MIRA
INFORM REPORT
|
Report Date : |
04.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
BHARAT ALUMINIUM
COMPANY LIMITED |
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Registered Office : |
‘Aluminium
Sadan’, Core 6, SCOPE Office Complex,
3rd Floor, 7 Lodi Road, New Delhi – 110 003 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
27.11.1965 |
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Com. Reg. No.: |
55-4518 |
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CIN No.: [Company
Identification No.] |
U74899DL1965PTC004518 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELB01293F |
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Legal Form : |
A closely held
Public Limited Liability Company. |
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Line of Business : |
Manufacturer,
Marketer of Primary and Semi-Fabricated Aluminium products |
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 75000 |
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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 was a
well-established and reputed company of Government of India, now under the
management of Sterling Group in private sector. Available information indicates high financial responsibility
of the company. Financial position of
the company is satisfactory. Payments
are usually correct and as per commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered Office : |
‘Aluminium
Sadan’, Core 6, SCOPE Office Complex,
3rd Floor, 7 Lodi Road, New Delhi – 110 003 INDIA |
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Tel. No.: |
91-11-24360091 /
24360791 / 24361137 |
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Fax No.: |
91-11-24360035 / 24360018
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E-Mail : |
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Website : |
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Factory 1 : |
P. O. Box
Bidhanbag, Near Asansol, Burdwan District, West Bengal |
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Tel. No.: |
91-341-2204536 /
2444563 |
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Fax No.: |
91-341-2204537 |
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Factory 2 : |
Alumina /
Aluminium Complex P. O. Box Korba,
Balco Township, District Korba – 495 684, Chhattisgarh |
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Tel. No.: |
91-7759-242001/242020/242213 |
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Fax No.: |
91-7759-242089/242051/242169
/ 242270 |
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Guest House : |
Kolkata, West
Bengal |
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Tel. No.: |
91-33-22826750 /
22821322 |
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Export : |
Vedanta, 75 Nehru Road, Vile Parle (East), Mumbai 400099, Maharashtra, India |
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Tel.
No.: |
91-22-56461000 |
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E-Mail
: |
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Northern
Regional Office : |
Scope Office Complex, Core –
6, II nd Floor, 7, Lodi Road, New Delhi - 110003 |
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Tel. No.: |
91-11-24360418 |
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Fax No.: |
91-11-24320177 |
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E-Mail : |
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Eastern
Regional Office : |
Chatterjee International Centre, 20th Floor, 33 A -
Jawaharlal Nehru Road, Kolkata – 700071 |
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Tel. No.: |
91-33-22454709 |
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Fax No.: |
91-33-22454708 |
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E-Mail : |
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Southern
Regional Office : |
Flat No. 304, 3rd Floor,
Suryakiran Complex, S.D. Road, Secunderabad – 500 003 |
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Tel. No.: |
91-40- 55331859 |
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Fax No.: |
91-40- 27810892 |
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E-Mail : |
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Western
Regional Office : |
7, Kirol Road, Vidyavihar
(West), Mumbai – 400 086, Maharashtra, India |
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Tel. No.: |
91-22 – 25021437 / 25028083 /
25028084 |
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Fax No.: |
91-22 – 55983722 |
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E-Mail : |
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Territory Office
: |
q Pencom Business Centre, 201 B,
2nd Floor, Ameerpet Street, Hyderabad – 500 073, Andhra Pradesh Tel. No. 91-80-2293220 q Dhan Business Centre, 156,
Neelgiri Ramdespeth, Nagpur – 440 010, Maharashtra Tel. 91-712-2526761 / 2548717 Fax.
