MIRA
INFORM REPORT
|
Report Date : |
31.12.2008 |
IDENTIFICATION DETAILS
|
Name : |
BGH EXIM LIMITED |
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Formerly Known As : |
HOTGI PULP LIMITED BIRLA CONVERGENCE HOLDINGS LIMITED |
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Registered Office : |
213, 2nd Floor, T. V. Industrial Estate, 52 S. K. Ahire Marg,
Worli, Mumbai – 400030, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
27.06.2000 |
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Com. Reg. No.: |
11-127428 |
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CIN No.: [Company
Identification No.] |
U17110MH2000PLC127428 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RKTB00742A |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business : |
Trader, Exporter and Importer of Petroleum Products and Agricultural
Products. |
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 |
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Maximum Credit Limit : |
USD 29000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Although financial position is strong, the company continues to incur heavy losses since last few years. Trade relations are fair. Payments are reported as slow but correct. The company can be considered normal for business dealings at usually trade relations are conditions. |
INFORMATION PARTED BY
|
Name : |
Mr. Om Jee Kesarwani |
|
Designation : |
Assistant Manager |
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Contact No.: |
91-9924440904 |
|
Date : |
26.12.2008 |
LOCATIONS
|
Registered Office : |
213, 2nd Floor, T. V. Industrial Estate, 52 S. K. Ahire
Marg, Worli, Mumbai – 400030, |
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Tel. No.: |
91-22-24952543 |
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Fax No.: |
91-22-24955249 |
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Email : |
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Website : |
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Branch Office : |
71-A, Mittal Chamber, 7th Floor, Nariman Point,
Mumbai-400021, |
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Tel. No.: |
91-22-22846030 |
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E-Mail : |
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Website : |
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Head Office : |
DBZ S 140, Ward 12A, Opposite Bank of |
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Tel. No.: |
91-2836-231252/ 3/ 231179 |
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Fax No.: |
91-2836-231218 |
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E-Mail : |
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Website : |
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Branches : |
701, Bhikaji Cama Bhavan, Tel No.:91-11-51659041/44 Fax No.:91-11-51659045 Email: rajeshthapar@bghexim.net Kolkata 16th Floor, Industry House, Tel No.: 91-33-22829286/ 22825122 Fax No.:91-33-22825212 Email : blbothra@adityabirla.com |
DIRECTORS
|
Name : |
Mr. Gopi Krishna L Tulsian |
|
Designation : |
Director |
|
Address : |
32, |
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Date of Birth/Age : |
02.02.1937 |
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Date of Appointment : |
27.06.2000 |
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|
Name : |
Mr. Sushil G Agarwal |
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Designation : |
Director |
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Address : |
301, Ocean View, |
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Date of Birth/Age : |
13.06.1963 |
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Date of Appointment : |
27.06.2000 |
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Name : |
Mr. Kapil Agarwal |
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Designation : |
Director |
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Address : |
Challenger Apartment, Flat No.1004, Tower No. III, |
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Date of Birth/Age : |
01.10.1971 |
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Date of Appointment : |
30.03.2002 |
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Date of Ceasing : |
27.12.2004 |
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Name : |
Mr. Sushil Kumar Saboo |
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Designation : |
Director |
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Address : |
44, Satnam Apartments, 93, Cuffe Parade, Mumbai-400005, |
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Date of Birth/Age : |
05.11.1942 |
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Date of Appointment : |
01.07.2008 |
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Name : |
Mr. Sanjay Bhatia |
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Designation : |
Manager |
