MIRA
INFORM REPORT
|
Report Date : |
20.02.2007 |
IDENTIFICATION
DETAILS
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Name : |
BHIMRAJKA IMPEX LIMITED
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Registered Office : |
184-B, Maker Tower 'E', 18th Floor, Cuffe Parade,
Mumbai - 400 005, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2003 |
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Date of Incorporation : |
01.06.1990 |
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Com. Reg. No.: |
11-56732 |
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CIN No.: [Company
Identification No.] |
U51900MH1990PTC056732 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMB11847D |
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PAN No.: [Permanent
Account No.] |
AAACB2230Q |
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Legal Form : |
A closely held public limited liability company. |
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Line of Business : |
The company acts as importers, exporters, traders,
distributors, wholesalers and manufacturers representatives of all types of
chemicals. |
RATING &
COMMENTS
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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 60000 |
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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
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Registered Office / Head Office : |
184-B, Maker Tower 'E', 18th Floor, Cuffe
Parade, Mumbai - 400 005, Maharashtra, India. |
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Tel. No.: |
91-22-22185611 / 40504050 |
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Fax No.: |
91-22-22185554 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Branches : |
North - New Delhi 1523, Ansal Tower, 15th Floor, 38, Nehru Place, New Delhi - 110 019.
INDIA Email: bigdel@bhimrajka.com
East - Kolkatta 2D/2, Sukh Sagar, 2/5 Sarar Bose Road, Kolkatta - 700 020. INDIA Email: bigcal@bhimrajka.com South – Chennai 6-B, Gee Gee Emerald, 6th Floor, 312, Valluvarkottam High Road,
Numgambakkam, Chennai - 600 034. INDIA Email: bigmas@md4.vsnl.net.in |
DIRECTORS
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Name : |
Mr. Vijay J. Bhimrajka |
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Designation : |
Chairman & Managing Director |
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Address : |
702, Maker Chambers, V Nariman Point, Mumbai – 400021, Maharashtra,
India |
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Date of Birth/Age : |
10.02.1949 |
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Date of Appointment : |
01.06.1990 |
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Name : |
Mr. Vinod J. Bhimrajka |
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Designation : |
Director |
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Address : |
702, Maker Chambers, V Nariman Point, Mumbai – 400021, Maharashtra,
India |
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Date of Birth/Age : |
15.06.1953 |
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Date of Appointment : |
01.06.1990 |
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Name : |
Mr. Anoop J. Bhimrajka |
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Designation : |
Director |
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Address : |
702, Maker Chambers, V Nariman Point, Mumbai – 400021, Maharashtra,
India |
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Date of Birth/Age : |
05.08.1957 |
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Date of Appointment : |
17.10.1990 |
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Name : |
Mr. Vishnu J. Bhimrajka |
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Designation : |
Director |
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Address : |
702, Maker Chambers, V Nariman Point, Mumbai – 400021, Maharashtra,
India |
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Date of Birth/Age : |
07.06.1964 |
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Date of Appointment : |
17.10.1990 |
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Name : |
Mr. Arun Satnaliwala |
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Designation : |
Director |
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Address : |
B-4N 4, Block New Alipur Road Kolkata – 700027, West Bengal., India |
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Date of Birth/Age : |
30.06.1975 |
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Date of Appointment : |
13.11.1992 |
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Name : |
Mr. Vishwanath V. Bhimrajka |
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Designation : |
Director |
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Address : |
702, Maker Chambers, V Nariman Point, Mumbai – 400021, Maharashtra,
India |
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Date of Birth/Age : |
30.06.1975 |
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Date of Appointment : |
10.06.1996 |
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Name : |
Mr. Sandeep N. Vimadalai |
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Designation : |
Director |
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Address : |
62 Satyam Nepean Sea Road, Mumbai – 400006, Maharashtra, India |
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Date of Birth/Age : |
24.08.1962 |
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Date of Appointment : |
17.04.1996 |
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Name : |
Mr. Dara J. Bharucha |
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Designation : |
Director |
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Address : |
