|
Report Date : |
05.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
BHARAT MERCANTILE CORPORATION |
|
|
|
|
Registered
Office : |
506/7/1 Lords, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
01.04.1992 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.13.810 Millions |
|
|
|
|
IEC No.: |
0207017204 |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AACFB7296D |
|
|
|
|
Legal Form : |
Partnership Concern with an unlimited liability of the partners |
|
|
|
|
Line of Business
: |
Trader, Exporter and Importer of Chemicals. |
|
|
|
|
No. of Employees
: |
35 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 55000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established Partnership Concern having satisfactory
track. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct. The Concern 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Shiv Kumar |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-9830310094 |
|
Date : |
29.02.2012 |
LOCATIONS
|
Registered
Office : |
506 7/1, Lords, |
|
Tel. No.: |
91-33-40152000 to 2040 |
|
Mobile No.: |
91-9830310094 [Mr. Shiv Kumar] |
|
Fax No.: |
91-33-22826727 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
1800 Sq. Ft |
|
Location : |
Owned |
|
|
|
|
Warehouse 1 : |
Jalan Comple, Jangalpur, P.O. Begri, |
|
Area : |
150000 Sq. Fts |
|
Location : |
Owned |
|
|
|
|
Warehouse 2: |
|
|
Location : |
Rented |
|
|
|
|
Warehouse 3: |
|
PARTNERS
|
Name : |
Mr. Pawan K. Goenka |
|
Designation : |
Partner |
|
Address: |
9 B, Lords, |
|
Date of Birth /
Age : |
53 Years |
|
Qualification : |
B.com |
|
Experience : |
28 Years |
|
|
|
|
Name : |
Mr. Anand Goenka [w.e.f. 1st April 2011] |
|
Designation : |
Partner |
|
|
|
|
Name : |
Mr. Raghav Goenka [w.e.f. 1st April 2011] |
|
Designation : |
Partner |
KEY EXECUTIVES
|
Name : |
Mr. Shiv Kumar |
|
Designation : |
Accounts Manager |
BUSINESS DETAILS
|
Line of Business : |
Trader, Exporter and Importer of Chemicals. |
|
|
|
|
Exports : |
|
|
Products : |
Chemicals |
|
Countries : |
·
Nepal ·
Bangladesh ·
Bhutan |
|
|
|
|
Imports : |
|
|
Products : |
Chemical Items |
|
Countries : |
·
Belgium ·
Sweden ·
Germany ·
USA |
|
|
|
|
Terms : |
|
|
Selling : |
L/C / Cash and Credit |
|
|
|
|
Purchasing : |
L/C / Cash and Credit |
GENERAL INFORMATION
|
Suppliers : |
·
Tamilnadu Petro Products Limited |
|
|
|
|
Customers : |
Wholesalers, Retailers and End Users ·
GTZ India Private Limited |
|
|
|
|
No. of Employees : |
35 (Approximately) |
|
|
|
|
Bankers : |
Bank of Baroda, Kolkata, West Bengal, India |
|
|
|
|
Facilities : |
Cash Credit Rs.45.000 Millions |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Salarpuria Dajodia and Company Chartered Accountants |
|
Address : |
7, C.R. Avenue, Kolkata-700072, West Bengal, India |
|
E-Mail : |
|
|
|
|
|
Associates/Subsidiaries : |
Address: 506 7/1, Lords, Line of Business: Trading and Importer of
Chemical Items
Address: 506 7/1, Lords, Line of Business: Trading and Importer of
Chemical Items
Address: 506 7/1, Lords, Line of Business: Trading and Importer of
Chemical Items |
CAPITAL STRUCTURE
As on 31.03.2011
|
Capital Investment : |
|
|
Owned : |
Rs.13.810 Millions |
|
Borrowed : |
-- |
|
Total : |
Rs.13.810 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Partners Capital |
|
13.810 |
18.746 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
13.810 |
18.746 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
14.904 |
13.312 |
|
|
2] Unsecured Loans |
|
10.496 |
8.337 |
|
|
TOTAL BORROWING |
|
25.400 |
21.649 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
39.210 |
40.395 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
3.017 |
1.419 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.001 |
0.001 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
12.569 |
17.377 |
|
|
Sundry Debtors |
|
29.982 |
31.590 |
|
|
Cash & Bank Balances |
|
0.333 |
0.288 |
|
|
Other Current Assets |
|
6.061 |
5.964 |
|
|
Loans & Advances |
|
9.714 |
11.724 |
|
Total
Current Assets |
|
58.659 |
66.943 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
11.481 |
17.987 |
|
|
Other Current Liabilities |
|
5.628 |
2.641 |
|
|
Provisions |
|
5.358 |
7.340 |
|
Total
Current Liabilities |
|
22.467 |
27.968 |
|
|
Net Current Assets |
|
36.192 |
38.975 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
39.210 |
40.395 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
436.014 |
426.923 |
|
|
|
Other Income |
|
8.036 |
9.953 |
|
|
|
TOTAL |
|
444.050 |
436.876 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
|
407.378 |
389.595 |
|
|
|
Salary to Partners |
|
2.203 |
1.716 |
|
|
|
Rent |
|
0.181 |
0.285 |
|
|
|
Travelling and Conveyance |
|
0.566 |
0.468 |
|
|
|
Repairing and Maintenance |
|
0.218 |
0.446 |
|
|
|
Upkeep Vehicles Expenses |
|
0.154 |
0.223 |
|
|
|
Others Expenses |
|
27.377 |
38.827 |
|
|
|
TOTAL |
|
438.077 |
431.560 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
5.973 |
5.316 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
0.373 |
0.277 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
5.600 |
5.039 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
1.736 |
1.580 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
|
3.864 |
3.459 |
|
Expected Sales (2011-12) : Rs.501.400 Millions.
The above information has been parted by Mr. Shiv Kumar.
Note : Sole Proprietory and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry Records
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
|
0.87 |
0.79 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
1.28 |
1.18 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
9.08 |
7.37 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.41 |
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
3.47 |
2.65 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
2.61 |
2.39 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
Yes |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
-- |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
No |
|
13) Reasons for variation <> 20% |
No |
|
14) Estimation for coming financial year |
Yes |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
Yes |
|
18) Major customers |
Yes |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if applicable) |
Yes |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
No |
|
28) Incorporation details, if applicable |
-- |
|
29) Last accounts filed at ROC |
-- |
|
30) Major Shareholders, if available |
-- |
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.49.35 |
|
|
1 |
Rs.78.68 |
|
Euro |
1 |
Rs.65.63 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
51 |
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.