MIRA INFORM REPORT
|
Report Date : |
28.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
BK GIULINI SPECIALITIES PRIVATE LIMITED |
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Registered
Office : |
64 66 Senapati Bapat Marg, Adjacent to Johnson, Adjacent
To Johnson House Mahim, Mumbai – 400016, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
26.04.2006 |
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Com. Reg. No.: |
11-161805 |
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Capital Investment
/ Paid-up Capital : |
Rs.4.500 Millions |
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CIN No.: [Company Identification
No.] |
U24100MH2006PTC161805 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMB16737A |
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PAN No.: [Permanent Account No.] |
AACCB9091R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The Company is engaged in trading of leather chemicals. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (11) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
State-run banks hired nearly
300000 personnel including more than 94000 officers in the last four years,
according to the Indian Banks Association. A study by trade lobby Assocham in
September 2013 indicated that banks would need 800000 people in the next six
years. It estimated that state-run lenders alone would hire 50000 people in
2013/14.
The Competition Commission of
India plans to issue final orders within a broad time-frame of one year in
matters where it decides to carry out detailed investigations. The number of
complaints received by the watchdog which keeps tabs on unfair trade practices
in the marketplace.
The government has detected
custom tax evasion totaling around Rs 37920 mn in 14 states until December.
Maharashtra topped the list of Rs 14190 mn followed by Andhra Pradesh at Rs
8140 mn, Gujarat Rs 5240 mn, Karnataka Rs 1670 mn and Tamilnadu Rs 1610 mn.
Connaught Place in New Delhi
slipped four notches to become the world’s eighth most expensive office
locations. London’s West End is the world’s most expensive office market.
There are 4.072 mn number of
high value spenders under the scanner of the income tax department. The income
tax department has information that they have made cash deposits announcing to
Rs 1 mn or more in their savings bank accounts in the current financial year.
It plans to check potential evasion before the closing of the financial year on
March 31.
Estimated pharmaceutical sales
in the country for 2016 is $ 27 bn. It is 14.4 per cent higher than a year ago.
The life sciences and health care industry is up against challenges such as
quality management, says a recent Deloitte report.
The gross non-performing assets of
listed banks rose 35.2 % to Rs 2.43 lakh crore during the first three months of
the financial year. In absolute terms, the 40 listed banks added Rs 3386 crore
to their gross NPAs in nine months with the State Bank of India leading with
the State Bank of India leading with an accretion of Rs 16610 crore.
The inflow of smuggled gold
doubled in 2013 following restrictions to curb the supply from official
channels to contain the current account deficit. China surpassed India in the
demand for gold for the first time in 2013 due to liberalization of gold
trading norms by its local governments.
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 DENIED
Tel No.: 91-44-22385979 (Does Not Exist)
LOCATIONS
|
Registered Office : |
64 66 Senapati Bapat Marg, Adjacent to Johnson,
Adjacent To Johnson House Mahim, Mumbai – 400016, Maharashtra, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
DIRECTORS
As on 10.10.2013
|
Name : |
Mr. Bhavin Suryakant Sheth |
|
Designation : |
Director |
|
Address : |
1, Manav Mandir, 34 Hill Road, Worli, Mumbai – 400018, Maharashtra,
India |
|
Date of Appointment : |
06.07.2008 |
|
DIN No.: |
00114608 |
|
|
|
|
Name : |
Mr. Amol Jagdish Kapadia |
|
Designation : |
Director |
|
Address : |
109, Mount Unique Apartment, Peddar Road, Mumbai – 400026,
Maharashtra, India |
|
Date of Appointment : |
24.07.2006 |
|
DIN No.: |
01462032 |
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|
|
|
Name : |
Yucheng Jie |
|
Designation : |
Director |
|
Address : |
301 Building 3, No. 967, Lane 883, Saning Road, Shanghai, Zip
Code 200072, China |
|
Date of Appointment : |
28.01.2008 |
|
DIN No.: |
03552149 |
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|
|
|
Name : |
Roberto Oscar Wurst |
|
Designation : |
Director |
|
Address : |
Lorscher weg 21, Hirschberg, 69493, Germany |
|
Date of Appointment : |
24.04.2007 |
|
DIN No.: |
05203375 |
MAJOR SHAREHOLDERS
As on 10.10.2013
|
Names of Shareholders |
No. of Shares |
% of Holding |
|
AJK
Investments Private Limited, India |
110250 |
24.50 |
|
AJI
Investments Private Limited, India |
110250 |
24.50 |
|
Rotem
Holdings GmbH, Germany |
224550 |
49.90 |
|
B
K Giulini GmbH, Germany |
4950 |
1.10 |
|
Total |
450000 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
As on 10.10.2013
|
Category |
Percentage |
|
Bodies corporate |
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in trading of leather chemicals. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
Citibank N. A., Global Corporate Banking 1St Floor, Plot
C-61, Block-G, Bandra Kurla Complex, Bandra West, Mumbai - 400051,
Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Kriplani Milani and Company Chartered Accountants |
|
Address : |
203 Mint Chambers, 45/47 Mint Road, Opposite G P O, Fort, Mumbai –
400001, Maharashtra, India |
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Tel. No.: |
91-22-30206855 |
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E-Mail : |
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PAN No.: |
AAKFK0788K |
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Holding Company : |
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Ultimate Holding Company : |
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Group Companies
: |
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Enterprises
controlled by key managerial Personnel : |
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CAPITAL STRUCTURE
As on 10.10.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
450000 |
Equity Shares |
Rs.10/- each |
Rs.4.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
450000 |
Equity Shares |
Rs.10/- each |
Rs.4.500 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
4.500 |
4.500 |
4.500 |
|
|
2] Share Application Money |
4.570 |
4.570 |
4.571 |
|
|
3] Reserves & Surplus |
35.364 |
16.579 |
1.574 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
44.434 |
25.649 |