P-31, Cusrow Baug, S. B. Road, Singh Road, Mumbai – 400001,
Maharashtra, India |
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Date of Birth/Age : |
12.01.1936 |
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Date of Appointment : |
17.04.1996 |
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Name : |
Mr. B Hamrajka |
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Designation : |
Director |
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Address : |
702, Maker Chambers, V Nariman Point, Mumbai – 400021, Maharashtra,
India |
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Date of Birth/Age : |
04.08.1985 |
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Date of Appointment : |
29.03.2005 |
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Name : |
Mr. Rajiv A Bhimrajka |
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Designation : |
Director |
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Address : |
702, Maker Chambers, V Nariman Point, Mumbai – 400021, Maharashtra,
India |
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Date of Birth/Age : |
02.03.1986 |
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Date of Appointment : |
29.03.2005 |
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Name : |
Mr. Amit G. Bhimrajka |
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Designation : |
Director |
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Address : |
43-B, Jolly Maker Apartment – I, Cuffe Parade, Mumbai – 400005,
Maharashtra, India |
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Other Directorship : |
Polmann India Limited L65994MH1993PLC072458 |
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Date of Birth/Age : |
15.12.1979 |
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Date of Appointment : |
01.04.2006 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Vijaykumar J. Bhimrajka |
|
1500 |
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Mrs. Manjudevi V. Bhimrajka |
|
1500 |
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Mr. Vishwanath V. Bhimrajka |
|
1500 |
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Mrs. Manjari V. Bhimrajka |
|
100 |
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Vijaykumar J. Bhimrajka (HUF) |
|
1400 |
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Mrs. Rajkumari G. Bhimrajka |
|
1500 |
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Mr. Siddharth G. Bhimrajka |
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2200 |
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Mr. Amit G Bhimrajka |
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2300 |
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Mr. Vinodkumar J. Bhimrajka |
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1500 |
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Mrs. Ashadevi V. Bhimrajka |
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1500 |
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Ms. Prachi V Bhimrajka |
|
200 |
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Mr. Rohan V. Bhimrajka |
|
1300 |
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Vinodkumar J. Bhimrajka
(HUF) |
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1500 |
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Mr. Anoopkumar J. Bhimrajka |
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1500 |
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Ms. Sangeeta A. Bhimrajka |
|
1500 |
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Mr. Rajiv A. Bhimrajka |
|
1300 |
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Mr. Anoopkumar J. Bhimrajka F & NG of Tanay A
Bhimrajka |
|
200 |
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Anoopkumar J. Bhimrajka - HUF |
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1500 |
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Mr. Vishnukumar J Bhimrajka |
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1500 |
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Mrs. Anjali V Bhimrajka |
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2200 |
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Mr. Vishnukumar J Bhimrajka F & NG of Anushree V
Bhimrajka |
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200 |
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Mr. Vishnukumar J Bhimrajka F & NG of Sriansh V
Bhimrajka |
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100 |
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Vishnukumar J Bhimrajka |
|
2000 |
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Total
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|
30000 |
BUSINESS DETAILS
|
Line of Business : |
The company acts as importers, exporters, traders,
distributors, wholesalers and manufacturers representatives of all types of
chemicals. |
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Products : |
Chemicals |
GENERAL
INFORMATION
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No. of Employees : |
25 |
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Bankers : |
Central Bank of India, Chandramukhi, Mumbai - 400 021 |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Vinod K. Mehta & Company Chartered Accountants |
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Address : |
B-22, Shankar Vijay, 1, Rajawadi, Ghatkopar (West), Mumbai
- 400 077 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
99700 |
Equity Shares |
Rs.100 each |
Rs.
9.970 millions |
|
300 |
11% Redeemable Non-Cumulative
Preference Shares |
Rs. 100 each |
Rs.
0.030 million |
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Total |
|
Rs. 10.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
29800 |
Equity Shares |
Rs.100 each |
Rs.
2.980 millions |
|
200 |
11% Redeemable Non-Cumulative
Preference Shares |
Rs. 100 each |
Rs.
