MIRA
INFORM REPORT
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Report Date : |
18.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
BALAJI COKE INDUSTRY PRIVATE LIMITED |
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Registered Office : |
12, Ho-Chi Minh
Sarani, 2nd Floor, Suite -2B, Kolkata -700 071, West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
18.04.1991 |
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Com. Reg. No.: |
51437 |
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CIN No.: [Company
Identification No.] |
U23109WB1991PTC051437 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALB03096C |
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PAN No.: [Permanent
Account No.] |
AABCB1212D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing and Trading of Cooking Coal and Low Ash Metallurgical
Coke. |
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 360000 |
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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 fair. Business is active. Payments are reported as 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 : |
12, Ho-Chi Minh
Sarani, 2nd Floor, Suite -2B, Kolkata -700 071, West Bengal India |
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Tel. No.: |
91-33-282 6248/ 49/ 50/ 51 |
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Fax No.: |
91-33-2826798 / 478-8946 |
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E-Mail : |
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Website : |
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Area : |
1,400 sq.fts. [Owned] |
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Factory : |
Katras-Rajganj Road, Katrasgarh, Dhanbad |
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Tel. No.: |
91-326-2712566/ 2822/ 2311 |
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Fax No.: |
91-326-2303267 |
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E-Mail : |
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Warehouse : |
Located at :
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Branches : |
Located at :-
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DIRECTORS
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Name : |
Mr. Naresh Kumar Sharma |
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Designation : |
Managing Director |
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Address : |
100-H, Block F, New Alipore, Kolkata – 700
053, West Bengal |
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Date of Birth/Age : |
14.07.1960 |
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Qualification : |
Bachelor of Commerce |
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Date of Appointment : |
18.04.1991 |
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Other
Directorships : |
Anant Balaji Limited |
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Name : |
Mr. Deepak Sharma |
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Designation : |
Director |
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Address : |
100-H, Block F, New Alipore, Kolkata – 700 053, West Bengal |
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Date of Birth/Age : |
23.08.1975 |
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Qualification : |
Bachelor of Commerce |
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Date of Appointment : |
02.05.1995 |
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Name : |
Mrs. Deepika Sharma |
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Designation : |
Director |
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Address : |
100-H, Block F, New Alipore, Kolkata – 700 053, West Bengal |
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Date of Birth/Age : |
01.05.1959 |
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Date of Appointment : |
21.10.2003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Ramesh Kumar Sharma |
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33270 |
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Naresh Sharma |
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289040 |
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Amit Kumar Sharma |
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100 |
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Pramod Kumar Sharma |
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100 |
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Niraj Kumar Verma |
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100 |
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Deepak Sharma |
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413000 |
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Naresh Sharma – HUF |
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162000 |
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Ramesh Sharma – HUF |
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84500 |
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Total |
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982110 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Directors or relatives of directors |
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75.00 |
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Others |
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25.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and Trading of Cooking Coal and Low Ash Metallurgical
Coke. |
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Products : |
Trading of Hardcoke |
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Brand Names : |
“BALAJI” |
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Imports : |
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Countries : |
China, Australia, South Africa
& Russia |
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Terms : |
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Selling : |
Contract, Credit or Cash terms |
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Purchasing : |
L/C or Credit terms |
GENERAL
INFORMATION
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Suppliers : |
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Customers : |
Manufacturers (end users) and government bodies (public sector
undertakings)
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No. of Employees : |
Around 50 |
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Bankers : |
Central Plaza, 2/6, Sarat Bose
Road,Kolkata – 700 020, West Bengal
Rasoi Court, 20, Sir R. N. Mukerjee Road,
Kolkata – 700 001, West Bengal
Salt Lake Branch, EA Block, Sector I, Salt
lake, Kolkata – 700064, West Bengal, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
R. K. Lodha and Associates Chartered Accountants |
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Address : |
2nd Floor, Room No. 1, 127, Netaji Subhas Road, Kolkata –
700001, West Bengal, India |
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Parent Company : |
A Balaji Group A Group is owned by Sharma family who are owners of Coal Mining
Company with Khas Karanpura Colliery of
Hazaribagh and currently Mr. Ramesh Sharma and Mr. Naresh Sharma are
second generation entreprenuers of Sharma family. The Group Turnover of Group
for April – March, 2004 will be Rs. 1000 millions out of which they had
already crossed Rs. 650 millions and vessel varrying 50,000 MT of coal is on
its way to India. |
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Associates/Subsidiaries : |
·
Antai Balaji Limited Gandhidham, Gujarat --Manufacturer of Low Ash Metallurgical Coke in technical and financial
collaboration with Shanxi Antai Group Company Limited, China, one of the coke
manufacturing unit in China with project cost of Rs. 200 millions. ·
Friends Coal Carbonisation Dhanbad, Bihar Established in the year 1973 --Doing Job work for The Tata Iron & Steel Company Limited, a
Steel Major in India owned by Tata Group |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10,00,000 |
Equity Shares |
Rs.10/- each |
Rs. 10.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9,82,110 |
Equity Shares |
Rs.10/- each |
Rs. 9.821
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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9.821 |
9.821 |
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2] Share Application Money |
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40.500 |
0.000 |
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3] Reserves & Surplus |
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38.662 |
