MIRA
INFORM REPORT
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Report Date : |
24.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
BALAJI SOURCING PRIVATE LIMITED |
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Registered Office : |
Balaji Bhavan , 165 A, Railway Lines, Solapur – 413001, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
20.04.2006 |
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Com. Reg. No.: |
128357 |
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CIN No.: [Company
Identification No.] |
U51434PN2006PTC128357 U99999PN2006PTC128357 |
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IEC No.: |
3106002085 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEB04979C |
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PAN No.: [Permanent
Account No.] |
AACCB8454E |
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Legal Form : |
Private Limited Liability Company
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Line of Business : |
Trader of Methanol, Di Methyl Formamide, Di Methyl, Sulphoxide,
Dicyandiamide (DCDA), Tetrahydrofuran, Propionic Acid, Toluene Di Isocyanide |
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 100000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established company having satisfactory track
records. Trade relations are fair. Financial position is satisfactory. Payments
are usually correct and as per commitments The company can be considered good for any normal business dealings at
usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Vikas Shah |
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Designation : |
Director |
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Contact No.: |
91-9819807073 |
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Date : |
21.05.2008 |
LOCATIONS
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Registered Office : |
Balaji Bhavan , 165 A, Railway Lines, Solapur – 413001, Maharashtra,
India |
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Tel. No.: |
91-217-3090274 / 91-22-40825200 |
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Mobile No.: |
91-9822011785 / 9819807073 |
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Fax No.: |
91-217-2310821/91-22-26845998 |
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E-Mail : |
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Website : |
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Location : |
Rented |
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Branches/ Administrative Office: |
7B, Sai Vishwakarmadarshan Building, Shivaji Chowk, Kol Dongri , Andheri
(East), Mumbai – 400069, Maharashtra, India |
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Tel. No.: |
91-22-40825200 |
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Fax No.: |
91-22-26827276 |
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E-Mail : |
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Location : |
Rented |
DIRECTORS
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Name : |
Mr. A Pratap |
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Designation : |
Director |
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Address : |
H No. 8.3.224/B /5, Yousufguda, Main Road, Hyderabad – 500 046, Andhra
Pradesh, India |
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Date of Birth/Age : |
16.05.1951 |
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Qualification : |
Diploma Civil Eng. |
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Experience : |
35 Years |
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Name : |
Mr. D Ram Reddy |
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Designation : |
Director |
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Address : |
A /1 Gangadhar Housing Soc Hotagi Road, Solapur – 413 003,
Maharashtra, India |
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Date of Birth/Age : |
20.10.1961 |
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Qualification : |
HSC |
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Experience : |
28 Years |
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Name : |
Mr. N Rajeshwar Reddy |
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Designation : |
Director |
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Date of Birth/Age : |
02.02.1955 |
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Qualification : |
B. Com |
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Experience : |
28 Years |
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Name : |
Mr. Vikas M Shah |
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Designation : |
Director |
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Address : |
B -1, Blue Heaven , Opposite Meghalaya Flats, Narampura, Ahmedabad –
380 013, Gujarat, India |
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Date of Birth/Age : |
18.10.1981 |
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Qualification : |
M .Sc |
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Experience : |
7 Years |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2008)
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Names of Shareholders |
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No. of Shares |
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Mr. Vikas Shah |
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600000 |
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Balaji Amines Limited |
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600000 |
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Mr. D Ram Reddy |
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290000 |
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Mr. N Rajeshwar Reddy |
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87000 |
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Mr. A Pratap Reddy |
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120000 |
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Mrs. N Saritha |
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37500 |
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Mr. N Eshan Reddy |
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37500 |
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Mrs. Deepti |
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37500 |
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Mrs. G Madhumati |
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50000 |
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Mr. G Hemanth Reddy |
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50000 |
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Mr. A Srinivasreddy |
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70000 |
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Mrs. D Vandana |
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10000 |
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Mrs. A Shakuntala Reddy |
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10000 |
(As on 31.03.2007)
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Category |
Percentage |
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Directors or relative of directors |
70.00 |
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Bodies Corporate |
30.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader of Methanol, Di Methyl Formamide, Di Methyl, Sulphoxide,
Dicyandiamide (DCDA), Tetrahydrofuran, Propionic Acid, Toluene Di Isocyanide |
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Imports : |
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Products : |
· Methanol · DMF · Di Methyl Sulphoxide , THF · Propionic Acid · Toluene Di Isocyanide |
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Countries : |
Saudi Arabia China Korea Germany Japan |
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Terms : |
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Selling : |
Credit (60-920 days) |
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Purchasing : |
L/C, Credit (90 days) |
GENERAL
INFORMATION
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Customers : |
· Retailers · End User |
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No. of Employees : |
10 (5 in Office, 5 in Branch) |
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1ers : |
· ING Vysya Bank limited Address: 182, East Mangal Warpet, P.B. No. 187, Solapur – 413002,
Maharashtra, India · ING Vysya Bank limited Address: 103/104 A wing 1st Floor, Floral Deck Plaza, MIDC
Central Road, Andheri East, Mumbai – 400093, Maharashtra, India |
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Facilities : |
Rs. 100.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Aherkar and Company Chartered Accountants |
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Address : |
Batin Complex, 35 Ganesh Peth, Solapur – 413 005, Maharashtra, India |
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Tel. No.: |
91-22-2600003 |
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Fax No.: |