91-712-2553816 |
DIRECTORS
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Name : |
Mr. Anil Agarwal |
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Designation : |
Chairman |
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Address : |
113/114 Samudra
Mahal, Worli, Mumbai – 400018, Maharashtra, India |
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Date of Birth/Age : |
07.09.1952 |
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Date of Appointment : |
02.03.2001 |
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Name : |
Mr. L T Palani
Kumar |
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Designation : |
Managing Director
h |
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Address : |
901 Lamer
Kadeshwari Road, Bandra [West], Mumbai – 400050, Maharashtra, India |
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Date of Birth/Age : |
24.10.1949 |
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Date of Appointment : |
26.07.2003 |
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Name : |
Mr. Chandra
Prakash Baid |
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Designation : |
Director |
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Address : |
DB – 2, Sector –
2, balconagar, Kobra – 495684, Chattisgarh, India |
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Date of Birth/Age : |
15.06.1953 |
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Date of Appointment : |
25.04.2007 |
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Name : |
Mr. P. K. Bhargava |
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Designation : |
Director |
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Name : |
Mr. Navin Agarwal |
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Designation : |
Vice Chairman |
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Address : |
Soham 8/738-Behramji
Gamadia Road, Mumbai – 400026, Maharashtra, India |
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Date of Birth/Age : |
11.01.1961 |
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Date of Appointment : |
02.03.2001 |
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Name : |
Mr. Prashant Mehta |
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Designation : |
Director |
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Address : |
E – I / Sector –
13, R K Puram, New Delhi - 110049,
India |
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Date of Birth/Age : |
27.11.1951 |
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Date of Appointment : |
23.11.2004 |
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Date of Ceasing : |
27.03.2006 |
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Name : |
Mr. Tarun Jain |
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Designation : |
Director |
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Address : |
411 Akshay Giri
Kunj, Pali Ram Road, Opposite Andheri [West], Mumbai – 400058, Maharashtra,
India |
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Date of Birth/Age : |
06.03.1960 |
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Date of Appointment : |
02.03.2001 |
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Name : |
Mr. Chandra Parakash Baid |
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Designation : |
Director |
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Name : |
Ms. Ajita Bajpai Pande |
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Designation : |
Director |
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Address : |
D/1/100
Chanakyapuri, New Delhi – 110049 |
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Date of Birth/Age : |
06.08.1955 |
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Date of Appointment : |
27.03.2006 |
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Name : |
Mr. Sanjiv Kumar Mittal |
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Designation : |
Nominee Director |
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Name : |
Mr. Pramod Suri |
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Designation : |
Whole Time Director |
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Name : |
Mr. Prakash Baid |
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Designation : |
Whole Time Director |
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Address : |
DB – I, Balco
Nagar, Korba, Chhattisgarh |
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Date of Birth/Age : |
15.06.1953 |
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Date of Appointment : |
23.11.2004 |
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Name : |
Mr. Sujit Gulati |
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Designation : |
Director |
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Address : |
D – 3, Sector –
30, Noida – 201301, Uttar Pradesh, India |
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Date of Birth/Age : |
22.11.1959 |
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Date of Appointment : |
27.03.2006 |
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Name : |
Mr. Kamal Ravi Bhargava |
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Designation : |
Director |
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Address : |
C-2/14 Tilak Marg,
New Delhi - 110001 |
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Date of Birth/Age : |
15.11.1947 |
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Date of Appointment : |
19.08.2004 |
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Date of Ceasing : |
12.06.2005 |
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Name : |
Mr. Mukesh Nandan Pasad |
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Designation : |
Director |
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Address : |
R – 641, Asian Games
Village, New Delhi – 110049, India |
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Date of Birth/Age : |
27.06.1949 |
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Date of Appointment : |
12.08.2005 |
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Date of Ceasing : |
27.03.2006 |
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Name : |
Mr. Ravi Rajagopal |
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Designation : |
Director |
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Address : |
13/D, Sector – 2,
Balconagar, Korba – 495684, Chhattisgarh, India |
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Date of Birth/Age : |
19.12.1965 |
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Date of Appointment : |
12.12.2002 |
KEY EXECUTIVES
|
Name : |
Mr. Ravi Rajagopal |
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Designation : |
Company Secretary |
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Address : |
13/D, Sector 2, Ballonagar, Korba – 485684, Chattisgarh, India |
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Date of Birth/Age : |
19.12.1965 |
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Date of Appointment : |
12.12.2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
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Government |
