MIRA
INFORM REPORT
|
Report Date : |
03.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
BALIGA LIGHTING
EQUIPMENT PRIVATE LIMITED |
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Registered
Office : |
63A, C P
Ramaswamy Road, Alwarpet, Chennai – 600 018, Tamilnadu |
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Country : |
India |
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Financials (as
on) : |
31.03.2006 |
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Date of
Incorporation : |
30.06.1961 |
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Com. Reg. No.: |
18-4519 |
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CIN No.: [Company
Identification No.] |
U29303TN1961PLC004519 |
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TAN No.: (Tax Deduction
& Collection Account No.) |
CHEB00199D |
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Legal Form : |
A Closely held
Public Limited Liability Company |
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Line of
Business : |
Manufacturers and
Exporters of Junction Box, Light Fittings and Panels. |
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 250000 |
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Status : |
Good |
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Payment
Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established company having satisfactory track. Directors are reported as experienced, respectable and having
satisfactory means of their own. Their
trade relations are reported as fair.
Payments are usually correct and as per commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered
Office : |
63A, C P Ramaswamy
Road, Alwarpet, Chennai – 600 018, Tamilnadu, India. |
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Tel. No.: |
91-44-24995505 /
24995915 |
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Fax No.: |
91-44-24997281 |
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E-Mail : |
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Corporate
Office : |
63A, C P
Ramaswamy Road, Alwarpet, Chennai – 600 018, Tamilnadu, India. |
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Factory : |
389, Medavakkam
High Road, Chennai – 600 117, Tamilnadu, India |
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Tel. No.: |
91-44-22476251 /
22472252 |
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Fax No.: |
91-22-22474594 |
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Location : |
Owned |
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Branches : |
46, Sir CP
Ramaswamy Road, Alwarpet, Madras-600018, Tamilnadu, India |
DIRECTORS
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Name |
Mr. U. N. Baliga |
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Designation |
Chairman |
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Address |
9, Subbaraya Avenue,
C. P. Ramaswamy Road, Alwarpet, Chennai – 600
018, Tamilnadu |
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Date of Birth |
27.04.1922 |
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Date of Appointment : |
01.11.2004 |
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Name |
Mrs. P. U. Baliga |
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Designation |
Director |
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Address |
9, Subbaraya Avenue,
C. P. Ramaswamy Road, Alwarpet, Chennai – 600
018, Tamilnadu |
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Date of Birth |
18.02.1930 |
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Name |
Mr. B. Ramesh
Baliga |
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Designation |
Managing Director |
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Address |
9, Subbaraya
Avenue, C. P. Ramaswamy Road, Alwarpet, Chennai – 600 018,
Tamilnadu |
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Date of Birth |
24.01.1954 |
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Date of Appointment : |
20.08.1971 |
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Name |
Mr. Mahesh Baliga |
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Designation |
Director |
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Address |
15, Sriram Nagar,
South 3 C, II Floor, Coral Woods, Chennai – 600 01,
Tamilnadu |
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Date of Birth |
20.04.1960 |
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Date of Appointment : |
01.04.1991 |
KEY EXECUTIVES
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Name : |
Mr. D. Mohana
Sundaram |
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Designation : |
Company Secretary
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Address : |
10A, Vivekananda
Street, Radha Nagar, Chrompet, Chennai – 600 044,
Tamilnadu |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names
of Shareholders |
No. of Shares |
Percentage of holding |
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Mr. U. N. Baliga |
21500 |
46.74 |
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Mr. P. U. Baliga |
17600 |
38.26 |
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Mr. B. R. Baliga |
5400 |
11.74 |
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Mr. Madesh Baliga |
1000 |
2.17 |
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Ms. Asha Baliga |
500 |
1.09 |
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Total |
46000 |
100.00 |
BUSINESS DETAILS
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Line of
Business : |
Manufacturers and
Exporters of Junction Box, Light Fittings and Panels. |
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Products : |
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PRODUCTION STATUS
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Particulars |
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Actual Production |
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Light fittings |
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13796 |
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Panels |
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622 |
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Accessories |
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115173 |
GENERAL
INFORMATION
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No. of
Employees : |
Around 200 |
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Bankers : |
State Bank of
India, Commercial Branch, Guindy, Chennai – 600 032, Tamilnadu, India |
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Facilities : |
Secured Loans : Cash Credit : Rs.13.058
millions Unsecured Loans : Deposit from
shareholders : Rs.0.600 millions |
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Banking Relations : |
Good |
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Auditors : |
Mr. M. R. Vijaya
Shankar Chartered
Accountants Chennai – 600
078, Tamilnadu, India Sheethalakshmi M.
