|
Report Date : |
18.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
BAJRANG REFRACTORIES PRIVATE LIMITED (w.e.f. 09.05.2011) |
|
|
|
|
Formerly Known
As : |
HITEMP CERAMICS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
12/4, GIDC, Near Somany Tiles, Kadi, Mehsana-382715, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
03.03.1989 |
|
|
|
|
Com. Reg. No.: |
04-011966 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 2.499 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U26933GJ1989PTC011966 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMH01837D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACH4744H |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturer and Exporter of Refractory Bricks and Motors |
|
|
|
|
No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (14) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
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|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an established company having moderate track record. There appears
huge accumulated loss. Profitability is under pressure. However, trade
relations are reported to be fair. Business is active. Payments are reported
to be slow. The company can be considered for business dealings on a safe and
secured 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Jitendra Murarka |
|
Designation : |
Director |
|
Contact No.: |
91-9909111555 |
|
Date : |
14.08.2012 |
LOCATIONS
|
Registered Office / Factory : |
12/4, GIDC, Near Somany Tiles, Kadi, Mehsana-382715, Gujarat, India |
|
Tel. No.: |
91-2764-265231 91-79-26578201 |
|
Mobile No.: |
91-9909111555 (Mr. Jitendra Murarka) |
|
Fax No.: |
91-79-26576619 |
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E-Mail : |
|
|
Location : |
Owned |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Jitendra Shyamsundar Murarka |
|
Designation : |
Director |
|
Address : |
C/2/54, Goyal Intercity, Drive in Road, Ahmedabad-380054, Gujarat,
India |
|
Date of Birth/Age : |
27.08.1985 |
|
Date of Appointment : |
21.10.2003 |
|
DIN No.: |
00930261 |
|
|
|
|
Name : |
Mr. Shyamsunder Keshardeo Murarka |
|
Designation : |
Director |
|
Address : |
C/2/54, Goyal Intercity, Drive in Road, Ahmedabad-380054, Gujarat,
India |
|
Date of Birth/Age : |
27.10.1947 |
|
Date of Appointment : |
21.10.2003 |
|
DIN No.: |
01392835 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
Gupta K Narendra |
208840 |
|
Gupta Narendra Gayatri |
31300 |
|
Gupta Basudev |
9760 |
|
TOTAL
|
249900 |
AS ON 30.09.2011
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Others |
100.00 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Refractory Bricks and Motors |
|
|
|
|
Exports : |
|
|
Products : |
·
Refractory Bricks and Motors |
|
Countries : |
·
Uganda ·
Kenya ·
Nigeria |
|
|
|
|
Terms : |
|
|
Selling : |
Advanced |
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|
|
|
Purchasing : |
Credit (30 Days) |
PRODUCTION STATUS (AS ON : 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
|
|
|
|
|
Refractory Bricks |
In MT |
4800 |
80979 |
Note: Installed capacity is a certified by the management
and being a technical matter, accepted by the Auditors as correct.
GENERAL INFORMATION
|
Customers : |
Consumers ·
Aditya Birla |
||||||||||||||||||||||||||||||||||||
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No. of Employees : |
100 (Approximately) |
||||||||||||||||||||||||||||||||||||
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|
||||||||||||||||||||||||||||||||||||
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Bankers : |
·
Dena Bank, Relife Road, Ahmedabad-380001,
Gujarat, India ·
HDFC Bank |
||||||||||||||||||||||||||||||||||||
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|
|
||||||||||||||||||||||||||||||||||||
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Facilities : |
|
|
|
|
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Banking
Relations : |
-- |
|
|
|
|
Financial Institution : |
Gujarat State Financial Corporation, Jaldarshan Building, Ashram Road,
Ahmeabad-380009, Gujarat, India |
|
|
|
|
Auditors : |
|
|
Name : |
Parikh and Associates Chartered Accountant |
|
Address : |
2nd Floor, Harsh Avenue, Income Tax Cross Roads, Ahmedabad-380014,
Gujarat, India |
|
Tel. No.: |
91-79-27540454 / 27540860 |
|
Fax No.: |
91-79-27542626 |
|
E-Mail : |
|
|
PAN No.: |
AAAFP8821B |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000 |
Equity Shares |
Rs.10/- each |
Rs. 2.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
249900 |
Equity Shares |
Rs.10/- each |
Rs. 2.499
Millions |
|
|
|
|
|
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 |
2.499 |
2.499 |
2.499 |
|
|
2] Share Application Money |
0.250 |
0.250 |
0.250 |
|
|
3] Reserves & Surplus |
0.050 |
0.050 |
0.050 |
|
|
4] (Accumulated Losses) |
(25.350) |
(22.223) |
(20.548) |
|
|
NETWORTH |
(22.551) |
(19.424) |
(17.749) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.452 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
37.984 |
32.543 |
24.853 |
|
|
TOTAL BORROWING |
38.436 |
32.543 |
24.853 |
|
|
DEFERRED TAX LIABILITIES |
0.444 |
0.218 |
0.223 |
|
|
|
|
|
|
|
|
TOTAL |
16.329 |
13.337 |
7.327 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
8.250 |
4.048 |
2.101 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
11.070
|
3.345 |
3.345 |
|
|
Sundry Debtors |
5.537