|
49.00 |
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Bodies corporate |
|
51.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer,
Marketer of Primary and Semi-Fabricated Aluminium products |
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Products : |
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Exports : |
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Countries : |
Europe, Middle
East, South East Asia and UK. |
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Imports : |
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Countries : |
Europe, Israel
and USA. |
PRODUCTION STATUS
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
|
Aluminium Ingot,
Nillets, Slabs, Bus Bar, Alloy Ingots |
MT |
NA |
NA |
|
Wire Rods |
MT |
55750 |
55750 |
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Extruded Products |
MT |
8000 |
8000 |
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Rolled Products |
MT |
43600 |
43600 |
|
Foil Products |
MT |
600 |
600 |
|
Conductor |
MT |
1200 |
1200 |
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Power generated
at captive power plant |
MU |
270 |
270 |
GENERAL
INFORMATION
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No. of Employees : |
1975 |
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Bankers : |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Deloitte Haskins
and Sells Chartered
Accountants |
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Address : |
12, Dr. Annie Besant
Road, Worli, Mumbai – 400018, Maharashtra, India |
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Memberships : |
Confederation of
Indian Industry |
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Holding
Company : |
CIN No.: L65990TN1975PLC062634
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Collaborators : |
Almex, USA |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 5000.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
220624500 |
Equity Shares |
Rs. 10/- each |
Rs. 2206.245 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
2206.200 |
2206.200 |
2206.250 |
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2] Share Application Money |
0.000 |
5000.000 |
0.000 |
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|
3] Reserves & Surplus |
16617.800 |
7828.900 |
6143.990 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
18824.000 |
15035.100 |
8350.240 |
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LOAN FUNDS |
|
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|
1] Secured Loans |
14258.000 |
22796.100 |
19011.080 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
500.000 |
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|
TOTAL BORROWING |
14258.000 |
22796.100 |
19511.080 |
|
|
DEFERRED TAX LIABILITIES |
2897.800 |
1810.900 |
956.440 |
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TOTAL |
35979.800 |
39642.100 |
28817.760 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
32949.500 |
31302.700 |
9497.210 |
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Capital work-in-progress |
908.000 |
5900.600 |
20939.130 |
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INVESTMENT |
1376.000 |
0.000 |
0.000 |
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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 |
5160.800
|
5415.100 |
1128.550
|
|
|
Sundry Debtors |
1486.200
|
844.700 |
450.550
|
|
|
Cash & Bank Balances |
844.500
|
175.500 |
849.380
|
|
|
Other Current Assets |
2.200
|
0.100 |
9.730
|
|
|
Loans & Advances |
3796.200
|
2065.900 |
1166.980
|
|
Total
Current Assets |
11289.900
|
8501.300 |
3605.190 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
10246.700
|
6041.100 |
5290.530
|
|
|
Provisions |
296.900
|
122.400 |
135.20
|
|
Total
Current Liabilities |
10543.600
|
6163.500 |
5425.730 |
|
|
Net Current Assets |
746.300
|
2337.800 |
(1820.540) |
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MISCELLANEOUS EXPENSES |
0.000 |
101.000 |
201.960 |
|
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TOTAL |
35979.800 |
39642.100 |
28817.760 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Sales Turnover |
46105.400 |
20505.100 |
10738.810 |
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|
|
|
|
|
Profit/(Loss) Before Tax |
10374.200 |
2523.700 |
1901.310 |
|
Provision for Taxation |
1312.200 |
838.700 |
626.850 |
|
Profit/(Loss) After Tax |
9062.000 |
1685.000 |
1274.460 |
|
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|
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|
Export Value |
NA |
NA |
240.270 |
|
|
|
|
|
|
Import Value |
NA |
NA |
11328.300 |
|
|
|
|
|
|
Total Expenditure |
35731.200 |
17981.400 |
8736.520 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
19.65
|
8.22 |
11.87 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
55.11
|
16.79 |
22.77 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
23.45
|
6.34 |
14.51 |
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.55
|
0.17 |
0.23 |
|
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|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
1.32
|
1.93 |
2.99 |
|
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|
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|
Current Ratio (Current Asset/Current Liability) |
|
1.07
|
1.38 |
0.66 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY :
The company has
been closely associated with the growth of the Indian Aluminium Industry and has
played a significant role in making Aluminium a leading metal with various uses
ranging from household, industrial to strategic defence and aerospace
applications.
Subject has two
working units - an integrated aluminium
complex at Korba in Chhattisgarh and the second in West Bengal at Bidhanbag
equipped to produce only on downstream
facilities. Subject is
vertically integrated from sourcing of bauxite from its captive mines, refining
and smelting to produce aluminium and a variety of semi finished products.
The company has
contributed significantly as a primary aluminium producer, providing sustenance
to vital industries and has proved its mettle by developing and supplying
special aluminium alloys to the nations’s intermediate range ballistic missile
Agni and surface missile Prithvi.
The company has
always laid a special emphasis on continuous development of its human
resources. The pioneering community development work done in tribal belt of
Chhattisgarh State has imparted company a name to reckon with in Corporate
Governance.
The company's
Government Stake of 51% was disinvested and the entire equity was purchased by
Sterlite Industries (India) Limited at cost of Rs. 5510 millions. Sterlite Industries (India) Limited has
decided for its expansion and modernisation schemes to make it a globally
competitive aluminium company. The company is planning to augment the installed capacity of
Smelter plant to 345000 tonnes p.a. The captive power plant is also being
increased to 810 MW from 270 MW. The above said projects is expected to be
commissioned and completed by December, 2005. For smelter expansion, the
company is having a tie up with GAMI, China to provide technology.