10.645 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
49.422 |
31.197 |
7.993 |
|
|
2] Unsecured Loans |
2.618 |
2.618 |
2.618 |
|
|
TOTAL BORROWING |
52.040 |
33.815 |
10.611 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
96.474 |
59.464 |
21.256 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1.660 |
2.013 |
0.978 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.361 |
0.162 |
0.085 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
7.395 |
8.804 |
3.710 |
|
|
Sundry Debtors |
105.701 |
81.292 |
38.210 |
|
|
Cash & Bank Balances |
3.798 |
0.461 |
0.310 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
3.846 |
1.279 |
0.502 |
|
Total
Current Assets |
120.740 |
91.836 |
42.732 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
17.817 |
28.343 |
10.102 |
|
|
Other Current Liabilities |
2.169 |
2.341 |
9.879 |
|
|
Provisions |
6.301 |
3.863 |
2.558 |
|
Total
Current Liabilities |
26.287 |
34.547 |
22.539 |
|
|
Net Current Assets |
94.453 |
57.289 |
20.193 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
96.474 |
59.464 |
21.256 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
||
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|
SALES |
|
|
|
||
|
|
|
Income |
328.526 |
226.436 |
188.222 |
|
|
|
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Other Income |
2.155 |
1.599 |
0.000 |
|
|
|
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TOTAL (A) |
330.681 |
228.035 |
188.222 |
|
|
|
|
|
|
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||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Materials Consumed |
275.351 |
187.228 |
163.067 |
|
|
|
|
Purchase of Stock-in-trade |
7.736 |
6.990 |
6.580 |
|
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
13.881 |
9.283 |
7.215 |
|
|
|
|
Employee Benefits Expenses |
0.557 |
0.000 |
0.000 |
|
|
|
|
Other Expenses |
1.011 |
0.000 |
0.000 |
|
|
|
|
TOTAL (B) |
298.536 |
203.501 |
176.862 |
|
|
|
|
|
|
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||
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
32.145 |
24.534 |
11.360 |
||
|
|
|
|
|
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||
|
Less |
FINANCIAL EXPENSES (D) |
1.748 |
1.791 |
1.028 |
||
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|
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||
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|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
30.397 |
22.743 |
10.332 |
||
|
|
|
|
|
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||
|
Less |
DEPRECIATION/
AMORTISATION (F) |
0.458 |
0.465 |
0.380 |
||
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PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
29.939 |
22.278 |
9.952 |
||
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Less |
TAX (H) |
11.152 |
7.275 |
3.284 |
||
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PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
18.787 |
15.003 |
6.668 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
16.578 |
1.574 |
(5.094) |
||
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|
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BALANCE CARRIED
TO THE B/S |
35.364 |
16.578 |
1.574 |
||
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
||
|
|
|
Export Earnings |
169.120 |
103.834 |
111.776 |
|
|
|
TOTAL EARNINGS |
169.120 |
103.834 |
111.776 |
||
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||
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|
Earnings Per
Share (Rs.) |
41.75 |
33.34 |
14.82 |
||
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.68 |
6.58 |
3.54 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.11 |
9.84 |
5.29 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
24.46 |
23.74 |
22.77 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.67 |
0.87 |
0.93 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.17 |
1.32 |
1.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.59 |
2.66 |
1.90 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2008 |
31.03.2009 |
31.03.2010 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
4.500 |
4.500 |
4.500 |
|
Reserves & Surplus |
1.574 |
16.579 |
35.364 |
|
Share Application money pending allotment |
4.571 |
4.570 |
4.570 |
|
Net
worth |
10.645 |
25.649 |
44.434 |
|
|
|
|
|
|
Secured Loans |
7.993 |
31.197 |
49.422 |
|
Unsecured Loans |
2.618 |
2.618 |
2.618 |
|
Total
borrowings |
10.611 |
33.815 |
52.040 |
|
Debt/Equity
ratio |
0.997 |
1.318 |
1.171 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2008 |
31.03.2009 |
31.03.2010 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
188.222 |
226.436 |
328.526 |
|
|
|
20.303 |
45.086 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2008 |
31.03.2009 |
31.03.2010 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
188.222 |
226.436 |
328.526 |
|
Profit |
6.668 |
15.003 |
18.787 |
|
|
3.54% |
6.63% |
5.72% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS NOT AVAILABLE
|
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 |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
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 |
Yes |
|
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 |
No |
|
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 |
UNSECURED LOANS:
|
Particulars |
31.03.2010 Rs. In Millions |
31.03.2009 Rs. In Millions |
|
AJK Investments Private Limited |
2.618 |
2.618 |
|
Total |
2.618 |
2.618 |
* The above interest free loans are repayable on demand.
BACKGROUND
The Company was incorporated on 12 May 2006. The Company is a joint
venture between Rotem Holding GmbH ('the holding company'), AJK investments
Private Limited and AJI investments Private Limited and BK Giulini Gmbh. The
Company is engaged in trading-of leather chemicals.
FURTURE OUTLOOK
Leather chemical
industry in India has witnessed rapid progress during the past few years. Even
in the tough, the industry succeeded to sustain its positive growth momentum.
Thus, the potential for growth of this sector is enormous.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10063858 |
07/09/2007 * |
30,000,000.00 |
CITIBANK N. A. |
Global Corporate Banking 1 St Floor, Plot C-61, Block-G, Bandra Kurla Complex, Bandra W, Mumbai, Maharashtra - 400051, India |
A24959546 |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
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 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.60.13 |
|
|
1 |
Rs.99.65 |
|
Euro |
1 |
Rs.82.91 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
1 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
1 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
11 |
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.