MIRA INFORM REPORT
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Report Date : |
10.02.2007 |
IDENTIFICATION DETAILS
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Name : |
BHILAI ENGINEERING CORPORATION LIMITED |
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Registered Office : |
Hathkoj Village, Industrial Area, Bhilai, Madhya Pradesh, India |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
03.12.1960 |
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Com. Reg. No.: |
10-913 |
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CIN No.: [Company Identification No.] |
L29111MP1960PLC000913 |
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TAN No.: [Tax Deduction & Collection Account No.] |
JBPB00010D |
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Legal Form : |
Public Limited Liability Company. The Company's
Shares are listed on the Stock Exchanges. |
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Line of Business : |
Manufacturing and Selling of Grey Iron
Castings, Carbon Alloy, Steel Castings, Equipments, Single Super Phosphate,
Sulphuric Acid, Sodium Flouride, Plant Growth Regulators, Acid Slurry,
Trigger, Fabricated Steel Structural, Tomato, Papaya, Mango Pulps and
Concentrates. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1000000 |
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Status : |
Good |
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Payment Behaviour : |
Slow by above 30 days |
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Litigation : |
Clear |
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Comments : |
Subject is a well established, diversified company having
satisfactory track. Financial position of the company is satisfactory. Payments are
usually correct and as per commitments. Payments are reported as slow by
average 30 days. The company can be considered normal for business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
Hathkoj Village, Industrial Area, Bhilai, Madhya Pradesh, India |
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Tel. No.: |
91-788-2381134/2381135/2381136/2381137/2381138 |
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Fax No.: |
91-788-2381140/2381141 |
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E-Mail : |
1. bocltd@sancharnet.in 2. bec@bec-group.com |
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Website : |
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Head Office : |
39/2, Nehrunagar East, Bhilai
490022 |
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Tel No.: |
91-788-2292352,
2292281, 2292179, 2393294 |
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Fax No.: |
91-788-2292814 |
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Corporate Office : |
31, Maker Chambers III, Nariman Point, Mumbai – 400 021, Maharashtra |
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Tel. No.: |
91-22-2871331/2831724/2043647/2844208/22883768/22816859 |
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Fax No.: |
91-22-2873611 |
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E-Mail : |
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Factory : |
v Hathkoj Village,
Industrial Area, Bhilai, Madhya Pradesh v BEC Fertilizers,
Sirgitti Industrial Complex, Bilaspur, Madhya Pradesh v BEC (Projects
Division), Urla Industrial Area, Raipur, Madhya Pradesh v
BEC Foods, Village Kuthrel, PO Anda, Durg, Madhya Pradesh v BEC Fertilizers II,
Village Kuthrel, Tulja Deoli, Pulgaon – Dist Wardha v 283-292 Uria
Industrial Area, Uria, Raipur, Madhya Pradesh, India |
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Branches : |
Bhopal: Nagpur: |
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Engineering Division |
Post Box No. 31, Bhilai 490 001 |
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Tel No.: |
91-788-2285001 / 5 |
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Fax No.: |
91-788-2381141 |
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Foods Division |
BEC Foods BEC Fertilizers |
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Regional Offices: |
New Delhi: Mumbai: Calcutta: Fax: 91-33-22827061 |
DIRECTORS
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Name : |
Mr. Arvind K. Jain |
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Designation : |
Joint Managing Director |
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Age : |
54 years |
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Qualification : |
B.E. (Civil) |
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Experience : |
32 years |
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Date of
Joining : |
01.04.1995 |
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Name : |
Mr. Pramod Jain |
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Designation : |
Director |
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Name : |
Mr. Ashish Jain |
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Designation : |
Whole Time Director |
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Name : |
Mr. B.R. Jain |
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Designation : |
Director |
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Name : |
Mr. N.K. Jain |
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Designation : |
Director |
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Name : |
Mr. S. K. Jain |
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Designation : |
Director |
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Date of Birth : |
24.04.1942 |
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Experience : |
42 Years |
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Qualification |
B. Sc. |
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Date of Appointment : |
29.09.2001 |
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Other Directorship : |
Madhu Memorial
Hospital Limited |