Aluminium Complex
comprising of alumina plant, smelter plant and fabrication facilities started
production of Alumina in April, 1973 whereas the production of Aluminium Metal
started in June, 1975. The company has
another Unit in West Bengal in Burdwan District near Asansol. This Unit was a sick Unit in private sector
and was nationalised and vested in BALCO by the Government of India on 2nd
June, 1984.
Products Profiles :-
The rolled products
are produced in sheets, plates and coil form by hot rolling and then by cold rolling
process. The Hot and Cold Rolling Mills at Korba with capacity to produce
40,000 tonnes finished rolled products and conventional rolling mills at
Bidhanbag with capacity to produce 3600 tonnes cater to three needs of building
and architecture, rail, roads, slug manufacturers, etc.
Fixed Assets:
- Land (Freehold & Leasehold)
- Land Development Expenditure (Freehold
& Leasehold)
- Building
- Roads
- Bridges
- Culverts
- Railway Siding
- Water Supply
- Drainage & Sewerage
- Plant & Machinery
- Electrical Equipments/Installation
- Office Equipments
- Furniture & Fitting
- Motor Vehicle & Cycle
- Miscellaneous Equipments
- Development of Mines
Group:
The company is
controlled by the Agarwal Group as defined under the Monopolies and Restrictive
Trade Practices Act 1969. A list of these entities is given below:
-
Volcan
Investments Limited, Bahamas
-
Twinstar
Holdings Limited, Mauritius
-
Vedanta
Resources Plc., United Kingdom
-
Vedanta
Resources Holding Limited
Bankers Charges
Report as per Registry
|
Name of the company |
BHARAT ALUMINIUM COMPANY LIMITED |
|
Presented By |
Ravi Rajgopal Company Secretary and Head
Legal |
|
1) Date and description of instrument creating the change |
Deed of
Hypothecation dated 9th January 2006 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 2000.000
Millions |
|
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 |
The whole of the
Borrowers moveable properties including its movable plant and machinery, machinery spares, tools and accessories
and other movables, both present and future, whether in the possession or
under the control of the borrower or not, whether installed or not and
whether now lying loose or in case or which are now lying or stored in or
about or shall hereafter from time to time during the continuance of these
presents be brought into or upon or be stored or be premises and godowns
situated at all locations or wherever else the same may be or be held by any
party in order or disposition of the Borrower or in the course or transit or
on high seas or on order or delivery [the moveable property, which expression
shall as the context may permit. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The moveable
properties have been hypothecated as and by way of first charge and shall
rank parri passu with charge created / to be created in favour or other
lenders i.e. IL and FS Trust Company Limited / Security Trustee. |
|
5) Name and Address and description of the person entitled to the charge. |
ICICI Bank
Limited Free Press House 215 Nariman Point
Mumbai – 400021 |
|
6) Date and brief description of instrument modifying the charge |
NA |
|
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. |
NA |
Contingent
Liabilities:
|
|
Amount (In Millions) |
|
Claims against
the company not acknowledged as debts are as follows: |
|
|
Relating to
various matters pending in arbitration/ court of law |
228.920 |
|
Electricity
Surcharge |
74.47 |
|
From railway
authorities towards land rent and other charges |
0.000 |
|
Government of
Chhattisgarh (erstwhile part of Madhya Pradesh) towards Red Mud Pound 6 and 7 |
|
|
- Lease Premium
amortisation |
9.38 |
|
- Lease Rent |
18.06 |
|
Chhatisgarh government
claim towards lease rent and premium and interest for 338.66 acres of land |
2.58 |
|
Chhatisgarh
Government claim towards mines area development cess for Bauxite |
17.18 |
|
Custom Duty Bond |
819.20 |
|
Guarantee given by
banker; (Secured by hypothecation of current assets) |
|
|
(i) Custom
authorities |
334.00 |
|
(ii) Others |
109.70 |
The company has
export obligations of Rs. 36775.630 Millions (2004: Rs. 731.91 Millions) against
the import licenses taken for import of capital goods under Export Promotion
Capital Goods Scheme.
In accordance with
the Hon’ble Supreme Court’s directives, company had made an advance payment of
Rs. 61.44 Million to the workman during the period of strike from 02.03.2001 to
08.05.2001. The Hon’ble Supreme Court has not issued any further direction in
this matter.
