MIRA
INFORM REPORT
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Report Date : |
12.06.2007 |
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, Colaba, Mumbai - 400 005, Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2006 |
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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 100000 |
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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 records.
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, |
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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 - 1523, Email: bigdel@bhimrajka.com
East - Kolkatta 2D/2, Sukh Sagar, Email: bigcal@bhimrajka.com South – Chennai 6-B, Gee Gee Emerald, 6th Floor, 312, 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, |
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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, |
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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, |
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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, |
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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 |
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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, |
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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 : |
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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. Bhamrajka V. Rohan |
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Designation : |
Director |
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Address : |
702, Maker Chambers, V Nariman
Point, Mumbai – 400021, |
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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, |
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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, |
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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 / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Vijaykumar J. Bhimrajka |
|
1500 |
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Manjudevi V. Bhimrajka |
|
1500 |
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Vishwanath V. Bhimrajka |
|
1500 |
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Manjari V. Bhimrajka |
|
100 |
|
Vijaykumar J. Bhimrajka (HUF) |
|
1400 |
|
Rajkumari G. Bhimrajka |
|
1500 |
|
Siddharth G. Bhimrajka |
|
2200 |
|
Amit G Bhimrajka |
|
2300 |
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Vinodkumar J. Bhimrajka |
|
1500 |
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Ashadevi V. Bhimrajka |
|
1500 |
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Prachi V Bhimrajka |
|
200 |
|
Rohan V. Bhimrajka |
|
1300 |
|
Vinodkumar J. Bhimrajka
(HUF) |
|
1500 |
|
Anoopkumar J. Bhimrajka |
|
1500 |
|
Sangeeta A. Bhimrajka |
|
1500 |
|
Rajiv A. Bhimrajka |
|
1300 |
|
Anoopkumar J. Bhimrajka F & NG of Tanay A Bhimrajka |
|
200 |
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Anoopkumar J. Bhimrajka - HUF |
|
1500 |
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Vishnukumar J Bhimrajka |
|
1500 |
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Anjali V Bhimrajka |
|
2200 |
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Vishnukumar J Bhimrajka F & NG of Anushree V Bhimrajka |
|
200 |
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Vishnukumar J Bhimrajka F & NG of Sriansh V Bhimrajka |
|
100 |
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Vishnukumar J Bhimrajka HUF |
|
2000 |
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Total
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|
30000 |
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Category
|
|
Percentage of
Holding |
|
Directors or relatives of directors |
|
100.00
% |
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
|
No. of Employees : |
25 |
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Bankers : |
Central Bank of |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Vinod Kasturchand 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 |
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 |
|
Rs. 3.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
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 |
23.127 |
17.901 |
14.908 |
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|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
26.127 |
20.901 |
17.908 |
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|
LOAN FUNDS |
|
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|
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1] Secured Loans |
1.226 |
2.415 |
2.502 |
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2] Unsecured Loans |
5.049 |
0.000 |
5.372 |
|
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TOTAL BORROWING |
6.275 |
2.415 |
7.874 |
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DEFERRED TAX LIABILITIES |
0.240 |
0.464 |
0.360 |
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TOTAL |
32.642 |
23.780 |
26.142 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
20.655 |
10.810 |
12.197 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
0.000
|
0.000 |
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Sundry Debtors |
3.342
|
2.453 |
|
|
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Cash & Bank Balances |
0.00
|
0.180 |
19.470 |
|
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Other Current Assets |
0.000
|
0.000 |
|
|
|
Loans & Advances |
16.459
|
15.866 |
|
|
Total
Current Assets |
19.801
|
18.499 |
19.470 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
7.814
|
5.529 |
5.528 |
|
|
Provisions |
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|
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Total
Current Liabilities |
7.814
|
5.529 |
5.528 |
|
|
Net Current Assets |
11.987
|
12.970 |
13.942 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.003 |
|
|
|
|
|
|
|
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TOTAL |
32.642 |
23.780 |
26.142 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
29.537 |
31.405 |
30.092 |
|
|
Total Income |
29.537 |
31.405 |
30.092 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
-- |
-- |
4.462 |
|
|
Provision for Taxation |
-- |
-- |
1.661 |
|
|
Profit/(Loss) After Tax |
8.429 |
5.078 |
2.801 |
|
|
|
|
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Expenditures : |
|
|
|
|
|
|
Interest |
0.229 |
0.310 |
0.402 |
|
|
Depreciation & Amortization |
1.639 |
2.316 |
1.940 |
|
|
Other Expenditure |
19.24 |
23.701 |
23.288 |
|
Total Expenditure |
21.108 |
26.327 |
25.630 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
28.54
|
16.17 |
9.30 |
|
|
|
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|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
28.54
|
16.17 |
14.82 |
|
|
|
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|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
20.83
|
70.13 |
32.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.32
|
0.24 |
0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.54
|
0.38 |
0.30 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.53
|
3.35 |
3.52 |
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
Bankers Charges
Report as per Registry
|
Name of the company |
BHIMRAJKA
IMPEX LIMITED |
|
Presented By |
CENTRAL
BANK OF |
|
1) Date and description of instrument creating the change |
Dated 05.05.2000 Agreement of Hypothecation to secure demand cash credit against
goods. |
|
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 |
|
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
The largest distributor of
Polymers, Chemicals and Performance Elastomers in
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
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 Company Inc.,
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,
DSPL manufactures superior quality
magnesia products for the rubber, plastics, chemical, and refractory
industries. Located at the shore of the
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 Company Limited
Nippon Zeon Company, 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 Company, Inc.,
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
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,
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.40.91 |
|
|
1 |
Rs.80.46 |
|
Euro |
1 |
Rs.54.60 |
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 |
|