MIRA
INFORM REPORT
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Report Date : |
31.10.2007 |
IDENTIFICATION
DETAILS
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Name : |
BALAJI AMINES LIMITED |
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Registered Office : |
Balaji Bhavan, 165 – A, Railway Lines, Solapur – 413001, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
27.10.1988 |
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Com. Reg. No.: |
049387 |
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CIN No.: [Company
Identification No.] |
L24132MH1988PLC049387 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEB02668B |
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Legal Form : |
A Public limited liability company. The company’s shares
are listed on the stock exchange |
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Line of Business : |
Manufacturing of Speciality Chemicals, Aliphatic Amines
and Derivatives |
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 1777884 |
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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 fine track. Directors are reported as experienced, respectable and resourceful businessmen. Their trade relations are fair. Financial position is good. Payments are 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 : |
“Balaji Bhavan”, 165-A, Railway Lines, Solapur – 413 001, Maharashtra, India |
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Tel. No.: |
91-217-220313 / 2620825 / 2721182 / 2620822 / 23 / 24 / 27/30 |
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Fax No.: |
91-217-220321 / 2620821/2310821 |
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E-Mail : |
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Website : |
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Grams |
AMINES |
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Administrative
Office : |
3rd Floor, KPR House, Sardar Patel Road, Secunderabad – 500 003, Andhara Pradesh |
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Tel. No.: |
Tel. 91-40-27847122/27898206/27814490 |
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E-Mail : |
E-mail. amines@hd2.vsnl.net.in |
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Grams : |
BASIC AMINE |
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Factory 1 : |
Tamalwadi Village, Tuljapur (TQ), Osmanabad District, Maharashtra – 413 623 |
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Tel. No.: |
Tel. 91-2471-265013/265014/265015 |
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Fax No.: |
E-mail. osd_aminefac@sancharnet.in |
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Factory 2 : |
Plot No. 4 and 5, Beside Apseb Sub Station 2, IDA, Bollaram – 502325, Medak District, Andhra Pradesh |
DIRECTORS
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Name : |
M R Krishnaiah |
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Designation : |
Chairman |
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Name : |
A Prathap Reddy |
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Designation : |
Managing Director |
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Name : |
T Naveena Chandra |
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Designation : |
Director |
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Name : |
S Vishnu Rao |
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Designation : |
Director |
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Name : |
N Rajeshwar Reddy |
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Designation : |
Executive Director |
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Name : |
D Ram Reddy |
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Designation : |
Director (Commercial) |
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Name : |
G Hemanth Reddy |
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Designation : |
Whole-time Director |
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Name : |
Mr. S.V. Pattabhiraman |
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Designation : |
Director |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Speciality Chemicals, Aliphatic Amines and Derivatives. |
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Products : |
· Reserpine · Capsaicin · Camptothecin & Derivatives · Aloe Gel Freeze Dried · Aloe Gel Spray Dried · Centella Asiatica Extract · Vitamin E Natural · 10 DAB & Taxanes · Ajmalicine · Ajmaline · Deserpedine · Rauwolfia Alkaloids · Vinca Alkaloids · Vinblastine Sulphate · Vindoline · Catheranthine · Vincristine · Solanesol · Comptothecin & Derivatives · Aloe Gel Freeze & Spray Dried |
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Imports : |
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Countries : |
UK, USA, Latin America, Canada, Israel, Pakistan, Bangladesh, Oman, Germany, Italy, Egypt, South Africa, Korea, Taiwan, Spain, France, The Netherlands, Belgium, Norway, Poland, Ukraine, Mexico and Brazil |
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GENERAL
INFORMATION
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No. of Employees : |
200 |
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Bankers : |
² State Bank of Hyderabad ² State Bank of India ² State Bank of Mysore ² Ing Vysya Bank |
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Facilities : |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
V. Sridhar & Company Chartered Accountants |
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Address : |
Hyderabad, Andhra Pradesh |
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Associates/Subsidiaries : |
² APR Holdings & Investments (Private) Limited ² Bhagyanagar Finance & Leasing Limited ² Bhagyanagar
Pipe Industries Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9000000 |
Equity Shares |
Rs.10/- each |
Rs.90.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6480200 |
Equity Shares |
Rs.10/- each |
Rs.64.802
millions |
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(including 240000 equity shares of Rs.10/-
each fully paid up being allotted on conversion of warrents and 3240100
shares on account of 1:1 bonus issue |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
64.802 |
30.001 |
29.867 |
