MIRA
INFORM REPORT
|
Report Date : |
09.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
BALAJI FORMALIN PRIVATE LIMITED |
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Registered Office : |
1398, Village Moti Bhoyan Khatrej Kalol Road, Gandhinagar – 382 721, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
29.01.2002 |
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Com. Reg. No.: |
04-40401 |
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CIN No.: [Company
Identification No.] |
U24116GJ2002PTC040401 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMB01839F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Formaldehyde. |
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 90000 |
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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 meetings its normal
commitments timeously. Trade relations are fair. Business is active. Nothing adverse reported. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
|
Name : |
Mr. Deepak Soni |
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Designation : |
Account Department |
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Date : |
09.07.2008 |
LOCATIONS
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Registered Office : |
1398, Village Moti Bhoyan Khatrej Kalol Road, Gandhinagar – 382 721, Gujarat , India |
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Tel. No.: |
91-2764-281794 |
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Mobile No.: |
91-9377732830 |
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Fax No.: |
91-2764-281599 |
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E-Mail : |
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Factory : |
302, Dev Arc Complex, Iskon Circle, S G Highway, Ahmedabad – 382 440,
Gujarat, India |
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Tel. No.: |
91-79-30481010 |
DIRECTORS
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Name : |
Mr. Suresh Kumar Jaju |
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Designation : |
Director |
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Address : |
16, Manish Puri, Near Saket Nagar, Indore – 452 018, Madhya Pradesh,
India |
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Date of Birth/Age : |
19.05.1954 |
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Date of Appointment : |
20.07.2005 |
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Date of Ceasing: |
16.08.2007 |
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Name : |
Mr. Mahendra Ratanlal Gupta |
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Designation : |
Director |
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Address : |
A -4/5, Ramya Kunj Soc, Jaldhara Soc, Vatva Road, Ahmedabad – 382 440,
Gujarat, India |
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Date of Birth/Age : |
01.09.1968 |
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Qualification : |
Graduate |
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Date of Appointment : |
29.01.2002 |
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Name : |
Mr. Mukesh Ratanlal Gupta |
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Designation : |
Director |
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Address : |
A /4/5, Navo Vistaar Jaldhara Soc, Sarkhej, Ahmedabad – 382 440,
Gujarat, India |
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Date of Birth/Age : |
05.06.1973 |
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Qualification : |
Graduate |
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Date of Appointment : |
29.01.2002 |
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Name : |
Mr. Subhash Agrawal |
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Designation : |
Director |
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Date of Birth/Age : |
19.09.1960 |
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Date of Appointment : |
29.01.2002 |
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Date of Ceasing: |
27.08.2003 |
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Name : |
Mr. Vishnu Prasad Goyal |
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Designation : |
Director |
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31-6 Samrat Nagar, Islanpur, Ahmedabad – 382 443, Gujarat, India |
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Date of Appointment : |
31.01.2003 |
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Date of Ceasing: |
27.08.2003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders (As on 31.03.2005) :- |
No. of Shares |
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Mr. Subhash Agrawal |
7600 |
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Mr. Mukeshkumar gupta |
51400 |
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Mr. Gupta Gtadguz |
110000 |
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Mr. Mukesh Gupta (HUF) |
20000 |
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Mr. R K Gupta (HUF) |
52000 |
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Mr. Babulal Agrawal (HUF) |
40000 |
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Mr. Rajendra Agrawal |
25000 |
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Mr. Rajendra Babulal Agrawal (HUF) |
55000 |
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Others |
369000 |
