MIRA INFORM REPORT

 

 

 

Report Date :

01.12.2008

 

IDENTIFICATION DETAILS

 

Name :

BEMCO HYTECH PRIVATE LIMITED

 

 

Formerly Known As :

BEMCO EMERY STONES PRIVATE LIMITED

 

 

Registered Office :

Plot No.690, Udyambag, Belgaum – 590008, Karnataka

 

 

Country :

India

 

 

Financials (as on) :

31.03.2008

 

 

Year of Establishment :

1989

 

 

Com. Reg. No.:

005764

 

 

CIN No.:

[Company Identification No.]

U00292KA1983PTC005764

 

 

IEC No.:

0705003761

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

BLRB01801C

 

 

PAN No.:

[Permanent Account No.]

AAACB6840Q

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of Hydraulic and Mechanical Jacks, Hydraulic Cylinders, Hydraulic Power Packs, Hydraulic Presses, Scissor Lifting Platform, Hydraulic Equipments, Flour Mill and Emery Stones.

 

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 9000

 

 

Status :

Small Company

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a small company having steady business and low profit margin. Trade relations are fair. Payments are reported as correct and as per commitments.

 

The company can be considered normal for business dealings at usual trade terms and conditions.

 

 

INFORMATION PARTED BY [General Details]

 

Name :

Mr. Kamath

Designation :

Accounts Manager

Date :

07.11.2008

 

 

Name :

Mr. Y. Mohta

Designation :

Director

Mobile No.:

91-9844054864

 

 

LOCATIONS

 

Registered Office/ Factory :

Plot No.690, Udyambag, Belgaum – 590008, Karnataka, India

Tel. No.:

91-831-2441388/ 2441019/ 4202743

Fax No.:

91-831-2441019

E-Mail :

sales@bemcojack.om

Website :

http://www.bemcojack.com

Area :

40000 sq. ft

Location :

Leased

 

 

DIRECTORS

 

Name :

Mr. Yaswant Mohta

Designation :

Director

Address :

248, Jain Temple Road, Hindwadi, Belgaum – 590008, Karnataka, India

Date of Birth/Age :

02.09.1957

Qualification :

Engineer

Date of Appointment :

21.12.1983

 

 

Name :

Mr. Mukund Mohta

Designation :

Director

Address :

Flat No. 101, R V Apartment No.11, Upper Pipeline Road, Bangalore, Karanata, India

Date of Birth/Age :

17.11.1965

Qualification :

Engineer

Date of Appointment :

01.06.1994

 

 

Name :

Mr. Durgaprasad Jeetmal Mundra

Designation :

Director

Address :

B.2, Plot No.136, Kadannavar Building, Hindwadi, Belgaum – 590011, Karnataka, India

Date of Birth/Age :

07.10.1944

Date of Appointment :

01.04.2008

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

(As on 29.09.2007)

Names of Shareholders

 

No. of Shares

 

 

 

Yaswant Mohta

 

1990

Ravindra Deshpande

 

10

Bemco Agro Implements Private Limited

 

20000

Sushma Mohta

 

30500

Mohinidevi Mohta

 

5000

Yaswant Mohta (HUF)

 

31000

Raghav Mohta

 

2000

Dinesh Traders Private Limited

 

4500

Total

 

95000

 

(As on 31.03.2007)

Category

 

Percentage

Bodies Corporate

 

25.78

Directors or relatives of director

 

74.22

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Hydraulic and Mechanical Jacks, Hydraulic Cylinders, Hydraulic Power Packs, Hydraulic Presses, Scissor Lifting Platform, Hydraulic Equipments, Flour Mill and Emery Stones.

 

 

Products :

Products Description

Item Code No

 

 

Flour Mills

84.37

Emery Stones

84.37

 

 

 

Exports :

 

Products :

Finished Goods

Countries :
  • France
  • Mauritius

 

 

Imports :

 

Products :

Pipes

Countries :

Germany

 

 

Terms :

 

Selling :

Credit (30 days) Advance

 

 

Purchasing :

Cash and Credit (30 days)

 

 

PRODUCTION STATUS

 

Particulars

Unit

Installed Capacity

Actual Production

Flour Mill and Pulveriser

Nos.

1500

246

Emery Stones

Nos.

30000

6196

Hyd. Equipment

Nos.

-

8

Mech Jacks

Nos.