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Name : |
Mr. P. K. Jain |
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Designation : |
Director |
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Date of Birth : |
31.07.1947 |
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Experience : |
32 Years |
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Qualification |
B. Com. |
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Date of Appointment : |
25.08.1986 |
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Other Directorship : |
Kirtimoya Capital
limited |
KEY EXECUTIVES
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Name : |
Mr. S. P. Gupta |
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Designation : |
General Manager Finance & Company Secretary |
MAJOR SHAREHOLDERS
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Names of
Shareholders |
No. of Shares |
Percentage of Holding |
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Promoters |
1,15,269 |
2.44 |
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Non-Resident
Indians/Overseas Corporate Bodies |
-- |
-- |
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Foreign Company |
-- |
-- |
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DTI & Mutual Fund |
99,999 |
2.12 |
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Bank/Financial
Institutions/Insurance Companies |
-- |
-- |
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Bodies Corporate |
42,52,826 |
90.12 |
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Others |
2,51,226 |
5.32 |
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Total : |
47,19,320 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and Selling of Grey Iron
Castings, Carbon Alloy, Steel Castings, Equipments, Single Super Phosphate,
Sulphuric Acid, Sodium Fluoride, Plant Growth Regulators, Acid Slurry,
Trigger, Fabricated Steel Structural, Tomato, Papaya, Mango Pulps and
Concentrates. |
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Products : |
Item Code No (ITC Code) Product
Description Single Super Phosphate 310310 Steel Equipments 730840 Iron & Steel Casting 730890 |
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Exports to : |
Netherlands, France, Germany, Austria, Canada,
USA, Belgium and Switzerland |
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Imports from : |
Europe and Far East |
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Terms : |
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Purchasing : |
against L/C terms |
PRODUCTION
STATUS
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Particulars |
Unit |
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Installed Capacity |
Actual Production |
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Single Super Phosphate
(SSP) |
MT |
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201000 |
(1,3)166230 |
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Granulated SSP |
MT |
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45000 |
19774 |
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N.P.K |
MT |
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- |
20638 |
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Equipment & Fab.
Steel Struct. |
MT |
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16490 |
8506 |
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Carbon Alloys Steel |
MT |
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10000 |
6553 |
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Tomato, Mango, Guava,
Papaya Pulp & Concentrate & Consumer Products |
MT |
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8500 |
523 |
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Sulphuric Acid |
MT |
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78000 |
(2) 60388 |
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Oxygen Gas |
Cu.M |
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500000 |
(4)510734 |
GENERAL INFORMATION
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Suppliers : |
Allwin Shoe Industries Akash Auto & Mechanical Engineering Works Bhilai, Bina Engineering Chhaya Engineering Works Chatak Industries Dravid Metals & Foundry Chemical Gearcon
Engineering Gurdeep Enterprises Gurkul Engineering Works Indian Alloys Kps Industries Khalsa Engg. Works Kang Engineering Works Makali Patternshormudhar Engineering &
Automation Maity Techno Enterprises Pal Engineering Works Reena Electrical & Electronics Equipment Stelex Industries Singh Engineering Works Shyam Engineering Works Sandeep Udyog S.S Engineering Works T T Industries Utkal Engineering Works Vijay Micro Machining Cenre Devpad Lime Industries S. Engineering Works The Jo Engineering Services (P) Limited Synorganic Paints Limited Bajrang Coveyors Liquee Sealsengineering, Mumbai Parkson Industrial Packings Bombay S.Engineering Works, Howrah, Kolkata Vijay Laxmi Udyog Engineering Works |
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No. of Employees : |
2200 |
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Bankers : |
v Central Bank of India,
Bhilai, Madhya Pradesh v UCO Bank, Bhilai,
Madhya Pradesh v State Bank of India v
UCO Bank |
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Facilities : |
Notes : Secured by way of charges on immovable and movable properties of
the Company both present and future subject to prior charges on specified
mortgage created/to be created in favour of the Company's Bankers SICOM&
Other Financial Institutions. Secured against hypothecation of Stock in trade including goods
in transit book debts etc., ranking pan passu among the financing bankers,
viz. Central Bank of India, UCO Bank and State Bank of India. Secured by guarantees from the Company's Bankers including the
Guarantees expired but not yet discharged Term Loans, Working Capital Loans and advances from Customers
have also been guaranteed by some of the Directors.
