|
Report Date : |
11.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
BHUMI POLYMERS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
305, Somnath Complex, Opposite Samrat Hotel, 33/37,
Karanpara, Rajkot – Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Date of
Incorporation : |
13.06.2011 |
|
|
|
|
Com. Reg. No.: |
04-065868 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.1.550 Millions |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of HDPE Pipes and Irrigation equipment including Drip
Irrigation System etc. |
|
|
|
|
No. of Employees
: |
65 (Approximately) (In Office + In Factory) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was established as a partnership concern in the year 2001 as
‘Bhumi Polymers’ and during June 2011 it was reconstituted as a private
limited company by the name ‘Bhumi Polymers Private Limited’. It has a
moderate track record. The management of the company has failed to file its financials with
the government department. Mr. Ashok, Director has provided us with all the details. However,
financials are not verified. Trade relations are reported as fair. Business is active. Payment
terms are reported as slow but correct. The company can be considered for business dealings with some caution.
|
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces of
its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to become
a major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Ashok |
|
Designation : |
Director |
|
Contact No.: |
91-9825216362 |
|
Date : |
10.01.2013 |
LOCATIONS
|
Registered Office : |
305, Somnath Complex, Opposite Samrat Hotel, 33/37,
Karanpara, Rajkot – Gujarat, India |
|
Tel. No.: |
91-281-2239866 |
|
Mobile No.: |
91-9825216362 (Mr. Ashok) |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory : |
Plot No : 11/B/35, Survey No : 236, National Highway No : 8 – B, Krishan Industrial Area, Veraval (Shapar), District Rajkot, Gujarat, India |
|
Tel. No.: |
91-2827-253693 |
DIRECTORS
As on 02.05.2011
|
Name : |
Mr. Ashok Khimji Baldha |
|
Designation : |
Director |
|
Address : |
Radhe, Nehrunagar Co-Operative Housing Society main Road, Nana Mava
Road, Rajkot – 360004, Gujarat, India |
|
Date of Birth/Age : |
15.09.1970 |
|
Date of Appointment : |
13.06.2011 |
|
DIN No.: |
03490526 |
|
|
|
|
Name : |
Mr. Rasiklal Khimji Baldha |
|
Designation : |
Director |
|
Address : |
Radhe, Nehrunagar Co-Operative Housing Society main Road, Nana Mava Road,
Rajkot – 360004, Gujarat, India |
|
Date of Birth/Age : |
19.12.1973 |
|
Date of Appointment : |
13.06.2011 |
|
DIN No.: |
03490531 |
|
|
|
|
Name : |
Mrs. Bhavnaben Ashokbhai Baldha |
|
Designation : |
Director |
|
Address : |
Radhe, Nehrunagar Co-Operative Housing Society main Road, Nana Mava
Road, Rajkot – 360004, Gujarat, India |
|
|
|
|
Name : |
Mrs. Binaben Rasikbhai Baldha |
|
Designation : |
Director |
|
Address : |
Radhe, Nehrunagar Co-Operative Housing Society main Road, Nana Mava
Road, Rajkot – 360004, Gujarat, India |
|
|
|
|
Name : |
Mr. Kaushikbhai Laljibhai Baldha |
|
Designation : |
Director |
|
Address : |
Astrom Society, Street No.9, Plot No.25, Amin Marg, Rajkot – 360004,
Gujarat, India |
|
|
|
|
Name : |
Mr. Khimjibhai Nanibahi Baldha |
|
Designation : |
Director |
|
Address : |
Radhe, Nehrunagar Co-Operative Housing Society main Road, Nana Mava Road,
Rajkot – 360004, Gujarat, India |
|
|
|
|
Name : |
Mrs. Nayanaben Dineshbhai Bhanderi |
|
Designation : |
Director |
|
Address : |
Jay Park, Near Pavan Park, Satya Sai Hospital Road, Rajkot – 360009,
Gujarat, India |
KEY EXECUTIVES
|
Name : |
Mr. Rajendra |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Ashokkumar Khimjibhai Baldha |
|
44975 |
|
Rasiklal Khimjibhai Baldha |
|
44975 |
|
Bhavnaben Ahsokbhai Baldha |
|
10 |
|
Binaben Rasikbhai Baldha |
|
10 |
|
Kaushikbhai Laljibhai Baldha |
|
10 |
|
Khimjibhai Manjibhai Baldha |
|
10 |
|
Naynaben Dineshbhai Bhanderi |
|
10 |
|
Total |
|
90000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of HDPE Pipes and Irrigation equipment including Drip
Irrigation System etc. |
|
|
|
|
Products : |
· Hydro cyclone Filter · Grey well Filter · Disc Filter · Screen Filter · Pesticides Tank · Bypass Vale · Pressure Gauge · Air Release Valve · Non-return valve · Flush Valve |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Suppliers : |
·
Reliance Industries |
|
|
|
|
Customers : |
Wholesalers and Retailers ·
Farmer |
|
|
|
|
No. of Employees : |
65 (Approximately) (In Office + In Factory) |
|
|
|
|
Bankers : |
Bank of Baroda,
Dhebar Road Branch, Near Municipal Corporation, Dhebar Road, Rajkot – 360001,
Gujarat, India |
|
|
|
|
Facilities : |
Cash Credit and
Term Loan : Rs.20.000 Millions (From Bank of Baroda) |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Sardara and Company Chartered Accountants |
CAPITAL STRUCTURE
Authorised Capital : 2.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.1.550 Millions
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
|
31.03.2012 |
31.03.2011 (Bhumi Polymers) |
|
Sales Turnover (Approximately) |
|
370.000 |
170.000 |
Expected Sales (2012-2013): Rs.400.000 Millions
The above information has been parted by Mr. Ashok.
