MIRA
INFORM REPORT
|
Report Date : |
31.07.2007 |
IDENTIFICATION DETAILS
|
Name : |
BGH EXIM LIMITED |
|
|
|
|
Formerly Known As : |
BIRLA CONVERGENCE HOLDINGS LIMITED |
|
|
|
|
Registered Office : |
71-A, Mittal Chamber, 7th Floor, Nariman Point,
Mumbai-400021, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
27.06.2000 |
|
|
|
|
Com. Reg. No.: |
11-127425 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U17110MH2000PLC127428 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
RKTB00742A |
|
|
|
|
Legal Form : |
A Closely held Public Limited Liability Company. |
|
|
|
|
Line of Business : |
Trading Activities. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 13000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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, |
|
Tel. No.: |
91-22-22846030 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
DBZ S 140, Ward 12A, Opposite Bank of |
|
Tel. No.: |
91-2836-231252/ 3, 231179 |
|
Fax No.: |
91-2836-231218 |
|
E-Mail : |
|
|
|
|
|
Branches : |
Located at : v
v
Kolkata v
Mumbai |
DIRECTORS
|
Name : |
Mr. Gopi Krishna L Tulsian |
|
Designation : |
Director |
|
Address : |
32, |
|
Date of Birth/Age : |
02.02.1937 |
|
Date of Appointment : |
27.06.2000 |
|
|
|
|
Name : |
Mr. Sushil G Agarwal |
|
Designation : |
Director |
|
Address : |
301, Ocean View, |
|
Date of Birth/Age : |
13.06.1963 |
|
Date of Appointment : |
27.06.2000 |
|
|
|
|
Name : |
Mr. Kapil Agarwal |
|
Designation : |
Director |
|
Address : |
Challenger Apartment, Flat No.1004, Tower No. III, |
|
Date of Birth/Age : |
01.10.1971 |
|
Date of Appointment : |
30.03.2002 |
|
Date of Ceasing : |
27.12.2004 |
|
|
|
|
Name : |
Mr. Sushil Kumar Saboo |
|
Designation : |
Director |
|
Address : |
44, Satnam Apartments, 93, Cuffe Parade, Mumbai-400005, |
|
Date of Birth/Age : |
05.11.1942 |
|
Date of Appointment : |
27.12.2004 |
|
|
|
|
Name : |
Mr. Sanjay Bhatia |
|
Designation : |
Manager |
|
Address : |
604, Harmony Yashodham Enclave, |
|
Date of Birth/Age : |
15.05.1967 |
|
Date of Appointment : |
08.11.2003 |
|
|
|
|
Name : |
Mr. Jagdish S Bajaj |
|
Designation : |
Director |
|
Address : |
13-2A, Asha Nagar, Borivali (East), Mumbai, |
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 |
|
Mr. Bharat Banka |
100 |
|
Mr. Gopi Krishna Tulsian |
100 |
|
Rajratna Holdings Private Limited |
50000 |
|
Birla Group Holdings Private Limited |
9949300 |
|
Trapti Trading and Investments Private Limited |
2500000 |
|
Turquoise Investments and Finance Private Limited |
2500000 |
|
P T Indo Bharat Rayon |
14998304 |
|
Total |
29998304 |
|
|
|
|
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 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trading Activities. |
|
|
|
|
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 Fluorspar Petroleum Coke Metallurgical Coke Ammonium Nitrate Salt Pulses |
GENERAL INFORMATION
|
Bankers : |
Bank of |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Khimji Kunverji & Company Chartered Accountants |
|
Address : |
|
|
|
|
|
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.10.00 each |
Rs.300.000 millions |
|
2500000 |
Preference Shares |
Rs.100.00 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.10.00
each |
Rs.299.983
millions |
|
2500000 |
Preference Shares |
Rs.100.00
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 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
299.983 |
299.983 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
3010.083 |
3155.100 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
3310.066 |
3455.083 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
274.885 |
1496.196 |
|
|
2] Unsecured Loans |
|
2377.281 |
0.000 |
|
|
TOTAL BORROWING |
|
2652.166 |
1496.196 |
|
|
DEFERRED TAX LIABILITIES |
|
2.604 |
1.759 |
|
|
|
|
|
|
|
|
TOTAL |
|
5964.836 |
4953.038 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
50.952 |
52.992 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
5825.376 |
4065.876 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
1549.735 |
1466.455 |
|
|
Sundry Debtors |
|
637.454 |
556.909 |
|
|
Cash & Bank Balances |
|
42.309 |
22.639 |
|
|
Other Current Assets |
|
7.857 |
8.241 |
|
|
Loans & Advances |
|
133.526 |
763.480 |
|
Total
Current Assets |
|
2370.881 |
2817.724 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
2209.821 |
1844.919 |
|
|
Provisions |
|
72.552 |
138.796 |
|
Total
Current Liabilities |
|
2282.373 |
1983.715 |
|
|
Net Current Assets |
|
88.508 |
834.009 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.161 |
|
|
|
|
|
|
|
|
TOTAL |
|
5964.836 |
4953.038 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
|
5789.223 |
4487.741 |
|
|
Other Income |
|
27.187 |
128.416 |
|
|
Total Income |
|
5816.410 |
4616.157 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
(143.120) |
92.742 |
|
|
Provision for Taxation |
|
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
|
(143.120) |
92.742 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
|
235.587 |
270.172 |
|
|
Purchases made for re-sale |
|
5283.683 |
4919.728 |
|
|
Consumption of stores and spares parts |
|
4.725 |
3.840 |
|
|
Increase/(Decrease) in Finished Goods |
|
(82.396) |
(1028.355) |
|
|
Salaries, Wages, Bonus, etc. |
|
19.742 |
15.118 |
|
|
Payment to Auditors |
|
0.334 |
0.100 |
|
|
Interest |
|
215.306 |
108.994 |
|
|
Insurance Expenses |
|
1.520 |
1.453 |
|
|
Power & Fuel |
|
1.142 |
1.020 |
|
|
Depreciation & Amortization |
|
7.398 |
7.209 |
|
|
Other Expenditure |
|
272.489 |
224.136 |
|
Total Expenditure |
|
5959.530 |
4523.415 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
(2.46) |
2.01 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
(2.46) |
2.01 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
(5.91) |
3.23 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
(0.04) |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
1.49 |
1.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.04 |
1.42 |
LOCAL AGENCY FURTHER INFORMATION
Form 8 Particular for creation or modification of charges
|
Name of the company |
BGH EXIM
LIMITED |
|
Presented By |
Mr. G Tulsian, Director |
|
Date and description of instrument creating the change |
Date – 15.03.2003 Description – deed of hypothecation |
|
Amount secured by the charge/amount owing on the securities of charge |
Rs.1250.000 millions |
|
Name and Address and description of the person entitled to the charge. |
Bank of 5th Floor, 16, New Delhi-110001 |
|
Date and brief description of instrument modifying the charge |
NA |
|
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
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,
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.40.44 |
|
|
1 |
Rs.82.03 |
|
Euro |
1 |
Rs.55.42 |
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 |
|