MIRA
INFORM REPORT
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Report Date : |
30.04.2011 |
IDENTIFICATION DETAILS
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Name : |
BLA INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
84, Makers Chambers III, Nariman Point, Mumbai-400021, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
09.04.1964 |
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Com. Reg. No.: |
162314 |
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CIN No.: [Company
Identification No.] |
U10200MH1964PTC162314 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMB11301D |
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PAN No.: [Permanent
Account No.] |
AABCB3505D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
The Subject acts as a Mining Company, Engaged in the activities
of coal Mining. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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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 1649224 |
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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 an established company having satisfactory track. Trade relations
are reported as fair. Business is active. Payments are reported to be usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Mr. Kishore Mittal |
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Designation : |
Director |
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Contact No.: |
91-22-40600700 |
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Date : |
29.04.2011 |
LOCATIONS
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Registered Office : |
84, Makers Chambers III, Nariman Point, Mumbai-400021, |
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Tel. No.: |
91-22-40600700 |
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Fax No.: |
91-22-40600799 |
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E-Mail : |
DIRECTORS
AS ON 30.09.2010
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Name : |
Mr. Anup Agarwalla |
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Designation : |
Managing Director |
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Address : |
55 Ameeta Gen J. Bhosale Marg, Mumbai – 400021, |
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Date of Birth/Age : |
25.05.1969 |
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Date of Appointment : |
17.07.2002 |
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Name : |
Mr. Kishore Mittal |
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Designation : |
Director |
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Address : |
Mittal Bhavan 62-A, |
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Date of Birth/Age : |
13.11.1962 |
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Date of Appointment : |
19.10.2006 |
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Name : |
Mr. Jatish Kumar |
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Designation : |
Director |
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Address : |
A-3 |
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Date of Birth/Age : |
24.10.1944 |
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Date of Appointment : |
31.07.2007 |
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Name : |
Mr. Suhail A. Nathani |
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Designation : |
Director |
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Address : |
Flat No. 11, Deluxe Apts., |
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Date of Birth/Age : |
03.06.1965 |
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Date of Appointment : |
19.10.2006 |
KEY EXECUTIVES
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Name : |
Mr. Kiran H Kudu |
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Designation : |
Company Secretary |
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Address : |
602, Sadhana Vasant Housing Complex, Mahavir Nagar, Kandivali (West),
Mumbai-400067, |
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Date of Birth/Age : |
03.02.1958 |
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Date of Appointment : |
16.01.1996 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Abha D. Agarwalla |
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17000 |
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Anup Agarwalla |
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644300 |
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Anup Agarwalla HUF |
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700625 |
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Advaita Holdings Private Limited, Mumbai |
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3500100 |
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Namrata Agarwalla |
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181500 |
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Namrata A. Agarwalla |
|
720975 |
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Shreya Agarwalla |
|
400000 |
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Urmi Agarwalla |
|
400000 |
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Vibha Mittal |
|
7500 |
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Total |
|
6572000 |
AS ON 30.09.2010
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Bodies corporate |
|
53.00 |
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Directors or relatives of directors |
|
47.00 |
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Total
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
The Subject acts as a Mining Company, Engaged in the
activities of coal Mining. |
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Products : |
v
Metallurgical coke v
Coal |
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Terms : |
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Selling : |
Cash |
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Purchasing : |
Cash |
GENERAL INFORMATION
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Customers : |
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Employees: |
75 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
N A Shah Associates Chartered Accountants |
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Address : |
64, 65 and 84C, Mittal Tower, Nariman Point, Mumbai-400021, |
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Holding Company : |
CIN No. :- U40109MH2008PTC178561 |
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Subsidiaries : |
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Associates : |
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CAPITAL STRUCTURE
As on 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 150.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6,572,000 |
Equity Shares |
Rs. 10/-
each |
Rs. 65.720
Millions |
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Note
Out of the above
- 22,500 Equity Shares of Rs. 10/- each paid for consideration other
than cash
- 2,432,000 Equity Shares allotted as fully paid-up Bonus Shares by
capitalization of General Reserve and Share Premium
- 3,500,100 Equity Shares of Rs/ 10/- each held by Holding Company
viz. Advaita Holdings Private Limited (Formerly known as BLA Energy Trading
Company Private Limited)
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover (Approximately) |
|
|
900.000 |
Expected Sales (2011-2012) : Rs.1100.000 Millions
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
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|
|
|
|
1] Share Capital |
65.720 |
65.720 |
65.720 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
346.586 |
254.778 |
201.819 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
412.306 |
320.498 |
267.539 |
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LOAN FUNDS |
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1] Secured Loans |
135.928 |
78.779 |
