MIRA
INFORM REPORT
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Report Date : |
26.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
BVG INDIA LIMITED |
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Formerly Known As : |
BHARAT VIKAS UTILITY SERVICES LIMITED |
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Registered Office : |
10, Devika Heights, Shivaji Nagar, Pune – 411005, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
20.03.2002 |
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Com. Reg. No.: |
25-16834 |
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CIN No.: [Company
Identification No.] |
U74999PN2002PLC016834 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEB02776E |
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PAN No.: [Permanent
Account No.] |
AACCB0943N |
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Legal Form : |
A closely held public limited liability company |
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Line of Business : |
Providing Utility and Industrial Services |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 800000 |
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Status : |
Good |
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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 fine track
records. Trade relations are fair. General financial position is
satisfactory. Fundamentals are strong and healthy. Payments are reported as usually
correct and as per commitments. The company can be considered good for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
10, Devika Heights, Shivaji Nagar, Pune – 411005, Maharashtra, India |
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Tel. No.: |
91-20-25520024 / 34 / 35 |
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Mobile No.: |
91-9822846285 |
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Fax No.: |
91-20-25520054 |
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E-Mail : |
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Website : |
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Corporate Office : |
BVG House, Premier Plaza, Pune – Mumbai Road, Chinchwad, Pune –
411019, Maharashtra, India |
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Tel. No.: |
91-20-27464220 / 21 / 26, 32542006 |
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Fax No.: |
91-20-27462273 |
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Branches : |
Located at :
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DIRECTORS
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Name : |
Mr. Ganesh Shripad Limaye |
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Designation : |
Whole Time Director |
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Address : |
Flat No. 10, Building A/14/83, Premlok Park, Chinchwad, Pune – 411033,
Maharashtra, India |
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Date of Birth/Age : |
25.09.1968 |
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Date of Appointment : |
28.09.2007 |
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Name : |
Mr. Hanmantrao Ramdas Gaikwad |
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Designation : |
Director |
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Address : |
250, Kawade Nagar, New Sanghvi, Pune – 411027, Maharashtra, India |
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Date of Birth/Age : |
21.10.1972 |
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Date of Appointment : |
20.03.2002 |
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Name : |
Ms. Vaishali Hanmantrao Gaikwad |
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Designation : |
Director |
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Address : |
250, Kawade Nagar, New Sanghvi, Pune – 411027, Maharashtra, India |
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Date of Birth/Age : |
13.01.1975 |
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Date of Appointment : |
20.03.2002 |
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Name : |
Mr. Umesh Gauram Mane |
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Designation : |
Director |
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Address : |
55/1, Kawade Nagar, Devkar Road, New Sangvi, Pune – 411027,
Maharashtra, India |
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Date of Birth/Age : |
22.08.1970 |
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Date of Appointment : |
20.03.2002 |
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Name : |
Mr. Dattatray R Gaikwad |
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Designation : |
Director |
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Address : |
250, Kawade Nagar, New Sanghvi, Pune – 411027, Maharashtra, India |
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Date of Birth/Age : |
16.07.1976 |
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Date of Appointment : |
20.03.2002 |
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Name : |
Mr. Vikram B Wagh |
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Designation : |
Director |
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Address : |
453-1 Kawade Nagar, New Sanghavi, Pune – 411027, Maharashtra, India |
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Date of Birth/Age : |
05.04.1976 |
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Date of Appointment : |
20.03.2002 |
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Name : |
Mr. Pandurang L Yadav |
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Designation : |
Director |
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Address : |
453-1 Kawade Nagar, New Sanghvi, Pune – 411027, Maharashtra,
India |
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Date of Birth/Age : |
01.06.1959 |
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Date of Appointment : |
20.03.2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 31.03.2005
|
Names of Shareholders |
|
No. of Shares |
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Hanmantrao Ramdas Gaikwad |
|
85600 |
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Vikram B Wagh |
|
66200 |
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Umesh Gauram Mane |
|
54900 |
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Pandurang L Yadav |
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67300 |
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Vaishali Hanmantrao Gaikwad |
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46500 |
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Dattatray R Gaikwad |
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70900 |
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Maruti N Shinde |
