MIRA
INFORM REPORT
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Report Date : |
09.10.2007 |
IDENTIFICATION DETAILS
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Name : |
ANTAI BALAJI LIMITED |
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Registered Office : |
12 HO Chi Minh Saraniflat 2B, Kolkata – 700 071, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
12.05.1999 |
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Com. Reg. No.: |
089389 |
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CIN No.: [Company
Identification No.] |
L23101WB1999PLC089389 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALA04272C RKTA01399G |
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PAN No.: [Permanent
Account No.] |
AADCA4284C |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturers and Exporters of Coke, Cooking Coal Coke, Cooking Coal, etc. |
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. |
Small |
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Maximum Credit Limit : |
USD 170000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established Company having moderate track.
Company’s business shows downward trend. Profitability is under severe
pressure. It has huge accumulated losses. Payments are reported as slow and
delayed. The Company can be considered for small to mediocre business dealings
with slight caution initially. |
LOCATIONS
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Registered Office : |
12 HO Chi Minh Saraniflat 2B, Kolkata – 700 071, West |
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E-Mail: |
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Factory : |
No. 81, Sector 1, Gandhidham – 370 201, |
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Tel. No.: |
91-2836-226233-39 |
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Fax No.: |
91-2836-229119 |
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Other Manufacturing Units: |
Located at: v
Dhanbad – Jharkhand v
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Offices: |
Located at: v
Dhanbad v
v
Mumbai v
Kolkata v
Gandhidham, Kandla v
v
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DIRECTORS
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Name : |
Mr. Naresh Sharma |
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Designation : |
Director |
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Name : |
Mr. Ramesh Sharma |
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Designation : |
Director |
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Name : |
Mr. Deepak Sharma |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Prashant Saraswat |
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Designation : |
Manager – Imports |
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Mobile No.: |
91-9831129222 |
SHAREHOLDING PATTERN
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Category of Shareholders |
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Percentage of
Holding |
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Bodies Corporate (not mentioned above) |
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57.76 |
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Other top fifty (50) shareholders (other than listed above) |
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42.24 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Coke, Cooking Coal Coke, Cooking Coal,
etc. |
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Products : |
v Low Ash Metallurgical Coke (Met Coke) v Coking Coal |
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Exports: |
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Products: |
Metallurgical Coke |
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Countries: |
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GENERAL INFORMATION
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Customers : |
1. Steel Authority of |
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Bankers : |
Not Available |
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Facilities : |
- |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
M B Sorathia and Company Chartered Accountants |
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Address : |
21, Ajanta Commercial Centre, Near Hotel President, Gandhidham
(Kutch), Gandhidham – 370 291, |
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Associates/Subsidiaries : |
v Balaji Coke Industries Private Limited v Antai Balaji Limited v Tirupati Fuels Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000000 |
Equity Shares |
Rs. 10.00 each |
Rs. 100.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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7355200 |
Equity Shares |
Rs. 10.00 each |
Rs. 73.552 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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73.552 |
73.552 |
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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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115.137 |
0.000 |
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4] (Accumulated Losses) |
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(144.287) |
(100.921) |
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NETWORTH |
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44.402 |
(27.369) |
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LOAN FUNDS |
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1] Secured Loans |
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80.733 |
412.282 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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80.733 |
412.282 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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125.135 |
384.913 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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134.882 |
133.275 |
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Capital work-in-progress |
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21.306 |
9.268 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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531.905 |
447.455 |
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Sundry Debtors |
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139.732 |
138.059 |
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Cash & Bank Balances |
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7.921 |
7.809 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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73.779 |
71.378 |
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Total
Current Assets |
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753.337 |
664.701 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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776.213 |
412.012 |
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Provisions |
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8.431 |
10.658 |
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Total
Current Liabilities |
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784.644 |
422.670 |
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Net Current Assets |
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(31.306) |
242.032 |