Chartered
Accountants No. 98A, IV
Floor, Dr. Radhakrishanan Salai, Mylapore, Chennai-600004, Tamilnadu, India |
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Associates : |
v Baliga Lighting Company, Bangalore v G M Engineering, Chennai v Bantval Castings, Chennai |
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Subsidiaries : |
Anupam Snacks
Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity shares |
Rs. 100/- |
Rs. 10.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
92000 |
Equity shares |
Rs. 100/- |
Rs. 9.200 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS
FUNDS |
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1] Share Capital |
9.200 |
4.600 |
4.600 |
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2] Reserves &
Surplus |
54.506 |
58.268 |
56.328 |
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NETWORTH
|
63.706 |
62.868 |
60.928 |
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LOAN FUNDS |
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1] Secured Loans |
10.695 |
13.058 |
9.564 |
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2] Unsecured
Loans |
5.200 |
0.600 |
1.275 |
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TOTAL BORROWING
|
15.895 |
13.658 |
10.839 |
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DEFERRED TAX
LIABILITIES |
1.157 |
1.202 |
1.036 |
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TOTAL
|
80.758 |
77.728 |
72.803 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
18.800 |
18.659 |
17.435 |
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Capital work-in-progress
|
0.000 |
0.000 |
0.000 |
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INVESTMENT
|
5.431 |
5.276 |
0.000 |
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CURRENT ASSETS, LOANS &
ADVANCES
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Inventories
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29.833
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19.711
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23.618
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Sundry Debtors
|
53.344
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53.383
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47.238
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Cash & Bank Balances
|
8.023
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5.058
|
3.104
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Loans & Advances
|
18.444
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18.516
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14.107
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Total Current Assets
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109.644
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96.668
|
88.067 |
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Less :
CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
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40.479
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31.667
|
31.667
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Provisions
|
12.638
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11.208
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11.326
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Total Current Liabilities
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53.117
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42.875
|
32.699 |
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Net Current Assets
|
56.527
|
53.793
|
55.368 |
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TOTAL
|
80.758 |
77.728 |
72.803 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
197.565 |
170.278 |
122.473 |
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Other Income |
4.006 |
2.930 |
4.441 |
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Total Income |
201.571 |
172.203 |
126.914 |
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Profit/(Loss) Before Tax |
7.624 |
5.990 |
2.698 |
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Provision for Taxation |
3.639 |
1.449 |
1.064 |
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Profit/(Loss) After Tax |
3.985 |
4.541 |
1.634 |
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Earnings in
Foreign Currency : |
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Export Earnings |
|
10.994 |
5.893 |
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Commission Earnings |
|
0.753 |
0.473 |
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Other Earnings |
|
11.747 |
6.366 |
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Total Earnings |
0.353 |
23.494 |
12.732 |
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Total Imports |
NA |
2.826 |
4.878 |
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Expenditures : |
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Manufacturing Expenses |
NA |
6.755 |
7.994 |
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Administrative Expenses |
NA |
23.202 |
17.432 |
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Raw Material Consumed |
120.853 |
109.394 |
72.388 |
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Consumption of stores and spares parts |
1.116 |
1.124 |
NA |
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Increase/(Decrease) in Finished Goods |
2.011 |
(1.005) |
NA |
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Salaries, Wages, Bonus, etc. |
24.187 |
20.445 |
22.795 |
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Managerial Remuneration |
3.262 |
2.095 |
NA |
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Payment to Auditors |
0.258 |
0.167 |
NA |
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Interest |
2.882 |
2.007 |
1.040 |
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Insurance Expenses |
0.164 |
0.203 |
NA |
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Power & Fuel |
2.220 |
2.287 |
NA |
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Depreciation & Amortization |
2.752 |
2.663 |
2.565 |
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Other Expenditure |
34.242 |
26.823 |
NA |
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Total
