1. Summary Information
|
|
|
Country |
|
|
Company Name |
BALKRISHNA
INDUSTRIES LIMITED |
Principal Name 1 |
Mr. Arvind M.
Poddar |
|
Status |
Good |
Principal Name 2 |
Mr. Dharaprasad
R. Poddar |
|
|
|
Registration # |
11-12185 |
|
Street Address |
H-3/1, M.I.D.C.,
'A' Road, Tarapur, Boisar - 401 506, |
||
|
Established Date |
20.11.1961 |
SIC Code |
-- |
|
Telephone# |
91-22-66663800 |
Business Style 1 |
Manufacturing of
Paperboards, Tyres and Tubes and Synthetics. |
|
Fax # |
91-22-66663898 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Fabrics |
|
|
# of employees |
500 (Approximately) |
Product Name 2 |
Tyres |
|
Paid up capital |
Rs.
193,317,000 |
Product Name 3 |
Paper / Paper
Boards |
|
Shareholders |
Individuals / Hindu Undivided Family
(54.37 %) |
Banking |
Bank of Baroda State
Bank of India |
|
Public Limited Corp. |
Yes |
Business Period |
50 years |
|
IPO |
--- |
International Ins. |
- |
|
Public |
--- |
Rating |
A
(66) |
|
Related
Company |
|||
|
Relation
- Subsidiaries |
Country
|
Company
Name |
Balkrishna Paper Mills Limited |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
8,210,935,000 |
Current Liabilities |
6,017,315,000 |
|
Inventories |
4,103,762,000 |
Long-term Liabilities |
6,070,291,000 |
|
Fixed Assets |
6,874,432,000 |
Other Liabilities |
569,934,000 |
|
Deferred Assets |
--- |
Total Liabilities |
12,657,540,000 |
|
Invest& other Assets |
1,786,169,000 |
Retained Earnings |
8,124,441,000 |
|
|
|
Net Worth |
8,317,758,000 |
|
Total Assets |
20,975,298,000 |
Total Liab. & Equity |
20,975,298,000 |
|
Total Assets (Previous Year) |
15,717,401,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
19,969,403,000 |
Net Profit |
1,856,588,000 |
|
Sales(Previous yr) |
13,869,596,000 |
Net Profit(Prev.yr) |
2,087,275,000 |
MIRA
INFORM REPORT
|
Report Date : |
01.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
BALKRISHNA INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
H-3/1, M.I.D.C., 'A' Road, Tarapur, Boisar - 401 506, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
20.11.1961 |
|
|
|
|
Com. Reg. No.: |
11-12185 |
|
|
|
|
Paid Up Capital
: |
Rs. 193.317
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L99999MH1961PLC012185 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMB11319A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACB3333J |
|
|
|
|
Legal Form : |
A Public Limited Liability Company.
The company’s shares are listed on the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing of Paperboards, Tyres and Tubes and Synthetics. |
|
|
|
|
No. of Employees
: |
500
(Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (66) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 33271032 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and a reputed company having fine track.
Financial position of the company appears to be sound. Trade relations are
reported as fair. Business is active. Payments are reported to be regular 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
H-3/1, M.I.D.C.,
'A' Road, Tarapur (Boisar), Thane - 401 506, |
|
Tel. No.: |
91-22-66663800 |
|
Fax No.: |
91-22-66663898 |
|
Email : |
|
|
Website: |
|
|
|
|
|
Corporate
Office: |
BKT House, C Wing, 15th Floor, Trade World,
Kamala Mills Compound, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400
013, Maharashtra, India |
|
Tel No.: |
91-22-66663800 extension 836/ 237 |
|
Fax No.: |
91-22-66663898 |
|
|
|
|
BKT ( |
BKT Europe Srl. Via Cesare Battisti, 42/A, 20057 Vedano AI
Lambro (MI) |
|
Tel No.: |
+39-039-2490128 |
|
Fax No.: |
+39-039-2492100 |
|
|
|
|
BKT ( |
BKT ( 15, Marlpit lane, Sutton Coldfield, |
|
Tel/ Fax No.: |
+44-121-6814241 |
|
Mobile No.: |
+44-79577-30529 |
|
|
|
|
BKT ( |
BKT- Tires, |
|
Tel No.: |
+1 -330-2521090 |
|
Toll Free |
+ 1- 888- 6600662 |
|
Fax No.: |
+ 1-330- 2521081 |
|
|
|
|
Plant: |
B-66, MIDC Industrial Estate, Waluj Industrial Area, SP-923, RIICO,
Phase III, Post Office Bhiwadi – 301 019, District Alwar, Rajasthan RIICO, Phase VIII, Chopanki, P.O. Bhiwadi, 301 109 Dist. Alwar. Rajasthan Wind Farm: Village Soda And
Mada, Tehsil, Fatehgarh, District Jaisalmer, Rajasthan Mould Plant: Plot No. TS-1, M.I.D.C, Phase No. II,