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4000 |
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Sarang S Patil |
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4000 |
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Udayshinji Deshmekh |
|
2000 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Bodies corporate |
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6.65 |
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Directors or relatives of directors |
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90.35 |
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Other top fifty shareholders |
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3.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Providing Utility and Industrial Services |
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Services : |
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GENERAL
INFORMATION
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Customers : |
Government |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S Gautam and Associates Chartered Accountants |
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Address : |
# 25, B Wing [Rear], 1st Floor, Kamala Cross Road, Opposite
PCMC Building, Pimpri, Pune – 411018, Maharashtra, India |
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Associates/Subsidiaries : |
BVG Waste Management Limited U90001PN2005PLC020986 |
CAPITAL STRUCTURE
As on 30.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2500000 |
Equity Shares |
Rs. 10/- each |
Rs. 25.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2232340 |
Equity Shares |
Rs. 10/- each |
Rs. 22.323
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
4.465 |
4.345 |
4.014 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
194.429 |
110.976 |
14.764 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
198.894 |
115.321 |
18.778 |
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LOAN FUNDS |
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1] Secured Loans |
64.052 |
33.757 |
26.316 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
64.052 |
33.757 |
26.316 |
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DEFERRED TAX LIABILITIES |
20.056 |
13.742 |
4.050 |
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TOTAL |
283.002 |
162.820 |
49.144 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
98.816 |
63.890 |
27.193 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.550 |
0.550 |
0.050 |
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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
|
0.225
|
0.254 |
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Sundry Debtors |
228.344
|
89.105
|
40.193 |
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Cash & Bank Balances |
22.454
|
11.373
|
5.424 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
58.112
|
55.914
|
1.709 |
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Total
Current Assets |
308.910
|
156.617
|
47.580 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
88.276
|
34.943
|
10.209 |
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Provisions |
37.077
|
23.387
|
15.576 |
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Total
Current Liabilities |
125.353
|
58.330
|
25.785 |
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Net Current Assets |
183.557
|
98.287
|
21.795 |
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MISCELLANEOUS EXPENSES |
0.079 |
0.093 |
0.106 |
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TOTAL |
283.002 |
162.820 |
49.144 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
720.111 |
303.411 |
166.182 |
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Other Income |
5.619 |
0.203 |
0.149 |
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Total Income |
725.730 |
303.614 |
166.331 |
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Profit/(Loss) Before Tax |
136.172 |
51.943 |
15.317 |
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Provision for Taxation |
0.511 |
20.098 |
5.055 |
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Profit/(Loss) After Tax |
135.661 |
31.845 |
10.262 |
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Expenditures : |
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Raw Material Consumed |
0.000 |
12.020 |
8.808 |
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Salaries, Wages, Bonus, etc. |
19.042 |
9.511 |
3.738 |
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Managerial Remuneration |
4.020 |
2.557 |
1.100 |
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Payment to Auditors |
0.600 |
0.300 |
0.138 |
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Interest |
7.297 |
4.207 |
3.091 |
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Insurance Expenses |
0.824 |
0.839 |
0.156 |
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Power & Fuel |
0.000 |
0.405 |
0.793 |
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Depreciation & Amortization |
13.189 |
7.409 |
3.362 |
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Other Expenditure |
544.587 |
214.423 |
129.828 |
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Total Expenditure |
589.559 |
251.671 |
151.014 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
18.69 |
10.49
|
6.17 |
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Net Profit Margin (PBT/Sales) |
(%) |
18.91 |
17.12
|
9.22 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
33.40 |
23.56
|
20.48 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.68 |
0.45
|
0.82 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.95 |
0.80
|
2.77 |
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Current Ratio (Current Asset/Current Liability) |
|
2.46 |
2.69
|
1.85 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
BVG INDIA
LIMITED |
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Presented By |
The Saraswat Co-operative
Bank Limited, Linking Road Branch |
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1) Date and description of instrument creating the change |
Agreement of
Hypothecation of Movable Property dated 15.07.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 10.000
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 |
Hypothecation of all
the machinery tangible movable property / including the stock for the time
being whether new or manufactured or in process of manufacturing and every tangible movable property /
machinery / plant belonging to the borrower and lying and being at the Borrowers
place of business or wherever else the same may be held by the party. Further
hypothecation of outstanding book debts, moneys receivables, claims. Bills
and approved book debts. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
ROI 11.50 % p.a.
