MIRA
INFORM REPORT
|
Report Date : |
29.06.2007 |
IDENTIFICATION DETAILS
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Name : |
BECTOCHEM CONSULTANTS AND ENGINEERING PRIVATE LIMITED |
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Registered Office : |
201, Ashok House,
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
21.05.2002 |
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Com. Reg. No.: |
135950 |
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CIN No.: [Company
Identification No.] |
U29297MH2002PTC135950 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMB11166B |
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PAN No.: [Permanent
Account No.] |
AABCB7908G |
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Legal Form : |
Private Limited
Liability Company. |
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Line of Business : |
The company is carrying
out fabrication of jacketed and non-jacketed tanks and vessels of different
sizes and pharmaceutical formulation machinery etc. |
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 84000 |
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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 company having satisfactory track. Trade relations are fair.
Financial position is good. Payments are correct and as per commitments. The company can be
considered good for normal business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered Office : |
201, Ashok House,
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Tel. No.: |
91-22-28500008 |
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Fax No.: |
91-22-28506785 |
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E-Mail : |
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Website : |
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Corporate Office : |
5C / 204, Mittal Industrial
Estate, Andheri – |
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Tel. No.: |
91-22-28500008 /
2400 / 0057 |
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Fax No.: |
91-22-28506785 |
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E-Mail : |
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Factory 1 : |
A 1 / 16 / 4906,
GIDC Ankleshwar, Dist. Bharuch, |
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Tel. No.: |
91-2646-221757 |
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Fax No.: |
91-2646-250714 |
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Area: |
46,000 Sq. fts. |
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Factory 2 : |
Unit No. 10/11,
Sanjay Building No. 6, Mittal Estate, Andheri – Kurla Road, Andheri [East],
Mumbai – 400059 |
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Factory 3: |
Gala No. 108/C, Wing Building No. 5, in
Akshay Mittal Industrial Estate, Andheri – Kurla Road, Andheri [East], Mumbai
– 400059 |
DIRECTORS
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Name : |
Mr. Rajendra
Bector |
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Designation : |
Director |
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Address : |
201, Ashok House,
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Date of Birth/Age : |
10.10.1936 |
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Date of Appointment : |
21.05.2002 |
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Name : |
Smt. Prem
Rajendramohan Bector |
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Designation : |
Director |
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Address : |
201, Ashok House,
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Date of Birth/Age : |
05.08.1938 |
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Date of Appointment : |
21.05.2002 |
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Name : |
Smt. Sangeeta
Alok Bector |
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Designation : |
Director |
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Address : |
201, Ashok House,
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Date of Birth/Age : |
11.09.1963 |
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Date of Appointment : |
21.05.2002 |
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Name : |
Mr. Alok
Rajendramohan Bector |
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Designation : |
Director |
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Address : |
201, Ashok House,
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Date of Birth/Age : |
15.04.1964 |
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Date of Appointment : |
21.05.2002 |
KEY EXECUTIVES
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Name : |
Mr. V. C. Kumaran
and Company |
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Designation : |
Company Secretary
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Rajendra
Bector Karta and Representative of R. M. Bector HUF |
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150000 |
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Smt. Prem
Rajendramohan Bector |
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550000 |
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Smt. Sangeeta
Alok Bector |
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160000 |
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Mr. R. M. Bector |
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710000 |
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Mr. Alok Rajendramohan
Bector |
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410000 |
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Ms. Mona Sanjiv
Kalra |
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10000 |
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Smt. Sunanda
Rajesh Varma |
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10000 |
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Total |
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2000000 |
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BUSINESS DETAILS
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Line of Business : |
The company is carrying
out fabrication of jacketed and non-jacketed tanks and vessels of different
sizes and pharmaceutical formulation machinery etc. |
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Products : |
Granulation Line: v
Vibro
Sifter v
Auto
Coater v
Coating
Pan v
Paste
Kettle v
Fluid
Bed Dryer v
Multi
Mill v
Co –
Mill v
Double
Clone Blender v
Octogonal
Blender v
Tri
Motion Blender v
Fix
and v
Tipper v
Washing
Systems Ointment Line: v
Oinment
Mixer v
Homogenizer v
Storage Liquid Line: v
Mixing
Tank v
Storage
Tank |
PRODUCTION STATUS
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Particulars |
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Actual
Production |
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S.S. Drums, Tanks, containers with loose lid and bins |
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324 Nos. & 9 Sets / Units |
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Coaters, Coating Pan and Fluid Bed Dryers |
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21 Nos. & 19 Sets / Units |
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Filter Press etc. |
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11 Nos. & 1 Sets / Units |
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Virbro Sifter, Multimill, Mechanical Sifter, Liamid Dipstick Filling,
Kettle, Rotary Tablet, Press Granulators etc.