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2] Share Application Money |
0.000 |
3.048 |
0.000 |
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3] Reserves & Surplus |
379.669 |
291.736 |
123.915 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
444.471 |
324.785 |
153.782 |
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LOAN FUNDS |
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1] Secured Loans |
664.176 |
535.410 |
213.713 |
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2] Unsecured Loans |
0.000 |
0.000 |
32.938 |
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TOTAL BORROWING |
664.176 |
535.410 |
246.651 |
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DEFERRED TAX LIABILITIES |
117.789 |
96.215 |
56.439 |
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TOTAL |
1226.436 |
956.410 |
456.872 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
593.593 |
548.920 |
313.134 |
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Capital work-in-progress |
0.000 |
3.886 |
0.000 |
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INVESTMENT |
10.242 |
7.242 |
0.815 |
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DEFERREX TAX ASSETS |
0.000 |
0.094 |
0.378 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
321.293
|
225.495 |
49.819 |
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Sundry Debtors |
402.297
|
289.899 |
97.542 |
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Cash & Bank Balances |
43.937
|
20.711 |
9.554 |
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Other Current Assets |
3.491
|
3.458 |
0.000 |
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Loans & Advances |
109.793
|
58.883 |
32.981 |
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Total
Current Assets |
880.811
|
598.446 |
189.896 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
210.491
|
161.933 |
36.954 |
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Provisions |
47.719
|
40.245 |
13.454 |
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Total
Current Liabilities |
258.210
|
202.178 |
50.408 |
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Net Current Assets |
622.602
|
396.268 |
142.545 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.0000 |
0.000 |
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TOTAL |
1226.436 |
956.410 |
456.872 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
755.051 |
1286.139 |
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Other Income |
5.489 |
7.271 |
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Total Income |
1760.540 |
1293.410 |
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Profit/(Loss) Before Tax |
161.380 |
120.793 |
63.115 |
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Provision for Taxation |
58.239 |
30.097 |
21.947 |
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Profit/(Loss) After Tax |
103.141 |
90.696 |
41.168 |
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Expenditures : |
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Administrative Expenses |
391.639 |
298.097 |
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Raw Material Consumed |
1139.0761 |
773.040 |
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Interest and finance charges |
61.798 |
44.185 |
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Depreciation & Amortization |
37.311 |
31.983 |
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Total Expenditure |
1629.8241 |
1147.305 |
389.318 |
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QUARTERLY RESULTS
|
PARTICULARS |
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30.06.2007 1st
Quarterly |
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Sales Turnover |
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|
491.800 |
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Other Income |
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|
02.400 |
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Total Income |
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|
494.200 |
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Total Expenditure |
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433.100 |
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Operating Profit |
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|
61.100 |
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Interest |
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|
17.600 |
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Gross Profit |
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|
43.500 |
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Depreciation |
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|
10.200 |
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Tax |
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|
2.500 |
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Reported PAT |
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|
30.800 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Debt Equity Ratio |
|
1.57
|
1.67 |
1.65 |
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Long Term Debt Equity Ratio |
|
0.51
|
0.73 |
0.87 |
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Current Ratio |
|
0.99
|
0.96 |
0.97 |
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TURNOVER RATIOS |
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Fixed Assets |
|
2.58
|
2.19 |
1.75 |
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Inventory |
|
7.22
|
7.63 |
7.84 |
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Debtors |
|
5.70
|
5.69 |
5.07 |
|
Interest Cover Ratio |
|
3.56
|
3.77 |
3.64 |
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Operating Profit Margin (%) |
|
1305
|
13.63 |
12.90 |
|
Profit Before Interest and Tax Margin (%) |
|
11.16
|
11.43 |
10.12 |
|
Cash Profit Margin (%) |
|
7.12
|
8.41 |
7.46 |
|
Adjusted Net Profit Margin (%) |
|
5.23
|
6.22 |
4.68 |
|
Return on Capital Employed (%) |
|
22.39
|
21.96 |
16.46 |
|
Return on Net Worth (%) |
|
26.91
|
31.84 |
20.18 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed
Assets:
³
Land
³
Building
³
Wind Electric Generator
³
Plant and Machinery
³
Furniture and Fixtures
³
Office Equipments
³
Vehicles
³
Weigh Bridge
³
Computers
Promoted by the KPR group, Subject was incorporated in 1988.
