MIRA
INFORM REPORT
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Report Date : |
06.09.2011 |
IDENTIFICATION DETAILS
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Name : |
BALAJI COKE INDUSTRY PRIVATE LIMITED
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Registered
Office : |
12, Ho-Chi Minh
Sarani, 2nd Floor, Flat -2B, Kolkata -700 071, West |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
18.04.1991 |
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Com. Reg. No.: |
21-051437 |
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Capital Investment
/ Paid-up Capital : |
Rs.49.960 millions |
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CIN No.: [Company Identification
No.] |
U23109WB1991PTC051437 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CALB03096C |
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PAN No.: [Permanent Account No.] |
AABCB1212D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing and Importer of Low Ash Metallurgical Coke. |
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No. of Employees
: |
80 (Approximately) |
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 2000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen.
Trade relations are fair. Business is active. Payments are reported as
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
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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
|
Name : |
Mr. Ramesh Sharma |
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Designation : |
Key Executive |
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Contact No.: |
91-9825802967 |
LOCATIONS
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Registered Office : |
12, Ho-Chi Minh
Sarani, 2nd Floor, Flat -2B, Kolkata -700 071, West Bengal, |
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Tel. No.: |
91-33-40201515/ 22826248/ 49/ 50/ 51 |
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Mobile No.: |
91-9825802967 (Mr. Ramesh Sharma) |
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Fax No.: |
91-33-22826798 / 2478-8946 |
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E-Mail : |
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Website : |
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Area : |
1,400 sq. fts. |
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Location : |
Owned |
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Factory 1 : |
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Tel. No.: |
91-326-2712566/ 2822/ 2311 |
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Fax No.: |
91-326-2303267 |
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E-Mail : |
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Factory 2/ Branch : |
Plot No 81 Sector – Gandhinagar 370201, |
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Warehouse : |
Located at :
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Branches : |
Located at :-
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DIRECTORS
AS ON 30.09.2010
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Name : |
Mr. Naresh Kumar Sharma |
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Designation : |
Managing Director |
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Address : |
12-HO, Minh, Sarani, Flat No.2B, 2nd
Floor, Kolkata – 700 071, West |
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Date of Birth/Age : |
19.11.1959 |
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Qualification : |
Bachelor of Commerce |
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Date of Appointment : |
24.11.2009 |
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Other
Directorships : |
Anant Balaji Limited |
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Din No.: |
01271191 |
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Name : |
Mr. Deepak Sharma |
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Designation : |
Director |
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Address : |
12-HO, Minh, Sarani, Flat No.2B, 2nd Floor, Kolkata – 700
071, West |
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Date of Birth/Age : |
23.08.1975 |
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Qualification : |
Bachelor of Commerce |
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Date of Appointment : |
24.10.2009 |
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Date of Cessation : |
01.12.2009 |
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Din No.: |
01666972 |
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Name : |
Mr. Ashok Kumar Sharma |
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Designation : |
Director |
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Address : |
11-9-13(2), Flat No-3, Prince Apartment, Viskhapatanam-530003, |
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Date of Birth/Age : |
17.01.1966 |
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Date of Appointment : |
23.02.2009 |
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Date of Cessation : |
07.06.2010 |
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Din No.: |
01069106 |
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Name : |
Mr. Kaushal Sharma |
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Designation : |
Whole Time Director |
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Address : |
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Date of Birth/Age : |
27.09.1954 |
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Date of Appointment : |
25.02.200949/94, Tarini Apartments, Flat Prince Ghulam Mohd. Shah
Road, Kolkata – 700033, West |
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Din No.: |
01667025 |
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Name : |
Mrs. Sushanta Kumar Hazra |
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Designation : |
Director |
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Address : |
Qtr No. V/15, CFRI Colony, FRI, Dhanbad-828108, |
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Date of Birth/Age : |
05.02.1949 |
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Date of Appointment : |
23.11.2009 |
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Din No.: |
02663358 |
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Name : |
Mr. Abhoy Prasad Mukherjee |
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Designation : |
Director |
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Date of Birth/Age : |
22.05.1946 |
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Date of Appointment : |
02.03.2010 |
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Din No.: |
03007561 |
KEY EXECUTIVES
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Name : |
Mr. Ramesh Sharma |
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Designation : |
Key Executive |
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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Naresh Sharma |
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735310 |
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Shruti Sharma |