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160 Nos. & 56 Sets / Units |
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Homongenzer |
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26 Nos. & 9 Sets / Units |
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Paster Kettle & Jacketed Tanks etc. |
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5 Nos. & 46 Sets / Units |
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Tipple, Material Handling Devise, Dust Collector etc. |
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54 Nos. & 6 Sets / Units |
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Octogenan Blender, Ribbon Mixers etc.
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75 Nos. & 29 Sets / Units |
GENERAL INFORMATION
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Suppliers : |
v
Aasham
Engineers Private Limited v
Bosch
Rerxroth India Limited v
Dorik
Plastochem Limited v
Resto
Control Limited v
NTB
International Private Limited v
Jindan
Stainless Limited |
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Customers : |
v
Aarti
Industries Limited v
Aurobindo
Pharma Limited v
Colgate
Palmolive [ v
Granules
India Limited v
BMT
Biomach technologies, v
Rusan
Pharma Limited v
Dr.
Reddy Labs. Limited v
M/s.
Sun Pharma v
M/s.
USV Limited v
M/s.
Apotex Limited v
M/s.
Nicholas Piramal Limited |
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No. of Employees : |
120 |
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Bankers : |
State Bank of Industrial
Finance Branch, Sakinaka, Mumbai – 400072, Navsarjan
Industrial Co-operative Bank Limited HDFC Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Pankaj A Shah and
Company Chartered
Accountants |
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Address : |
12/25, L,
Narjivan Commercial Premises, Co-operative Society Limited, |
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Tel. No.: |
91-22-23074148 |
CAPITAL STRUCTURE
Authorized Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs. 10.00 each |
Rs. 20.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs. 10.00 each |
Rs. 20.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
20.000 |
20.000 |
20.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.134 |
7.151 |
4.773 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
21.134 |
27.151 |
24.773 |
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LOAN FUNDS |
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1] Secured Loans |
13.308 |
9.257 |
8.588 |
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2] Unsecured Loans |
9.103 |
11.029 |
9.470 |
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TOTAL BORROWING |
22.411 |
20.286 |
18.058 |
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DEFERRED TAX LIABILITIES |
0.022 |
0.113 |
0.085 |
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TOTAL |
53.567 |
47.550 |
42.916 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
30.451 |
29.787 |
9.571 |
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Capital work-in-progress |
0.000 |
0.000 |
11.679 |
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INVESTMENT |
1.653 |
1.153 |
2.653 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
55.286
|
47.902 |
29.189 |
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Sundry Debtors |
66.203
|
41.256 |
45.385 |
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Cash & Bank Balances |
6.752
|
5.506 |
3.890 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
47.138
|
17.518 |
3.414 |
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Total
Current Assets |
175.379
|
112.182 |
81.878 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
153.500
|
95.751 |
64.010 |
|
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Provisions |
4.637
|
1.365 |
0.000 |
|
Total
Current Liabilities |
158.137
|
97.116 |
64.010 |
|
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Net Current Assets |
17.242
|
15.066 |
17.868 |
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MISCELLANEOUS EXPENSES |
4.221 |
1.544 |
1.145 |
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TOTAL |
53.567 |
47.550 |
42.916 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover [including
other income] |
383.619 |
272.664 |
231.157 |
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Profit/(Loss) Before Tax |
17.116 |
11.173 |
3.630 |
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Provision for Taxation |
0.000 |
0.00 |
1.336 |
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Profit/(Loss) After Tax |
17.116 |
11.173 |
2.294 |
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|
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Export Value |
40.547 |
30.950 |
26.504 |
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Import Value |
NA |
NA |
2.932 |
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Expenditures : |
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Total Expenses |
366.503 |
261.491 |
222.194 |
|
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Depreciation |
4.414 |
3.056 |
0.000 |
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Total Expenditure |
370.917 |
264.547 |
222.194 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
4.46
|
4.10 |
0.99 |
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Net Profit Margin (PBT/Sales) |
(%) |
4.46
|
4.10 |
1.57 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
8.32
|
7.87 |
3.97 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.81
|
0.42 |
0.15 |
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Debt Equity Ratio (Total Liability/Networth) |
|
8.54
|
4.32 |
3.31 |
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|
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Current Ratio (Current Asset/Current Liability) |
|
1.11
|
1.16 |
1.28 |
LOCAL AGENCY FURTHER INFORMATION
Fixed
Assets
·
Computer
·
Factory
Premises
·
Furniture
and Fixture
·
Motor
Car
·
Plant
and Machinery
·
Fax
Machine
·
Xerox
Machine
·
Gala
No. 204/205
Form 8 Particular for creation
or modification of charges
|
Corporation identity number or foreign company registrations number of the company |
