MIRA
INFORM REPORT
|
Report Date : |
31ST
May, 2006 |
IDENTIFICATION
DETAILS
|
Name : |
BHARAT
REFRACTORIES LIMITED |
|
|
|
|
Registered Office : |
Administrative Building, Indira Gandhi Marg,
Central Avenue, Sector – IV, Bokaro Steel City – 827 001, District Bokaro, Bihar,
INDIA |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2004 |
|
|
|
|
Date of Incorporation : |
22nd
July, 1974 |
|
|
|
|
Com. Reg. No.: |
03-1133 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U26910BR1974PTC001133 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
RCHB00526B |
|
|
|
|
Legal Form : |
A
Closely Held Public Limited Liability Company owned by the Government of
India |
|
|
|
|
Line of Business : |
Manufacturers and Marketers of various kinds of sophisticated
refractories such as Mag-Carbon Bricks, Spinel & Magnesia Spinel, Gunning
Repair Material and Cast Mixed for Steel Laddle in collaboration with KRC
Limited, Japan, Coke Over Silica Bricks in collaboration with SRC Limited,
Japan and Castables. |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
|
Maximum Credit Limit : |
|
|
|
|
|
Status : |
Poor |
|
|
|
|
Payment Behaviour : |
Delayed |
|
|
|
|
Litigation : |
Unknown |
|
|
|
|
Comments : |
The
company continue to incur heavy losses. Its financial position is poor. Ways
and means position are difficult. Payments are reported as slow and delayed. The
company can be considered for your proposed business dealings on safe and
secured trade terms and conditions. |
LOCATIONS
|
Registered/Head/Corporate Office : |
Administrative Building, Indira Gandhi Marg,
Central Avenue, Sector – IV, Bokaro Steel City – 827 001, District Bokaro,
Bihar, INDIA |
|
Tel. No.: |
91-6542-242193/246987/286008/233179 |
|
Fax No.: |
91-6542-247492 |
|
E-Mail : |
brl.ho@rmj.sprintrpg.ems.vsnl.net.in,
brlbks@dte.vsnl.net.in |
|
Website : |
|
|
|
|
|
Units / Zonal / Regional / Office Aboard |
Bhandaridah
Refractories Plant, P.O. Bhandaridah - 829 132, District Bokaro, Bihar Contact Person: Mr. A. K.
Bijapurkar - Deputy General Manager (Works) Tel. No. 91-6549-220925/220511/239222 Fax No. 91-6549-220511/239220 Ranchi Road Refractories Plant, P.O.
Marar - 829 117, District Hazaribagh,
Bihar Contact
Person: Mr. R. N. Singh - Additional
General Manager Tel.
No. 91-6553-222120/222289 (Res.)/256007 Fax
No. 91-6553-222163/256009 Bhilai
Refractories Plant, P.O. Maroda, Bhilai - 490 006, District Durg, Madhya
Pradesh Contact
Person: Mr. C. P. Gandhi - Deputy
General Manager Tel
No. 91-788-2275414 / 2895063 Fax
No. 91-788-2275917 IFICO
Refractories Plant, P.O. Marar - 829 117, District Hazaribagh, Bihar Contact
Person: Mr. R. N. Singh (General Manager) Tel.
No. 91-6553-222192/222190 Fax
No. 91-6553-23242/225492 |
|
|
|
|
Resident representatives at Delhi |
B-39,
Madhuban, 1st Floor, Delhi - 110 092 Tel.
No. 91-11-22112479 / 22059179 (Res.) Fax
No. 91-11-22243638 Contact
Person: Mr. C. M. Bhardwaj - Resident
Manager |
|
|
|
|
Guest House |
IFICO
Refractors Plant, P.O. Marar - 829 117, District Hazaribagh, Bihar. Tel.
No. 91-6553-224819 Fax
No. 91-6553-223242 Contact
Person: Mr. R. N. Singh - Manager (P
& A) |
|
|
|
|
Branches
: |
Located
at: - 5A,
Lord Sinha Road, 2nd Floor, Flat No. 3, Kolkata - 700 071, West
Bengal Tel.
No. 91-33-22825224/22829503 Fax.
No. 91-33-22820029 Contact
Person: Mr. P.C. Sinha - Manager (Purchase) B-39,
Madhuban, 1st Floor, Delhi - 110 092 Tel.
No. 91-11-2112479 / 2059179/2057964 Fax
No. 91-11-2243638 E-Mail.
