MIRA
INFORM REPORT
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Report Date : |
01.07.2011 |
IDENTIFICATION DETAILS
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Name : |
BHASKAR EXXOILS PRIVATE LIMITED |
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Registered Office : |
6, Dwarka Sadan Press Complex, M.P. Nagar Zone 1, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
25.11.1997 |
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Com. Reg. No.: |
10-12474 |
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Capital Investment / Paid-up Capital : |
Rs.215.720 Millions |
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CIN No.: [Company
Identification No.] |
U15141MP1997PTC012474 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BPLB01127A |
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PAN No.: [Permanent
Account No.] |
AAACB6091M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Soyabean
Extractions and Food Products |
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No. of Employees : |
500 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (50) |
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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 4368000 |
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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 an established company having satisfactory track. Financial
position of the company is good. Trade relations are reported as fair.
Business is active. Payments are reported to be regular and as per
commitments.. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
6, Dwarka Sadan Press Complex, M.P. Nagar Zone 1, |
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Tel. No.: |
91-755-2675257 |
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Mobile No.: |
91-9827031674 (Mr. M P Singh) |
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Fax No.: |
91-755-2552681 |
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E-Mail : |
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Area : |
2500 sq.ft. |
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Location : |
Owned |
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Branch : |
B5, 4th Floor, Orbit Mall, |
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Tel. No. : |
91-731-3072231 |
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Fax No. : |
91-731-4230203 |
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Factory : |
Dewas – Malsapura, Post Siya, Dewas, Mandideep – 33 New Industrial Area, Dist Raisen, |
DIRECTORS
As on 28.09.2010
|
Name : |
Mr. Ramesh C. Agarwal |
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Designation : |
Chairman cum Managing Director |
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Address : |
E-1/ 79, Arera Colony, |
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Date of Birth/Age : |
15.06.1944 |
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Date of Appointment : |
25.11.1997 |
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Name : |
Mr. Pawan Agarwal |
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Designation : |
Managing Director |
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Address : |
E-1/ 79, Arera Colony, |
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Date of Birth/Age : |
31.07.1974 |
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Date of Appointment : |
01.01.2003 |
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Name : |
Mr. Sudhir Agarwal |
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Designation : |
Director |
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Address : |
E-1/ 79, Arera Colony, |
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Date of Birth/Age : |
31.07.1974 |
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Date of Appointment : |
25.11.1997 |
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Name : |
Mr. Girish Agarwal |
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Designation : |
Director |
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Address : |
E-1/ 79, Arera Colony, |
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Date of Birth/Age : |
10.07.1971 |
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Date of Appointment : |
23.11.2000 |
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Name : |
Mr. Ravi Sawla |
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Designation : |
Director |
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Address : |
E-1/ 155, Arera Colony, |
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Date of Birth/Age : |
14.12.1969 |
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Date of Appointment : |
27.02.2006 |
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Other Directorship : |
CIN of company: U51109MP1985PTC003143 Name of the company: Peacock Trading and Investments Private Limited Designation: Director CIN of company: U67120MH1985PTC037789 Name of the company: Aarkey Investments Private Limited Designation: Director |
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Name : |
Mr. Nipun Garg |
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Designation : |
Director |
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Address : |
Sharda Solvents Limited, Court Road, Shivpuri, |
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Date of Birth/Age : |
01.12.1985 |
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Date of Appointment : |
01.11.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2010
|
Names of Shareholders (Equity Shares) |
|
No. of Shares |
|
Vishnu Garg |
|
120000 |
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Sudha Garg |
|
60000 |
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Nipun Garg |
|
390000 |
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Kamlesh Garg |
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200000 |
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Vindhya Solvent Private Limited ( |
|
12369500 |
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Sudhir Agarwal Nominee of Vindhya Solvent Private Limited |
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100 |
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Girish Agarwal Nominee of Vindhya Solvent Private Limited |
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100 |
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Pawan Agarwal Nominee of Vindhya Solvent Private Limited |
|
100 |
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Ramesh Agarwal Nominee of Vindhya Solvent Private Limited |
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200 |
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Herbal Investment Private Limited |
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6432000 |
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Total |
|
19572000 |
As on 28.09.2010
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Names of Shareholders (Preference Shares) |
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No. of Shares |
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Vindhya Solvent Private Limited ( |
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2000000 |
As on 28.09.2010
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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 |
|
96.06 |
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Directors
or relatives of directors |
|
3.94 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Soyabean Extractions and Food Products. |
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Products : |
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Exports : |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash, Credit |
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Purchasing : |
L/C, Cash, Credit |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
500 (Approximately) |
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Bankers : |
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Facilities : |
Secured Loans :
Unsecured Loans :
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Gupta Navin K. and Company Chartered Accountants |