It is presently managed by M R Krishnaih, Chairman of the company. On May '95,
it came out with a public issue of 0.963 millions equity shares (premium : Rs
30), aggregating Rs 38.5000 millions to part-finance expansion plans for
ethylamines and forward integration for the manufacture of derivatives of
methyl and ethyl amines, totalling to Rs 100.000 millions The company is a
leading manufacturer of ethyl and methyl amines which have various applications
in chemical industries.
Apart from this, it has now diversified into producing derivatives of
methyl and ethyl amines, namely, dimethyl amine hydrochloride, choline
chloride, dimethyl acetamide, etc. At present, BAL suppliers to various blue
chip companies like IDI, Hoechst, Rallis, Ion Exchange, Cheminor Drugs, TTK
Pharma, etc.
In 1997-98, the company has successfully commenced the commercial operation of
its main plant (Ethyl Amines) from June, 1997.
Expansion programme has been taken up for value-added products like Choline
Chloride,DMAE-HCI and other intermediates at a cost of Rs.50.000 millions .The
project has been appraised by State Bank of Hyderabad and Bank of India for a
term loan of Rs.29.0000 millions and Rs.10.0000 millions respectively. The
balance would be met out by the internal accruals of the company. The project
would be implemented on phases and the first phase is likely to be commissioned
during the current year 2001-2002.
Subject was promoted by the KPR Group. It is presently managed by Mr. M. R. Krishnaih, Chairman of the Company. On May, 1995 it came out with a public issue of 0.963 million shares (premium :- Rs. 30/-), aggregating Rs. 38.500 millions to part finance expansion plans for ethylamines and forward integration for the manufacture of derivatives of methyl and ethyl amines, totalling to Rs. 100 millions. The company is a leading manufacturing of ethyl an methyl amines which have various applications in chemical industries.
Apart from this, it has now diversified into producing derivatives of methyl and ethyl amines, namely dimethyl amine hydrochloride, choline chloride, dimethyl acetamide, etc. At present, the company suppliers to various blue chip companies like IDI, Hoechst, Rallis, Ion Exchange, Cheminor Drugs, TTK Pharma, etc.
In 1997-98, the company has successfully commenced the commercial operation of its’ main plant (Ethyl Amines) from June, 1997.
Expansion programme has been taken up for value added products like Choline Chloride, DMAE-HCI and other intermediates at a cost of Rs. 50 millions. The project had been appraised by State Bank of Hyderabad and Bank of India for a term loan of Rs. 29 millions and Rs. 10 millions respectively. The balance would be met out by the internal accruals of the company. The project would be implemented on phases and the first phase is likely to be commissioned during the current year 2001-02.
The company is in trade terms with :-
· Pearson Drums & Barrels (Private) Limited
· Sanjay Chemicals (Private) Limited
· Time Packing (Private) Limited
· Lakshmi Hydraulics (Private) Limited
· Balaji Cement Products (Private) Limited
· Grand Polycoats
Director Reports:
PERFORMANCE
The company has performed exceptionally well during the year 2006-07 and
has recorded gross turnover of Rs. 1972.900 millions as against Rs. 1458.900
millions an increase by 35.23% over previous year. The Profit of after Tax
posted for the current year Rs. 103.142 millions as against Rs. 90.697
millions, an increase of 13.72%.
RESEARCH &
DEVELOPMENT & EXPANSION / DIVERSIFICATION
The Company has successfully completed the following projects during the
financial year.