Dombivali (East), District Thane - 421 201, |
DIRECTORS
As on 31.03.2010
|
Name : |
Mr. Dharaprasad
R. Poddar |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Arvind M.
Poddar |
|
Designation : |
Vice Chairman and
Managing Director |
|
Qualification: |
B.Com |
|
Date of
Appointment: |
01.08.2006 |
|
|
|
|
Name : |
Mr. Anurag Poddar |
|
Designation : |
Executive
Director (w.e.f. 22nd January, 2009) |
|
|
|
|
Name : |
Mr. Rajiv Poddar |
|
Designation : |
Executive
Director (w.e.f. 22nd January, 2009) |
|
|
|
|
Name : |
Mr. Sachin Nath
B. Chaturvedi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Subhashchand
Mantri |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Rameshkumar D. Poddar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Khurshed Doongaji |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Laxmidas
Merchant |
|
Designation : |
Director (w.e.f.
22nd January, 2009) |
|
|
|
|
Name : |
Mr. Ashok M.
Saraf |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Rakesh N. Garodia (up to 28th
May, 2010) |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Sanjay Asher |
|
Designation : |
Director (w.e.f 29th May, 2010) |
|
|
|
|
Name : |
Mr. Basantkumar
Bansal |
|
Designation : |
Whole Time
Director (w.e.f. 26th July, 2008) |
|
|
|
|
Management
Committee : |
Mr. Dilip M
Vaidya – Director (Technical) Mr. Rajiv Poddar Mr. Anurag Poddar
Ms. Khushboo
Poddar Mr. Basantkumar
Bansal |
KEY EXECUTIVES
|
Name : |
Mr. Vipul R. Shah |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Basant G
Bansal |
|
Designation : |
Chief Financial
Officer |
|
Qualification: |
B.Com, ACA |
|
Date of Appointment: |
01.07.2002 |
|
|
|
|
Name : |
Mr. Madhusudan B
Bajaj |
|
Designation : |
Senior Vice
President (Technology) |
|
Qualification: |
B.Com, FCA |
|
Date of
Appointment: |
01.07.2002 |
|
|
|
|
Name : |
Mr. Anant V
Pandit |
|
Designation : |
Senior Vice
President (Technology) |
|
Qualification: |
B.Sc., B.Tech,
LPR |
|
Date of
Appointment: |
20.02.2003 |
|
|
|
|
Name : |
Mr. Kallol Sinha
Ray |
|
Designation : |
Senior Vice
President (Operations and Unit Head) |
|
Qualification: |
B.Sc. B.Tech |
|
Date of
Appointment: |
22.05.2006 |
|
|
|
|
Name : |
Mr. Shmbhu N
Dutta |
|
Designation : |
Senior Vice
President (Marketing) |
|
Qualification: |
B.Sc. PGDM |
|
Date of
Appointment: |
04.05.2004 |
SHAREHOLDING PATTERN
As on 30.09.2011
|
Category of Shareholder |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
52,551,240 |
54.37 |
|
|
270 |
- |
|
|
52,551,510 |
54.37 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
52,551,510 |
54.37 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
13,779,236 |
14.26 |
|
|
23,790 |
0.02 |
|
|
16,276,012 |
16.84 |
|
|
30,079,038 |
31.12 |
|
|
|
|
|
|
2,247,285 |
2.32 |
|
|
|
|
|
|
6,215,821 |
6.43 |
|
|
5,295,938 |
5.48 |
|
|
269,003 |
0.28 |
|
|
267,903 |
0.28 |
|
|
1,000 |
- |
|
Trusts |
100 |
-- |
|
|
14,028,047 |
14.51 |
|
Total Public shareholding (B) |
44,107,085 |
45.63 |
|
Total (A)+(B) |
96,658,595 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
96,658,595 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 Million