U29297MH2002PTC135950 |
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Name of the company |
BECTOCHEM
CONSULTANTS AND ENGINEERING PRIVATE LIMITED |
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Address |
201, Ashok House,
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This Form is for |
Modification of charge |
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Type of Charges |
Hypothecation |
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Particular of the charge holder |
State Bank of Industrial Finance
Branch, Sakinaka, Mumbai – 400072, |
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Amount Secure by the charge |
Rs. 16.000 Millions |
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Description of the property charge whether it is a charge on |
Plant and Machinery, Stock in trade and Book debts |
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Modification charge Charge identification number of the charge to be modified |
90147981 |
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Brief description of the instrument modifying the charge under section 135 |
Supplemental General Agreement for the grant of Small Industrial Advance and Hypothecation of goods, book debts and other assets |
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Date of instrument modifying the charge |
31.03.2006 |
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Particulars of the Property charged |
Limit increased to Rs. 51.5 Millions |
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Name of the company |
BECTOCHEM
CONSULTANTS AND ENGINEERING PRIVATE LIMITED |
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Presented By |
State Bank of |
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1) Date and description of instrument creating the change |
General agreement for the grant of small industrial advances and
hypothecation of movable, book debts and other assets Ancillary Agreement No. 1 Ancillary
Agreement No. 3 Ancillary Agreement No. 6 All the above
agreement are dated 17.07.2002 and executed for the created of a single
charge. |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 16.000 Millions
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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 present and future goods, book debts, movable and other assets of
the borrower including documents of title to foods an receivables, claims,
bills invoice, documents, contracts, engagements, securities investments and
rights and the present and all future machinery. Raw materials, stock in
process, finished goods, bills, guarantee |
||||||||||
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4) Gist of the terms and conditions and extent and operation of the
charge. |
ROI : 2.25 % over the SBAR with a minimum of 13.75 % p.a. Margin Raw Material :
25 % Stock in process : 40 % Finished Goods : 33.33 % Bills : 20 % Guarantee :
15 % |
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5) Name and Address and description of the person entitled to the
charge. |
State Bank of Industrial
Finance Branch, Sakinaka, Mumbai – 400072, |
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6) Date and brief description
of instrument modifying the charge |
No instrument but draft recital to be margin the title deeds register
for enhanced factory where mortgage by deposit of title deeds being created
on 20.05.2003 |
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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. |
The original
charge was created on 17.07.2002 for Rs. 16 Millions 1stly modified on
20.05.2003 the company offered an additional collateral security by way of
equitable mortgage by deposit of title deed over its immovable property
described under second schedule as follows : Factory Gala No.
10, Ground Floor, Building No. 6, in Uday Mittal Industrial Estate, Andheri
–Kurla Road, Andheri [East] , Mumbai – 400059, Area adms. 1722 sq. ft. Factory Gala No.
108/C, Wing Building No. 5, in Akshay Mittal Industrial Estate, adms. 630 Sq.
ft. Share certificate
: Share
certificated no. 11 dated 21.04.1986 issued by Udit Mittal Industrial
premises cooperative so. Limited. Share certificated
no. 184 dated 22.07.1999 issued by Akshay Mittal Industrial Premises Co-op
So. Limited. |
Website details attached:
Profile
The early winter
of 1978 stirred the imagination of Mr. R M Bector. Together with his 30 years of
experience he set up small engineering enterprise manufacturing pharmaceutical
equipment. Mr. Bector achieved great success in building • Sievers • Mills •
Blenders • Coating Systems • Mixers • Syrup Tanks (Plain & Jacketed) for
Soft drinks.
New product lines
extended into many types of mixing and blending equipments. Now they are no
longer limited to machinery for Pharmaceutical industry only.
Their machinery is now used in chemicals, food and allied industries. In 1988
to negate high real estate costs, a major work center was established in
Ankleshwar,
Largest in
Ankleshwar They Manufacture Turnkey projects for: • Tablets, Capsules, Liquid
Orals, and Ointments. They are also having a technical collaboration with M/s
Charles Ross & Sons,
For Capsule Filling machine with M/s. JINWAN GROUP CO., LTD.
For Isolators with M/s APPLIED CONTAINMENT ENGINEERING (ACE) U.K. ACE are the
world leaders in nanogram level containment.
Currently they are engaged in the execution of pharmaceuticals dosage
facilities at sites conforming to CGMP, GAMP and USFDA guidelines. In various
countries world Over USA, OMAN, SOUTH, AFRICA, KHAZAKISTAN, RUSSIA, ROMANIA,
NIGERIA, GHANA, BANGLADESH, AUSTRALIA.
Their mission to meet the challenges of industry with solutions marked
by INNOVATION ABILITY EXPERIENCE
Their Annual turn-over last year was 40 Cr. And they hope to achieve turnover
of more than 60 Cr this year. They have a staff strength of 70 and workers
about 150 and they have extensive vendor development network to meet their
growing needs
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. 40.75 |
|
|
1 |
Rs. 81.63 |
|
Euro |
1 |
Rs. 54.79 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
|