1. brl.del@rmj.sprintrpg.ems.vsnl.net.in Contact
Person: Mr. C. M. Bhardwaj - Resident
Manager A
Zone, E-1-2/10, Tagore Place, Durgapur, West Bengal Tel.
No. 91-343-2568451 Contact
Person: Mr. T. Sarkar - Manager (M & S) 8-3-4/4,
Palace Layout, Near Venu Apartment, Pada Waltair, Vishakhapatnam - 530 017,
Andhra Pradesh Tel. No. 91-891-2575480 Contact
Person: Mr. L. H. Rao - Chief Resident Manager Qtr.
No. B-76, Sector - 20, Rourkela - 769 005, Orissa Tel.
No. 91-661-2542076 Contact
Person: Mr. R. N. Patra - Chief Resident Manager Flat
No. C-14, Block K, Jalvayu Vihar, Near Adi Sankaracharya Marg, Mumbai - 400
076, Maharashtra Tel.
No. 91-22-25702834 |
DIRECTORS
|
Name : |
Dr. M.
Mukhopadhyay |
|
Designation : |
Chairman & Managing Director |
|
|
|
|
Name : |
Mr. M.
K. Moitra |
|
Designation : |
Director (Pers. & Corp. Plang.) |
|
|
|
|
Name : |
Mr. V.
Gujral |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr.
U.S.Pant |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. B.
K. Singh |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. P.
K. Banerjee |
|
Designation : |
Director |
|
|
|
|
Name : |
Ms.
Neelkamal Darbari |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr.
Deepak Anurag |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. B.
Ghosal |
|
Designation : |
Director |
KEY EXECUTIVES
other
personnel
|
|
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Marketers of various kinds of sophisticated
refractories such as Mag-Carbon Bricks, Spinel & Magnesia Spinel, Gunning
Repair Material and Cast Mixed for Steel Laddle in collaboration with KRC
Limited, Japan, Coke Over Silica Bricks in collaboration with SRC Limited,
Japan and Castables. |
|
|
|
|
Products : |
·
Morter ·
Fireclay
Bricks ·
Basic
Bricks |
PRODUCTION
STATUS
|
Particulars |
Unit |
|
|
Actual Production |
|
Basic |
MT |
|
|
10902 |
|
Fireclay |
MT |
|
|
15151 |
GENERAL
INFORMATION
|
Customers : |
v
Bokaro
Steel Plant, Bokaro Steel City v
Bhilai
Steel Plant, Bhilai, Madhya Pradesh v
Durgapur
Steel Plant, Durgapur, West Bengal v
Arourkela
Steel Plant, Rourkela, Orissa v
The
Indian Iron & Steel Company Limited, Burnpur v
Steel
Authority of India Limited v
Tata
Iron & Steel Company Limited, Jamshedpur, Bihar v
Visakhapatnam
Steel Plant, Visakhapatnam, Andhra Pradesh |
|
|
|
|
No. of Employees : |
1726 |
|
|
|
|
Bankers : |
v
State
Bank of India, Bhilai, Madhya Pradesh |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking Relations : |
Unknown
|
|
|
|
|
Auditors : |
Todi Tulsyan & Company Chartered Accountants |
|
|
|
|
Associates/Subsidiaries : |
v
All
Government of India Undertaking Companies subsidiries
v
The
Indian Iron & Steel Company Limited v
India
Firebricks and Insulation Company Limited |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
246,000,000 |
Equity Shares |
Rs. 10/- each |
Rs 2460.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
208790000 |
Equity Shares |
Rs. 10/- each |
Rs. 2087.900 |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2004 |
31.03.2003 |
31.03.2002 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
2087.900 |
2017.900 |
1039.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(3473.500) |
(3602.600) |
(2857.600) |
|
|
NETWORTH |
(1385.600) |
(1584.700) |
(1818.600) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
139.700 |
125.900 |
140.000 |
|
|
2] Unsecured Loans |
1783.100 |
1539.900 |
1031.800 |
|
|
TOTAL BORROWING |
1922.800 |
1665.800 |
1171.800 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
537.200 |
81.100 |
646.800 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
338.700 |
338.400 |
358.400 |
|
|
Capital work-in-progress |
54.900 |
32.700 |
29.900 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
200.700
|
155.100 |
172.400 |
|
|
Sundry Debtors |
427.600
|
301.700 |
263.700 |
|
|
Cash & Bank Balances |
351.600
|
400.200 |
27.200 |
|
|
Other Current Assets |
1.200
|
9.600 |
0.400 |
|
|
Loans & Advances |
103.300
|
98.000 |
150.300 |
|
Total Current Assets |
1084.400
|
964.600 |
614.000 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
1119.100
|
1225.300 |
1395.300 |
|
|
Provisions |
49.100
|
35.000 |
260.900 |
|
Total Current Liabilities |
1168.200
|
1260.300 |
1656.200 |
|
|