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Paperboards,
Tyres and Tubes and Synthetics. |
||||||||
|
|
|
||||||||
|
Products : |
Ø Paper / Paper Boards Ø Fabrics Ø Tyres Ø Tubes Ø Ø P L 801 -
Pneumatic Forklift / Material Handling Tyres Ø Skid Power H D
|
PRODUCTION STATUS (31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Tyres |
Nos. |
49.45 lacs |
41.02 lacs |
2450272 |
|
|
Nos. |
N.A. |
3.79 Lacs |
96195 |
|
Wind Power Generation (Captively consumed)
|
KWH/ Units |
N.A. |
5 MW |
5493784 |
GENERAL INFORMATION
|
No. of Employees : |
500 |
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
v
Bank of v
Central Bank of v
State Bank of v State Bank of Travancore, Mumbai v Corporation Bank v ING Vysya Bank v Deutsche Bank AG, Mumbai v ABN Amro Bank v Standard Chartered Bank v Barclays Bank PLC v
State Bank of v
IndusInd Bank v The Royal Bank of Scotland N.V |
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
Jayantilal
Thakkar and Company Chartered
Accountants |
|
|
|
|
Internal Auditor : |
Dilip A. Jain and
Associates Chartered
Accountants |
|
|
|
|
Subsidiaries : |
v
Balkrishna Paper Mills Limited (100%) v
Balkrishna Synthetics Limited (100%) v
BKT Tyres Limited (80%) v
BKT Exim Limited (100%) Indirect
Subsidiary Companies Subsidiary Companies of BKT Exim Limited; i.e. BKT (EUROPE) Limited BKT EUROPE S.R.L and BKT ( |
|
|
|
|
Group Companies : |
Companies v
S.P. Finance and Trading Limited v
Balgopal Holdings and Traders Limited v
Vishal Furnishings Limited v
Poddar Brothers Investment Private Limited v
Sanchna Trading and Finance Limited v
SP Investrade ( v
SPG Realty Private Limited v
Poddar Bio-Diesel Private Limited v
Oxemberg Clothing Limited v
Siyaram Polycote Limited v
Oxemberg Fashions Limited v
Beetee Textile Industries Limited v
Santigo Textile Mills Private Limited v
Balkrishna Paper Mills Limited v
Balkrishna Synthetics Limited v
BKT Moulds Limited v
BKT Tyres Limited v
BKT Exim Limited v
SPG Power Limited v
SPG Infrastructure Limited v
Futuristic Concept Media Limited v
Seeom Fabrics Limited v
Paramount Minerals and Chemicals Limited v
Image Commercials Private Limited v
GRL International Limited v
Govind Rubber Limited v
Siyaram Silk Mills Limited v
Trendline Commercials Private Limited v Wavelink
Commercials Private Limited Partnership
Firms v
Fabwear Garment v
Tirupati Realty v
Balaji Realty v Shree Siyaram
Textiles |
CAPITAL STRUCTURE
As on
31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25,00,00,000 |
Equity Shares |
Rs.2/- each |
Rs.500.000
millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9,66,58,595 |
Equity Shares |
Rs.2/- each |
Rs. 193.317
Millions |
|
|
|
|
|
Of the above Shares :
i) 8,43,65,800 Equity Shares of Rs.2 each (Previous Year 1,68,73,160 Equity Shares of Rs. 10 each) were allotted as fully paid up, by way of Bonus Shares by capitalisation of Share Premium Account and General Reserve.
ii) 4,87,800 Equity Shares of Rs. 2 each (Previous Year 97,560 Equity Shares of Rs. 10 each)were allotted as fully paid up on conversion of convertible portion of partly convertible Debentures.