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Banking Relations : |
-- |
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Auditors : |
P C Bafna & Company Chartered Accountants Ganjpara, Durg, Madhya Pradesh Tel. 91-788-2323182/2329738 |
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Associates : |
BEC Projects Limited Bhilai Management
Services Private Limited Novel Projects Limited Sudha Investment
Limited Kirtimoya Capital
Limited J.P.Jain Trust Vishva Vishal
Engineering Limited Kiosk Properties P
Limited Hosak Industries &
Plastics Limited BEC Impex
International Private Limited BEC Strips Limited Arpa Chemicals Limited Madhu Memorial
Hospital Limited Bharat Industrial
Works (Bhilai) Private Limited Bharat Industrial
Works Metalfab Hightech
Private Limited Bhilai Motor Car Company |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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1,15,00,000 |
Equity Shares |
Rs 10/-
each |
Rs. 115.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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47,19,320 |
Equity Shares |
Rs 10/-
each |
Rs. 47.193 millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE SHEET
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SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
47.193 |
47.200 |
46.700 |
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2] Reserves & Surplus |
247.870 |
237.300 |
267.700 |
NETWORTH
|
295.063 |
284.500 |
314.400 |
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LOAN FUNDS |
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1] Secured Loans |
673.907 |
740.300 |
702.700 |
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2] Unsecured Loans |
137.439 |
16.200 |
30.800 |
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TOTAL BORROWING |
811.346 |
756.500 |
733.500 |
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GRAND TOTAL
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1106.409 |
1041.000 |
1047.900 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
251.795 |
251.100 |
255.200 |
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Capital work-in-progress |
3.926 |
4.800 |
4.900 |
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INVESTMENTS |
14.138 |
13.600 |
10.600 |
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Deferred Tax Assets |
1.871 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
631.097 |
484.600 |
488.800 |
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Sundry Debtors |
476.434 |
505.400 |
471.900 |
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Cash & Bank Balances |
112.226 |
88.500 |
54.100 |
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Other Current Assets |
7.480 |
0.000 |
0.000 |
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Loans & Advances |
172.586 |
249.100 |
253.000 |
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Total Current Assets |
1399.823 |
1327.600 |
1267.800 |
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Less : |
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Current Liabilities |
565.144 |
556.100 |
490.600 |
Provisions
|
0.000 |
0.000 |
0.000 |
Total Current Liabilities
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565.144 |
556.100 |
490.600 |
Net Current Assets
|
834.679 |
771.500 |
777.200 |
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Miscellaneous Expenses |
0.000 |
0.000 |
0.000 |
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GRAND TOTAL
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1106.409 |
1041.000 |
1047.900 |
PROFIT &
LOSS ACCOUNT
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PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
Sales Turnover [including other income]
|
2107.386 |
1676.200 |
1670.600 |
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Profit/(Loss) Before Tax
|
16.866 |
(8.300) |
(9.900) |
Provision for Taxation
|
1.275 |
(2.300) |
(0.500) |
Profit/(Loss) After Tax
|
15.591 |
(6.000) |
(10.400) |
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Export Value
|
309.661 |
186.435 |
NA |
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Import Value
|
96.093 |
71.165 |
NA |
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Total Expenditure
|
2090.520 |
1684.500 |
1680.500 |
KEY RATIOS
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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Debt Equity Ratio |
2.70 |
2.49 |
2.27 |
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Long Term Debt Equity Ratio |
1.24 |
0.93 |
1.48 |
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Current Ratio |
1.38 |
1.31 |
1.72 |
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TURNOVER RATIOS |
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Fixed Assets |
2.64 |
2.24 |
2.24 |
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Inventory |
3.75 |
3.49 |
3.49 |
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Debtors |
4.26 |
3.47 |
3.32 |
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Interest Cover Ratio |
1.07 |
0.88 |
0.87 |
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Operating Profit Margin (%) |
6.17 |
7.09 |
7.69 |
|
Profit Before Interest and Tax Margin
(%) |
4.35 |
4.69 |
5.20 |
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Cash Profit Margin (%) |
2.09 |
1.92 |
1.67 |
|
Adjusted Net Profit Margin (%) |
0.26 |
(0.48) |
(0.82) |
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Return on Capital Employed (%) |
8.48 |
7.61 |
8.04 |
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Return on Net Worth (%) |
1.90 |
(2.70) |
(4.13) |
STOCK PRICES
|
Face Value |
Rs. 10/- |
|
High |
Rs. 65.00 |
|
Low |
Rs. 60.00 |
LOCAL AGENCY FURTHER
INFORMATION
The
company's fixed assets of important value includes Freehold Land, Leasehold
Land, Buildings, Plant & Machinery, Water, Electricity and Telephone
Installations, Furniture, Fixtures and Equipment, Vehicles and Computers.