17.100 |
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2] Unsecured Loans |
36.949 |
26.177 |
13.414 |
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TOTAL BORROWING |
172.877 |
104.956 |
30.514 |
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DEFERRED TAX LIABILITIES |
0.000 |
11.800 |
21.703 |
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TOTAL |
585.183 |
437.254 |
319.756 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
261.429 |
224.718 |
195.699 |
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Capital work-in-progress |
19.475 |
20.961 |
12.704 |
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INVESTMENT |
269.993 |
164.263 |
95.639 |
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DEFERREX TAX ASSETS |
7.088 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
71.203
|
65.121
|
46.498 |
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Sundry Debtors |
42.195
|
21.728
|
14.987 |
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Cash & Bank Balances |
47.948
|
26.107
|
14.149 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
48.111
|
52.626
|
82.387 |
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Total
Current Assets |
209.457
|
165.582
|
158.021 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
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Sundry Creditors |
41.884
|
52.093
|
61.254 |
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Other Current Liabilities |
56.501
|
43.307
|
47.871 |
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Provisions |
83.874
|
42.870
|
33.182 |
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Total
Current Liabilities |
182.259
|
138.270
|
142.307 |
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Net Current Assets |
27.198
|
27.312
|
15.714 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
585.183 |
437.254 |
319.756 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
634.071 |
427.834 |
457.207 |
|
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Other Income |
1.566 |
20.512 |
8.859 |
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TOTAL (A) |
635.637 |
448.346 |
466.066 |
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Less |
EXPENSES |
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Mining Expenses |
196.733 |
131.234 |
194.685 |
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Personal Cost |
151.779 |
124.772 |
115.808 |
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Other Expenses |
104.908 |
83.581 |
77.436 |
|
|
|
Exchange rate Difference (Net) |
0.027 |
(0.083) |
0.041 |
|
|
|
Increase/(Decrease) in Stock |
(7.465) |
(17.315) |
(34.960) |
|
|
|
TOTAL (B) |
445.982 |
322.189 |
353.010 |
|
|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
189.655 |
126.157 |
113.056 |
|
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|
|
|
|
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Less |
FINANCIAL
EXPENSES (D) |
13.321 |
8.736 |
6.478 |
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
176.334 |
117.421 |
106.578 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
33.532 |
27.733 |
24.117 |
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|
PROFIT BEFORE
TAX (E-F) (G) |
142.801 |
89.688 |
82.461 |
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Less |
TAX (I) |
50.993 |
21.352 |
29.638 |
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|
PROFIT AFTER TAX
(G-I) (J) |
91.808 |
68.336 |
52.823 |
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
105.839 |
82.881 |
NA |
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Less |
APPROPRIATIONS |
|
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|
|
|
|
|
Transfer to General Reserve |
0.000 |
30.000 |
NA |
|
|
|
Dividend |
0.000 |
13.144 |
NA |
|
|
|
Tax on Dividend |
0.000 |
2.233 |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
197.647 |
105.839 |
NA |
|
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|
Earnings Per
Share (Rs.) |
13.97 |
10.40 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
14.44
|
15.24
|
11.33 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
22.52
|
20.96
|
18.03 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
30.33
|
22.97
|
23.31 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.35
|
0.27
|
0.30 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
0.86
|
0.75
|
0.64 |
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|
Current Ratio (Current Asset/Current Liability) |
|
1.15
|
1.19
|
1.10 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors
Details:
|
Particulars
|
Rs.
In Millions 31.03.2010 |
Rs.
In Millions 31.03.2009 |
Rs.
In Millions 31.03.2008 |
|
Sundry Creditors |
41.884
|
52.093
|
61.254 |
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Form 8
|
Corporate
identity number of the company |
U10200MH1964PTC162314 |
|
Name of the
company |
BLA INDUSTRIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
84, Makers Chambers III, Nariman Point, Mumbai-400021, |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable Property Book Debts Movable Property (not being pledge) |
|
Particular of
charge holder |
State Bank of Address - Commercial Branch, N.G.N. Vaidya Marg,, Mumbai -
400023, |
|
Nature of
instrument creating charge |
Mortgage by deposit
of Title Deeds vide Memorandum of deposit for extension of Charge for Term
Loan / Overall Limit dated 8th March, 2010 Second
supplementary agreement of Hypothecation of Goods and Assets for increase in
the Overall Limit dated 8th March, 2010 |
|
Date of
instrument Creating the charge |
08.03.2010 |
|
Amount secured by
the charge |
Rs. 209.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest At the Bank's sole
discretion on the basic of any internal credit rating accorded to the
Borrower or interest rate changes in the State Banks Advance rates or RBI's
Interest rate, from time to time. Terms of Repayment 1) Cash Credit /
WCDL Limits of Rs. 145.000 millions - One year subject to renewal. 2) Term loan - II
of Rs. 39.000 millions - repayable in 7 equal installment of Rs. 5.000
millions each and last installment of Rs. 4.000 millions, starting from
March, 2010 and ending on December, 2011 Margin Stores & Spares
- 25%, II) Stocks-in-Process -
25%, III) Finished Goods - 25%, IV) Book Debts / Receivable (Cover 60
Days) 25%, V) Letters of Credit - 10%
(Max. usage 180 days), VI) Guarantees Regular - 10%, Disputed - 100%, VII)
Land and Building / Plant & Machinery - 30.59%. Extent and operation of the charge The whole of the
Current Assets of the Borrower namely, Stocks of Raw Materials, Stocks in
process, Semi-Finished and Finished Goods, Stores and Spares not relating to
Plant and Machinery (Consumable Stores and Spares), Bills receivables and
Book Debts and all other movables, including furniture's and fixtures both
present and future in Borrower's factories, premises and godowns situate at
Gadarwara Madhya Pradesh more particularly described in Schedule-I of
Memorandum of Entry dated 08.03.2010 |
|
Date of
instrument modifying the charge |
21.12.2009 |
|
Particulars of
the present modification |
The Charge
created by deed of hypothecation dated 28th March, 2008 for Rs.119.600 millions
and modified by Deposit of Title Deeds on 24.06.2008 and further modified by
Supplementary Deed of Hypothecation dated 03.03.2009 and further modified by
Memorandum of Entry for extension dated 21.12.2009 increasing the charge
amount to Rs.177.600 millions shall stand hypothicated and charged as a
continuing security by way of first exclusive charge upto the increased limit
of Rs.209.000 millions |
Trade References:
- Siddhart Industries,
- Predominant Engineers and Contractors Limied, Haryana
Fixed Assets
- Buildings
- Plant and machinery
- Vehicles
- Furniture and Fixtures
- Office Equipment
- Computer
- Software
- Mining Rights
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.44.38 |
|
|
1 |
Rs.73.87 |
|
Euro |
1 |
Rs.65.83 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.