MIRA
INFORM REPORT
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Report Date : |
28.05.2007 |
IDENTIFICATION DETAILS
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Name : |
BLA INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
84, Makers Chambers III, Nariman Point, Mumbai-400021, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
09.04.1964 |
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Com. Reg. No.: |
162314 |
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CIN No.: [Company
Identification No.] |
U10200MH1964PTC162314 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMB11301D |
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PAN No.: [Permanent
Account No.] |
AABCB3505D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Metallurgical Coke |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
USD 690000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a small company having satisfactory track records. Directors
are reported as experienced and respectable businessmen. Trade relations are
reported as fair. Business is active. Payments are however reported as
usually correct and as per commitments. The company can be considered for small business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered/ Corporate Office : |
84, Makers Chambers III, Nariman Point, Mumbai-400021, |
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Tel. No.: |
91-22-22852736 |
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Fax No.: |
91-22-22046235 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Kishor Vishwanath Mittal |
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Designation : |
Additional Director |
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Address : |
Mittal Bhavan, 62-A, |
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Date of Birth/Age : |
13.11.1962 |
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Date of Appointment : |
19.10.2006 |
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Other Directorships : |
v
Ananya Exports Pruvate Limited v
Neera Engineering (Export) Private Limited v
Busybee India Market Penetration Private Limited v
Sealink Bombay Trading Private Limited v
Agani Exports Private Limited v
Rameshwar Estates Developers Private Limited v
Susmit Investments and Finance Private Limited v
Vishwadeep Exports Private Limited v
Brahma Developers Private Limited |
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Name : |
Mr. Anup Agarwalla |
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Designation : |
Managing Director |
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Address : |
55, Ameeta 7, General Bhosle Marg, Mumbai-400021, |
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Date of Birth/Age : |
25.05.1969 |
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Date of Appointment : |
17.07.2002 |
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Name : |
Mr. Asim Kumar Agarwalla |
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Designation : |
Director |
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Address : |
55, Ameeta 7, General Bhosle Marg, Mumbai-400021, |
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Date of Birth/Age : |
10.04.1962 |
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Date of Appointment : |
01.09.1993 |
KEY EXECUTIVES
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Name : |
Mr. Kiran H Kudu |
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Designation : |
Company Secretary |
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Address : |
602, Sadhana Vasant Housing Complex, Mahavir Nagar, Kandivali (West),
Mumbai-400067, |
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Date of Birth/Age : |
03.02.1958 |
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Date of Appointment : |
16.01.1996 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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Percentage of
Holding |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Metallurgical Coke |
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Products : |
v
Metallurgical coke v
Coal |
GENERAL INFORMATION
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No. of Employees : |
About 200 |
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Bankers : |
ICICI Bank Limited, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
N A Shah Associates Chartered Accountants |
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Address : |
64, 65 and 84C, Mittal Tower, Nariman Point, Mumbai-400021, |
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Associates/Subsidiaries : |
v
Blaenergy Private Limited v
Castron Mining Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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3072000 |
Equity Shares |
Rs.10/- each |
Rs.30.720
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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30.720 |
30.720 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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143.309 |
575.073 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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174.029 |
605.793 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
98.624 |
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2] Unsecured Loans |
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17.878 |
0.000 |
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TOTAL BORROWING |
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17.878 |
98.624 |
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DEFERRED TAX LIABILITIES |
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0.000 |
58.239 |
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TOTAL |
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191.907 |
762.656 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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187.974 |
558.534 |
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Capital work-in-progress |
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8.774 |
108.099 |
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INVESTMENT |
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35.827 |
31.670 |
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DEFERREX TAX ASSETS |
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9.827 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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8.581 |
398.316 |
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Sundry Debtors |
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0.000 |
86.859 |
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Cash & Bank Balances |
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2.686 |
202.956 |
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Other Current Assets |
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0.000 |
0.427 |
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Loans & Advances |
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61.443 |
46.477 |
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Total
Current Assets |
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72.710 |
735.035 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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63.866 |
566.494 |
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Provisions |
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59.339 |
104.188 |
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Total
Current Liabilities |
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123.205 |
670.682 |
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Net Current Assets |
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(50.495) |
64.353 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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191.907 |
762.656 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Total Income |
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358.873 |
1877.468 |
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Profit/(Loss) Before Tax |
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100.031 |
492.320 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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100.031 |
492.320 |
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Expenditures : |
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Interest |
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0.327 |
23.134 |
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Depreciation & Amortization |
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13.820 |
25.987 |
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Other Expenditure |
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244.695 |
1336.028 |
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Total Expenditure |
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258.842 |
1385.149 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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27.87 |
26.22 |
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Net Profit Margin (PBT/Sales) |
(%) |
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27.87 |
26.22 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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38.37 |
38.06 |
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Return on Investment (ROI) (PBT/Networth) |
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0.57 |
0.81 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.81 |
1.27 |
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Current Ratio (Current Asset/Current Liability) |
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0.59 |
1.09 |
LOCAL AGENCY FURTHER INFORMATION
Form 8 Particular for
creation or modification of charges
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Corporation identity number or foreign company registrations number of the company |
U10200MH1964PTC162314 |
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Name of the company |
BLA INDUSTRIES PRIVATE LIMITED |
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Address |
84, Makers Chambers III, Nariman Point, Mumbai-400021, |
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This Form is for |
Creation of charge |
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Type of Charges |
Immovable property |
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Particular of the charge holder |
ICICI Bank Limited, |
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Nature or description of the instrument creating charge |
Memorandum of entry declaration |
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Date of the instrument creating charge |
08.03.2007 |
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Amount Secure by the charge |
Rs.45.000 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
Rate of interest Cash Credit – IBAR + CC Premia- 3.25% p.a. Term Loan – IBAR + 6 month term premia – 2.55% p.a. Terms of repayment Term Loan – Principal amount of each tranche is to be repaid in four equal half yearly installments. Repayment will start after six months from the date of disbursement. Margin Cash credit Inventory : 25% against all components and inventory Book debts : cover period upto 90 days, Margin 25% Term Loan : 34.85% Extent and operation of the charge The bank shall have first charge over the property for the working capital facility of Rs.5 millions and Term Loan of Rs.40 millions to BLA Industries Private Limited. |
Website Details :
Their family business started over 70 years ago by owning
and operating a number of coal mines in Bihar and
In 1987, they were the first private sector Company to be granted an industrial licence by the Union Government to manufacture Metallurgical Coke, using imported coking coal.
Their plant today has the capacity to produce 140,000 tons of coke per annum.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.60 |
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1 |
Rs.80.65 |
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Euro |
1 |
Rs.54.55 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
-- |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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36 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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