The company has not
made any provision for claims recoverable from Madhya Pradesh Electricity Board
(CSEB) amounting to Rs. 100.76 Million
(2004: 100.76 Million) which are disputed by them. The company is also
disputing the claim for Electricity duty/ surcharge made by MPEB/ CSEB
amounting to Rs. 212.78 million as disclosed in note 20 (b). The net amount
recoverable / payable can only be ascertained on settlement of the disputes.
Consequent to the
abandonment of the Gandhamardhan Bauxite Project, based on the approval of the
Ministry of Mines vide its letter no. 21/1/ 2000- MET 1 dated 09.06.2000 and
the approval of the company law board vide its letter no. 41/1/20001 CL III
dated 16.02.2001, the company had, during the year 2000-01 reduced its paid up
share capital by Rs. 238 Million.
The research and
development expenses charged to profit & loss account amounting to Rs. 13.17
Million (2004- Rs. 10.86 Million).
STATEMENT
OF UNPAID DISPUTED STATUTIRY DUES FOR THE YEAR ENDED 31.03.2005
INCOME TAX DUES
|
Assessment
Year |
Nature of Dues
|
Amount (In Millions) |
Forum Pendding
at |
|
2002-03 |
Disallowances of expenses
|
35.60 |
CIT, New Delhi |
|
|
|
|
|
|
|
Total: |
35.60 |
|
ENTRY
TAX CLAIMS BY AUTHORITIES
|
Financial
Year |
Nature of Dues
|
Amount (In Millions) |
Forum Pendding
at |
|
1980-81 |
|
0.64 |
Board of Revenue |
|
1983-84 |
|
1.27 |
Assessing
Authority – ACCT |
|
1987-88 |
|
0.74 |
Appellate Dy.
ACCT |
|
|
|
|
|
|
Classification
/ Valuation difference |
|||
|
2000-01 |
|
1.01 |
Assessing
Authority – ACCT |
|
2001-02 |
|
0.77 |
Assessing
Authority – ACCT |
|
2002-03 |
|
0.32 |
Assessing
Authority – ACCT |
|
|
|
|
|
|
|
Total |
4.75 |
|
SALES TAX CLAIMS
|
Financial
Year |
Nature of Dues
|
Amount (In Millions) |
Forum Pendding
at |
|
1979-80 |
|
0.37 |
Assessing
Authority – ACCT |
|
1980-81 |
Dispute for admissibility
for circumstantial evidences in lieu of “F” forms. Classification &
Valuation disputes |
0.19 |
Assessing
Authority – ACCT |
|
1992-93 |
|
0.31 |
Board of Revenue |
|
|
|
|
|
|
Local
Sales Tax Claims |
|||
|
1983-94 |
|
0.18 |
Assessing Authority
– ACCT |
|
1993-94 |
Insufficient
opportunity to produce forms, classification & valuation disputes |
0.76 |
ACCT/ Board of
Revenue |
|
1995-96 |
|
0.65 |
Assessing
Authority – ACCT |
|
|
|
|
|
|
Central /
Local Sales tax Claims |
|||
|
1997-98 |
|
1.39 |
Assessing
Authority – ACCT |
|
|
Dispute for
admissibility for circumstantial evidences in lieu of “F” forms.
Classification & Valuation disputes
|
|
|
|
2002-03 |
|
0.46 |
Assessing
Authority – ACCT |
|
|
Total: |
4.310 |
|
CESS
|
Financial
Year |
Nature of Dues
|
Amount (In Millions) |
Forum Pendding
at |
|
1997-98 |
Chhstisgarh
Government claim towards mine area development cess for bauxite |
17.18 |
Chhatisgarh
Government |
|
|
Total: |
17.18 |
|
ELECTRICITY
DUTY
|
Financial
Year |
Nature of Dues
|
Amount (In Millions) |
Forum Pendding
at |
|
June 88 to August
90 |
Electricity duty
on power purchased including surcharge till date |
99.31 |
|
|
March 01 and June
01 |
Electricity bill including
surcharge till date |
93.41 |
Chhatisgarh Sate
Electricity Board |
|
Varying Period |
Surcharge on old
dues |
20.06 |
|
|
June 88 to August
90 |
Electricity Duty
on own generation including surcharge till date |
352.53 |
Billaspur High
Court |
|
April 98 to July
04 |
Electricity duty
on power purchased for Bidhanbagh unit |
7.86 |
Damodar Valley
Corporation |
|
|
Total: |
573.17 |
|
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 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.39.36 |
|
UK Pound |
1 |
Rs.78.29 |
|
Euro |
1 |
Rs.58.48 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
6 |
|
--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 |
|
54 |
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 |
|