0.020 million |
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Total |
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Rs. 3.000 millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2003 |
31.03.2002 |
31.03.2001 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
3.000 |
3.000 |
3.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
12.096 |
10.414 |
8.693 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
15.096 |
13.414 |
11.693 |
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LOAN FUNDS |
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1] Secured Loans |
1.540 |
1.688 |
10.134 |
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2] Unsecured Loans |
8.611 |
9.819 |
11.577 |
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TOTAL BORROWING |
10.151 |
11.507 |
21.711 |
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DEFERRED TAX LIABILITIES |
0.308 |
0.000 |
0.000 |
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TOTAL |
25.555 |
24.921 |
33.404 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
11.296 |
11.988 |
13.598 |
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Capital work-in-progress |
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INVESTMENT |
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DEFERREX TAX ASSETS |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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Sundry Debtors |
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Cash & Bank Balances |
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Other Current Assets |
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Loans & Advances |
18.399
|
19.000 |
28.315 |
|
Total
Current Assets |
18.399
|
19.000 |
28.315 |
|
|
Less : CURRENT LIABILITIES
& PROVISIONS |
|
|
|
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Current Liabilities |
4.149
|
6.081 |
8.528 |
|
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Provisions |
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Total
Current Liabilities |
4.149
|
6.081 |
8.528 |
|
|
Net Current Assets |
14.250
|
12.919 |
19.787 |
|
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MISCELLANEOUS EXPENSES |
0.009 |
0.014 |
0.019 |
|
|
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|
|
|
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TOTAL |
25.555 |
24.921 |
33.404 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2003 |
31.03.2002 |
31.03.2001 |
|
|
Sales Turnover |
26.846 |
49.479 |
61.646 |
|
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Other Income |
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|
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Total Income |
26.846 |
49.479 |
61.646 |
|
|
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|
|
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Profit/(Loss) Before Tax |
3.269 |
2.685 |
2.992 |
|
|
Provision for Taxation |
1.588 |
0.963 |
0.975 |
|
|
Profit/(Loss) After Tax |
1.681 |
1.722 |
2.017 |
|
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Expenditures : |
|
|
|
|
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|
Salaries & Wages |
4.459 |
3.340 |
2.766 |
|
|
Rent & Royalty |
0.977 |
1.030 |
1.005 |
|
|
Interest
|
0.517 |
1.347 |
2.193 |
|
|
Other Expenses
|
0.000 |
0.000 |
18.739 |
|
Total Expenditure |
5.953 |
5.717 |
24.703 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2003 |
31.03.2002 |
31.03.2001 |
|
PAT / Total Income |
(%) |
6.26
|
3.48 |
3.27 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
12.18
|
5.43 |
4.85 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.01
|
8.66 |
7.14 |
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.20 |
0.26 |
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
0.95
|
1.31 |
2.59 |
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|
Current Ratio (Current Asset/Current Liability) |
|
4.43
|
3.12 |
3.32 |
LOCAL AGENCY
FURTHER INFORMATION
The Registered Office of the company has been shifted from
708, Maker Chambers V, Nariman Point, Mumbai - 400 021 to the present address
with effect from 03.02.2001.
The company's fixed assets of important value include office
premises, office equipments, motor care, flat at Mira Road and computer.
Bankers Charges
Report as per Registry
|
Name of the company |
BHIMRAJKA
IMPEX LIMITED |
|
Presented By |
CENTRAL
BANK OF INDIA AND BHIMRAJKA IMPEX LIMITED
|
|
1) Date and description of instrument creating the change |
Dated 05.05.2000 Agreement of Hypothecation to secure demand cash credit against
goods. |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 8.500 Millions |
|
3) Short particular of the property charged. If the property acquired
is subject to charge, date of the acquired of the property should be given |
all tangible moveable property such as products stock in trade and
goods of borrower which now or hereafter from time to time during the
security shall brought in, stored or be in or about the premises, warehouses
or any where else of godowns of the borrowers in 580/9, Bhagirthi, Compound,
Rehnal Village, Bhiwandi, Thane |
|
4) Gist of the terms and conditions and extent and operation of the
charge. |
Margin : 25 % Compound interest at the rate of 18.36 % p.a. or at such other rate as
may from time to time be fixed by the Bank. This agreement shall operate as a continuing security for the balance
from time to time due to the bank. |
|
5) Name and Address and description of the person entitled to the
charge. |
Central Bank of India, Chandramukhi Building, Mumbai - 400
021 |
|
6) Date and brief description
of instrument modifying the charge |
-- |
|
7) 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. |
-- |
As per Website
Bhimrajka Impex Limited (BIL)
The largest distributor of Polymers,
Chemicals and Performance Elastomers in India
It is a part of Bhimrajka Impex
Group (BIG) was incorporated in the year 1990. Today, BIL is the largest
distributor of Polymers, Chemicals and Performance Elastomers in India. BIL has
achieved its place in the market as a leader in a very short span of time. They
are where they are because they provide what they promise.