20.826 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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88.983 |
30.647 |
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LOAN FUNDS |
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1] Secured Loans |
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20.510 |
0.465 |
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2] Unsecured Loans |
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0.499 |
1.017 |
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TOTAL BORROWING |
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21.009 |
1.482 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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109.992 |
32.129 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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7.074 |
5.792 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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7.058 |
5.308 |
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DEFERREX TAX ASSETS |
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0.038 |
0.110 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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51.750 |
46.998 |
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Sundry Debtors |
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1620.007 |
554.691 |
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Cash & Bank Balances |
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15.316 |
39.173 |
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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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153.342 |
120.107 |
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Total
Current Assets |
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1840.415 |
760.969 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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1723.403 |
728.520 |
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Provisions |
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21.190 |
11.530 |
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Total
Current Liabilities |
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1744.593 |
740.050 |
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Net Current Assets |
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95.822 |
20.919 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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109.992 |
32.129 |
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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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Debt Equity Ratio (Total Liability/Networth) |
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19.84 |
24.20 |
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Current Ratio (Current Asset/Current Liability) |
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1.05 |
1.03 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U23109WB1991PTC051437 |
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Name of the
company |
BALAJI COKE INDUSTRY PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
12, Ho-Chi Minh
Sarani, 2nd Floor, Suite -2B, Kolkata -700 071, West Bengal, India
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Particular of
charge holder |
Indian Overseas Bank Salt Lake Branch, EA Block, Sector I, Salt lake, Kolkata – 700064,
West Bengal, India |
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Nature of description
of the instrument creating or modifying the charge |
F 286 E dated 26.09.2006 [general Counter Guarantee] |
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Date of
instrument Creating the charge |
26.09.2006 |
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Amount secured by
the charge |
Rs. 6.957
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
: As per circular Margin : 10 % Extent and
operation of the charge : 100 % |
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Short particulars
of the property charged |
The limit is
collaterally secured by Equitable Mortgage of property at Flat No. 7 A, 15
Belvedre Road, Kolkata measuring about 3940 sq. ft. standing in the name
Varun Credit and Real Estate Private Limited |
As Per Website
Profile
Subject is one of the fastest growing
primary quality Low Ash Metallurgical Coke Manufacturer & Trader in India.
The Company got incorporated in 1991 with a manufacturing unit in Dhanbad.
Since then the Company is consistently growing and presently the Head Office is
in Calcutta with branches all over India. The promoters of this Company are in
this business since last 70 years, and manufacturing Hard Coke since last 25
years, under the name of Friends Coal Cabonisation. Prior to nationalisation of
Coal mines in 1973, the promoters owned large collieries. Today the Company
plays a significant part in fulfilling the demand of the Coke in India through
In-house production & import from China, Australia, South Africa &
Russia.
Subject is committed to a policy of acquiring and developing the most modern,
cost effective technologies, and computerised management systems. The promoters
of this company have set up a new coke manufacturing unit at Gandhidham
(Gujarat) in the name of Antai Balaji Limited, in collaboration with Shanxi
Antai Group Company Limited, one of the leading coke manufacturing unit in
China. Antai Balaji Limited is the pioneer coke plant producing Hard Coke in
India with Chinese Technology. It can meet the international coke standards of
quality and can be a substitute of the imported coke. The plant is equipped
with modernised cost effective Chinese Technology with annual capacity of
120000 M.T.
Subject is involved in International Trading of Coal and Coke for last three years
and as such are quite familiar with the International dealings of high standard
and are committed to the Customers for their satisfaction in it's best possible
manners.
Product
Coal is used to make Coke for Iron
and Steel industry. Coke is made by baking a blend of selected Bituminious
coals (called Coking coal or Metallurgical Coal) in special high temperature
ovens without contact with air until almost all of the volatile matter is
driven off. The resulting product, COKE, consist principally of Carbon. A short
ton of coal yeilds about 1,400 pounds of coke and a variety of by-products such
as crude coal tar, light oils, and ammonia, which are refined to obtain various
chemical products. About 1,000 pounds of coke are consumed for every short ton
of pig iron produced.
Traditionally, chemistry, size & strength have been considered the most
important properties for use in the blast furnace. The quality of the
constituent coals determine the charecteristicts of the resultant coke.
Coke is used chiefly to smelt iron ore and other bearing materials in blast
furnaces, acting both as a source of heat and as a chemical reducing agent to
produce pig iron or hot metal. Coke, iron-ore and limestone are fed into blast
furnace, which runs continously. Hot air blown into the furnace burns the coke,
which serves as source of heat and as an oxygen reducing agent to produce
metallic iron. Limestone acts as a flux and also combines with impurities to
form slag. Coke also serves as a structural material to support the deep bed of
coke/iron oxide/limestone that makes up much of the furnace volume. It is in
this last role that its properties are crucial. It is important that it does
not degrade (e.g break up into small particles) during its drescent through the
oxidising hot gases passing through the stock region of the furnace.
To produce high quality blast furnace coal, high quality coal must be used.
High quality coal are those coals that when coked together produce the highest
stability and CSR (Coke strength after reactivity) to support the blast furnace
burden and allow maximum & even maximum production.
Coke is produced and sized according to the reqirement of each INDIVIDUAL
consumer.
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.39.29 |
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UK Pound |
1 |
Rs.77.17 |
|
Euro |
1 |
Rs.57.60 |
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 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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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 |
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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 |
|
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 |
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