MIRA INFORM
REPORT
|
Report Date : |
15.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
BHAVIK ENTERPRISES LIMITED |
|
|
|
|
Registered Office : |
49, Jayakar Smruti, Off Aarey Road, Goregaon (West), Mumbai - 400062, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
15.09.2008 |
|
|
|
|
Com. Reg. No.: |
11-186771 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 52.860 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U51900MH2008PLC186771 |
|
|
|
|
IEC No.: |
0398020868 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMB19059F |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AADCB5606P |
|
|
|
|
Legal Form : |
A closely held public limited liability company |
|
|
|
|
Line of Business : |
Trader and Distributor of Plastic Granules. |
|
|
|
|
No. of Employees
: |
20 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 500000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
M N Plastics, a proprietory concern started in 1975, and Bhavik
Enterprises a partnership concern started in 1982 merged and formed Bhavik Enterprises
Limited. It is a company having satisfactory track. Trade relations are
reported as fair. Business is active. Payments are reported to be usually
correct and as per commitments. The company can be considered normal for 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.
INFORMATION PARTED BY
|
Name : |
Mr. Mukesh Thakkar |
|
Designation : |
Director |
|
Contact No.: |
91-9820076376 |
|
Date : |
14.06.2011 |
LOCATIONS
|
Registered Office : |
49, Jayakar Smruti, Aarey Road, Goregaon (West), Mumbai - 400062, |
|
Tel. No.: |
91-22-28722005 / 28727897 / 287107111 / 2
/ 3 / 28757449 |
|
Mobile No.: |
91-9820076376 (Mr. Mukesh Thakkar) |
|
Fax No.: |
91-22-28757449 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
500 Sq. fts |
|
Location : |
Owned |
|
|
|
|
Godown 1 : |
G-18, Chirag Industrial Complex, 39/40 Golden Industrial Area, |
|
Tel No.: |
91-260-2242687 |
|
Area: |
4000 sq.ft. (Owned) |
|
|
|
|
Godown 2: |
Gala No. 1, Building No. 9, Agarwal Udyog Nagar, Vasai (East), Thane,
Maharashtra, India |
|
Tel No. |
91-95250-2452787 |
|
Area |
7000 sq.ft. (Owned) |
|
|
|
|
Godown 3: |
14/17, Sary Udyog Near Chincholi Phataka, Malad (West), Mumbai-400064,
|
DIRECTORS
As on 30.09.2010
|
Name : |
Mrs. Purnima Thakkar |
|
Designation : |
Director |
|
Address: |
703/A, Marble Arch, |
|
Date of Birth/Age : |
26.12.1956 |
|
Qualification : |
BA |
|
Date of Appointment: |
15.09.2008 |
|
Din No.: |
02262042 |
|
|
|
|
Name : |
Mr. Mukesh N Thakkar |
|
Designation : |
Director |
|
Address : |
703/A, Marble Arch, |
|
Date of Birth/Age : |
22.07.1955 |
|
Qualification : |
B Com |
|
Date of Appointment: |
15.09.2008 |
|
Din No.: |
01867515 |
|
|
|
|
Name : |
Mr. Bhavik M. Thakkar |
|
Designation : |
Director |
|
Address : |
703/A, Marble Arch, |
|
Date of Birth/Age : |
11.06.1979 |
|
Qualification : |
MBA |
|
Date of Appointment: |
15.09.2008 |
|
Din No.: |
01867522 |
KEY EXECUTIVES
|
Name : |
Ms. Sonali |
|
Designation : |
Accounts Department |
|
|
|
|
Name : |
Mr. Mukesh Thakkar |
|
Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Mukesh Thakkar |
|
1208000 |
|
Purnima Thakkar |
|
3028000 |
|
Bhavik Thakkar |
|
825500 |
|
Umesh Thakkar |
|
224500 |
|
Dhwani Tanna |
|
1 |
|
Vidhi Thakkar |
|
1 |
|
Neha Thakkar |
|
1 |
|
|
|
|
|
Total |
|
5286003 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2010
|
Category |
|
Percentage of
Holding |
|
|
|
|
|
Directors or relatives of directors |
|
100.00 |
|
|
|
|
BUSINESS DETAILS
|
Line of Business : |
Trader and Distributor of Plastic Granules. |
|
|
|
|
Brand Names : |
·
HDPE ·
GPPS ·
HIPS ·
ABS ·
SAN |
|
|
|
|
Agencies Held : |
·
L G Polymers India Private Limited ·
