MIRA
INFORM REPORT
|
Report Date : |
03.06.2011 |
#
IDENTIFICATION DETAILS
|
Name : |
BALAJI FIBER REINFORCE PRIVATE LIMITED |
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Registered
Office : |
Survey No. 293, Sakarda Badrva Road, Near S.D. Finechme, Village Poich,
Tal. Vadodara – 391780, Gujarat |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
30.03.2007 |
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Com. Reg. No.: |
04-050407 |
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Capital
Investment / Paid-up Capital : |
Rs.11.500 Millions |
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CIN No.: [Company Identification
No.] |
U25206GJ2007PTC050407 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BRDB01672G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of GRP/FRP piping and Equipment for water, waste water,
irrigation, specialized equipments |
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No. of Employees
: |
Not Divulged by the management.
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RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 370000 |
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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.
INFORMATION DECLINED BY
|
Name : |
Mr. Nilesh |
|
Designation : |
Director |
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Date : |
01.06.2011 |
LOCATIONS
|
Registered Office : |
Survey No. 293, Sakarda Badrva Road, Near S.D. Finechme, Village
Poich, Tal. Vadodara – 391780, Gujarat |
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Fax No.: |
91-265-2250333 |
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E-Mail : |
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Website : |
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DIRECTORS
AS ON 22.09.2010
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Name : |
Mr. Shantilal D. Patel |
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Designation : |
Director |
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Address : |
18, Green Park, Society, Y Near, Akota Stadium, Vadodara – 390015,
Gujarat, India |
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Date of Birth/Age : |
13.04.1938 |
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Date of Appointment : |
30.03.2007 |
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Din no.: |
01375763 |
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Name : |
Mr. Nilesh Patel |
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Designation : |
Director |
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Address : |
20-21, Soham Bungalow, S-1, Behind View Apartment, Vasna Road,
Vadodara – 390015, Gujarat, India |
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Date of Birth/Age : |
18.05.1966 |
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Date of Appointment : |
30.03.2007 |
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Din No.: |
01395640 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 22.09.2010
|
Names of Shareholders |
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No. of Shares |
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Shantilal D. Patel |
|
290000 |
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Nilesh Patel |
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860000 |
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Total |
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1150000 |
AS ON 22.09.2010
|
Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of GRP/FRP piping and Equipment for water, waste water, irrigation,
specialized equipments |
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PRODUCTION STATUS AS ON 31.03.2010
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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FRP Fittings, Plates and Stores
|
|
NA |
NA |
100.00 |
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Pipes |
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NA |
NA |
2441.00 |
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Others |
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NA |
NA |
1000.00 |
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GENERAL INFORMATION
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No. of Employees : |
Not Divulged by the management.
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Bankers : |
·
State
Bank of India, Specialized Commercial Branch, Trident Complex, Race Cource,
Vadodara -390023, Gujarat, INDIA ·
HDFC Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Lalit R. Mehta and Associates Chartered Accountant |
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Address : |
Prasanna House, Associatred Socierty, Opposite Radhakrishna Park,
Akola, Vadodara – 390020, Gujarat, India |
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CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
1150000 |
Equity Shares |
Rs.10/- each |
Rs.11.500
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
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|
|
|
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1] Share Capital |
11.500 |
11.500 |
10.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
80.448 |
44.766 |
7.754 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
91.948 |
56.266 |
17.754 |
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LOAN FUNDS |
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|
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|
1] Secured Loans |
153.916 |
109.942 |
38.806 |
|
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2] Unsecured Loans |
14.969 |
21.065 |
22.210 |
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TOTAL BORROWING |
168.885 |
131.007 |
61.016 |
|
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DEFERRED TAX LIABILITIES |
7.311 |
4.932 |
0.749 |
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TOTAL |
268.144 |
192.205 |
79.519 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
125.086 |
66.093 |
34.025 |
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Capital work-in-progress |
2.373 |
2.116 |
9.381 |
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INVESTMENT |
0.839 |
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 |
72.909
|
27.727 |
22.594 |
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Sundry Debtors |
174.101
|
168.608 |
64.766 |
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Cash & Bank Balances |
15.154
|
12.241 |
0.628 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
23.184
|
10.257 |
4.459 |
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Total
Current Assets |
285.348
|
218.833 |
92.447 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
126.803 |
79.378 |
51.682 |
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Other Current Liabilities |
0.000
|
0.000 |
0.000 |
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Provisions |
18.793
|
15.600 |
4.840 |
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Total
Current Liabilities |
145.596
|
94.978 |
56.522 |
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Net Current Assets |
139.752
|
123.855 |
35.925 |
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MISCELLANEOUS EXPENSES |
0.094 |
0.141 |
0.188 |
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TOTAL |
268.144 |
192.205 |
79.519 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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TOTAL INCOME |
628.629 |
601.754 |
216.871 |
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Less |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
571.446 |
540.059 |
205.110 |
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Interest |
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Depreciation |
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TOTAL |
571.446 |
540.059 |
205.110 |
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PROFIT BEFORE
TAX |
57.183 |
61.695 |
11.761 |
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Less |
TAX |
18.630 |
23.159 |
4.007 |
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PROFIT AFTER TAX
|
38.553 |
38.536 |
7.754 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
0.974 |
1.435 |
NA |
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TOTAL EARNINGS |
0.974 |
1.435 |
NA |
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IMPORTS |
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Raw Materials |
58.519 |
3.469 |
NA |
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Fixed Assets : |
29.264 |
0.000 |
NA |
|
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TOTAL IMPORTS |
87.783 |
3.469 |
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Earnings Per
Share (Rs.) |
32.55 |
38.53 |
7.75 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
6.13
|
6.40 |
3.57 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
13.92
|
21.65 |
9.29 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.62
|
1.09 |
0.66 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.42
|
4.01 |
6.62 |
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|
Current Ratio (Current Asset/Current Liability) |
|
1.95
|
2.30 |
1.63 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS DETAILS
:
(Rs.
