
|
4.725 |
3.840 |
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Increase/(Decrease) in Finished Goods |
|
(82.396) |
(1028.355) |
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Salaries, Wages, Bonus, etc. |
|
19.742 |
15.118 |
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Payment to Auditors |
|
0.334 |
0.100 |
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Interest |
|
215.306 |
108.994 |
|
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Insurance Expenses |
|
1.520 |
1.453 |
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Power & Fuel |
|
1.142 |
1.020 |
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Depreciation & Amortization |
|
7.398 |
7.209 |
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Other Expenditure |
|
272.489 |
224.136 |
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Total Expenditure |
|
5959.530 |
4523.415 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
(2.46) |
2.01 |
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Net Profit Margin (PBT/Sales) |
(%) |
|
(2.46) |
2.01 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
(5.91) |
3.23 |
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Return on Investment (ROI) (PBT/Networth) |
|
|
(0.04) |
0.03 |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
1.49 |
1.01 |
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Current Ratio (Current Asset/Current Liability) |
|
|
1.04 |
1.42 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8 Particular for creation or modification of charges
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Name of the company |
BGH EXIM
LIMITED |
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Presented By |
Mr. G Tulsian, Director |
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Date and description of instrument creating the change |
Date – 15.03.2003 Description – deed of hypothecation |
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Amount secured by the charge/amount owing on the securities of charge |
Rs.1250.000 millions |
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Name and Address and description of the person entitled to the charge. |
Bank of America 5th Floor, DCM Building 16, Barakhamba Road, New Delhi-110001 |
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Date and brief description of instrument modifying the charge |
NA |
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Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
NA |
Website Details :
Subject commenced its Trading Operations in 2002 and has been active
since then. The Company has its Registered Office at Mumbai with branch offices
at Delhi, Calcutta, Mumbai and Gandhidham, for handling diversified Business
Operations. They have several International tie-ups in many countries to keep themselves abreast with the latest technological
know-how, to cover the wide spectrum of various activities and to get update
with present international scenario. The Company is managed by young and
extremely talented professionals, who have pioneered the skills for managing a
Multi Product-Oriented Business House.
Subject offers multi disciplinary services, to suit
its client’s needs, with single point responsibility and undertakes all
activities of trading at its most competitive rates and fulfilling the
requirements to the utmost satisfaction of its clients.
Subject has created its prominent presence in the
international market. The unique features are energy efficient with commitment
to quality and incorporating high degree of customer satisfaction.
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 records 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.42.74 |
|
UK Pound |
1 |
Rs.84.90 |
|
Euro |
1 |
Rs.57.79 |
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 |
9 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|