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
1.148
|
0.825 |
0.370 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
5.122
|
5.605 |
3.038 |
|
Total
Current Assets |
22.877
|
9.775 |
6.753 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
14.446
|
0.261 |
0.896 |
|
|
Other Current Liabilities |
0.352
|
0.225 |
0.631 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
14.798
|
0.486 |
1.527 |
|
|
Net Current Assets |
8.079
|
9.289 |
5.226 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
16.329 |
13.337 |
7.327 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
6.650 |
0.000 |
0.000 |
|
|
|
Rent Income |
0.603 |
0.919 |
1.219 |
|
|
|
Other Income |
0.033 |
0.039 |
0.023 |
|
|
|
Credit Balance Written Back |
0.000 |
0.147 |
1.429 |
|
|
|
Jobwork Income |
1.583 |
0.000 |
0.000 |
|
|
|
TOTAL |
8.869 |
1.105 |
2.671 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Consumed |
4.608 |
0.000 |
0.000 |
|
|
|
Manufacturing Expenses |
4.784 |
0.000 |
0.000 |
|
|
|
Selling and Administrative Expenses |
0.375 |
0.403 |
0.208 |
|
|
|
Directors Remuneration |
0.660 |
0.480 |
0.780 |
|
|
|
Increase / (Decrease) in Stock |
(1.855) |
0.000 |
0.000 |
|
|
|
TOTAL |
8.572 |
0.883 |
0.988 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
0.297 |
0.222 |
1.683 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
3.055 |
1.793 |
1.426 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(2.758) |
(1.571) |
0.257 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.144 |
0.108 |
0.119 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
(2.902) |
(1.679) |
0.138 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.225 |
(0.004) |
(0.027) |
|
|
|
|
|
|
|
|
|
|
Prior Period
Expenses |
0.000 |
0.000 |
0.047 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
(3.127) |
(1.675) |
0.118 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(22.224) |
(20.549) |
(20.667) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(25.351) |
(22.224) |
(20.549) |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(12.51) |
(6.70) |
0.47 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(35.26)
|
(151.58) |
4.42 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(43.64)
|
(0.00) |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(9.32)
|
(12.15) |
1.56 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.09 |
(0.01) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(2.38)
|
(1.71) |
(1.50) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.55
|
20.11 |
4.42 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth
of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External
Agency Rating, if available |
No |
NOTE
Registered office has been shifted from 4th Floor, Shalin
Building, Near Nehru Bridge, Ashram Road, Ahmedabad-380009, Gujarat, India to
the present address w.e.f.05.12.2011.
OPERATION
During the year
the Company has achieved a turnover and income from operation of Rs. 6.650 Millions
whereas in the previous year it was Rs. Nil. The turnover was achieved in the
last 4 months as the Company has started marketing its products during the last
4 months of financial year. The other income was more than 100% in comparision
to previous year. The loss of the Company after deferred tax was Rs. 3.127
Millions in comparision to previous year of Rs. 1.675 Millions which was mainly
due to increase in interest and financial expenses. The Directors are hopeful
of doing better in the years to come.
FORM 8
|
Corporate
identity number of the company |
U26933GJ1989PTC011966 |
|
Name of the
company |
BAJRANG
REFRACTORIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
12/4, GIDC, Near Somany Tiles, Kadi, Mehsana-382715, Gujarat, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
·
Book
debts ·
Movable
property (not being pledge) ·
Floating
charge ·
Others |
|
Particular of
charge holder |
Dena Bank, Relife Road, Ahmedabad-380001, Gujarat, India |
|
Nature of
instrument creating charge |
Agreement of
Hypothecation (Goods, Book Debts and Other Movables Assets To Secure Letter
of Credit (Revolving) (Inland Limit of Rs. 6.720 Millions) |
|
Date of
instrument Creating the charge |
23.02.2012 |
|
Amount secured by
the charge |
Rs. 6.720
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Commission : As
per HO Circulars / FEDAI Rules. Terms of repayment As per Bank
Guidelines. Margin 25% By Way of
FDR. Extent and operation of the charge First Charge on
all the tangible, movable properties and assets of the Company. The amount of charge extends to
the principal amount of the loan together with interest, costs, charges and
other moneys payable by the Borrower to the Bank. |
|
Short particulars
of the property charged (Including location of the property) |
All the tangible
movable properties and assets |
FIXED ASSETS
·
Leasehold Land
·
Factory Building
·
Plant and Machinery
·
Electrification
·
Laboratory Equipments
·
Office Equipments
·
Furniture and Fixtures
·
Vehicles
·
Gas Pipe Line
·
Shuttle Kiln
·
Computer
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 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 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. 55.70 |
|
|
1 |
Rs. 87.54 |
|
Euro |
1 |
Rs. 68.85 |
INFORMATION DETAILS
|
Information
Gathered by : |
SBA |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
14 |
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.