-

227

 

 

Particulars

Unit

 

Actual Production

Flour Mill and Pulveriser

Nos.

 

225

Hyd. Presses

Nos.

 

4

Emery Stones

Nos.

 

7021

Hyd. Equipment

Nos.

 

23

Mech Jacks

Nos.

 

214

 

 

GENERAL INFORMATION

 

Customers :

OEM’s

 

  • Rohan Metals
  • Jyotirling Metals
  • Govindram Metal Industries
  • Kuldip Metal Industries
  • Amey Founders and Engineer
  • Met-Cast Steel Industries
  • Bright India Engineer

 

 

No. of Employees :

35 [In office 10 + In Factory 25]

 

 

Bankers :
  • State Bank of India

Main Branch, Belgaum

 

 

Facilities :

Secured Loans

31.03.2007

(Rs. In Millions)

State Bank of India – Cash Credit

(Secured against hypothecation of stock of Raw materials, work in progress and finished goods)

1.521

ICICI Bank against hypothecation of Vehicles

0.324

Total

1.845

 

 

 

Banking Relations :

-

 

 

Auditors :

 

Name :

M. K. Shevade

Chartered Accountant

Address :

Manoj Arkad, Guruwarpet, Tilakwadi, Belgaum – 590006, Karnataka, India

 

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

245000

Equity Shares

Rs.10/- each

Rs.2.450 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

95000

Equity Shares

Rs.10/- each

Rs.0.950 Million

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2008

31.03.2007

31.03.2006

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

0.950

0.950

0.950

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

0.909

0.895

0.876

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

1.859

1.845

1.826

LOAN FUNDS

 

 

 

1] Secured Loans

0.000

1.845

1.805

2] Unsecured Loans

2.106

0.000

0.000

TOTAL BORROWING

2.106

1.845

1.805

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

3.965

3.690

3.631

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

0.893

0.533

0.590

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.002

0.002

0.002

DEFERREX TAX ASSETS

0.000

0.085

0.083

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories

2.442

2.333

1.225

 

Sundry Debtors

3.042

1.021

1.254

 

Cash & Bank Balances

0.009

0.032

0.016

 

Other Current Assets

0.103

0.000

0.000

 

Loans & Advances

1.964

2.637

2.583

Total Current Assets

7.560

6.023

5.078

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities

4.307

2.811

2.037

 

Provisions

0.183

0.142

0.085

Total Current Liabilities

4.490

2.953

2.122

Net Current Assets

3.070

3.070

2.956

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

3.965

3.690

3.631

 

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

31.03.2008

31.03.2007

31.03.2006

Sales Turnover

15.351

 

 

Other Income

0.402

NA

NA

Total Income

15.753

 

 

 

 

 

 

Profit/(Loss) Before Tax

0.122

0.076

0.069

Provision for Taxation

0.110

0.056

0.054

Profit/(Loss) After Tax

0.012

0.020

0.015

 

 

 

 

Expenditures :

 

 

 

 

Cost of Goods Sold

5.525

 

Administrative Expenses

0.449

 

 

 

Raw Material Consumed

8.797

 

 

 

Consumption of stores and spares parts

0.475

NA

NA

 

Interest

0.277

 

 

 

Depreciation & Amortization

0.108

 

 

Total Expenditure

15.631

 

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2008

31.03.2007

31.03.2006

PAT / Total Income

(%)
0.08

NA

NA

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
0.79

NA

NA

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
1.44
1.16

1.22

 

 
 
 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.07
0.04

0.04

 

 
 
 

 

Debt Equity Ratio

(Total Liability/Networth)

 
3.55
2.60

2.15

 

 
 
 

 

Current Ratio

(Current Asset/Current Liability)

 
1.68
2.04

2.39

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

                                            Additional Requirement of Indiamart for Trust-Seal

 

VAT / TIN : 29420008996 (Claimed by the Management, but can’t verify online)

IEC Code : 0705003761

 

PAN / TAN : AAACY6840Q

 

Bank Name : State Bank of India

Bank Address : Main Branch, Belgaum

Bank A/c. No.: 10911417969

Account Since :1982

 

 

Trade Reference:

 

 

 

Fixed Assets:

 

 

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. 50.09

UK Pound

1

Rs. 76.68

Euro

1

Rs. 63.48

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

2

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--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

 

42

 

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.

 

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 the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability 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