01. Modification of R&D Plant for manufacture of Morphline and
increasing the capacity
02. Modification of NMP Plant for better quality product and higher
productivity.
03. Setting up of plant for manufacture of Co-Enzyme Q 10.
The Management will continue to make efforts in identifying new products,
processes for expansion and diversification as R & D initiatives to chalk
out a growth oriented future for its stakeholders.
MANAGEMENT DISCUSSION
& ANALYSIS
Industry structure, Development and outlook
Subject is one of the leading manufacturers of specialty chemicals i.e.,
Aliphatic Amines and its derivatives. Balaji Amines Limited has its plant at
Tamalwadi Village, Tuljapur Taluka, Osmanabad District, Maharashtra.
It has an R & D centre at this location. Its Unit-II is located at
Hyderabad, which is focusing on natural products and has Department of Science
and Technology, Govt. of India approved R & D centre with highly qualified
team of professionals.
The end uses of BAL products are in growth oriented industries across
the globe like Pharmaceuticals, Agro Chemicals, water treatment chemicals,
Rubber Chemicals, Refineries and Photography Chemicals etc. For some products,
BAL is the only manufacturer in India and for others it has competition from both
local producers and imports.
FINANCIAL REVIEW
BAL'S gross turnover increased to Rs.19.729 millions from Rs 14.8.900
millions from the previous year, registering a growth of 35.23%. The Profit
After Tax has also gone up by 13.72% from Rs.906.97 lacs of 2005-06 to
Rs.103.142 millions for 2006-07.
INDUSTRIAL
RELATIONSHIP
Industrial relationship during the year under review between the
employees at various levels and the management continued to be peaceful Company
has introduced a suggestion scheme for continual improvement of productivity,
process flow etc. for effective working of the company and to encourage
employees' participation. The suggestions from them selected by the management
have been implemented and helped in optimising the utilisation of resources and
improving the over all performance.
Environment: The Company values importance of environment protection and
adherence to pollution control norms. In this direction, company has committed
to make a difference in people's life by protecting, preserving the
environment,
1. Air Emissions: Emissions from various sources are monitored regularly
and complied to statutory limits. Measures are taken for reduction of emissions
on regular basis.
2. Liquid Waste Treatment: The Company has integrated Effluent Treatment
Plant and outlet standards are maintained within the prescribed limits.
Continuous efforts are made to minimize the quantity of effluents generated.
The company has set up evaporation facilities for the liquid effluents with
recovery system. The recovered water is recycled to the process.
The company has made substantial investment in pollution control
equipment to Reduce the effluents and to increase the capacity of effluent
plant. The company is also a member of CETP located at
Chincholi MIDC, Solapur.
3. Solid Waste Management: The solid waste is sent to common effluent
facility at New Mumbai. The manufacturing site is member of the Mumbai Waste
Management Limited (Common Hazardous
Waste Treatment Storage & Disposal Facility)
News:
Revenues up 15.7% over the sequential quarter
Hyderabad, July 20, 2007: The Board of Directors of Balaji Amines Limited
(BAL) considered the un-audited financial results for the quarter ended 30 June
2007 at their meeting held today.
Commenting on financial results for the quarter, Mr. A. Prathap Reddy, Managing
Director said, “Research for newer products has now become a regular feature
and the Company is continuously engaged in identifying newer products which are
extension of amines & New hi tech products and add value to our customers.
The launch of Morpholine is first of its kind in India and we currently enjoy
being the only player.
We posted net revenues of Rs. 492 million for the quarter, growth of 15.7% sequentially
even after one of our major plants being shutdown for revamping. The operating
margins improved marginally, but there is scope of improvement in the margins
and the management is constantly looking at the same.
With the Methyl amines plant now functioning with increased capacity and
increased traction amongst the methyl amine derivatives and specialty
chemicals, we will meet the current demand as well as improve the captive
consumption of various amines. Our products, both the traditional and newer
continue to delight our customers.”
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.39.40 |
|
UK Pound |
1 |
Rs.81.12 |
|
Euro |
1 |
Rs.56.69 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
52 |
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. |
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 |
|