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MISCELLANEOUS EXPENSES |
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0.253 |
0.338 |
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TOTAL |
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125.135 |
384.913 |
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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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Sales Turnover |
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402.110 |
1554.554 |
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Other Income |
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107.033 |
1.268 |
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Total Income |
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509.143 |
1555.822 |
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Profit/(Loss) Before Tax |
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(43.367) |
178.718 |
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Provision for Taxation |
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0.000 |
8.153 |
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Profit/(Loss) After Tax |
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(43.367) |
170.565 |
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Expenditures : |
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Raw Material Consumed |
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603.415 |
1119.262 |
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Consumption of stores and spare parts |
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12.506 |
12.358 |
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Increase or decrease in finished goods, work-in-progress |
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(150.517) |
(14.554) |
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Salaries, wages and bonus |
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4.381 |
18.857 |
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Managerial Remuneration |
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0.238 |
0.238 |
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Payment of Auditors |
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0.020 |
0.020 |
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Interest |
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2.733 |
40.363 |
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Insurance Expenses |
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0.838 |
1.166 |
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Power and Fuel |
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11.195 |
14.849 |
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Depreciation and amortization |
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19.545 |
19.963 |
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Other Expenditure |
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48.155 |
164.583 |
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Total Expenditure |
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552.510 |
1377.105 |
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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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(8.52) |
10.96 |
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Net Profit Margin (PBT/Sales) |
(%) |
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(10.78) |
11.50 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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(4.88) |
22.40 |
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Return on Investment (ROI) (PBT/Networth) |
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(0.98) |
(6.53) |
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Debt Equity Ratio (Total Liability/Networth) |
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19.49 |
(30.51) |
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Current Ratio (Current Asset/Current Liability) |
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0.96 |
1.57 |
LOCAL AGENCY FURTHER INFORMATION
Website details attached:
Late Shri M. L. Sharma, the father of
current promoters/directors of Balaji group was a founder Chairperson of a renowned
Coal Mining Company namely Khas Karanpura Colliery Limited. way back in 1960.
The Sharmas have engaged themselves in coal business for over 6 decades. After
nationalization of Coal Mining in 1973, the Group commenced the coke
manufacturing activity in the name of M/s Friends Coal Carbonisation and was
the 1st in
A Joint Venture company with a reputed Chinese firm "Shanxi Antai
Group" was formed in the year 1999 with a view to set up the state-of-art
non recovery coke oven plant in India, utilizing Chinese technology for the
first time in his country even though China is the largest metallurgical coke
manufacturer in the world. The plant is situated near Kandla port and is
producing 1, 80,000 MT of coke per annum and catering to the requirements of Blast Furnaces
throughout the country. Apart from manufacturing coke in order to augment its
existing capacity the company has tied up with other coke manufacturers to
produce coke as per the stringent specifications on a conversion basis thereby
increasing its coke manufacturing capacity from 15,000 MT to 30,000 MT per
month. Geographically and logistically the company is ideally located to take
advantage of freight and port facilities Kandla, Mundra & Bedi) and also
enjoy proximity with its major customers.
ABL with its young and technically sound team is also into the
development work for the plant to give it an eco-friendly and pollution free
environment. It has undertaken several positive steps towards mechanization of
the plant and incorporates systems at par with the latest state-of- art plants
in the changing industrial global scenario. It is also giving special emphasis
to HR related activities, to ensure that it is able to retain its talented and
professional manpower.
Products
Low Ash Metallurgical Coke (Met Coke)
Hard Coke is actually end product, commonly known as Low Ash Metallurgical
Coke. It finds useful applications in steel plants, foundries, blast furnaces,
soda Ash manufacturing, Hindustan Zinc Limited., Graphite industry and other
chemicals. The raw material for making hard coke is Low Ash Coking Coal sourced
mainly from Australian, Chinese and
Coking Coal
Balaji coke Industry Private. Limited, the flagship company of Balaji group has
long term agreements with multinational coal companies in
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. 39.55 |
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1 |
Rs. 80.44 |
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Euro |
1 |
Rs. 55.49 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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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 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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 |
NO |
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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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26 |
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. |
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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