Net Current Assets |
(83.800)
|
(295.700) |
(1042.200) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
227.400 |
5.700 |
7.100 |
|
|
|
|
|
|
|
|
TOTAL |
537.200 |
81.100 |
646.800 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2004 |
31.03.2003 |
31.03.2002 |
|
Sales Turnover [including other income] |
864.000 |
629.500 |
526.800 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
(94.000) |
(745.000) |
(633.500) |
|
Provision
for Taxation |
0.000 |
0.000 |
0.000 |
|
Profit/(Loss)
After Tax |
(94.000) |
(745.000) |
(633.500) |
|
|
|
|
|
|
Total
Expenditure |
948.800 |
1110.800 |
1294.700 |
KEY
RATIOS
|
PARTICULARS |
31.03.2004 |
31.03.2003 |
31.03.2002 |
|
Sales
: Capital Employed |
338.96 |
1474.24 |
-- |
|
Material
Cost : Cost of Production |
37.98 |
20.26 |
19.57 |
|
Manpower
Cost – Cost of Production |
21.22 |
22.99 |
53.57 |
|
Cost
of Sales : Sales |
128.14 |
231.61 |
236.31 |
|
PBDIT
: Capital Employed |
25.54 |
(1479.39) |
-- |
|
PBIT :
Capital Employed |
14.01 |
(1551.52) |
-- |
|
PBIT :
Sales |
4.13 |
(105.24) |
(113.25) |
|
Profit
Before Tax : Net Worth |
-- |
-- |
-- |
|
Net
Profit : Net Worth |
-- |
-- |
-- |
|
R&D
Expenditure : Sales |
0.21 |
0.24 |
0.63 |
|
Sundry
Debtors : Sales (No. of days) |
180.64 |
174.93 |
182.71 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
Subject
was incorporated on 22nd July, 1974 with its Registered Office at
Bokaro. India Firebricks &
Insulation Company Limited situated at Ramgarh was transferred as subsidiary of
Bharat Refractories Limited with effect from 1st May, 1978 and the
same had been merged with BRL with effect from 1st October, 1997.
The
Company Registration Number is 1133.
The
company a public sector company under administrative control of ministry of
steels, Government of India came into existence in 1974.
Subject
was incorporated as a subsidiary company of Bokaro Steel Limited on 22nd
July, 1974 to run the production unit of Bhandaridah Refractories Plant (BHRP),
which was earlier acquired by the Government of India in 1972 and placed under
the management of Bokaro Steel Limited. Consequent upon restructuring of the
public sector Iron & Steel Industries on May 1, 1978, Ranchi Road
Refractories Plant (RRRP) at Ramgarh, which was under the control of erstwhile
Hindustan Steel Limited and Bhilai Refractories Plant (BP) which was under
construction as a captive unit of Bhilai Steel Plant, were also transferred to
BRL.
BUSINESS
Subject
is engaged in the business as Manufacturers and Marketers of various kinds of
sophisticated refractories such as Mag-Carbon Bricks, Spinel & Magnesia
Spinel, Gunning Repair Material and Cast Mixed for Steel Laddle in
collaboration with KRC Limited, Japan, Coke Over Silica Bricks in collaboration
with SRC Limited, Japan and Castables.
Subject
is also engaged in the business of manufacturers and suppliers of various kinds
of refractories not only to integrated steel Plants but also to the mini Steel
Plants
Subject is a public sector company under administrative control of
ministry of steels, Government of India. Since inception, the company has
crossed major milestones to become one of the largest refractories producers in
India. The company has been accredited with ISO 9002 certification for its
products.
In company, technology is the cutting edge. Its state of art technology,
ably backed by highly competent and committed technologies nad work force
enables the company to produce high quality products. The company’s collective
are proud to bge associated with tworld famous Kawasaki Refractories Company,
Japan, Shinagawa Refracatores Company Limited (the largest refractory producer
of Japan) and European Recfractory gian, Plibrico, SA, france with whom the
company has entered into technical collaboration over the years keeping in view
the changing demand pattern of refractories and to keep pace with the latest
technological development.
The
company has crossed major milestones to become one of the largest refractory
producers in India. The company is world renowned for its quality and has been
successfully catering to the requirement of the steel industry and other users.
The company has been accredited with ISO 9002 Certification for its products.
