MIRA
INFORM REPORT
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Report Date : |
30.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
BEEKAY ENTERPRISES |
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Registered Office : |
201, Akshaya Plaza, Road No. 1, Chembur (East), Mumbai – 400 011,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Year of Establishment : |
1982 |
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IEC No.: |
0391137247 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMBO3522B |
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Legal Form : |
Partnership concern with an unlimited liability of the partners. |
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Line of Business : |
Trader and Importer of solvents and petrochemicals required by different
industries like agrochemicals, adhesives, bulk drugs, leather chemicals,
lubricants, paints, pesticides, printing inks and rubber |
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 392500 |
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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 concern having satisfactory
track. Partners are resourceful businessmen. Their trade relations are fair.
Payments are usually correct and as per commitments. The concern can be considered good for any normal business dealings at
usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Ms. Swati |
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Designation : |
Accounts Manager |
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Date : |
20.06.2008 |
LOCATIONS
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Administrative Office : |
201, Akshaya Plaza, Road No. 1, Chembur (East), Mumbai – 400 011,
Maharashtra |
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Tel. No.: |
91-22-56312340 |
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Fax No.: |
91-22-56312057 |
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Email: |
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Website: |
info@beekayenterprises.com |
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Area : |
1000 sq fts. |
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Location : |
Owned |
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Branch 1 : |
510, Siddhartha Complex, R. C. Dutt Road, Alkapuri, Baroda – 390005,
Gujarat, India |
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Tel. No.: |
91-265-2322902 |
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Ril No: |
91-265-3058035 |
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Fax No.: |
91-265-2340076 |
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E-Mail : |
baroda@beekayenterprises.com |
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Branch 2 : |
711, Rina Complex, Near Nathani Steel, Opposite VidyaVihar Bus Depot,
Vidya Vihar (West), Mumbai – 400086, India |
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Tel. No.: |
91-22-66717450 / 51 / 52 / 53 |
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Ril No: |
91-22-3058035 |
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Fax No.: |
91-22-66717454 |
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Email: |
info@beekayenterprises.com |
PARTNERS
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Name : |
Mr. Bharat K. Doshi |
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Designation : |
Partner |
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Address : |
804, Kukreja Palace, Ghatkopar (East), Mumbai – 400075, Maharashtra,
India |
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Date of Birth/Age : |
53 years |
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Qualification : |
Graduate |
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Experience : |
34 years |
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Name : |
Mr. Primal K. Doshi |
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Designation : |
Partner |
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Address : |
503, Kaveri Building, Ghatkopar (East), Mumbai – 400075, Maharashtra,
India |
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Date of Birth/Age : |
44 years |
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Qualification : |
Graduate |
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Experience : |
25 years |
BUSINESS DETAILS
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Line of Business : |
Trader and Importer of solvents and petrochemicals required by
different industries like agrochemicals, adhesives, bulk drugs, leather
chemicals, lubricants, paints, pesticides, printing inks and rubber |
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Products: |
v Acrylonitrile (CAN) v
Acetonitrile (ACTN) v
Di Ethylene Glycol (D.E.G.) v
Mono Ethylene Glycol (M.E.G.) v
Dimethyl Sulfoxide (D.M.S.O.)