Expenditure |
193.947 |
166.213 |
124.216 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
PAT / Total Income
|
(%)
|
1.97
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2.64 |
1.29 |
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Net Profit Margin
(PBT/Sales) |
(%) |
3.78
|
3.48 |
2.12 |
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Return on Total Assets
(PBT/Total
Assets} |
(%) |
5.93
|
5.19 |
2.56 |
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Return on Investment (ROI)
(PBT/Networth) |
|
0.12
|
0.09 |
0.04 |
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Debt Equity Ratio
(Total
Liability/Networth) |
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1.08
|
0.90 |
0.71 |
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Current Ratio
(Current
Asset/Current Liability) |
|
2.06
|
2.25 |
2.69 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8 Particular for creation
or modification of charges
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Name of the
company |
BALIGA
LIGHTING EQUIPMENTS PRIVATE LIMITED |
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Presented By |
State Bank of
India, Commercial Branch, Guindy, Chennai-600032, Tamilnadu |
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1) Date and
description of instrument creating the change |
Dated 01.03.1978 General agreement
for the grant of small industrial advances and hypothecation of all movables
book debts and other assets. |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs.3.350 millions |
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3) Short
particular of the property charged. If the property acquired is subject to
charge, date of the acquired of the property should be given |
All present and
future goods, book debts, movables and other assets of the borrower including
documents of title to goods and other assets such as out standing monies,
receivables, claims, bills, invoices and rights and the present machineries
and all future machineries belonging to or in the possession or under the
control of the borrower whether lying stored or kept in the factory premises situate at C-39 and 40,
Industrial Estate, Chennai-600032 |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
Interest @ 13.50% |
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5) Name and
Address and description of the person entitled to the charge. |
State Bank of
India Guindy Branch, Madras-600032 |
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6) Date and brief description of instrument
modifying the charge |
Dated 31.01.2005 New agreement was
executed General agreement
of r the grant of small industrial advances and hypothecation of movables,
book debts and other assets (Working capital finance) Agreement of the
grant of small industrial advances (working capital finance) Re:
hypothecation of goods, book debts, movables and other assets in ancillary
agreement No.1 (2 Nos.) Agreement of r
the grant of small industrial advance (working capital finance) pledge of
goods movables and other assets in ancillary agreement No.2 Agreement for the
grant of small industrial advances (working capital finance) advances against
receivables and bills in the course of collection of ancillary agreement No.3 Agreement for the
grant of small industrial advances (working capital finance) advance against
general hypothecation ancillary agreement No.4 Agreement for the
grant of small industrial advances (working capital finance) Ref.: letters of
credit, Guarantees and indemnities in ancillary agreement No.6 (2 Nos.) Shipping Lien
Agreement Extension of
Equitable mortgage by way of deposit of title deeds (3 Nos.) All dated
31.01.2005 and relates to one and the same charge. |
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7) Particulars of
modifications specifying the terms and conditions or the extent of operations
of the charge in which modification is made and the details of the
modification. |
The credit
facility extended to the company from State Bank of India, Guindy,
Chennai-600032 renamed as State Bank of India, Commercial Branch, Guindy,
Chennai-600032 has now been enhanced from Rs.29.000 millions to Rs.38.500
millions comprising of : (Rs. In millions)
Securities : Hypothecation of
stocks of raw materials, stock in process, finished goods used for export,
book debts, cheques in the course of collection, other movable assets and
plant and machinery of the company Extension of equitable
mortgage of Company’s immovable properties viz, All that piece
and parcel; of Land situate in Chengleput District, Saidapet Taluk,
Pallavaram, Sub Registration Keelakattalai Village under Survey No.309/1 and
Marked in Red as Plots 21, 22, 23 and 24 in the attached plan measuring a
total of 19 Grounds 730 Squares Feet. (More fully described in letter
evidencing deposit of title deeds) All that piece
and parcel of Land situate at Abhiramapuram Second Street, Beemannanpet,
Chennai-600018, Plot No.3 Door No.37, P.S. No.1072, R.S. No.3637/1 and 3631/2
as per Patta R.S>No.3637/0 (as per patta Sir C.P, Ramaswamy Iyer Road)
C.A. No.409/95-96 as per document extent 4537 Sq.ft. as per patta 1 Ground
2153 Sq. ft. (More fully described in the letter evidencing deposit of title
deeds) Unit No.9, Jyoti
Wire House, Plot No.23-A, Shah Industrial Estate, Veer Desai Road, Andheri
(West), Mumbai. (More fully described in the letter evidencing deposit of
title deeds) Earlier
securities given by the company shall continue to cover the enhanced limit or
Rs.38.500 millions. |
Company’s fixed
assets include, Land, Building (Office and Factory, Mumbai and Baroda office),
Plant and Machinery, Generator, Office Equipments, Air Conditioners, Computers,
Electronic Installations, Electronic Equipments, Factory Equipments, Furniture
and Fittings, Software, Pattern Assets, Dies Assets and Vehicles.
Contingent
Liability not provided for in the accounts :
Guarantee issued by
SBI, Guindy : Rs.10.681 millions
Inland Letter of
Credit with SBI, Guindy : Rs.0.741 millions
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.44.56 |
|
UK Pound |
1 |
Rs.85.79 |
|
Euro |
1 |
Rs.58.40 |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|