MIRA
INFORM REPORT
|
Report Date : |
19.03.2008 |
IDENTIFICATION
DETAILS
|
Name : |
BALAJI PRESS PRODUCTS INDIA PRIVATE LIMITED |
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Registered Office : |
D-1 G-6, SIDCO Industrial Estate, Dharmapuri, Hosur – 635126,
Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
14.12.2000 |
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Com. Reg. No.: |
18 – 009584 |
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CIN No.: [Company
Identification No.] |
U28910TZ2000PTC009584 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEB04513F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Sheet Metal |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 33020 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company and its financial position
is improving. The company has some accumulated losses, but in view of the
improving profitability, it is expected to be wiped-off soon. Trade relations
are fair. Payments are reported as slow but correct. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
LOCATIONS
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Registered Office/ Factory : |
D-1 G-6, SIDCO Industrial Estate, Dharmapuri, Hosur – 635126,
Tamilnadu, India |
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Tel. No.: |
91-4344-276244/ 279430/ 279432 |
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Fax No.: |
91-434-4277217 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. G Balakrishnan |
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Designation : |
Managing Director |
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Address : |
No.18, 3rd Cross, Kamaraj Colony, Hosur, Dharmapur –
635109, India |
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Date of Birth/Age : |
05.08.1956 |
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Date of Appointment : |
04.09.2002 |
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Name : |
Mr. S Latha |
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Designation : |
Whole Time Director |
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Address : |
No.18, 3rd Cross, Kamaraj Colony, Hosur, Dharmapur –
635109, India |
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Date of Appointment : |
14.12.2000 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
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Names of Shareholders |
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No. of Shares |
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Mr. G Balakrishnan |
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569790 |
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Mrs. S Latha |
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180210 |
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Total |
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750000 |
(As on 31.03.2007)
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Sheet Metal |
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Products : |
Sheet Metal |
GENERAL
INFORMATION
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Bankers : |
Hosur Industrial
Complex Branch, Sipcot, Hosur - 635109 |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
A R Vishwanathan and Company Chartered Accountant |
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Address : |
No.32/2, 1st Floor, V Main Road, Chamrajpet, Bangalore –
560018, Karnataka, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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750000 |
Equity Share |
Rs.10/- |
Rs.7.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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750000 |
Equity Share |
Rs.10/- |
Rs.7.500 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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7.500 |
7.500 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
|
1.500 |
1.500 |
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4] (Accumulated Losses) |
|
(0.745) |
(3.560) |
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NETWORTH |
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8.255 |
5.440 |
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LOAN FUNDS |
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1] Secured Loans |
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10.519 |
8.506 |
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2] Unsecured Loans |
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3.238 |
3.238 |
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TOTAL BORROWING |
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13.757 |
11.744 |
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DEFERRED TAX LIABILITIES |
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0.696 |
0.697 |
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TOTAL |
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22.708 |
17.881 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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13.439 |
14.258 |
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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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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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2.508 |
4.858 |
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Sundry Debtors |
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21.776 |
21.919 |
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Cash & Bank Balances |
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0.042 |
0.021 |
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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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1.469 |
1.253 |
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Total
Current Assets |
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25.795 |
28.051 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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15.129 |
24.404 |
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Provisions |
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1.397 |
0.036 |
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Total
Current Liabilities |
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16.526 |
24.440 |
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Net Current Assets |
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9.269 |
3.611 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.012 |
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TOTAL |
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22.708 |
17.881 |
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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 |
131.906 |
125.179 |
122.190 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