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Address : |
Near |
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Tel. No.: |
91-751-4076611 |
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E-Mail : |
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Holding Company : |
Vindhya Solvent Private Limited CIN No. : U15141MP2008PTC020404 |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Millions |
|
2000000 |
Preference Shares |
Rs.10/- each |
Rs.20.000 Millions |
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|
Total |
|
Rs.220.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19572000 |
Equity Shares |
Rs.10/- each
|
Rs.195.720
millions |
|
2000000 |
Preference Shares |
Rs.10/- each |
Rs.20.000 Millions |
|
|
Total |
|
Rs.215.720
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
215.720 |
215.720 |
66.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
876.331 |
738.664 |
374.463 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1092.051 |
954.384 |
440.463 |
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LOAN FUNDS |
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1] Secured Loans |
4482.828 |
1802.023 |
1342.997 |
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2] Unsecured Loans |
5.050 |
135.050 |
151.281 |
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TOTAL BORROWING |
4487.878 |
1937.073 |
1494.278 |
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DEFERRED TAX LIABILITIES |
69.797 |
61.299 |
52.852 |
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Others |
0.000 |
0.000 |
890.306 |
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TOTAL |
5649.726 |
2952.756 |
2877.899 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
493.390 |
437.557 |
363.340 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
294.991 |
281.791 |
281.791 |
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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 |
363.203
|
233.602 |
1171.484
|
|
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Sundry Debtors |
4815.764
|
2400.892 |
1305.599
|
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Cash & Bank Balances |
287.384
|
196.108 |
53.043
|
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Other Current Assets |
0.000
|
0.000 |
0.000
|
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Loans & Advances |
232.569
|
410.154 |
132.847
|
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Total
Current Assets |
5698.920
|
3240.756 |
2662.973 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
744.052
|
994.563 |
401.387
|
|
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Other Current Liabilities |
28.523
|
12.785 |
24.285
|
|
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Provisions |
65.000
|
0.000 |
4.533
|
|
Total
Current Liabilities |
837.575
|
1007.348 |
430.205
|
|
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Net Current Assets |
4861.345
|
2233.408 |
2232.768
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
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|
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TOTAL |
5649.726 |
2952.756 |
2877.899 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
13089.464 |
8038.464 |
5695.302 |
|
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Other Income |
98.504 |
178.111 |
173.880 |
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TOTAL (A) |
13187.968 |
8216.575 |
5869.182 |
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Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase of Trading |
9093.569 |
4287.666 |
1885.070 |
|
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Raw Material Consumed |
3189.097 |
2957.988 |
3321.070 |
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Manufacturing Expenses |
189.532 |
237.572 |
274.809 |
|
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Employees Remuneration and Benefits |
47.726 |
50.181 |
48.706 |
|
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Selling, Administrative and Other Expenses |
243.426 |
78.650 |
180.814 |
|
|
|
Increase/(Decrease) in Finished Goods |
(105.046) |
170.358 |
(147.172) |
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TOTAL (B) |
12658.304 |
7782.415 |
5563.297 |
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|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
529.664 |
434.160 |
305.885 |
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Less |
FINANCIAL
EXPENSES (D) |
288.308 |
206.996 |
196.122 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
241.356 |
227.164 |
109.763 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
27.777 |
23.796 |
19.885 |
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|
PROFIT BEFORE
TAX (E-F) (G) |
213.579 |
203.368 |
89.878 |
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Less |
TAX (I) |
75.913 |
69.166 |
34.838 |
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|
PROFIT AFTER TAX
(G-I) (J) |
137.666 |
134.202 |
55.040 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.864 |
0.962 |
0.922 |
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|
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
135.000 |
134.300 |
55.000 |
|
|
|
Dividend |
0.000 |
0.000 |
0.000 |
|
|
|
Tax on Dividend |
0.000 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
3.530 |
0.864 |
0.962 |
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|
Earnings Per
Share (Rs.) |
30.19 |
12.31 |
8.25 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.04
|
1.63 |
0.94
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
1.63
|
2.53 |
1.58
|
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.45
|
5.53 |
2.72
|
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Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.21 |
0.20
|
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Debt Equity Ratio (Total Liability/Networth) |
|
4.88
|
3.08 |
4.37
|
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|
Current Ratio (Current Asset/Current Liability) |
|
6.80
|
3.22 |
6.19
|
LOCAL AGENCY FURTHER INFORMATION
Financial
Performance :
Benefiting from the improved manufacturing activity, the profit before
tax increased from Rs.203.369 Millions in FY 08-09 to Rs.213.579 Millions in FY
09-10
Form 8
|
Corporate
identity number of the company |
U15141MP1997PTC012474 |
|
Name of the
company |
BHASKAR EXXOILS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
6, Dwarka Sadan Press Complex, M.P. Nagar Zone 1, |
|
This form is for |
Modification of
Charge |
|
Type of charge |
Book Debts Movable property
(not being pledge) Floating charge Others (current and
movable fixed assets) |
|
Particular of
charge holder |
Yes Bank, 9th
Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai –
400018, Maharashtra, India |
|
Nature of
instrument creating charge |
Supplemental Deed
of Hypothecation |
|
Date of
instrument Creating the charge |
09.03.2011 |
|
Amount secured by
the charge |
Rs. 250.000
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest
: Short Term Loan :
As agreed at the time of Disbursement Letter of Credit
: Commission between, 0.70% to 1.50% p.a.
(As per agreed terms) Terms of
repayment : Short Term Loan :
Bullet repayment at the end of the tenor of each tranche. Letter of Credit
: Twelve Months Extent and
operation of the charge Subservient
Charge on the Current Assets and Fixed Assets of the Company |
|
Particulars of
the property charged |
Subservient
Charge on the Current Assets and Fixed Assets of the Company |
|
Particulars of
the present modification |
Credit Facility
Classified into Short Term Loan and Letter of Credit Facility, however Existing
Facility Amount remains unchanged and stood at Rs. 250.000 Millions. |
FIXED ASSETS:
- Land (Freehold)
- Land and Building
- Plant and Machinery
- Electric Installation
- Furniture and Fixtures
- Office Equipments
- Computers
- Vehicles
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.44.72 |
|
|
1 |
Rs.71.95 |
|
Euro |
1 |
Rs.64.79 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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 |
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 |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.