or at such rate as may be fixed by the bank from time to time This is term loan
facility |
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5) Name and Address and description of the person entitled to the charge. |
The Saraswat Cooperative Bank Limited, Linking Road, Khar, Mumbai –
400052, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U74999PN2002PLC016834 |
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Name of the
company |
BVG INDIA LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
10, Devika Heights, Shivaji Nagar, Above Citizen, Opposite Shivaji
Status, Pune – 411005, Maharashtra |
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Type of charge |
Movable Property |
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Particular of
charge holder |
The Saraswat Cooperative Bank Limited, Linking Road, Khar, Mumbai –
400052, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
Agreement of
hypothecation of vehicle |
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Date of
instrument Creating the charge |
14.03.2007 |
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Amount secured by
the charge |
Rs. 0.551 Million |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest @ 10 %
p.a. Terms of
Repayment 60 monthly
installments of Rs. 0.012 Millions Extent and
Operation of the charge The charge to the
extent of Rs. 0.551 Million operating on security offered by the company |
|
Short particulars
of the property charged |
The borrowers
doth / do hereby hypothecate to and in favour of the bank the said motor / Taxi
/ Truck / car / Vehicles registered with the regional Transport Office. |
Fixed Assets
- Plant and Machinery
- Computer
- Electrical Installations
- Vehicles
- Office Equipments
- Furniture and Fixture
AS PER
WEBSITE
Profile
In the growing and competitive
environment, everyone wants to concentrate on core activity & leave worries
of managing Non-core activities (outsourcing) & support services to experts
in that field so as to improve quality and to save cost.
Their decade-long successful
experience of managing non-core activities in both the technical and
non-technical sectors have positioned us as a leading “INDIAN” player in
Facility Management arena
News
Subject ventures in Road
Cleaning services with Pune Municipal Corporation
With 1.2 million people, highest density of population and lower literacy rate,
India has its uniqueness. It is unfortunate, but a fact that Indian roads get
littered every moment. In-fact, Indian roads are treated as an open garbage by
its population.
Whereas most municipal
corporations want to give a clean, hygienic and healthy living to its
residents, sometimes the enormity is such that it is not physically possible to
do so. And the best way to implement is to abdicate.
Enter BVG.
Subject has always been in the
forefront in identifying and acting upon new business opportunities. With its
advanced and sophisticated mechanized techniques and manpower strength subject
is well positioned to take this responsibility from municipal corporations.
Subject views this area as an
enormous opportunity and envisages huge potential business from municipal
corporations across the country. A beginning has been made to this effect. Pune
Municipal Corporation (PMC) has abdicated a mechanized road sweeping of roads
in Pune to us. Efforts are on to get similar contracts from other municipal
corporations.
The capital intensive nature of
the business (road sweeping machines) prevents high stability and reduces the
viability. Subject is trying to develop indigenous machines at one fourth the
cost to reduce the financial burden and make the projects commercially viable
and promising.
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.40.05 |
|
UK Pound |
1 |
Rs.78.75 |
|
Euro |
1 |
Rs.59.39 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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 |
|