Some of the largest chemical
companies in the world have chosen BIL to be their strategic partners to cater
to the needs of the vast Indian market. They become the obvious choice because
of their comprehensive marketing structure and years of experience.
Vitally important to their
corporate strengths are the close relationships they maintain with their
customers. Their relationships are inextricably linked to the technical
assistance and cooperation they receive from their principals.
At BIL, their quest is total
customer satisfaction which has enabled us to match every possible polymer need
with their wide product range. With the support of their enormous customer
base, their history & their vision, they continuously advance their selves
to provide the best quality and service to their customers. They work towards a
bright future - a BIG future.
Their Principals
Cabot Corporation
Cabelec compounds are carefully
formulated products, made from conductive carbon black and thermoplastic
resins. They are based on a large variety thermoplastic polymers and are
designed to fulfill specific requirements related to electrical, theological
and mechanical properties.
A variety of CABELEC compounds, are available for different processing
techniques such as blown film extrusion, sheet and profile extrusion, injection
moulding, blow moulding etc.
Crusader Chemical Co. Inc., USA
Crusader Chemical Co has been a
manufacturer and supplier of dewebbing and defoaming agents for the latex
industry. These are used in the process of making medical, surgical and
household gloves, balloons, condoms, & other latex dipped goods based on
natural or synthetic rubber latex. The defoamers also have application in inks,
paints, adhesives, and waste-water treatment plants.
Dead Sea Periclase Limited,
Israel
DSPL manufactures superior quality
magnesia products for the rubber, plastics, chemical, and refractory
industries. Located at the shore of the Dead Sea in Israel, famous for its vast
reserves of concentrated brine, DSPL is one of the largest manufacturer of
magnesium oxides and hydroxides of high purity. DSP’s active magnesia is
essential for all halogenated polymers in the rubber, adhesives & plastics
field. Magnesium hydroxide is an efficient non-halogenated flame retardant and
smoke suppressant in many polymers.
DuPont Performance Elastomers
They are the leading global
supplier of specialty elastomers and supporting technologies. Building on more
than 70 years of elastomers industry experience, DuPont Performance Elastomers
provides innovative solutions to help their customers stay ahead of the
competition.
Nippon Zeon Co. Limited
Nippon Zeon Co., are manufacturers
of hydrocarbon resins used in various industries, and are considered to be one
of the largest in this field. Their range of C5 and C9 resins are used as
tackifying agents in rubber processing, hot –melt pressure sensitive adhesives,
and in hot-melt road marking paints.
Nippon Zeon also offer Styrene- Isoprene- Styrene (SIS) block polymers in a
wide range of molecular weight and styrene contents.
R.T. Vanderbilt Co., Inc., USA
R.T. Vanderbilt, a company well
known for specialty rubber chemicals and its technical services, offers a range
of accelerators, antidegradents, fillers & auxiliaries for rubbers as well
as latex processing industries. With over 200 products for the rubber industry,
and more than 75 years experience, RTV is recognized globally as a leading
supplier of products for the industry, while continually meeting customer
expectations for quality and service.
Rohm and Haas, USA
Founded in 1889, this
multi-product company offers a complete range of rubber-to-metal bonding
agents, flocking adhesives for rubber & thermoplastic profiles, and
specialty lacquers and coatings for plastics, metals & glass. Some of their
key products are the protective lacquers for the CD, CD-R, and DVD industry.
The Dow Chemical Company
When you work with The Dow
Chemical Company, you are able to tap into a rich source of plastics
innovation, experience, knowledge and global reach that is virtually second to
none. As a world-leading supplier of plastic resins and material science
innovations, Dow collaborates with customers to grow and succeed together in
both existing and emerging markets.
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.44.28 |
|
UK Pound |
1 |
Rs.86.64 |
|
Euro |
1 |
Rs.58.10 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
46 |
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 |
|
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
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to the subject persons, firms or corporations or to any other. MIPL does not
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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