iii) 38,04,995 Equity Shares of Rs. 2 each (Previouse Year 7,60,999 Equity Shares of Rs. 10 each) were allotted as fully paid up on conversion of Foreign Currency Convertible Bonds-FCCB.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
193.317 |
193.317 |
193.317 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
8124.441 |
6414.437 |
4484.960 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
8317.758 |
6607.754 |
4678.277 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3854.425 |
2642.676 |
3310.905 |
|
|
2] Unsecured Loans |
2215.866 |
2000.606 |
1417.203 |
|
|
TOTAL BORROWING |
6070.291 |
4643.282 |
4728.108 |
|
|
DEFERRED TAX LIABILITIES |
569.934 |
548.118 |
523.871 |
|
|
|
|
|
|
|
|
TOTAL |
14957.983 |
11799.154 |
9930.256 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
6874.432 |
6148.834 |
5345.550 |
|
|
Capital work-in-progress |
1463.818 |
588.700 |
747.170 |
|
|
|
|
|
|
|
|
INVESTMENT |
322.351 |
807.265 |
322.258 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
4103.762
|
2030.526
|
1222.577
|
|
|
Sundry Debtors |
3247.787
|
2403.040
|
2190.811
|
|
|
Cash & Bank Balances |
109.866
|
42.279
|
111.389
|
|
|
Other Current Assets |
0.292
|
0.287
|
0.609
|
|
|
Loans & Advances |
4852.990
|
3696.470
|
2783.127
|
|
Total
Current Assets |
12314.697
|
8172.602
|
6308.513
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2154.801
|
843.369 |
611.073
|
|
|
Current Liabilities |
238.431
|
305.676
|
235.930
|
|
|
Provisions |
3624.083
|
2769.202
|
1946.232
|
|
Total
Current Liabilities |
6017.315
|
3918.247
|
2793.235
|
|
|
Net Current Assets |
6297.382
|
4254.355
|
3515.278
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
14957.983 |
11799.154 |
9930.256 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
19969.403 |
13869.596 |
12523.351 |
|
|
|
Other Income |
163.537 |
264.386 |
49.148 |
|
|
|
TOTAL (A) |
20132.940 |
14133.982 |
12572.499 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing, Trading and Other Expenses |
16426.316 |
10171.910 |
10553.461 |
|
|
|
Short Provisions for (Expenses) |
0.568 |
0.000 |
0.000 |
|
|
|
Excess Provision for Taxation of Earlier
years |
(0.964) |
|
|
|
|
|
TOTAL (B) |
16425.920 |
10171.910 |
10553.461 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3707.020 |
3962.072 |
2019.038 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST &
FINANCIAL EXPENSES (D) |
212.226 |
186.590 |
375.044 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3494.794 |
3775.482 |
1643.994 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
744.389 |
662.161 |
565.163 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2750.405 |
3113.321 |
1078.831 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
893.817 |
1026.049 |
375.880 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1856.588 |
2087.275 |
702.951 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2379.311 |
658.561 |
585.878 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
185.658 |
208.728 |
494.609 |
|
|
|
Interim Dividend |
0.000 |
135.322 |
0.000 |
|
|
|
Proposed Final Dividend |
135.322 |
0.000 |
115.990 |
|
|
|
Tax on Dividend |
21.868 |
22.475 |
19.669 |
|
|
BALANCE CARRIED
TO THE B/S |
3893.051 |
2379.311 |
658.561 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods on FOB Basis |
17047.123 |
11792.933 |
10874.058 |
|
|
|
Recovery towards Freight and Insurance on
Exports |
596.426 |
355.654 |
523.525 |
|
|
|
Recovery of Capital Expenditure |
0.000 |
6.791 |
2.478 |
|
|
|
Recovery towards |
0.000 |
4.437 |
0.000 |
|
|
TOTAL EARNINGS |
17643.549 |
12159.815 |
11400.061 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
9647.369 |
5029.738 |
4058.231 |
|
|
|
Stores & Spare Parts |
86.039 |
78.878 |
108.253 |
|
|
|
Capital Goods |
160.835 |
258.445 |
594.708 |
|
|
|
Traded Goods |
0.000 |
3.972 |
0.000 |
|
|
TOTAL IMPORTS |
9894.243 |
5371.033 |
4761.192 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
19.21 |
107.97 |
36.36 |
|
|
|
- Diluted |
19.21 |
105.50 |
36.79 |
|
QUARTERLY
RESULTS
|
PARTICULARS |
|
30.06.2011 (1st
Quarter) |
30.09.2011 (2nd
Quarter) |
|
Net Sales |
|
5844.400 |
6782.200 |
|
Total Expenditure |
|
4787.700 |
5596.300 |
|
PBIDT (Excl OI) |
|
1056.700 |
1185.900 |
|
Other Income |
|
5.500 |
1.300 |
|
Operating Profit |
|
1062.200 |
1187.200 |
|
Interest |
|
33.000 |
45.400 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
1029.200 |
1141.800 |
|
Depreciation |
|
199.100 |
205.200 |
|
Profit Before Tax |
|
830.100 |
936.600 |
|
Tax |
|
269.000 |
303.900 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
561.100 |
632.700 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
561.100 |
632.700 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
9.22 |
14.77
|
5.59 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
13.77 |
22.45
|
8.61 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.33 |
21.74
|
9.26 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.33 |
0.47
|
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.45 |
1.30
|
1.61 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.04 |
2.09
|
2.26 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY:
Subject, the world's premier manufacturer of pneumatic tyres for special
applications was incorporated on November 20, 1961. The company operates mainly
in the business segment of tires. They focus on the production of range of
off-highway tires that includes agricultural, industry, material handling,
forestry, lawn and garden, construction and earth moving tires. The company has
a worldwide distribution network ensuring extensive reach and penetration.