v
N-Methyl 2 Pyrrolidone (N.M.P.) v
Petroleum Resin (PR100) v
Tertiary Butanol (T.B.A.) v
Ethylene Di Chloride (E.D.C.) v
Hydrazine Hydrate 80% |
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Imports : |
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Products: |
Chemicals |
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Countries : |
USA, Europe, Taiwan, Japan, Korea, Singapore, Spain, Malaysia and
China |
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Exports: |
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Countries : |
Korea |
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Terms : |
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Purchasing : |
L/C, Credit (90 days) |
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Selling : |
Credit (30-60 days) |
GENERAL
INFORMATION
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Customers : |
Wholesalers, Retailers and End Users |
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No. of Employees : |
22 (Office-14, Branch 1 – 3 and Branch 2 – 5) |
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Bankers : |
Bank of Baroda, Mandvi Branch, Mumbai |
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Facilities : |
Rs. 170.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
C. N. Sheth and Company (Chartered Accountants) |
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Address : |
Masjid Bunder |
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Tel No: |
91-22-23455537 |
CAPITAL STRUCTURE
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Capital Investment : |
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Partner’s Capital |
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Bharat Doshi |
Rs. 45.000 Millions |
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Primal Doshi |
Rs. 33.500 Millions |
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Total : |
Rs. 78.500 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
|
31.03.2008 |
31.03.2007 |
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Sales Turnover |
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1200.000 |
1030.000 |
ABRIDGED BALANCE SHEET
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SOURCES
OF FUNDS |
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31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Partners
Capital |
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115.584 |
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2] Share
Application Money |
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0.000 |
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3] Reserves &
Surplus |
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0.000 |
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4] (Accumulated
Losses) |
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0.000 |
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NETWORTH |
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115.584 |
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LOAN FUNDS |
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1] Secured Loans |
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3.938 |
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2] Unsecured
Loans |
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6.722 |
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TOTAL BORROWING |
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10.660 |
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DEFERRED TAX
LIABILITIES |
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TOTAL |
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126.244 |
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APPLICATION OF
FUNDS |
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FIXED ASSETS [Net
Block] |
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3.766 |
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Capital
work-in-progress |
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0.000 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX
ASSETS |
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0.000 |
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CURRENT ASSETS,
LOANS & ADVANCES |
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Inventories |
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64.319 |
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Sundry Debtors |
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88.851 |
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Cash & Bank
Balances |
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6.606 |
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Other Current
Assets |
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4.465 |
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Loans &
Advances |
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0.458 |
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Total Current Assets |
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164.699 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current
Liabilities |
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42.221 |
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Provisions |
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0.000 |
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Total Current Liabilities |
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42.221 |
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Net
Current Assets |
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122.478 |
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MISCELLANEOUS
EXPENSES |
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TOTAL |
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126.244 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
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31.03.2006 |
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Sales Turnover
[including other income] |
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688.047 |
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Profit/(Loss) Before Tax |
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25.760 |
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Provision for Taxation |
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-- |
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Profit/(Loss) After Tax |
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25.760 |
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Import Value |
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420.000 |
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Total Expenditure |
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662.287 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
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PAT / Total
Income |
(%) |
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3.74 |
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Net Profit Margin (PBT/Sales) |
(%) |
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3.74 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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15.29 |
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Return on Investment (ROI) (PBT/Networth) |
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0.22 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.46 |
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Current Ratio (Current Asset/Current Liability) |
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3.90 |
LOCAL AGENCY
FURTHER INFORMATION
Business:
Subject acts as
dealer and importer of -
v Glycol, Manomar Reliance Industries Limited
v Glycol, Manomar Indian Petrochemicals
Corporation Limited
v EDCA for Finolex Industries Limited, Pune
It imports
Acctomitrle/ Acrylorutricle, D M S O /
E D A / T E T A/ B A M / E A M / M M
A / I P A, Acrylic Acid, Epichlorohydriya from U.S.A., Europe, Taiwan,
Japan and China.
It is in trade
terms with :-
v Reliance Industries Limited
Contact Person – Mr. Murlidharan
v Indian Petrochemicals Corporation Limited
Contact Person – Mr. Rajan
Trade References:-
v Indofield Chemicals Limited, Thane
v Castrol Industries Limited, Raigad
v Pedilite Industries Limited, Andheri, Mumbai
v Pharmosa Plastic Corporation, Japan
v Itochu, Singapore
v PTC Limited, Singapore
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.42.54 |
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UK Pound |
1 |
Rs.84.86 |
|
Euro |
1 |
Rs.66.95 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
54 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<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 |
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