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284800 |
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Antai Balaji Limited – |
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712500 |
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Total |
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1732610 |
(AS ON 17.01.2011)
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List of Allottees |
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No. of Shares |
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Coastal Carbons Limited – |
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20000 |
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Mellorate Mercantile Private Limited – |
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20000 |
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Auro Shikha Vinimay Private Limited – |
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20000 |
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Varun Credit and Real Estate Private Limited – |
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20000 |
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Deewood Crafts Private Limited – |
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20000 |
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Total |
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100000 |
(AS ON 30.09.2010)
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Equity Share
Breakup |
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Percentage of
Holding |
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Directors or relatives of directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and Importer of Low Ash Metallurgical Coke.. |
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Products : |
·
Coking Coal ·
Low Ash Metallurgical Coke ·
Iron Ore Fines |
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Brand Names : |
“BALAJI” |
GENERAL INFORMATION
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Customers : |
· Steel Authority of India Limited · Hindustan Zinc Limited · Ispat Metallics India Limited · Tata Steel · Kirloskar Ferrous Industries Limited · Tata Chemicals Limited · Nima Limited · Jayaswals Neco Limited · Shree Metallics Limited · Jindal Vijayanagar Steel Limited |
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No. of Employees : |
80 (approximately) |
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Bankers : |
· State Bank of India, Commercial Branch, 24, Park Street, Kolkata-700016, West Bengal, India · Dena Bank, Park Street Branch, 3, Park Street,
Kolkata – 700016, West Bengal, India |
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Facilities : |
Note: (Secured by hypothecation
of all Current assets of the company, both present and future, along with
collateral of Fixed Deposit receipts of Rs.15.000 millions and to be secured
by certain immovable property to be acquired in due course)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Singhi and Company Chartered Accountants |
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Address : |
1B, Old Post Office Street, Emraid House, 4th Floor,
Kolkata – 700001, West Bengal, India |
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Pan No.: |
AASFS9578D |
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Subsidiaries : |
· Booyan Coal Pty |
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Other Companies |
· Antai Balaji Limited · Tirupati Fuels Private Limited |
CAPITAL STRUCTURE
AS ON 30.09.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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5996013 |
Equity Shares |
Rs.10/- each |
Rs.59.960
millions |
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AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1732610 |
Equity Shares |
Rs.10/- each |
Rs.17.326
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
17.326 |
10.201 |
9.821 |
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2] Share Application Money |
185.700 |
144.700 |
13.800 |
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3] Reserves & Surplus |
201.078 |
54.070 |
41.010 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
404.104 |
208.971 |
64.631 |
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LOAN FUNDS |
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1] Secured Loans |
53.372 |
47.912 |
38.711 |
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2] Unsecured Loans |
21.000 |
3.491 |
0.769 |
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TOTAL BORROWING |
74.372 |
51.403 |
39.480 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
478.476 |
260.374 |
104.111 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
14.011 |
17.694 |
10.462 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
52.593 |
9.304 |
7.058 |
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DEFERREX TAX ASSETS |
0.543 |
0.239 |
(0.019) |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
54.396
|
93.713
|
75.745 |
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Sundry Debtors |
695.713
|
426.420
|
797.928 |
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Cash & Bank Balances |
72.604
|
39.806
|
6.535 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
535.930
|
67.393
|
75.657 |
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Total
Current Assets |
1358.643
|
627.332
|
955.865 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
676.515
|
394.195 |
845.705 |
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Other Current Liabilities |
269.164
|
0.000
|
1.015 |
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Provisions |
1.635
|
0.000
|
22.535 |
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Total
Current Liabilities |
947.314
|
394.195
|
869.255 |
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Net Current Assets |
411.329
|
233.137
|
86.610 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
478.476 |
260.374 |
104.111 |
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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 |
2051.074 |
1967.032 |
739.585 |
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Other Income |
62.829 |
1.090 |
4.755 |
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TOTAL (A) |
2113.903 |
1968.122 |
744.340 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
2070.323 |
1920.846 |
718.606 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
43.580 |
47.276 |
25.734 |
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Less |
FINANCIAL
EXPENSES (D) |
20.472 |
30.415 |
15.708 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
23.108 |
16.861 |
10.026 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.325 |
8.104 |
6.946 |
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PROFIT BEFORE
TAX (E-F) (G) |
19.783 |
8.757 |
3.080 |
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Less |
TAX (H) |
8.113 |
2.917 |
1.346 |
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PROFIT AFTER TAX
(G-H) (I) |
11.670 |
5.840 |
1.734 |
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Earnings Per
Share (Rs.) |
8.86 |
5.90 |
NA |
|
Expected Sales (2010-2011): Rs.3000.000 Millions.