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Total
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730000 |
Equity Share Breakup (Percentage of Total Equity) :- [As on 31.03.2007]
:-
|
Category |
Percentage |
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Directors or relative of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Formaldehyde. |
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Products : |
·
Colour ·
PH ·
Acidity ·
Specific
Gravity ·
Methanol
Content ·
Ash Content ·
Packing ·
Iron (ppm
max.) |
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Imports : |
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Countries : |
UAE |
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Terms : |
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Selling : |
Credit (60 days) |
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Purchasing : |
L/C , Post Dated Cheque |
GENERAL
INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
30 |
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Bankers : |
·
Axis Bank Address: Maninagar, Gujarat, India ·
Indian
Overseas Bank Address: Stadium Road, Branch, Ahmedabad – 380 009, Gujarat, India |
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Banking
Relations : |
Satisfactory |
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Financial Institutions : |
GE Capital Transportation Financial Services Limited, Address: AIFACS Building, 1 Rafi Marg, New Delhi – 110 001, India |
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Auditors : |
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Name : |
Mr. S V Agrawal and Company Chartered Accountants |
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Address : |
502, 5th Floor, Mangal Murti Complex, Ashram Road,
Ahmedabad – 380 009, Gujarat, India |
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Associates/Subsidiaries : |
·
Fakirsons
Private Limited, Ahmedabad – 380 009, Gujarat, India ·
All India
Roadways Private Limited, Ahmedabad – 380 009, Gujarat, India · Fakirsons Papchem Private Limited. |
CAPITAL STRUCTURE
(As on 31.03.2007)
:-
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000 |
Equity Shares |
Rs. 10/- each |
Rs. 15.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1230000 |
Equity Shares |
Rs. 10/- each |
Rs.12.300
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 |
12.300 |
12.300 |
7.300 |
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2] Share Application Money |
0.000 |
0.000 |
5.000 |
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3] Reserves & Surplus |
5.671 |
2.955 |
0.136 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
17.971 |
15.255 |
12.436 |
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LOAN FUNDS |
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1] Secured Loans |
17.685 |
5.727 |
8.566 |
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2] Unsecured Loans |
10.590 |
0.813 |
1.855 |
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TOTAL BORROWING |
28.275 |
6.539 |
10.421 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
46.246 |
21.795 |
22.857 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
21.900 |
15.155 |
11.847 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
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 |
4.916
|
1.577 |
4.382 |
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Sundry Debtors |
35.743
|
6.730 |
17.095 |
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Cash & Bank Balances |
0.629
|
0.335 |
0.135 |
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Other Current Assets |
2.380
|
0.377 |
0.000 |
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Loans & Advances |
4.064
|
0.914 |
1.423 |
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Total
Current Assets |
47.732
|
9.933 |
23.035 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
21.505
|
2.510 |
11.636 |
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Provisions |
1.914
|
0.849 |
0.487 |
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Total
Current Liabilities |
23.419
|
3.359 |
12.123 |
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Net Current Assets |
24.313
|
6.574 |
10.912 |
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MISCELLANEOUS EXPENSES |
0.033 |
0.066 |
0.098 |
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TOTAL |
46.246 |
21.795 |
22.857 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.88
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0.65 |
1.81 |
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Current Ratio (Current Asset/Current Liability) |
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2.04
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2.96 |
1.90 |
LOCAL AGENCY FURTHER
INFORMATION
TRADE REFERNECES:-
·
Russhil Decor,
Ahmedabad– 380 009, Gujarat, India
·
Sundek India
Limited, Ahmedabad – 380 009, Gujarat, India
FORM 8:-
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Name of the
company |
BALAJI FORMALIN PRIVATE LIMITED |
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Presented By |
Mr. Mukesh Gupta, Director |
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1) Date and
description of instrument creating the change |
18.03.2004.
Hypothecation |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Term Loan – Rs.
6.000 millions CC Limit Rs.
5.500 millions LC 90 days Rs.