Borauge Pte Limited |
|
|
|
|
Products : |
·
LDPE ·
LLDPE ·
PP ·
HM HDPE ·
HDPE PIPE ·
EPS ·
PVC |
|
|
|
|
Imports : |
|
|
Products : |
Plastic Granules |
|
Countries : |
·
Middle East ·
Mainly from Abu Dhabi |
|
|
|
|
Terms : |
|
|
Selling : |
Cash (30 / 60 days) |
|
|
|
|
Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
·
End users |
|
|
|
|
No. of Employees : |
20 (Approximately) |
|
|
|
|
Bankers : |
Dena Bank, Mount Poinsur Branch, Anand Bhuvan, Sardar V P Road, Borivali (West), Mumbai-400103,
Maharashtra, India |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Suresh Shah and Company Chartered Accountants |
|
Address : |
39, Commercial Chambers, |
|
Tel. No.: |
91-22-23451147/ 23421839 |
|
Fax No.: |
91-22-23451147 |
|
E mail: |
|
|
|
|
|
Associates/Subsidiaries (2009) : |
Emmen Plastics 49, Jaykar Smruti, Goregaon (West), Mumbai, |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7500000 |
Equity Shares |
Rs.10/- each |
Rs. 75.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5286003 |
Equity Shares |
Rs. 10/-
each |
Rs. 52.860
Millions |
|
|
|
|
|
Note:
(Out of the above, 5186000 (Previous year Nil) Shares have been issued fro consideration other than cash)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
52.860 |
52.860 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
71.555 |
11.659 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
124.415 |
64.519 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
124.415 |
64.519 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
0.971 |
1.325 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.006 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.025 |
0.008 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
26.089 |
28.677 |
|
|
Sundry Debtors |
|
52.520 |
52.594 |
|
|
Cash & Bank Balances |
|
187.826 |
66.571 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
11.768 |
3.395 |
|
Total
Current Assets |
|
278.203 |
151.237 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
107.810 |
80.516 |
|
|
Other Current Liabilities |
|
0.669 |
1.313 |
|
|
Provisions |
|
46.610 |
6.610 |
|
Total
Current Liabilities |
|
155.089 |
88.439 |
|
|
Net Current Assets |
|
123.114 |
62.798 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.299 |
0.388 |
|
|
|
|
|
|
|
|
TOTAL |
|
124.415 |
64.519 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
1107.415 |
178.024 |
|
|
|
Other Income |
|
34.369 |
1.148 |
|
|
|
TOTAL |
|
1141.784 |
179.172 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases (Including taxes and net of returns) |
|
970.268 |
173.688 |
|
|
|
Direct Overheads |
|
49.827 |
8.550 |
|
|
|
Operating and Other Expenses |
|
24.029 |
5.852 |
|
|
|
Increase/ Decrease in Stock |
|
(7.373) |
(27.256) |
|
|
|
TOTAL |
|
1036.751 |
160.834 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
|
105.033 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
0.001 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
105.032 |
18.338 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
0.272 |
0.077 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
104.760 |
18.261 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
39.982 |
6.602 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
|
64.778 |
11.659 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
11.658 |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
71.555 |
11.659 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
|
NIL |
142.683 |
|
|
TOTAL EARNINGS |
|
NIL |
142.683 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
11.33 |
11.62 |
|
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover |
|
|
1250.000 |
|
|
|
|
|
The above information has been parted by Mr. Mukesh Thakkar.