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.55 |
0.30 |
0.23 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.96 |
0.45 |
0.94 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.44 |
1.36 |
0.72 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.05 |
0.04 |
0.05 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.53 |
2.13 |
14.06 |
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Current Ratio (Current Asset/Current Liability) |
|
1.43 |
1.59 |
1.10 |
LOCAL AGENCY FURTHER INFORMATION
NOTE:
The registered
office of the company has been shifted from 12, Ho-Chi Minh Sarani, Flat-4C, 4th Floor, Kolkata -700 071,
West Bengal, India to the
present address w.e.f. 02.03.2010.
TURNOVER AND
PROFITS
During the financial year ended March 2010, the turnover of the company
has increased by 4.27% and the net profit has increased by 99.83%.
FORM 8:
|
Corporate
identity number of the company |
U23109WB1991PTC051437 |
|
Name of the
company |
BALAJI COKE INDUSTRY PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
12, Ho-Chi Minh
Sarani, Flat – 2B, 2nd Floor, Kolkata -700 071, West |
|
This form is for |
Creation of charge |
|
Type of charge |
Book Debts Movable property (not being pledge) |
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Particular of
charge holder |
Dena Bank, |
|
Nature of
description of the instrument creating or modifying the charge |
Agreement of hypothecation (goods, book debts and other movable assets
to secure multiple facilities) |
|
Date of
instrument Creating the charge |
07.02.2011 |
|
Amount secured by
the charge |
Rs.250.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
: CC : interest at
base rate (presently 9.45 %) + 4.55 % p.a. or as may be fixed by the bank
from time to time LC : commission
as per sanction terms Terms of Payment
: CC : repayable on
demand LC : dp/da-
foreign 120 days / inland - 90 days Margin : CC : 25 % ; book
debts upto 90 days : 25 % LC : 10 % Extent and
operation of the charge : Hyp. By Way of
1st Pari Passu Charge All The Co.'S : 1. Stocks of Raw
Mat,Semi Finished and Finished Goods Such As Coking Coal, Lime Coal Etc., Consumable
Stores and Spares, Etc., Both Present and Future. 2. Present and
Future Book Debts, Outstanding, Monies Receivables, Claims, Bills, Etc. 3. Movable Assets
Including Movable Plant and Machinery, Machinery Spares, Tools and
Accessories, Furniture, Articles, Office Equipments, Computers, Etc., Both
Present and Future. |
|
Short particulars
of the property charged |
Hypothecation By
way of 1st pari passu charge all the co.'s stocks of raw materials, semi
finished and finished goods such as coking coal, lime coal etc., consumable
stores and spares, etc., both present and future. Hypothecation By way of 1st
pari passu charge all the co.'s present and future book debts, outstanding,
monies receivables, claims, bills, etc. Hypothecation By way of 1st pari
passu charge all the co.'s movable assets including movable plant and
machinery, machinery spares, tools and accessories, furniture, articles,
office equipments, computers, etc. Both present and future. |
FIXED
ASSETS:
·
Office Premises
·
Plant and Machinery
·
Vehicles
·
Furniture and Fixtures
·
Office Equipments
·
Computers
AS PER WEBSITE
PROFILE:
Late Shri M. L. Sharma, the father of current
promoters/directors of Balaji group was a founder Chairperson of a renowned Coal
Mining Company namely Khas Karanpura Colliery Limited way back in 1960. The
Sharmas have engaged themselves in coal business for over 6 decades. After
nationalization of Coal Mining in 1973, the Group commenced the coke
manufacturing activity in the name of M/s Friends Coal Carbonisation and were
the 1st in
GROUP COMPANIES:
Incorporated in the year 1991 at
Multinational coal mining companies. The company today handles more than 1
million tons of Coal annually with an annual turnover of over Rs.6,000 million,
which is highest amongst the merchant coal and coke companies of India.
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.45.94 |
|
|
1 |
Rs.74.28 |
|
Euro |
1 |
Rs.64.97 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--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.