During the year 2002-03, the company acquired the Auto Tyre Plant of Govind
Rubber Limited at Bhiwadi in Rajasthan. During the financial year 2004-05, the
company launched Tractor Radial Tyres. The company expanded the production
capacity in Bhiwadi unit and Waluj unit to 42000 tpa and 18000 tpa
respectively. They also installed 5 MW Wind-Farm near Jaisalmer in Rajasthan
for captive usage. In February 2005, the company has set up a 100% subsidiary
company in
OPERATIONS:
The Company mainly operates in one segment i.e. “tyres”
with a focus on manufacture of wide range of “Off-Highway Specialty Tyres”.
These specialty tyres are meant for Agricultural, Industrial, Material
Handling, Construction, Earthmoving (OTR), Forestry, Lawn & Garden
Equipments and All Terrain Vehicles (ATV). Around 90% of our revenue is
generated through exports.
After a year of severe slowdown in F.Y.09 – 10, the
company witnessed a good surge in F.Y. 10 – 11 that resulted in top line growth
of above 42%. The Net Turnover and other Income of the company increased from
Rs.14130.000 millions to Rs.20130.000 millions in the year under consideration.
Due to unprecedented increase in raw material and other
input costs, the operating margin (EBIDTA) of the company for the year declined
to Rs.3710.000 millions from Rs.3960.000 millions in the previous year.
Correspondingly, the profit after tax also declined to Rs.1860.000 millions
during the year under consideration as compared to Rs.2070.000 millions in the
previous year.
The Company continues to enjoy the status of “STAR TRADING
HOUSE”.
OUTLOOK FOR THE
CURRENT YEAR 2011-12:
The company is seeing continuity
in demand of its products in the current financial year in line with that of
previous year which was encouraging. The said demand is coming from across the
globe. The demand from replacement as well as OEM segment has shown good signs
of revival and likely to be there in times to come. Though the raw material
prices and other input costs are started softening in the current financial
year as compared to previous year, still it is on the higher side. If the
softening in raw material prices and other inputs costs continue, the margins
of the company in the current financial year is expected to be better than that
of previous year. The company continues to expand its base through developing
new product lines, venturing into new geographies and deeper penetration into
existing markets to ensure its sustainable growth.
Company Profile
Subject is an India-based company engaged in manufacturing pneumatic
tires. The Company focuses on manufacturing of off-highway specialty tires.
These tires are used for agricultural, industrial, material handling,
construction, earthmoving (OTR), forestry, lawn and garden equipments and all
terrain vehicles (ATV). The Company operates through tyre segment.
Approximately 90% of the Company’s revenues are generated through export of
its products. The Company is also engaged in manufacturing of coated and uncoated
paper boards, processing of synthetic textile fabric and marketing support
services. As of March 31, 2011, it had installed capacity to produce 41.02 lacs
of tires per year. Its subsidiaries include Balkrishna Paper Mills Limited,
Balkrishna Synthetics Limited, BKT Exim Limited and BKT Tyres Limited. For the
fiscal year ended 31 March 2010, Balkrishna Industries Limited's revenues
increased 13% to RS15.94B. Net income before extraordinary items totaled
RS2.19B, up from RS746.5M. Revenue reflect an increase in income from Tyre
segment and a rise in other income. Net income reflects a decrease in
manufacturing expenses, the presence of income from increase/decrease in stock
vs. loss and a decrease in interest & finance charges of the company.
Contingent
Liabilities In Respect of:
|
Particulars |
31.03.2011 (Rs. in
Millions) |
|
a) Guarantees
given by the Company's bankers on behalf of the Company against the Company's
indemnity |
115.609 |
|
b) Corporate Guarantee given by the Company to President of
India through commissioner of Custom |
6500.000 |
|
c) Disputed claims for excise, sales tax
and service tax |
136.357 |
|
d) Disputed income tax demands |
138.794 |
|
|
|
FIXED ASSETS
·
·
·
Buildings and Roads
·
Plant and Machinery
·
Factory, Office and Other Equipments
·
Electric Installations
·
Furniture and Fixtures
·
Vehicles
·
Air Conditioners
·
Computer Software
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.48.87 |
|
|
1 |
Rs.78.11 |
|
Euro |
1 |
Rs.68.36 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
66 |
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.