131.906 |
125.179 |
122.190 |
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Profit/(Loss) Before Tax |
4.162 |
4.211 |
0.464 |
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Provision for Taxation |
1.776 |
1.396 |
(0.986) |
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Profit/(Loss) After Tax |
2.286 |
2.815 |
(0.522) |
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Expenditures : |
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Depreciation |
2.669 |
2.795 |
3.325 |
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Other Expenditure |
125.075 |
118.173 |
118.401 |
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Total Expenditure |
127.744 |
120.968 |
121.726 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total
Income |
(%) |
1.73
|
2.25 |
(0.43) |
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Net Profit Margin (PBT/Sales) |
(%) |
3.15
|
3.36 |
0.38 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
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10.73 |
1.10 |
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Return on Investment (ROI) (PBT/Networth) |
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NA
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0.51 |
0.08 |
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Debt Equity Ratio (Total Liability/Networth) |
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NA
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3.67 |
6.65 |
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Current Ratio (Current Asset/Current Liability) |
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NA
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1.56 |
1.15 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
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Corporate
identity number (CIN) Foreign company registration number |
U28910TZ2000PTC009584 |
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Name of the
Company |
BALAJI PRESS PRODUCTS INDIA PRIVATE LIMITED |
|
Address |
D-1 G-6, SIDCO Industrial Estate, Dharmapuri, Hosur – 635126,
Tamilnadu, India |
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This form is for |
Creation of
charge |
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Type of Charge |
Movable Property (not being pledge) Floating Charge |
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Particulars of
the charge holder |
Tamilnadu
Industrial Investment Corporation Limited 692, Anna Salai,
Chennai – 600035, Tamilnadu, India |
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Nature or
description of the instrument(s) creating or modifying the charge |
Deed of
Hypothecation |
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Date of the
instrument creating or modifying the charge |
05.12.2007 |
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Amount secured by
the charge |
Rs.12.485
Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of
Interests: The rate of
Interests will be 12.50% p.a. under general scheme which is excluding
interests tax. In case of default in payment of due the rate of interests as
applicable to normal terms loan will be levied along with panel interests of
2.5% p.a. on default amount for the defaulted period. Terms of
repayment: Rs.12.485 Millions
repayable by 18 installments First 11
installments of Rs.0.650 Million Next 6
installments of Rs.0.750 Million Last 1
installments of Rs.0.835 Million Margin: The loan will be
disbursed in accordance with the advance margin of 84.99% for the proposed/
Overall security Extent and
operation of the charge: 1st
charge by way of hypothecation of plant and machinery enacted in the
leasedhold premises at A 12 Sidco
Industrial Estate, Hosur and some of the existing machineryat D1(G6) Sidco
Industrial Estate, Hosur |
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Short particulars
of the property charged (including location of the property) |
Plant and
machinery and all other spare parts tools, accessories, electrical fittings
installations etc. at A-12, Sidco
Industrial Estate, Hosur – 635126 D-1(G6) Sidco
Industrial Estate, Hosur – 635126 |
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Particular of the
present modification |
NA |
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Name of the company |
BALAJI PRESS PRODUCTS INDIA PRIVATE LIMITED |
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Presented By |
Balaji Press
Products India Private Limited |
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1) Date and description of instrument creating the change |
05.10.2001
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.3.500 Millions Cash Credit
Hypothecation Rs.1.000 Millions Cash Credit (Book
Debts)Rs.2.500 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 |
All existing and
future plant and machineries, all the existing and future book debts and
receivable raw materials like cold rolled annealed strips, aluminium strips
copper strips etc. and semi finished goods and finished stocks. Industrial Shed
at No.D1 (G6), Sidco Industrial Estate, Hosur – 635126 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The rate of
interests is 15.5% with Quarterly rests. |
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5) Name and Address and description of the person entitled to the charge. |
Indian Overseas
Bank Hosur Industrial
Complex Branch, Sipcot, Hosur - 635109 |
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6) Date and brief description of instrument modifying the charge |
21.03.2003:
Letter of hypothecation (for securing machinery/ Vehicles goods/ Book Debts) 21.03.2003:
Extension of Equitable Mortgage – No.Separate Instrument Executed
Confirmation Letter enclosed. Indian Overseas
Bank Sanction Letter. |
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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. |
The present
modifications are as under:- The aggregate
loan limit has been increased from Rs.3.500 Millions to Rs.7.000 Millions and
it is secured by hypothecation of fully paid stocks of raw materials/ Semi
Finished Goods/ Finished Goods, Stores and Assignment of Book Debts. And
Collaterally secured by the existing machinery, tools, equipments and furniture
and fixtures The said loan
amount of Rs.7.000 Millions is also secured by extension of Equitable
Mortgage of Immovable Property of the company bearing No.D1 (G6), SIDCO
Industrial Estate, Hosur – 635126 Interests: at PLR
+ 3.5% i.e., at 15.25% p.a. Margin: 25% on
stocks and 50% on Book Debts. (Other terms and
conditions remain unchanged) |
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.40.62 |
|
UK Pound |
1 |
Rs.81.29 |
|
Euro |
1 |
Rs.64.09 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
39 |
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 |
|