MIRA
INFORM REPORT
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Report Date : |
28.05.2007 |
IDENTIFICATION DETAILS
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Name : |
BALAJI INFRA PROJECTS LIMITED |
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Formerly known as : |
BALAJI LEASING AND INDUSTRIES COMPANY LIMITED |
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Registered Office : |
6th Floor, New |
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Country : |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
09.10.1985 |
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Com. Reg. No.: |
11-37703 |
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CIN No.: [Company
Identification No.] |
U65921MH1985PLC037703 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMB13558G |
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PAN No.: [Permanent
Account No.] |
AAACB2055M |
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Legal Form : |
Closely held Public Limited Liability Company |
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Line of Business : |
Subject is engaged in the business of Investments, Consultancy and
Infrastructure. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
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 420000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. 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 : |
6th Floor, New |
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Tel. No.: |
91-22-22074824/ 25 |
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Fax No.: |
91-22-22072124 |
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E-Mail : |
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Website : |
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Head Office : |
73, |
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Tel. No.: |
91-22-22664724/ 22074824 |
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Fax No.: |
91-22-22072124 |
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Administrative Office : |
106, Uttam House, |
DIRECTORS
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Name : |
Mr. Vijay Kalantri |
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Designation : |
Director |
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Address : |
Flat No.2, Wahedna Apartment, 75, |
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Date of Appointment : |
09.01.1985 |
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Name : |
Ms. Mohini Kalantri |
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Designation : |
Director |
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Address : |
Flat No.2, Wahedna Apartment, 75, |
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Date of Appointment : |
09.01.1985 |
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Name : |
Mr. Vishal Kalantri |
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Designation : |
Director |
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Address : |
Flat No.2, Wahedna Apartment, 75, |
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Date of Appointment : |
19.01.1998 |
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Name : |
Mr. Vikas Kalantri |
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Designation : |
Director |
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Address : |
Flat No.2, Wahedna Apartment, 75, |
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Date of Appointment : |
27.07.2000 |
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Name : |
Mr. S L Kalantri |
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Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Mr. Vijay Kalantri |
732140 |
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Ms. Mohini Kalantri |
1295440 |
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Mr. Vikas Kalantri |
110000 |
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Mr. Vinay Kalantri |
104000 |
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Mr. Vishal Kalantri |
81400 |
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Ms. Sangeeta Kalantri |
11600 |
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Mr. Kamal Morarka |
4000 |
All the shares are held by directors or their relatives.
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in the business of Investments, Consultancy and
Infrastructure. |
GENERAL INFORMATION
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Bankers : |
v
Canara Bank v
Citibank NA v
Global Trust Bank v
Oman International Bank, Mittal Court, Nariman
Point, Mumbai-400021 |
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Facilities : |
As on 31.03.2004 Unsecured Loans : Corporate Bodies : Rs.0.188 millions |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
B M Gattani & Company 301, B Shivadham, Satya nagar, Next to Sai Baba Nagar, Borivali
(West), Mumbai-400092, Sewlani & Associates Chartered Accountants 9/1102, Seawood Estate, NRI Complex, Tel. No.: 91-22-38203821 E-Mail : rajesh@sewlani.com Website : http://www.sewlani.com
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2718580 |
Equity Shares |
Rs.10/- each |
Rs.27.186
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 |
27.186 |
27.186 |
27.186 |
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2] Share Application Money |
65.338 |
57.790 |
0.000 |
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3] Reserves & Surplus |
14.080 |
10.291 |
10.211 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
106.604 |
95.267 |
37.397 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.622 |
0.188 |
10.000 |
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TOTAL BORROWING |
0.622 |
0.188 |
10.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
107.226 |
95.455 |
47.397 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
88.438 |
39.934 |
32.765 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
14.823 |
12.056 |
15.137 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
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0.000 |
0.000 |
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Sundry Debtors |
0.531
|
0.217 |
0.000 |
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Cash & Bank Balances |
0.182
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(0.011) |
1.688 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
16.708
|
52.190 |
30.951 |
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Total
Current Assets |
17.421
|
52.396 |
32.639 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
9.083
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8.931 |
33.144 |
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Provisions |
4.373
|
0.000 |
0.000 |
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Total
Current Liabilities |
13.456
|
8.931 |
33.144 |
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Net Current Assets |
3.965
|
43.465 |
(0.505) |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
107.226 |
95.455 |
47.397 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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Sales Turnover |
12.337 |
4.797 |
2.369 |
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Other Income |
0.204 |
0.143 |
0.030 |
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Total Income |
12.541 |
4.940 |
2.399 |
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Profit/(Loss) Before Tax |