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Address : |
604, Harmony Yashodham Enclave, |
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Date of Birth/Age : |
15.05.1967 |
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Date of Appointment : |
08.11.2003 |
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|
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|
Name : |
Mr. Jagdish S Bajaj |
|
Designation : |
Director |
|
Address : |
13-2A, Asha Nagar, Borivali (East), Mumbai, |
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|
|
|
Name : |
Mr. |
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Designation : |
Director |
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Address : |
Chitrakoot Housing Society, Flat No.22, |
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Date of Birth/Age : |
01.03.1955 |
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Date of Appointment : |
30.06.2008 |
KEY EXECUTIVES
|
Name : |
Mr. Sanjay Bhartia |
|
Designation : |
Manager |
|
Address : |
604, Harmony, Yashodham Enclave, |
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Date of Birth/Age : |
15.05.1967 |
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Qualification : |
30.06.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(As on 30.09.2008)
|
Names of Shareholders |
No. of Shares |
|
|
|
|
Dwarka Das Rathi |
100 |
|
Sushil Agarwal |
100 |
|
Jagdish Bajaj |
100 |
|
Sanjeev Bafna |
100 |
|
Kapil Agarwal |
100 |
|
Bharat Banka |
100 |
|
Gopi Krishna Tulsian |
100 |
|
Rajratna Holdings Private Limited |
50000 |
|
Birla Group Holdings Private Limited |
9949300 |
|
Trapti Trading and Investments Private Limited |
2500000 |
|
Turquoise Investments and Finance Private Limited |
2500000 |
|
P T Indo Bharat Rayon |
14998304 |
|
|
|
|
Total |
29998304 |
|
|
|
|
As on 29.09.2006 |
|
|
IGH Holdings Private Limited |
2500000 |
(As on 30.09.2008)
|
Names of Shareholders |
|
Percentage |
|
|
|
|
|
Foreign Holdings |
|
49.99 |
|
Bodies Corporate |
|
50.00 |
|
Others |
|
0.01 |
|
|
|
|
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader, Exporter and Importer of Petroleum Products and Agricultural
Products. |
|
|
|
|
Products : |
PETROLEUM PRODUCTS ·
HSD
(High Speed Diesel) ·
Naphtha
·
Fuel
Oil ·
Base
Oil SN 500 ·
RPO
(Rubber Processing Oil) ·
Methanol
·
LAB
(Linear Alkyl Benzene) AGRICULTURE PRODUCTS ·
Wheat ·
Rice ·
Soya
Bean Meal ·
Rape
Seed Meal ·
Ground
Nut Meal ·
Scrap · Castor Oil · Coal ·
Steel · Rock Phosphate · ·
Fluorspar ·
Petroleum Coke ·
Metallurgical Coke ·
Ammonium Nitrate ·
Salt ·
Pulses METALS FERTILIZERS MINERALS |
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Exports : |
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Products : |
Agriculture Products |
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Countries : |
· · |
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Imports : |
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Products : |
Petroleum Products |
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Countries : |
· · · |
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Terms : |
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Selling : |
Cash |
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Purchases : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
· Wholesalers · Retailers |
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No. of Employees : |
25 |
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|
|
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Bankers : |
·
Bank of 5th Floor, · HDFC Bank Limited HDFC Bank Housesenapati Bapat Marg,
Lower Parel West, Mumbai – 400013, |
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|
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Khimji Kunverji and Company Chartered Accountants |
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Address : |
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Associates : |
· Rajratna
Holdings Private Limited · Birla Group
Holdings Private Limited · Trapti Trading
and Investments Private Limited · Turquoise Investments
and Finance Private Limited · P T Indo Bharat
Rayon |
CAPITAL STRUCTURE
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 millions |
|
2500000 |
Preference Shares |
Rs.100/- each |
Rs.250.000 millions |
|
|
|
|
|
|
|
Total |
|
Rs.550.000
millions |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
29998304 |
Equity Shares |
Rs.10/- each |
Rs.299.983
millions |
|
2500000 |
Preference Shares |
Rs.100/-
each |
Rs.250.000
millions |
|
|
|
|
|
|
|
Total |
|
Rs.549.983 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
549.983 |
299.983 |
299.983 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
5213.781 |
3010.083 |
3155.100 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
5763.764 |
3310.066 |
3455.083 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
49.164 |
274.885 |
1496.196 |
|
|
2] Unsecured Loans |
