MIRA
INFORM REPORT
|
Report Date : |
02.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
BATRA ASSOCIATES LIMITED |
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Registered
Office : |
E-42/3, Okhla Industrial Area, Phase II, New Delhi-110020 |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
13.08.1974 |
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Com. Reg. No.: |
55-007427 |
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Capital Investment
/ Paid-up Capital : |
Rs.21.375
Millions |
|
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|
|
CIN No.: [Company Identification
No.] |
U67120DL1974PLC007427 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELB07131F |
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|
Legal Form : |
A closely held Public Limited Liability Company. |
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Line of Business
: |
Manufacturer and Exporter of Elastic Rail Clips and Liquefied
Petroleum Gas Valves and Regulators. |
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 160000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
|
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) |
|
|
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 : |
E-42/3, Okhla Industrial Area, Phase II, New Delhi-110020, |
|
Tel. No.: |
91-11-26383134/26383079 |
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Fax No.: |
91-11-26385277 |
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E-Mail : |
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Works: |
15/1, Mathura Road, Faridabad-121002 |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Amrit Lal Batra |
|
Designation : |
Director |
|
Address : |
C-27/28, NDSE II, New Delhi-110049, |
|
Date of Birth/Age : |
17.07.193 |
|
Date of Appointment : |
30.08.1974 |
|
Din No.: |
00047893 |
|
|
|
|
Name : |
Mr. Sanjay Batra |
|
Designation : |
Managing Director |
|
Address : |
C-27/28, NDSE II, New Delhi-110049, |
|
Date of Birth/Age : |
07.01.1965 |
|
Date of Appointment : |
01.04.1988 |
|
Din No.: |
00047915 |
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|
|
|
Name : |
Mr. Sushil Kumar |
|
Designation : |
Director |
|
Address : |
173, Sector 14, Gurgaon, |
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Date of Birth/Age : |
10.09.1939 |
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Date of Appointment : |
30.09.1976 |
|
Din No.: |
00047966 |
KEY EXECUTIVES
|
Name : |
Ms. Meenakshi Bijlani |
|
Designation : |
Secretary |
|
Address : |
A-1/64, Panchsheel Enclave, New Delhi-110017, |
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Date of Birth/Age : |
30.12.1977 |
|
Date of Appointment : |
15.06.2007 |
|
Pan No.: |
AKJPB5300P |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Nita Gurha |
|
20250 |
|
Gita Bali |
|
79808 |
|
Hardev Singh Khandari |
|
225 |
|
Sanjay Batra |
|
744817 |
|
Mahesh Kumari Batra |
|
645075 |
|
Amrit Lal Batra |
|
564750 |
|
Sushil Kumar |
|
16200 |
|
Rahoul Rai |
|
19800 |
|
Rita Rai |
|
24300 |
|
Gayson Engineering Works Private Limited, |
|
22275 |
|
|
|
|
|
Total |
|
2137500 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
1.04 |
|
Directors
or relatives of directors |
|
98.95 |
|
Other
top fifty shareholders |
|
0.01 |
|
Total |
|
|
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Elastic Rail Clips and Liquefied
Petroleum Gas Valves and Regulators. |
GENERAL INFORMATION
|
Bankers : |
Oriental Bank of Commerce, |
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Facilities : |
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Banking Relations
: |
-- |
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Auditors : |
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|
Name : |
R. Khattar and Associates Chartered Accountant |
|
Address : |
N-17, Annexe Flat, 1st and 2nd Floor, |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2137500 |
Equity Shares |
Rs.10/- each |
Rs.21.375
Millions |
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 |
|
|
|
|
|
1] Share Capital |
21.375 |
21.375 |
21.375 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
19.056 |
18.887 |
19.477 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
40.431 |
40.262 |
40.852 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2.198 |
3.015 |
1.730 |
|
|
2] Unsecured Loans |
31.975 |
32.225 |
11.050 |
|
|
TOTAL BORROWING |
34.173 |
35.240 |
12.780 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
74.604 |
75.502 |
53.632 |
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|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
64.528 |
9.892 |
10.636 |
|
|
Capital work-in-progress |
0.000 |
50.219 |
25.576 |
|
|
|
|
|
|
|
|
INVESTMENT |
5.932 |
6.102 |
6.087 |
|
|
DEFERREX TAX ASSETS |
0.035 |
0.683 |
0.402 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
6.804
|
6.729 |
9.991 |
|
|
Sundry Debtors |
2.360
|
3.118 |
5.873 |
|
|
Cash & Bank Balances |
0.843
|
0.371 |
1.212 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
5.435
|
5.265 |
5.946 |
|
Total
Current Assets |