THE YEAR IN RETROSPECT
:-
Company's overall performance during the year has improved
considerably. Turnover has increased by 24%. Company has earned a net profit of
Rs. 16.900 Millions and a cash profit of Rs. 55.100 Millions during the year As
Food Division was incurring losses continuously, its operation has been
suspended during the year
FUTURE PROSPECTS :-
Turnover in the Engineering Division is expected to be improved
further during the current year because of the orders in hand from various
steel plants. In Fertilizer Division a granulation plant is being installed
which will commence production during the year and thus turnover of Fertilizer
Division will also increase
Misc. Expenses includes
Rs.22.848 Millions (Previous year Rs.22.147 Millions) for Bank
Commission i.e. Bank
Guarantee Charges, L. C. Commission & Bank Charges
History
Milestones
1998-99
- Full
range of crusher castings for export to France
- Fabricated bogies for Bangladesh Railways
- Pusher machine for coke oven plant of Konark coke
- Pig casting machining of 12 W TPD capacity of IMIL,
Dolvi
- Hydraulic Feeder breaker
1997-98
- Mantle for
Crushers
- High holding
capacity fabricated Anchors for oil rigs
- Crusher parts
for exports to U.S.
- Segments for
continuous caster of JVSL steel plant
1996-97
- Top Cone
Material Hopper
- Cross Transfer
& Runnout Roller Table
- Top Charging
Equipment For Mini Blast Furnace
- Coal Charging
Car 7.0 M Coke Oven
- Electric Loco
7.0 M Coke Oven Battery
1994-95
- Doors, Door
Body & Doors Frames for
- Grab Bucket
Assembly
- Bogie Frame
wds-6
- Coal Charging
Car 4.5 M Coke Oven
- Coke Guide Car
4.5 M Coke Oven
- Twin Angle
Large Bell with Hopper
1993-94
- Tundish for
Slab Caster
- Tundish Car
- Dummy Bar Top
Charging Equipment
- Process &
Cut off Roller Table
- Slag Pot
Tilting Car
- Equipment for
Slag Grannulation Plant
1992-93
- Sinter Fine
Disposal System
- Fabricated
Switches & Crossing
- Couplers
- Driving Arm
- Pallet Frame
- S.G. Iron
Pallet
- Hopper Rotating
Mechanism assembly Pallet Assembly
- Skip Charging
System
- Grids &
Coloumns For Blast Furnace.
- Pig Casting
Machine
- Top Charging
Equipment
- Spray Type
Saturator
- Coke Ovens
- Final Cooler
1992-93
- Dewatering
Drum Assembly
- Distributor
& Blow Down Boxes
- Slag Laddle
Car
- Lower Rotary
Hopper
- Pig Moulds
- Top &
Bottom Roll Chock assemblies
- 1.5 Cu.M.
Capacity Grab Bucket
- 100 Ton Iron
Iron Ladle
- 140 Ton
Teeming Ladle
- Cast Manganese
Steel Crossing Body
- Inlet Trunion
- Electric Loco
for 4.5 M Coke Oven Battery
- Movable Hopper
Winch
1991-92
- Supply of
Feeder Breaker to SECL
- Manufacture of
Coke Oven Machines including Quenching Cars and Locos
- Hot Coil
Conveying Systems for TISCO
- Cold Rolling
Mill equipment's to Steelco, Gujarat
- Package for
RSP's modernisation (second Phase) including design, manufacture and
supply of 16 nos of 140T Hot Metal Ladle Cars
1990-91
- Total Blast
Furnace equipment, including Top Charging equipment, Burden Distributors,
Rocking
- Runners, Jib
Crane and Tuyere Stock
- Manufacture of
Ingot Buggy for Blooming and Billet Mill of BSP
- Different
types of Wagon for Steel plants.
