MIRA
INFORM REPORT
|
Report Date : |
27.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
BEMCO INDIA PRIVATE LIMITED |
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Registered
Office : |
Shop No. 5, Ground Floor, Star Trade Centre, Sodawala Lane, Borivali
(West), Mumbai-400092, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
27.07.1998 |
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Com. Reg. No.: |
11-115995 |
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Capital
Investment / Paid-up Capital : |
Rs.1.284
Millions |
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CIN No.: [Company Identification
No.] |
U34300MH1998PTC115995 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMB08008A MUMB13873G |
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PAN No.: [Permanent Account No.] |
AABCB1155D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Circlips and Allied Products. |
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No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 40000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established 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 DECLINED BY
Management non co-operative
LOCATIONS
|
Registered Office : |
Shop No. 5, Ground Floor, Star Trade Centre, Sodawala Lane, Borivali
(West), Mumbai-400092, Maharashtra, India
|
|
Tel. No.: |
91-22-28906636 |
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Fax No.: |
91-22-28901488 |
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E-Mail : |
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Factory: |
A-2/229(1), GIDC, Umargam, District Valsa-396171, Umargam, Gujarat,
India |
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Tel No.: |
91-260-2562704 |
DIRECTORS
As on 29.09.2011
|
Name : |
Mr. Prashant Hansraj Thaman |
|
Designation : |
Chairman Cum Managing Director |
|
Address : |
502, Aditya Tower, Chandavarkar Road, Borivali (West), Mumbai-400092,
Maharashtra, India |
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Date of Birth/Age : |
09.11.1966 |
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Date of Appointment : |
01.05.2007 |
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Din No.: |
00253854 |
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|
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Name : |
Mrs. Meenakshi Prashant Thaman |
|
Designation : |
Whole Time Director |
|
Address : |
502, Aditya Tower, Chandavarkar Road, Borivali (West), Mumbai-400092,
Maharashtra, India |
|
Date of Birth/Age : |
28.07.1979 |
|
Date of Appointment : |
06.10.2007 |
|
Din No.: |
00254818 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Prashant Hansraj Thaman |
|
6290 |
|
Meenakshi Prashant Thaman |
|
6550 |
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|
|
|
|
Total |
|
12840 |
As on 29.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Circlips and Allied Products. |
PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Actual
Production |
|
Circlips, Metal Washers and Wire Coils of Various Sizes (Pcs) |
52647625 Pcs |
|
Scrap |
141387 Kgs |
NOTE: No license required.
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management. |
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Bankers : |
·
State Bank of India ·
HDFC Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Chandrashekar Shetty and Company Chartered Accountants |
|
Address : |
1A, 710, Padmashri, Anant Patil Marg, Dadar (West), Mumbai-400028,
Maharashtra, India |
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Tel. No.: |
91-22-24468367/24452527 |
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E-Mail : |
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Pan No.: |
AAGPS9491K |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000 |
Equity Shares |
Rs.100/- each |
Rs.2.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12840 |
Equity Shares |
Rs.100/- each |
Rs.1.284
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1.284 |
1.284 |
1.284 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
8.723 |
5.132 |
4.813 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
10.007 |
6.416 |
6.097 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
0.000 |
0.467 |
1.016 |
|
|
2] Unsecured Loans |
52.767 |
41.052 |
19.880 |
|
|
TOTAL BORROWING |
52.767 |
41.519 |
20.896 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
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TOTAL |
62.774 |
47.935 |
26.993 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
23.226 |
21.170 |
8.617 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.361 |
0.361 |
0.361 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
43.720
|
31.016 |
9.995 |
|
|
Sundry Debtors |
19.633
|
15.325 |
8.767 |
|
|
Cash & Bank Balances |
2.147
|
0.424 |
1.070 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
3.416
|
1.970 |
4.965 |
|
Total
Current Assets |
68.916
|
48.735 |
24.797 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
26.635
|
21.449 |
5.537 |
|
|
Other Current Liabilities |
1.308
|
0.757 |
0.519 |
|
|
Provisions |
1.786
|
0.125 |
0.726 |
|
Total
Current Liabilities |
29.729
|
22.331 |
6.782 |
|
|
Net Current Assets |
39.187
|
26.404 |
18.015 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
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TOTAL |
62.774 |
47.935 |
26.993 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
125.989 |
62.621 |
36.221 |
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Other Income |
0.090 |
0.040 |
0.139 |
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TOTAL |
126.079 |
62.661 |
36.360 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
117.617 |
58.813 |
36.582 |
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Advertising Expenses |
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Financial Expenses |
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TOTAL |
117.617 |
58.813 |
36.582 |
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PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
8.462 |
3.848 |
(0.222) |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
3.751 |
2.821 |
0.886 |
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PROFIT / (LOSS)
BEFORE TAX |
4.711 |
1.027 |
(1.108) |
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Less |
TAX |
1.662 |
0.125 |
(0.329) |
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PROFIT / (LOSS)
AFTER TAX |
3.049 |
0.902 |
(0.779) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5.132 |
4.813 |
5.592 |
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INCOME TAX
REFUND RECEIVED |
0.543 |
0.000 |
0.000 |
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Less |
APPROPRIATIONS |
|
|
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|
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Short Provision of Income Tax of Earlier
Years |
0.000 |
0.583 |
0.000 |
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BALANCE CARRIED
TO THE B/S |
8.724 |
5.132 |
4.813 |
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Earnings /
(Loss) Per Share (Rs.) |
237.42 |
70.27 |
(60.70) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
2.42
|
1.44 |
(2.14) |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
3.74
|
1.64 |
(3.06) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.11
|
1.47 |
(3.32) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.47
|
0.16 |
(0.18) |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
8.24
|
9.95 |
4.54 |
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|
Current Ratio (Current Asset/Current Liability) |
|
2.32
|
2.18 |
3.66 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
Sundry Creditors |
26.635
|
21.449 |
5.537 |
REVIEW OF OPERATIONS:
The Company has
achieved a turnover of Rs. 125.989 Millions as against Rs. 62.621 Millions in
the previous year an increase of 101%. During the year, the operational profit
before making provision for interest and depreciation amounted to Rs. 15.792
Millions as against Rs. 8.177 Millions in the previous year. Net profit before
tax is Rs. 4.708 Millions as against last year’s net profit of Rs. 1.027
Millions in the previous year. The directors have taken steps to modernize the
manufacturing process and have already installed new machineries in the current
year.
PROSPECTS:
The Directors
expect better conditions in the coming months for automobile and ancillary
industries in domestic as well as in foreign markets.
FIXED ASSETS:
·
Furniture and Fixtures
·
Plant and Machinery
·
Computer
·
Land and Building
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.49.07 |
|
|
1 |
Rs.77.19 |
|
Euro |
1 |
Rs.65.57 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
|
45 |
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.