15.442
|
15.483 |
23.022 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
3.322
|
2.041 |
7.302 |
|
|
Other Current Liabilities |
7.279
|
3.294 |
3.183 |
|
|
Provisions |
0.732
|
1.542 |
1.606 |
|
Total
Current Liabilities |
11.333
|
6.877 |
12.091 |
|
|
Net Current Assets |
4.109
|
8.606 |
10.931 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
74.604 |
75.502 |
53.632 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
34.735 |
29.618 |
77.220 |
|
|
|
Other Income |
6.866 |
5.516 |
4.985 |
|
|
|
TOTAL (A) |
41.601 |
35.134 |
82.205 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Consumed |
25.766 |
26.068 |
66.027 |
|
|
|
Manufacturing, Administrative, Selling and Others Expenses |
9.281 |
8.383 |
11.568 |
|
|
|
Directors Remuneration |
0.300 |
0.300 |
0.300 |
|
|
|
Transfer of Depreciation From Revaluation Reserve |
(0.069) |
(0.077) |
(0.085) |
|
|
|
TOTAL (B) |
35.278 |
34.674 |
77.810 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
6.323 |
0.460 |
4.395 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
4.085 |
0.452 |
0.412 |
|
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2.238 |
0.008 |
3.983 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.203 |
0.765 |
0.873 |
|
|
|
|
|
|
|
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|
PROFIT / LOSS
BEFORE TAX (E-F) (G) |
1.035 |
(0.757) |
3.110 |
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|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.796 |
(0.244) |
0.308 |
|
|
|
|
|
|
|
|
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|
PROFIT / LOSS
AFTER TAX (G-H) (I) |
0.239 |
(0.513) |
2.802 |
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
10.274 |
10.787 |
7.985 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
10.513 |
10.274 |
10.787 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.11 |
(0.24) |
1.31 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.57
|
(1.46) |
3.41 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.97
|
(2.55) |
4.03 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.29
|
(2.98) |
9.24 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
(0.02) |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.13
|
1.05 |
0.61 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.36
|
2.25 |
1.90 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS:
During the year the company has achieved a turnover of Rs.41.600
millions as against the previous years turnover of Rs.35.133 millions. The
company has earned profits of Rs.1.035 millions as against losses Rs.0.757
millions last year. The company will continue to explore opportunities to grow
and perform better during the current year.
BUSINESS
DESCRIPTION:
Subject is a manufacturer and exporter of elastic rail clips
and liquefied petroleum gas valves and regulators. The company provides die-casting
components and industrial, oxygen and carbon dioxide valves. It also offers a
range of brass forged and machined components. The company additionally
provides pre-treatment and powder painting services for die-casted aluminium
and zinc alloy products. It uses silico manganese steel for the manufacture of
elastic rail clips. In addition, it operates a fully furnished showroom in
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Creation of
charge |
|
Corporate identity
number of the company |
U67120DL1974PLC007427 |
|
Name of the
company |
BATRA ASSOCIATES
LIMITED |
|
Address of the
registered office or of the principal place of business in |
E-42/3, Okhla Industrial Area, Phase II, New Delhi-110020, |
|
Type of charge |
Book Debts Floating Charge Others |
|
Particular of
charge holder |
Oriental Bank of Commerce, |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Loan doc 1
agreement for hypothecation of assets |
|
Date of
instrument Creating the charge |
15.06.2010 |
|
Amount secured by
the charge |
Rs.3.500 Millions
|
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest At PLR (present
PLR of bank is 12.00%) i.e. at 12% p.a. At present with monthly rests,
subject to changes in PLR/ spread by the bank. Penal interest @ 2 % p.a.
Commission on BG Terms of
Repayment one year Margin 25% on stocks and
receivables 25% margin by way
of FDR/ CDR during currency of bank guarantee facility Extent and
Operation of the charge Charge on stocks
and receivables for cash credit limit of Rs. 3.000 millions. Guarantee
(performance/ financial) for Rs. 0.500 millions Others The facilities
shall be collaterally secured by the Pg of Shri A. L. Batra Shri Sanjay Batra
and Sushil Kumar having Fnw of Rs. 257.581 Millions and Rs. 159.137 Millions and Rs. 9.046 Millions as on 31.03.2009 respectively |
|
Short particulars
of the property charged |
Stocks and
receivables of the company kept at there office at E-42/3 Okhla Industrial
area phase II New Delhi. |
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.46.02 |
|
|
1 |
Rs.75.43 |
|
Euro |
1 |
Rs.66.70 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
31 |
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.