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
|
1.02 |
6.51 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
9.45 |
10.26 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
37.52 |
11.97 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.84 |
0.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
1.24 |
1.37 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.79 |
1.71 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
|
Particulars |
31.03.2010 Rs.
In Millions |
31.03.2009 Rs.
In Millions |
|
Sundry Creditors |
|
|
|
- For Suppliers |
101.974 |
73.867 |
|
- For Expenses |
3.191 |
1.605 |
|
- for Others |
1.916 |
5.044 |
|
|
|
|
|
Total |
107.810 |
80.516 |
TRADE REFERENCES:
·
Bharat Cottage – Goregaon (East)
·
Premium Polymers
and Alloys – Daman
OPERATIONS:
The company during the year has Sales of Rs. 1107.415 Millions (Previous
year Rs. 178.024 millions). The company has earned profit of Rs. 64.778
Millions (Previous year Rs. 11.658 millions)
NOTE:
Previously Two Company’s Established
·
M N. Plastics
(Established in 1975) – Proprietory Concern
·
Bhavik Enterprises
(Established in 1982) – Partnership Concern
Both these companies are had merged their business in one company Called
“Bhavik Enterprises Limited (Incorporated in September 2008)
FORM : 8
Bankers Charges
Report as per Registry
|
Corporate identity
number of the company |
U51900MH2008PLC186771 |
|
Name of the
company |
BHAVIK ENTERPRISES LIMITED |
|
Address of the
registered office or of the principal place of business in |
49, Jayakar Smruti, Aarey Road, Goregaon (West), Mumbai - 400062, |
|
This form is for |
Creation of
Charge |
|
Type of charge |
Book Debts Movable Property Others |
|
Particular of
charge holder |
Dena Bank, Mount Poinsur Branch, Anand Bhuvan, Sardar V P Road, Borivali (West), Mumbai-400103,
Maharashtra, India |
|
Nature of
instrument creating charge |
i)
Agreement
of hypothecation (Goods, Book debts and other Movable Assets to secure
multiple facilities) and ii)
Letter/s
of credit facility agreement of hypothecation (goods/ movables) both together
consulting a single charge |
|
Date of
instrument Creating the charge |
26.11.2009 |
|
Amount secured by
the charge |
Rs. 49.500
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Terms of
Repayment On Demand Margin Margin to be
maintained at 20%d or at such other rate as would as stipulated by the bank
from time to time Extent and
Operation of the charge Security created
by way of first charge and to cover the principal amount together with
interest, commission, costs charges and expenses Others Security created
in respect of Letter of Credit DA/DP (Inland/ Foreign) facility |
|
Short particulars
of the property charged |
All stocks of raw
materials, stock in process, semi finished and finished goods such as plastic
granules etc., consumable stores and spares, packing materials etc.,
purchased / imported under the etters of credit facility, both present &
future, now being or hereafter brought into or upon or now or hereafter in
course of transit by road, rail, ship or air to any godown, jathas or other
place of storage at Daman, Silvassa, Vasai or other place/s whatsoever and
wheresoever in the possession or occupation of the company. All the tangible
movable properties and assets of whatsoever nature comprising plant,
machinery, tools and accessories,
stores, spares relating to the plant & machinery, furniture, articles, office
equipments, computers and things etc. purchased / imported under the Letter
of Credit facility and lying and being at the premises / factories of the
company at Mumbai either by way of substitution or in addition or other place
whatsoever and wheresoever in the possession or occupation of the company. All present &
future book debts, outstandings, moneys, receivables, claims, bills, rights,
to or in movable properties and movable assets and which are now due, owing
or payable or belonging to the company or which may at any time hereafter
become due, owing, payable or belonging to the company in the course of its
business by any person, firm, company or body corporate or by the Govt
Central or State or Indian Railways, any govt. dept. or office or any
Municipal or local or public or semi govt. body or authority or any body
corporate or undertaking or project whatever in the public sector. |
CONTINGENT
LIABILITIES :
1.
Outstanding letter of Credit : Rs. 12.523 millions
2.
Outstanding Forward Contracts : (a) Rs. 2.110
millions (Dena Bank)
(b) Rs. 29.363 millions – HDFC Bank
3. Bank Guarantee : Rs. 2.625 – Met of
Margin
FIXED ASSETS:
·
Godown
·
Air Conditioner
·
Computers
·
Furniture and Fixtures
·
Motor Car
·
Tempo
·
Office Equipments
·
Mobile Phones
·
Television
·
Air Cooler
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. 44.77 |
|
|
1 |
Rs. 73.45 |
|
Euro |
1 |
Rs. 64.55 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
44 |
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.