5.974 |
0.165 |
0.114 |
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Provision for Taxation |
0..000 |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
5.974 |
0.165 |
0.114 |
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Expenditures : |
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Administrative Expenses |
NA |
4.329 |
1.597 |
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Salaries, Wages, Bonus, etc. |
0.456 |
NA |
NA |
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Managerial Remuneration |
0.362 |
NA |
NA |
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Payment to Auditors |
0.022 |
NA |
NA |
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Insurance Expenses |
0.422 |
NA |
NA |
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Depreciation & Amortization |
1.745 |
0.446 |
0.399 |
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Other Expenditure |
3.559 |
0.000 |
0.288 |
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Total Expenditure |
6.566 |
4.774 |
2.285 |
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KEY RATIOS
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
31.03.2003 |
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PAT / Total Income |
(%) |
47.63
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3.34 |
4.75 |
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Net Profit Margin (PBT/Sales) |
(%) |
47.63
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3.34 |
4.75 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.64
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0.18 |
0.17 |
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Return on Investment (ROI) (PBT/Networth) |
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0.01
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0.00 |
0.00 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.13
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0.09 |
1.15 |
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Current Ratio (Current Asset/Current Liability) |
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1.29
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5.87 |
0.98 |
LOCAL AGENCY FURTHER INFORMATION
Form 8 Particular for creation or modification of charges
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Name of the company |
BALAJI INFRA
PROJECTS LIMITED |
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Presented By |
Mr. Vijay G Kalantri |
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1) Date and description of instrument creating the change |
19.01.1991 Deed of hypothecation of book debts |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.750 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 |
Book debts of the company |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @ 18% p.a. Repayment on demand |
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5) Name and Address and description of the person entitled to the charge. |
Oman International Bank Mittal Court Nariman Point Mumbai-400021 |
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6) Date and brief description of instrument modifying the charge |
N.A. |
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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. |
N.A. |
Fixed assets of the company include Office Premises, Furniture and
Fixture, motor Vehicle, Electric Equipments, Office Equipments, Computers and
Capital WIP.
Website Details :
Subject (formely known as Balaji Leasing & Industries Co. Limited)
is headed by Mr. Vijay Kalantri the
Chairman and Managing Director (CMD). BIPL was incorporated in 1985, with a
clear vision of becoming one of the largest
It is the holding company of The Balaji Group with a total group capitalisation
of Rs.160 crores (35.5 millions). The Group has made its mark in wide array of
activities encompassing Textiles, IT, Telecom, Project Advisory, Financial
Services, Infrastructure project development its management, administration,
operations, financing and marketing.
BIPL Group has made strategic forays
in diverse sectors through its subsidiaries as mentioned below:
Dighi Port Limited
Port Development and Operations
Anyuser Telecom (
VoIP and allied Telecom Services
Balaji Ind-Exim Limited
Trading of Commodities
Balaji Infrastructure &
Devpt. Co. Limited
Infrastructure Advisory and
Project Finance Services.
Mr. Vijay Kalantri himself has
served various trade/industry bodies, represented on various councils and Port
Trusts, besides being a Director on the Board of more than 10 reputed companies
presently.
Today subject has made its presence felt at Mumbai,
Subject enjoys excellent rapport and cordial business relations with leading
Indian business houses which includes Reliance, Mafatlals, Birla Group, Essar,
S. Kumar's as well as reputed Public Sector Undertakings.
Further subject has also maintained cordial relations with the Government at
State and Central level through its fair business practices.
Subject is now gearing up to tap the tremendous potential of the growing Indian
markets by identifying new Greenfield opportunities and converting them into
win-win business models inclusive of Public Private Partnerships (PPP)
especially in the infrastructure sector.
To Harness these opportunities, Subject is soliciting strategic alliances with
relevant entities from the global village, which will add value to the projects
by transfer of technical know-how or inflow of capital investments.
Team
Mr. VIJAY G. KALANTRI Chairman & Managing Director, is a well known
leading industrialist with textile diploma and vast experience in the field of
management, power projects and ports. With his vision and planning the group
has grown and touched the new heights of success. Some of his past achievements
have been the president of All India Manufacturer’s Organisation (AIMO) &
Assocation of Machinery Merchants Textile Stores of India (AMMTSM).
He is also the president of All India Association of Industries (AIAI)
and vice president of World Trade Centre, Mumbai. To his credit he is a
director of various leading industries such as VIP Industries Limited, Man
Industries Limited, Indian Acrylics, Hindustan Housing Finance &
Development Corp. and Vindhyachal Hydro Power Projects Limited He has been
honoured with various awards such as the “Rajasthan Shree” for Outstanding
Services for Industry, Award for Assisting in
Mr. VISHAL KALANTRI is Masters in Business Administration from
Mr. VIKAAS KALANTRI,
has handled Finance and
Administration in TCRC. At present involved in assisting Project
Development work and operations being carried out at
Mr. M.P.VORA has got rich banking experience, having
worked with a Nationalized Bank in responsible executive positions both on
Operational & Administrative sides and at various locations throughout
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.64 |
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|
1 |
Rs.80.44 |
|
Euro |
1 |
Rs.54.65 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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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 |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
48 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
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 |
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