1989-90
- Manufacture, control assembly and supply of Hoogovens
design of Grids and Columns for Blast Furnace Stoves.
- Stacker Reclaimer for L&T for Khaperkhada Thermal
Power Station
- Design and manufacture of Mudgun for 2000 M3 Blast
Furnace of BSP
- Furnace
equipment for Hindustan Zinc Limited (700 tonnes)
- Manufacture of
Triaxle mounted CoCo Bogies and fabricated BoBo Bogies for Indian
Railways.
It’s
products range include :-
·
Pig Iron
·
Steel
·
Steel Scrap
·
Gases
·
Sulphuric Acid
·
HDPE Packing Bags
·
Tomato Paste/Puree
·
Mango Pulp/Concentrate
·
Guava Pulp
·
Tamarind
·
Amla
·
Papaya
·
Chillie Paste
·
Garlic Paste
·
Ginger Paste
·
Onion Paste
·
Mix Fruits
·
Pink Guava
·
Mango
·
Tomato
Amalgamation
The petition of merger scheme of BEC Industries
Limited with the company w.e.f. 01.04.1999 as approved by Board of Directors in
its meeting held on 24.08.1999 was pending with Honourable Chhattisgarh High
Court. The merger effect shall be taken soon after the scheme was approved by
the Honourable Chhattisgarh High Court.
Engineering & Projects
Subject, the flagship
company of the BEC Group, has evolved over four decades into a company,
manufacturing core sector industries - Steel, Mining, Railways, Cement, Process
Industries, Defence & Port Equipment.
The company has built
up an impressive track record in taking up the challenges of India's Progress.
In keeping with its pioneering traditions, BEC's activities are marked by a
creative approach to specialised customer adaptability to a changing
environment.
In fact, it is the
accent on quality and strict adherence to delivery schedules that have earned
BEC the trust of well-known national and international organisations like SAIL,
MECON,TISCO, EIL, Mannesman Demag, MAN GHH, Mitsubishi, Hoogovens, SMS and Paul
Wurth
In their endeavour to achieve ISO 9000 quality
standards, BEC's entire quality assurance system is tailored to stringent
standards. The efforts bore fruit when BEC was chosen to be among the very
first suppliers of materials to TISCO under the self-certificate scheme.
Products made by the
BEC Group have won markets around the world. The high quality of engineering
products and special steel castings made by BEC for Steel Plants, Railways,
Mining and Cement Plants have won the confidence of industries in Japan Russia,
Middle East, Africa, Egypt, Iran, USA and UK.
In fact, BEC Impex International Private Limited
was set up to cater to the demands of the international market. With exports of
over 6000 tonnes of castings and total product exports worth over Rs. 500
million in three years.
Achievements, in terms of products developed, ISO 9002 Quality Standards and
Technological breakthroughs.
Today,
the BEC Group of Companies is looking ahead to times full of promise. With a
spirit of adventure and a dedication to technical excellence that permeates
within their committed work force of over 2000 individuals.
A
spirit that has been their strength in the past. Taking us into hitherto
untrodden fields in the core sectors of Indian economy. A spirit that keeps us
facing challenges in the present. Growing strengthening their technical
expertise in every existing area of interest.
It
is this spirit of adventure which, I hope, will endure and prove their mettle.
For,
as the degree of competition grows in all the fields of business, they have to
excel. It is, after all, excellence that will help us make their mark in the
world.
Yes,
the future beckons. And they are poised to win. Because theirs was, is and will
always be a company that derives its strengths not just from technology, but
from its human resources.
A Profile of the BEC Group
The BEC Group has, since its inception more than
40 years ago, steadily expanded to grow both in size and diversity. Today it
comprises dynamic companies that span a wide variety of business from
engineering to construction, agrochemicals to consumer products.
The
driving force in every case has been singular - the urge towards greater
technical excellence, more advanced technology - to stay always a step ahead of
time.
Every
unit of the group has sought to consolidate its expertise in its own areas of
operation. But the group has grown not just through addition of these strengths
- it has grown far stronger through synergies established between them.
Bhilai
Engineering Corporation Limited (BEC) is a diversified industrial group engaged
in Engineering, Fertilizer, Food Processing, Plant Growth Regulators,
Construction and Exports. About 2000 people are working at various places. BEC
group is run by experienced professionals and has a turnover of about 150
Crores ($ 50 Million).