1.000 millions |
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3) Short
particular of the property charged. If the property acquired is subject to
charge, date of the acquired of the property should be given |
·
Stock and
Book Debts ·
Plant and
Machinery |
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4) Gist of the terms
and conditions and extent and operation of the charge. |
As per the
sanction letter enclosed dated 18.03.2000 |
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5) Name and
Address and description of the person entitled to the charge. |
Indian Overseas
Bank, Stadium Road, Branch, Ahmedabad – 380 009, Gujarat, India |
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6) Date and brief description of instrument
modifying the charge |
NA |
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7) Particulars of
modifications specifying the terms and conditions or the extent of operations
of the charge in which modification is made and the details of the
modification. |
NA |
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Corporate
identity number of the company |
U24116GJ2002PTC040401 |
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Name of the
company |
BALAJI FORMALIN
PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
1398, Village Moti Bhoyan Khatrej Kalol Road, Gandhinagar – 382 721, Gujarat , India |
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This form is for |
Creation of
charge |
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Type of charge |
Movable property |
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Particular of
charge holder |
CIN : L63040DL1985PLC021324 GE Capital Transportation Financial Services Limited, Address: AIFACS Building, 1 Rafi Marg, New Delhi – 110 001, India E-mail: gecaptfsl.corporate@ge.com
|
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Nature of
instrument creating charge |
Master Loan ands
Security Agreement dated 15.01.2008 |
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Date of
instrument Creating the charge |
15.01.2008 |
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Amount secured by
the charge |
Rs. 2.322
millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest : 4.93% Terms of Repayment : 35 Equal
Installments of Rs. 0.076 millions Margin : Rs. 0.001
millions Extent and Operation of the charge : 100% |
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Short Particulars
of the property charged |
2 Nos of Tata LPT
2516 TC |
WEBSITE DETAILS:-
Late Shri Ratanlal K. Gupta was a philanthropist social reformer and benevolent by heart; and was a dedicated social worker also, who had contributed immense time for up liftment of the mankind. He was also a very dynamic and dashing natured personality who ever had been longing for and craving for starting his own business, though he had started his pre-dawn career in the year 1965 with one of the renowned and leading transport companies which had nearly 700 branches all over India extended right up to Nepal as well. By dint of hard work and transparent honesty, he had a great deal of scope of promotion in his working field. He had handled practically all the branches of the company and glittered his career. Not only that he was an efficient administrator, but being entrepreneured nature, he always headed for independent business opportunity. Based on his rich experience in the field of transportation, he had started a way back in the year ---- Transport Company namely ALL INDIA ROADWAYS . It carried out transport business within Gujarat State and also in various parts of our country. Needless to mention that it has earned a very good reputation in the market for its quick and reliable services ever since rendered.
During the year 1979 onwards he had a major work of transportation of
Decorative Laminated Sheets, Melamine etc. and hence it has been occasioned to
come into contact of Laminate Industries. Gradually he had excellent tie up
with these industrialists. Being inquisitive nature, he came across the fact
that melamine and phenol resins are being used for preparing of Formaldehyde
which are predominant raw materials for laminate Industries. In the meantime,
on the other hand he started taking agencies of Absorbent Kraft Paper of
various eminent paper mills like
(a) M/s. Kalptaru Papers Limited
(b) M/s. Yash Paper Limited
(d) M/s. J. B. Daruka Paper Limited
(e) M/s. Parijat Paper Limited
And took-up their Agency for their product named Absorbent Kraft paper. Since
then he worked very hard and flourished the business to a great height,
Subsequent to this, he contemplated to start a manufacturing unit for formaldehyde
which being a predominant raw material for Laminate industry and owing to
business cordial relation with such industrialists, sales was not a problem for
him. Within a short span of time he captured a sizeable volume of business.
At later stage it took a shape of group of companies. Thus it became a BURAKIA GROUP OF
COMPANIES group is mainly consists three companies namely
(1) M/s. Fakirsons Papchem Private Limited
(3) M/s. All India Roadways Private Limited
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.43.37 |
|
UK Pound |
1 |
Rs.85.51 |
|
Euro |
1 |
Rs.68.08 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
--- |
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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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
|