In Millions )
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
For Goods |
107.735 |
88.200 |
44.059 |
|
For Expenses |
18.730 |
11.899 |
4.312 |
|
For Capital Goods |
0.337 |
1.278 |
3.311 |
|
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|
|
|
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Total |
126.803 |
79.378 |
51.682 |
FINANCIAL RESULT
AND WORKING :
During the year company has made profit of Rs. 57.183 millions after
providing depreciartion Rs. 8.150 millions and payment of finance charges of
Rs. 18.293 millions.
During the current year. They expect improvement in the working of the
company.
Form : 8
|
Corporate identity number of the company |
U25206GJ2007PTC050407 |
|
Name of the company |
BALAJI FIBER REINFORCE PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
Survey No. 293, Sakarda Badrva Road, Near
S.D. Finechme, Village Poicha, Ta: savli Vadodara – 391780, Gujarat, India |
|
This form is for |
Creation of charge |
|
Type of charge |
Immovable property Floating charge |
|
Particular of charge holder |
State Bank of India, Specialized
Commercial Branch, Trident Complex, Race Cource, Vadodara -390023, Gujarat,
INDIA |
|
Nature of instrument creating charge |
Memorandum Relating to Deposit of Title
Deeds For Creation of Charge for Term Loan/Overall Limit. |
|
Date of instrument Creating the charge |
08/07/2010 |
|
Amount secured by the charge |
Rs. 342.700 millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate
of interest Cash Credit - 0.25% above SBAR, Standby Line of Credit - 1.25% above SBAR,
Term Loan - 0.25% above SBAR, Corporate Loan - 2.50% above SBAR. SBAR - State Bank Advance Rate - presently
11.75% Terms
of repayment Working capital limits repayable on
demand. Term Loan (Existing) - Agg. O/s. -
Rs.22.700 millions - As per sanction letter No. RMME/09-10/190 dated
10.02.2010 Term Loan (New) - Rs.15.000 millions - 46 monthly installments of
Rs.0.315 millions and last (47th)
monthly installment of Rs.0.510 millions commencing after 04 months of first disbursement. Corporate Loan - Rs.3.50 Cr. - 31 monthly
installments of Rs.1.095 millions each and last (32nd) installment of
Rs.1.055 millions commencing after 04 months of first disbursement. Margin RM, Stores, Spares, Packing material,
Stock in process, Finished goods - 25% Receivables (cover period - 120 days) -
25% Letter of Credit, Bank Guarantee - 20% Term Loan (New) - Factory shed & road -
40%, Plant and machinery - 25% Extent
and operation of the charge First and Exclusive charge in favour of
State Bank of India, Specialized Commercial Branch, Baroda, against the total
credit limits of Rs.342.700 millions. Other
Nil |
|
Short particulars of the property charged
(Including location of the property) |
Land and building situated at R. S. No.
293 paiki, N.A. Land admeasuring 15,452 sq. mtrs. in the sim of village
Poicha, Rania, in the regd. dist. Vadodara, Sub-dist. Savli. Land and building situated at R. S. No.
89/3, T.P. Scheme No.2, F. P. No.120 paiki Plot No. 18 of Green Park Society,
admeasuring (plot area) 4380 sq. ft., in the sim of village Akota, Vadodara |
FIXED ASSETS :
·
Land
·
Factory Shed
·
Furniture and Fixtures
·
Plant and Machinery
·
Moulds and Dies
·
Electrical Installation
·
Office Equipments
·
Vehicles
·
Computer
·
Intangible assets
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. 44.94 |
|
|
1 |
Rs. 73.46 |
|
Euro |
1 |
Rs. 64.58 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--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 |
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.