Engineering
& Projects Division has Steel foundry, Iron foundry, Machine
shop equipped for heavy jobs and Equipment fabrication shops at Bhilai.
Equipment are manufactured for Steel Plants, Coal, Power & Cement
Industries and Bogie frames for the Railways. BEC has collaborations with two
German Companies, one British Company and one French Company for Mining, Coke
Ovens, Ball Mills and other equipment.
BEC
undertakes total project implementation including Civil, Structural &
Mechanical erection. BEC has recently undertaken detailing and fabrication of a
30,000 tons Blast Furnace, Sintering plant structures and equipment for a
Steel Plant. BEC has also been engaged in several other projects.
Fertilizer
and Agro Chemicals Division BEC has a SSP Fertilizer unit at
Bilaspur for manufacture of 110,000 tons per year of Single Superphosphate and
40,000 tons of Sulphuric Acid. With an American collaboration, BEC also
manufactures Plant Growth Regulators. These help in phenomenal growth in the
plants.
Food Processing Plant A modern Food Processing
Unit is engaged in the manufacture of Tomato,
Mango,
Guava
and Papaya
Pulp and concentrates in aseptic packaging. A large scale
agricultural extension project has been in operation for last several years for
development of hybrid varieties of tomatoes and other items.
Bhilai Engineering Corporation Limited, the
flagship company of the BEC Group, has evolved over four decades into a
company, manufacturing core sector industries - Steel, Mining, Railways,
Cement, Process Industries, Defense & Port Equipment.
BEC has built up an impressive track record in
taking up the challenges of India's Progress. In keeping with its pioneering
traditions, BEC's activities are marked by a creative approach to specialised
customer adaptability to a changing environment.
In
fact, it is the accent on quality and strict adherence to delivery schedules
that have earned BEC the trust of well-known national and international
organisations like SAIL, MECON,TISCO, EIL, Mannesman Demag, MAN GHH,
Mitsubishi, Hoogovens, SMS and Paul Wurth.
In their endeavour to achieve ISO 9000 quality
standards, BEC's entire quality assurance system is tailored to stringent
standards. The efforts bore fruit when BEC was chosen to be among the very
first suppliers of materials to TISCO under the self-certificate scheme.
Products made by the BEC Group have won markets
around the world. The high quality of engineering products and special steel
castings made by BEC for Steel Plants, Railways, Mining and Cement Plants have
won the confidence of industries in Japan Russia, Middle East, Africa,
Egypt, Iran, USA and UK.
In fact, BEC Impex International Private Limited
was set up to cater to the demands of the international market. With exports of
over 6000 tonnes of castings and total product exports worth over Rs. 500
million in three years.
Group
Companies
Vishva
Vishal Engineering Limited (VVEL)
This
Group Company is engaged in the manufacture of "State of the Art"
Refractory for Steel plants, cement plants and Petro-Chemical Plants. The
Company manufactures Ultra Low Cement and No Cement Castables, Pre-Cast
Refractory Shapes, it also manufactures Basic Refractory Monolithic, the
product range of which includes Magnesite Ramming Masses of various qualities
for high capacity , high power Electric Arc Furnaces, Monolithic for Induction
Furnaces, Gunning and Spraying Compounds.
This Group Company is engaged in the manufacture of Pipes using the latest
& most advanced technology of the HIGH FREQUENCY INDUCTION WELDING process.
The product range from 6 mm to 63 mm nominal bore pipes in A, B & C class
categories.
This group Company is engaged in the manufacture of LPG Cylinders for domestic
and industrial use. The Company has an extensive range of products which
includes Scooter Wheel Rims, Compressor Shells for Refrigerators & Air
Conditioners, Ammunition Boxes for Defense and host of other Deep Drawn and
Pressed Components.
This
Group Company is engaged in Structural Fabrication and Erection of Steel
Structures. Its services touch the very core sector industries in India - Power
Plants. The Company is credited with the Structural fabrication & Equipment
erection work of several thermal power plants of 200MW and 500 MW Capacity.
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 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. 44.06 |
|
UK Pound |
1 |
Rs. 86.34 |
|
Euro |
1 |
Rs. 57.46 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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
|
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 |