91-22-2620223 |
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E-Mail : |
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Associates/Subsidiaries : |
Balaji Amines Limited Address: Balaji Bhavan, 165, Railway Lines, Solapur – 413 001,
Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity Shares |
Rs. 10/- each |
Rs. 20.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity Shares |
Rs. 10/- each |
Rs. 20.000 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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31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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20.000 |
10.000 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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7.220 |
1.188 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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27.220 |
11.188 |
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LOAN FUNDS |
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1] Secured Loans |
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22.872 |
8.533 |
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2] Unsecured Loans |
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1.595 |
0.000 |
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TOTAL BORROWING |
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24.467 |
8.533 |
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DEFERRED TAX LIABILITIES |
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0.010 |
0.011 |
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TOTAL |
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51.697 |
19.732 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.270 |
0.206 |
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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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22.467 |
8.635 |
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Sundry Debtors |
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128.588 |
22.503 |
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Cash & Bank Balances |
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0.807 |
11.282 |
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Other Current Assets |
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11.327 |
0.084 |
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Loans & Advances |
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2.220 |
0.814 |
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Total
Current Assets |
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165.409 |
43.318 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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113.973 |
23.313 |
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Provisions |
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0.158 |
0.628 |
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Total
Current Liabilities |
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114.131 |
23.941 |
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Net Current Assets |
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51.278 |
19.377 |
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MISCELLANEOUS EXPENSES |
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0.149 |
0.149 |
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TOTAL |
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51.697 |
19.732 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
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Sales Turnover |
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435.649 |
129.131 |
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Other Income |
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1.973 |
0.000 |
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Total Income |
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437.622 |
129.131 |
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Profit/(Loss) Before Tax |
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6.031 |
1.827 |
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Provision for Taxation |
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2.220 |
0.000 |
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Profit/(Loss) After Tax |
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3.811 |
1.827 |
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Expenditures : |
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Cost of Goods Sold |
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421.356 |
126.005 |
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Administrative Expenses |
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8.374 |
0.000 |
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Interest |
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1.861 |
1.299 |
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Depreciation |
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0.000 |
0.000 |
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Total Expenditure |
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431.591 |
127.304 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
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PAT / Total Income |
(%) |
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0.87 |
1.41 |
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Net Profit Margin (PBT/Sales) |
(%) |
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1.38 |
1.41 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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3.64 |
4.20 |
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Return on Investment (ROI) (PBT/Networth) |
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0.22 |
0.16 |
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Debt Equity Ratio (Total Liability/Networth) |
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5.09 |
2.90 |
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Current Ratio (Current Asset/Current Liability) |
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1.44 |
1.81 |
LOCAL AGENCY
FURTHER INFORMATION
TRADE REFERENCES:
· SIPCHEM Limited
· Shanghai Sunheat, Samsung Korea
· Mitsuya Boeki
· BASF
· OCI Corporation
FORM 8:
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Corporation identity number or foreign company registrations number of
the company |
U51434PN2006PTC128357 |
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Name of the company |
BALAJI SOURCING PRIVATE LIMITED |
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Address |
Balaji Bhavan , 165 A, Railway Lines, Solapur – 413001,
Maharashtra, India |
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This Form is for |
Modification of Charge |
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Type of Charges |
· Book Debts · Floating Charge · Others |
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Particular of the charge holder
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ING Vysya Bank Limited Address: 103/104 A wing 1st Floor, Floral Deck Plaza, MIDC
Central Road, Andheri East, Mumbai -400093, Maharashtra, India E-mail: andheribr@ingvysyabank.com
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Nature or description of the instrument creating charge |
Supplemental general hypothecation
agreement |
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Date of the instrument creating charge |
11.10.2007 |
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Amount Secure by the charge |
Rs. 100.000 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of Interest : CC : IVRR -3.50% LC: Commission as per bank norms Terms of repayment: CC : On Demand LC : On Demand Margin: CC : 25% on inventory and receivables LC : 15% Extent and Operation of the charge: CC and LC : Exclusive first charge over
entire inventory and receivables of the company both present and future LC: Documents under LC and confirmation
from the LC opening Bank |
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Short particulars of the Property charged |
Entire inventory and receivables of the company both present and future at the premises of the company or any where else . And documents under LC and confirmation from the LC opening bank. |
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Particulars of the present modification |
The total limit has been enhanced from Rs.
70.000 millions to Rs. 100.000 millions as follows:
One way interchangeability form CC to LC
limit is permitted The hypothecation of the property of the
company is extended to the enhance limit. |
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.42.84 |
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UK Pound |
1 |
Rs.84.78 |
|
Euro |
1 |
Rs.67.32 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
|
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 |
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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 |
|