The
company is in foreign collaboration with:
·
Kawasaki
Refractories Company, Japan
·
Shinagawa
Refractores Company Limited, Japan
·
European
Refractores Company Limited, Japan
·
European
Refractory Giant
·
Plibrico,
SA, France
The
company is one of the largest manufacturers in India and having an annual
turnover exceeding $ 20 millions, Serving industry through extensive domestic
manufacturing, marketing and distribution facilities. Product includes a full
line of Alumino Silicate including Magnesia Carbon, Slide Gate, Zircon based
Refractores, Mullite Refractores etc.
The
company has entered into an agreement with Pliobrico SA, France.
Company
Profile
BRL was
incorporated on 22.7.1974 under the companies Act, 1956 with an objective to
run the production unit of Bhandaridah Refractories Plant which was earlier
acquire by the Government of India in 1972 and placed under the management of
Bokaro Steel Limited. BRL is a schedule
C BIFR referred PSE in minerals and Metals sector under the
administrative control of Steel having 99.86% Government holding with its
registered and corporate office at Bokaro, Jharkhand. The company is registered
with BIFR since 1992 and presently BRL
is remanded by the court.
Business
Activities
BRL is
one of the enterprises in the manufacturing and supply of various kinds of
refractoriness to steel plants having its 4 operation units at Bokaro and
Hazaribagh in Jharkhand and Bhilai in Chhattisgarh. The enterprises is driven
by a workforce of 1713 employs.
Key
Performance Factors
MOU are
signed with SAIL and raw materials suppliers to ensure advance planning for
procurement of inputs and production and to maintain price line
Bharat Refractories Limited, a
public sector Company under administrative control of ministry of steel, Govt.
of India came into existence in 1974. Since inception, the
company has crossed major milestones to become one of the largest refractory
producers in India. The company is world
renowned for its quality and has been successfully catering to the
requirement of the steel industry and
other users. The company has been
accredited with ISO 9002 Certification
for its products. BRL’s quality is internationally acclaimed in production of
magnesia carbon , Alumina graphite slide
gate Refractories, Dense Blast furnace
bricks, low cement castable etc. With
continuous efforts in R & D, BRL has kept itself fully geared up to meet the technological challenges that may take place in the user industry. Keeping this
in mind, BRL has made it self Y2K Complaint.
About Us
The
serves as introduction to their company
concentrating particularly on the production of
refractory
items. Bharat Refractories Limited (BRL) with its Headquarters at Bokaro Steel
City was formed
In 1974
and comprises:
Bhilai Refractories plant, Bhilai, Producing All range of Basic and Silica Refractories.
IFICO Refractories plant, Marar, Hazaribagh, an ISO 9002 unit whose
products include a full line of Alumino Silicate Refractories and various other
special products.
Ranchi Road Refractories Plant, Marar, Hazaribagh, equipped with heavy
duty presses having 1600 ton to 2500 ton capacity producing superior quality
Mag Carbon bricks etc.
Bhadaridah Refractories Plant, Bhadaridah, Pioneer in manufacturing Tab
Hole Mass, Trough Ramming Mass and Ultra Low Cement Castable for application in
Blast Furnaces.
BRL, one of the largest
manufacturers in India employs approximately 1713 people and having an annual
turnover exceeding $ 20 Million, Serving industry through extensive domestic
manufacturing, marketing & distribution facilities. Product includes a full
line of alumino Silicate including High Alumina and Super Alumina, Basic
refractories including Ramming Mass & Gunitting Mass, Silica Refractories,
other special products including Magnesia Carbon, Slide Gate, Zircon based
Refractories, Mullite Refractories etc. In BRL, technology is the cutting edge.
Its state of art technology, ably backed by
highly competent and committed technologists and work force enables the
company to produce high quality products. BRL collective are proud to be
associated with world famous M/s. Kawasaki Refractories Company, Japan, M/s.
Shinagawa Refractories Company Limited (the largest refractory producer of
Japan) and European Refractory giant, M/s. PLIBRICO, SA, France with whom BRL
has entered into technical
collaboration over the years keeping in view the changing demand pattern
of Refractories and to keep pace with
the latest technological development
BRL’s technical service team earned with considerable expertise is
rendering all help to customers. Needless to mention, BRL measures its quality
by the degree of customer satisfaction
achieved. This information is intended to help the user make intelligent,
practical selection of BRL products to
reduce maintenance cost, increase production.
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 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.46.43 |
|
UK
Pound |
1 |
Rs.87.43 |
|
Euro |
1 |
Rs.59.80 |
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |