MIRA INFORM REPORT

 

 

Report No. :

345845

Report Date :

17.10.2015

 

IDENTIFICATION DETAILS

 

Name :

B M G CHEMICALS PRIVATE LIMITED

 

 

Registered Office :

216-220/A, Gokul Arcade, Subhash Road, Vile Parle (East), Mumbai-400057, Maharashtra 

Tel. No.:

91-22-66951161/62/63/64/65/ 28085506

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

25.09.1997

 

 

Com. Reg. No.:

11-110888

 

 

Capital Investment / Paid-up Capital :

Rs. 2.100 Million

 

 

CIN No.:

[Company Identification No.]

U24110MH1997PTC110888

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMB13946C

 

 

PAN No.:

[Permanent Account No.]

AAACB4788R

AAACB4788K

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Trader and Importer of chemicals

 

 

No. of Employees :

25 (Approximately)

 

 

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

 

Maximum Credit Limit :

USD 76000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject company was established in the year 1997 and is having moderate track record.

 

From the financial for 2014, company has performed below average in its business operations and has incurred losses from its operating activities.

 

Trade relation are fair. Business is active. Payment are reported to be slow but correct.

 

The company can be considered for business dealings with some cautions. 

 

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

NOT AVAILABLE

 

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 31-03-2015.

 

INFORMATION PARTED BY

 

Name :

Mr. Sandip Pujari

Designation :

Admin and Finance Manager

Contact No.:

91-22-66951161

Date :

16.10.2015

 

 

LOCATIONS

 

Registered Office/ Head Office :

216-220/A, Gokul Arcade, Subhash Road, Vile Parle (East), Mumbai-400057, Maharashtra, India  

Tel. No.:

91-22-66951161/62/63/64/65/ 28085506

Fax No.:

91-22-66951165

E-Mail :

info@bmgchemicals.com 

admin@bmgchemicals.com

bmgchemicals@bmgchemicals.com  

Website :

www.bmgchemicals.com

Area :

500 Sq. Ft.

Location :

Owned

Locality :

Commercial

 

 

Branch Office :

505/506, Anand Milan Complex, Navrangpura, Ahmedabad – 380009, Gujarat, India

Tel. No.:

91-79-26424361

Area :

700 Sq. Ft.

Location :

Owned

 

 

Godown:

Bhiwandi, Thane, Maharashtra, India

Area :

1000 Sq. Ft.

Location :

Rented

 

 

DIRECTORS

 

As on: 30.09.2014

 

Name :

Mr. Mahesh Vadilal Gandhi

Designation :

Managing Director

Address :

A/101, Pushpa Excellency, Mathuradas Road, Kandivali (West), Mumbai-400067, Maharashtra, India

Date of Birth/Age :

03.12.1958

Date of Appointment :

25.09.1997

PAN No.:

AABPG3839Q

DIN No.:

01647571

 

 

Name :

Mrs. Geeta Mahesh Gandhi

Designation :

Director

Address :

A/101, Pushpa Excellency, Mathuradas Road, Kandivali (West), Mumbai-400067, Maharashtra, India

Date of Birth/Age :

17.10.1964

Date of Appointment :

25.09.1997

PAN No.:

AJJPG1372P

DIN No.:

01670209

 

KEY EXECUTIVES

 

Name :

Mr. Sandip Pujari

Designation :

Admin and Finance Manager

 

 

MAJOR SHAREHOLDERS

 

As on: 30.09.2014

 

Names of Shareholders

No. of Shares

Percentage

Mahesh Gandhi

114500

54.52

Geeta Mahesh Gandhi

95500

45.48

Total

210000

100.00

 

 

Equity Share Break up (Percentage of Total Equity)

 

As on: 30.09.2014

 

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Trader and Importer of chemicals

 

 

Products :

Item Code No.

Product Description

99611719

Kgs

 

·         Phyalic Anhydride (PAN)

·         Malic anydride

·         Fumeric Acid

·         Phalimide

·         Poly Propylene Glycol

·         Poly Ethylene Glycol.

·         Organic pigment

·         High performance pigments

·         Adipic acid

·         Malic acid

·         Acrylic polyol

·         Emulsifiers

·         Surfactants

·         Caustic soda flex

·         Caustic soda Lye

·         Chlorine(HCL)

·         Sodium Sulphite

·         Sodium meta bi sulphite

·         Sodium bi Sulphite

·         Phosphates

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Available

 

 

Imports :

 

Products :

Finished Goods

Countries :
  • Malaysia
  • Thailand
  • Korea

 

 

Terms :

 

Selling :

Advance Payment, Cheque and Credit

 

 

Purchasing :

Advance Payment, Cheque and Credit

 

PRODUCTION STATUS NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

End Users

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

 25 (Approximately)

 

 

Bankers :
  • ICICI Bank Limited Landmarkrace Cource Circle, Alkapuri, Vadodara - 390015, Gujarat, India

 

Bank Name

Yes Bank Limited

Branch

9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

BC/LC/Cash Credit = Rs.30.000 Million

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

 

Facilities :

Secured Loan

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

Short-term borrowings

 

 

Working capital loans from banks

(cash credit secured by hypothecation of stock-in-trade and book-debt, mortgage of office premises)

25.854

45.868

Loans taken for vehicles

0.691

0.873

Total

26.545

46.741

 

Auditors :

 

Name :

Kiran Desai and Associates

Chartered Accountants

Address :

505, Knox Plaza, Mind Space, Off Link Road, Malad (West), Mumbai-400064, Maharashtra, India

PAN N Income-tax PAN of auditor or auditor's firm :

AAEPD2161R

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Sister Concern (As on Confirmed by the management :
  • BMG Chemicals
  • Gandhi Chemicals

 

 

CAPITAL STRUCTURE

 

As on 30.09.2014

 

Authorized Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

500000

Equity Shares

Rs.10/- each

Rs. 5.000 Million

 

 

Issued, Subscribed & Paid-up Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

210000

Equity Shares

Rs.10/- each

Rs. 2.100 Million

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2014

31.03.2013

31.03.2012

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

2.100

2.100

2.100

(b) Reserves & Surplus

24.477

25.058

23.352

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

26.577

27.158

25.452

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

12.562

14.793

21.333

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

12.562

14.793

21.333

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

26.545

46.741

9.226

(b) Trade payables

457.796

507.189

474.621

(c) Other current liabilities

20.277

25.221

12.158

(d) Short-term provisions

0.000

0.000

0.000

Total Current Liabilities (4)

504.618

579.151

496.005

 

 

 

 

TOTAL

543.757

621.102

542.790

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

3.135

2.990

2.308

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

0.000

0.000

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.070

0.070

0.070

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

0.000

0.000

0.000

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

3.205

3.060

2.378

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

47.900

37.774

5.680

(c) Trade receivables

458.405

549.942

509.464

(d) Cash and cash equivalents

11.471

9.018

6.126

(e) Short-term loans and advances

10.677

9.660

7.814

(f) Other current assets

12.099

11.648

11.328

Total Current Assets

540.552

618.042

540.412

 

 

 

 

TOTAL

543.757

621.102

542.790

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Gross sales/ Income

2008.663

2254.741

1788.638

 

 

Other Income

NA

NA

NA

 

 

TOTAL                                    

NA

NA

NA

 

 

 

 

 

Less

EXPENSES

NA

NA

NA

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

(0.580)

2.501

3.541

 

 

 

 

 

Less

TAX                                                     

0.000

0.795

1.115

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX

(0.580)

1.706

2.319

 

 

 

 

 

 

Earnings Per Share (Rs.)

(2.76)

8.12

11.04

 

 

Particulars

 

 

 

31.03.2015

Sales Turnover (Approximately)

 

 

2500.000

 

Expected Sales (2015-2016): Rs. 3000.000 Million

 

The above information has been parted by Mr. Sandip Pujari (Admin and Finance Manager)

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

PARTICULARS

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

NA

NA

NA

Cash generated from operations

NA

NA

NA

Net cash flows from (used in) operations

26.522

(23.200)

(2.144)

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

(0.03)

0.08

0.13

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

(0.11)

0.40

0.65

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

(0.02)

0.09

0.14

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

1.47

2.27

1.20

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.07

1.07

1.09

 

 

FINANCIAL ANALYSIS

[All figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

2.100

2.100

2.100

Reserves & Surplus

23.352

25.058

24.477

Net worth

25.452

27.158

26.577

 

 

 

 

long-term borrowings

21.333

14.793

12.562

Short term borrowings

9.226

46.741

26.545

Total borrowings

30.559

61.534

39.107

Debt/Equity ratio

1.201

2.266

1.471

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Gross sales/ Income

1788.638

2254.741

2008.663

 

 

26.059

(10.914)

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Gross sales/ Income

1788.638

2254.741

2008.663

Profit/ Loss

2.319

1.706

(0.580)

 

0.13%

0.08%

(0.03%)

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

Yes

5

Buyer visit details

------------------

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

Yes

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

Yes

16

No. of employees

Yes

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

------------------

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last four years

Yes

27

Reasons for variation <> 20%

------------------

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

No

32

Litigations that the firm/promoter involved in

------------------

33

Market information

------------------

34

Payments terms

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

 

UNSECURED LOAN

 

PARTICULAR

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

Long-term Borrowings

 

 

Loans and advances from others

12.562

1.005

Other loans and advances

0.000

13.788

Total

12.562

14.793

 

INDEX OF CAHREGS:

 

S. NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10416891

28/03/2013

30,000,000.00

YES BANK LIMITED

9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. 
ANNIE BESANT ROAD, WORLI, MUMBAI - 400018, MAHARASHTRA, INDIA

B72315583

2

10374039

07/06/2013 *

30,000,000.00

YES BANK LIMITED

9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. 
ANNIE BESANT ROAD, WORLI, MUMBAI - 400018, MAHARASHTRA, INDIA

B80061781

 

* Date of charge modification

 

 

FIXED ASSETS:

 

  • Building
  • Office building
  • Plant and equipment
  • Furniture and fixtures
  • Vehicles
  • Motor vehicles
  • Office equipment
  • Computer equipments

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.64.96

UK Pound

1

Rs.100.55

Euro

1

Rs.73.99

 

 

INFORMATION DETAILS

 

Information Gathered by :

SVA

 

 

Analysis Done by :

KYP

 

 

Report Prepared by :

PNM

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILITY

1~10

---

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

4

--CREDIT LINES

1~10

4

--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

 

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

 

--

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.