Note : Sole Proprietory and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry.
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
No |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last two years |
Yes |
|
12] |
Profitability for last two years |
No |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
No |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
No |
|
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 |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
No |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
TRADE REFERENCES:
· Reliance Industries
· Farmer
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U25200GJ2011PTC065868 |
|
Name of the
company |
BHUMI POLYMERS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
305, Somnath Complex, Opposite Samrat Hotel, 33/37, Karanpara, Rajkot – Gujarat, India E-mail id : jrdandassociates@gmail.com
|
|
This form is for |
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
10309879 |
|
Type of charge |
Immovable property Movable property (not being pledge) |
|
Particular of
charge holder |
Bank of Baroda,
Dhebar Road Branch, Near Municipal Corporation, Dhebar Road, Rajkot – 360001,
Gujarat, India E-Mail Id : dhebar@bankofbaroda.com |
|
Nature of
instrument creating charge |
Instrument of
Extension Relating to Deposit of Title Deeds |
|
Date of
instrument Creating the charge |
19.09.2011 |
|
Amount secured by
the charge |
Rs.54.135
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest 3.50% over base
rate i.e 14.25%p.a. Margin A. Cash credit -
25% on stocks of raw material, work in process and finished goods & 40%
on Receivables B. Term Loan I -
26.14% on Plant & Machineries C. Term Loan II -
28.66% on Plant & Machineries D. Term Loan III
- 11.77% on car E. Term Loan IV -
27.23% on Plant & Machineries F. Bank Guarantee
- 25% Cash Extent and
Operation of the charge Charge Modified in
favour of Bank of Baroda over the properties to secured the repayment of
overall financial facilities of Rs.54.135 Millions (consisting Cash Credit of
Rs.10.000 Millions, Term Loan I of Rs.0.800 Million, Term Loan II of Rs.
144.500 Millions, Term Loan III of Rs.0.390 Million, Term Loan IV of Rs.
11.500 Millions and Bank Guarantee of Rs.30.000 Millions) and to secured the
payment of interest, cost and other charges as may be payable from time to
time Others Charge was
originally created by Bhumi Polymers on 12.09.2007 and than after modified on
21.07.2008 & 13.10.2010 respectively in favour of BOB, than after as on
13.06.2011, Bhumi Polymers converted in to Bhumi Polymers Private Limited
under Part IX of the Companies Act, 1956 as a Private Limited Company and
Now, Further company has modified the charge on 16.09.2011 and 19.09.2011
respectively |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
A Factory
Building on Land of sub plot no. 11/B Admeasuring Sq. Mtr. 614-35 of NA Land
Revenue Survey No. 236 Paiki of Village Veraval (Shapar) Taluka Kotada
Sangani, District Rajkot. A Industrial
Building on Land of plot no. 35 Admeasuring Sq. Mtr. 1338-10 of NA Land
Revenue Survey No. 236 Paiki of Village Veraval (Shapar) Taluka Kotada
Sangani, District Rajkot. Land admeasuring
Sq. Yds. 1590-86=Sq. Mtr 1330-12 of Plot no 34 of revenue survey No 236 paiki
of Village Veraval (Shapar) Taluka Kotada Sangani, District Rajkot. with
construction of Shed thereon Office No. 305
Carpet Area adm. Sq. Ft. 260 on 3rd floor of Somanath Commercial Complex
which is on land adm. Sq. Mtr. 505-27 bearing city Survy No. 139, 140, 141 at
Karanpara - 33/37, Rajkot. Office No. 310
Builtup area admeasuring Sq. Mtr. 25-09
(Carpet Area admeasuring Sq. Mtr 20-91)
adm. Sq. Mtr. 505-27 of Somanath Commercial Complex, 3rd floor,
Karanpara - 33/37, Rajkot. Land of Plot no
170 Adm. Sq. Mtrs. 198 of NA Land Revenue Survey no. 20, 44, 46/1, 47, 48,
49, 50 of Village Ishwariya, Taluka Padadhari, District Rajkot in the area
known as "Hill View Plots". |
|
Date of
instrument modifying the charge |
16.09.2011 |
|
Particulars of
the present modification |
Charge is modified
in favour of Bank of Baroda by mortgage of immovable properties by executing
instrument of extension relating to deposit of title deeds, Total Financial
Facilities remain same as Rs.54.135 Millions consisting Cash Credit of
Rs.10.000 Millions, Term Loan I of Rs.0.800 Millions, Term Loan II of
Rs.1.445 Millions, Term Loan III of Rs.0.390 Millions, Term Loan IV of
Rs.11.500 Millions and Bank Guarantee of Rs.30.000 Millions. |
WEBSITE DETAILS:
Bhumi Polymers was established in 2001 with innovative ideas and excellent quality products, and dedicated to serve you better. Their Company is an ISO 9001: 2000 certified company, has registered its position as a reputed brand in the domestic market. They are a manufacturer of high Quality HDPE Pipes and Irrigation Equipments including Drip Irrigation System, Sprinkler Irrigation Systems etc. Their Product range is most extensive and enough to provide an wide range of the irrigation related needs.
Their ambitions is to achieve a leading position in the industry and acquire capability to serve the whole world with excellent irrigation products. With the help of their skilled workforce and latest technologies.
They have a very active Quality Assurance department. A laboratory has been set up for stringent quality measures. The quality assurance of Bhumi covers all the matters that individually and collectively influence the quality of product.
They have the latest technology and well qualified and experienced technicians to perform analysis of world class guar gum powder.
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 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.54.63 |
|
|
1 |
Rs.87.50 |
|
Euro |
1 |
Rs.71.32 |
INFORMATION DETAILS
|
Information Gathered
by : |
PJA |
|
|
|
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
30 |
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.