158.374 |
2377.281 |
0.000 |
|
|
TOTAL BORROWING |
207.538 |
2652.166 |
1496.196 |
|
|
DEFERRED TAX LIABILITIES |
0.567 |
2.604 |
1.759 |
|
|
|
|
|
|
|
|
TOTAL |
5971.869 |
5964.836 |
4953.038 |
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
44.985 |
50.952 |
52.992 |
|
|
Capital work-in-progress |
0.373 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
5674.638 |
5825.376 |
4065.876 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
360.925
|
1549.735 |
1466.455 |
|
|
Sundry Debtors |
356.233
|
637.454 |
556.909 |
|
|
Cash & Bank Balances |
8.302
|
42.309 |
22.639 |
|
|
Other Current Assets |
8.284
|
7.857 |
8.241 |
|
|
Loans & Advances |
125.491
|
133.526 |
763.480 |
|
Total
Current Assets |
859.235
|
2370.881 |
2817.724 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
516.937
|
2209.821 |
1844.919 |
|
|
Provisions |
90.425
|
72.552 |
138.796 |
|
Total
Current Liabilities |
607.362
|
2282.373 |
1983.715 |
|
|
Net Current Assets |
251.873
|
88.508 |
834.009 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.161 |
|
|
|
|
|
|
|
|
TOTAL |
5971.869 |
5964.836 |
4953.038 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
5562.996 |
5789.223 |
4487.741 |
|
|
Other Income |
57.932 |
27.187 |
128.416 |
|
|
Total Income |
5620.928 |
5816.410 |
4616.157 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
(31.936) |
(143.120) |
92.742 |
|
|
Provision for Taxation |
14.368 |
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
(46.304) |
(143.120) |
92.742 |
|
|
|
|
|
|
|
|
Export Value |
1528.650 |
908.810 |
731.402 |
|
|
|
|
|
|
|
|
Import Value |
3124.243 |
4443.482 |
NA |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
295.386 |
235.587 |
270.172 |
|
|
Purchases made for re-sale |
3814.952 |
5283.683 |
4919.728 |
|
|
Consumption of stores and spares parts |
4.609 |
4.725 |
3.840 |
|
|
Increase/(Decrease) in Finished Goods |
1189.608 |
(82.396) |
(1028.355) |
|
|
Salaries, Wages, Bonus, etc. |
23.778 |
19.742 |
15.118 |
|
|
Payment to Auditors |
0.000 |
0.334 |
0.100 |
|
|
Interest |
0.626 |
215.306 |
108.994 |
|
|
Insurance Expenses |
96.627 |
1.520 |
1.453 |
|
|
Power & Fuel |
1.890 |
1.142 |
1.020 |
|
|
Depreciation & Amortization |
7.117 |
7.398 |
7.209 |
|
|
Other Expenditure |
218.271 |
272.489 |
224.136 |
|
Total Expenditure |
5652.864 |
5959.530 |
4523.415 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
(0.82)
|
(2.46) |
2.01 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(0.57)
|
(2.46) |
2.01 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(3.53)
|
(5.91) |
3.23 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00
|
(0.04) |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.14
|
1.49 |
1.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.41
|
1.04 |
1.42 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The registered Office of the company has been shifted from 71-A, Mittal
Chambers, 7th Floor, Nariman Point, Mumbai – 400021, Maharashtra,
India
Trade
Reference:
·
Overseas Enterprises,
·
ISSCO Limited, Gandhi dam,
Form 8:
|
Name of the
company |
BGH EXIM LIMITED |
|
Presented By |
Mr. G Tulsian, Director |
|
Date and description of instrument creating the change |
Date – 15.03.2003
Description – deed of hypothecation |
|
Amount secured by the charge/amount owing on the securities of charge |
Rs.1250.000 millions |
|
Name and Address and description of the person entitled to the charge. |
Bank of 5th Floor, |
|
Date and brief description of instrument modifying the charge |
NA |
|
Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
NA |
Fixed Assets:
·
Land
·
Plant and Machinery
·
Office Equipment
·
Furniture and Fixture
·
Computers
·
Vehicles
Website Details:
Profile:
Subject commenced its trading activities in 2002 to handle diversified
business operations all across the globe. Company is BVQI ISO
9001: 2000 Certified.
Its efficient team members are situated at the key places in
Company has global tie ups to keep it self abreast with the
latest market development to cover the wide spectrum of various trading
activities.
SERVICES:
Company is registered with The International Bunker Industry Association (IBIA) and
providing bunkers to Vessels landing in the western ports of
- Kandla,
- Mundra,
- Sikka,
- Dahej,
- Pipavav
With the regular stock of Bunker fuels it is serving the clients on short notices also.
Also the Company has Tie ups with the barge owners and various terminals
at the key places, which provide a better and smooth working condition, with
easy availability of services.
Company is working on the expansion plans for the southern and eastern coasts also.
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.47.50 |
|
|
1 |
Rs.70.02 |
|
Euro |
1 |
Rs.67.95 |
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 |
- |
|
--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 |
|
48 |
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 |
|