MIRA
INFORM REPORT
|
Report Date : |
24.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
BALAJI AGRO PRIVATE LIMITED |
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Registered
Office : |
32, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
22.08.2000 |
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Com. Reg. No.: |
21-099249 |
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Capital Investment
/ Paid-up Capital : |
Rs. 32.564 millions |
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CIN No.: [Company Identification
No.] |
U06278WB2000PTC099249 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Tea. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
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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 920000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record.
Company performance capacity is improving. Trade relations are reported to be
fair. Business is active. Payments are reported to be usually correct and as
per commitment. The company can be considered for business dealing at usual trade
terms and condition |
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) |
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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 |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
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Rating |
A4+ (Short term bank loan) |
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Rating Explanation |
Minimal degree of safety regarding timely payment of financial
obligation it carry very huge credit risk |
|
Date |
July, 2012 |
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.
LOCATIONS
|
Registered Office : |
32, |
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Tel. No.: |
91-33-22266103/5726/32924802/30224900/4902 |
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Fax No.: |
91-33-22492367 |
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E-Mail : |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Nand Kishore Agarwal |
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Designation : |
Director |
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Address : |
13, |
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Date of Birth/Age : |
10.02.1968 |
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Date of Appointment : |
22.08.2000 |
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DIN No.: |
00395349 |
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Other Directorship:
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Name : |
Mr. Raju Agarwal |
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Designation : |
Director |
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Address : |
58/1, |
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Date of Birth/Age : |
31.03.1982 |
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Date of Appointment : |
25.03.2009 |
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DIN No.: |
02260780 |
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Other Directorship:
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Mukesh Agarwal |
|
18800 |
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Bhagwati Devi Agarwal |
|
41800 |
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Manish Agarwal |
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10 |
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Giriya Devi Agarwal |
|
45660 |
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N. K. Agarwal HUF |
|
28840 |
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Nand Kishore Agarwal |
|
16160 |
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Raju Agrwal |
|
18000 |
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Maya Agarwal |
|
17600 |
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Vikram Agarwal |
|
12973 |
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Moonlight Devcon Private Limited, |
|
99800 |
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Total |
|
299643 |
Allottee as on 31.03.2012
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Names of Allottee |
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No. of Shares |
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Samay Traders Private Limited, |
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26000 |
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Total |
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Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
|
Category |
Percentage |
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Bodies corporate |
33.31 |
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Directors or relatives of Directors |
66.69 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Tea. |
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Products : |
· Chocolate Tea
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
·
Oriental Bank of Commerce Overseas Branch, (Lord's Building), 7/1, ·
The Federal Bank Limited New Market Branch, 13, ·
Citi Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Agrawal S. Gopal and company Chartered Accountants |
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Address : |
58, |
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Tel. No.: |
91-2237-5303 |
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E-Mail : |
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PAN No.: |
AABCB9078M |
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Related Parties : |
·
New Charan Kamval Finance company Private Limited ·
Vikrma Impex Private Limited ·
Vikrma Impex Private Limited · GD Reality Private Limited |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
350000 |
Equity Shares |
Rs.100/- each |
Rs. 35.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
325643 |
Equity Shares |
Rs.100/- each |
Rs. 32.564 Millions |
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List of Share Holding In Excess of 5 % of Total Shares
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Name of Share Holders |
31.03.2012 |
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No. of Shares
Held |
% of Holding |
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Giriya Devi
Agarwal |
45660 |
14.02% |
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N.K.Agarwal(HUF)
|
28840 |
8.86% |
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Bhagwati
Devi Agarwal |
41800 |
12.84% |
|
Raju
Agarwal |
18000 |
5.53% |
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Maya
Agarwal |
17600 |
5.40% |
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Mukesh
Agarwal |
18800 |
5.77% |
|
Moonlight
Devcon Pvt. Ltd. |
99800 |
30.65% |
|
Samay Traders
Pvt. Ltd. |
26000 |
7.98% |
The Reconcilition of the number of shares outstanding is set out below:
|
Particulars
|
31.03.2012 |
|
Equity
Shares at the beginning of the year |
299643 |
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Add: Shares
issued during the year |
26000 |
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Less:
Shares cancelled on buyback of Equity Shares |
-- |
|
Equity
Shares at the end of the year |
325643 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
32.564 |
29.964 |
29.964 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
197.899 |
144.597 |
140.997 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
230.463 |
174.561 |
170.961 |
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LOAN FUNDS |
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1] Secured Loans |
225.776 |
188.424 |
152.311 |
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2] Unsecured Loans |
0.000 |
0.000 |
68.055 |
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TOTAL BORROWING |
225.776 |
188.424 |
220.366 |
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DEFERRED TAX LIABILITIES |
0.126 |
0.107 |
0.000 |
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TOTAL |
456.365 |
363.092 |
391.327 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
14.309 |
12.382 |
6.879 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
27.435 |
18.935 |
25.265 |
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DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.025 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
134.019
|
157.220 |
181.750 |
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Sundry Debtors |
270.245
|
224.462 |
209.078 |
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Cash & Bank Balances |
31.691
|
7.947 |
2.532 |
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Other Current Assets |
16.075
|
14.912 |
1.948 |
|
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Loans & Advances |
36.071
|
22.998 |
27.041 |
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Total
Current Assets |
488.101
|
427.539 |
422.349 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Sundry Creditors |
18.491
|
42.601 |
57.849 |
|
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Other Current Liabilities |
52.042
|
50.334 |
5.342 |
|
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Provisions |
2.947
|
2.829 |
0.000 |
|
Total
Current Liabilities |
73.480
|
95.764 |
63.191 |
|
|
Net Current Assets |
414.621
|
331.775 |
359.158 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
456.365 |
363.092 |
391.327 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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SALES |
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|
|
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Income |
778.593 |
692.626 |
702.609 |
|
|
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Other Income |
31.745 |
43.301 |
12.830 |
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TOTAL (A) |
810.338 |
735.927 |
715.439 |
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Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases
of Stock-in-Trade |
690.650 |
|
691.605 |
|
|
|
Change In
Stock In Trade |
23.201 |
24.530 |
|
|
|
|
Employee
Benefits Expense |
2.266 |
2.139 |
|
|
|
|
Other
Expenses |
71.636 |
66.714 |
|
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TOTAL (B) |
787.753 |
713.281 |
691.605 |
|
|
|
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|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
22.585 |
22.646 |
23.834 |
|
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|
|
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|
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Less |
FINANCIAL
EXPENSES (D) |
14.655 |
15.524 |
19.685 |
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
7.930 |
7.122 |
4.149 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.330 |
1.811 |
1.293 |
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|
PROFIT BEFORE
TAX (E-F) (G) |
5.600 |
5.311 |
2.856 |
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Less |
TAX (H) |
1.698 |
1.692 |
0.672 |
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PROFIT AFTER TAX
(G-H) (I) |
3.902 |
3.619 |
2.184 |
|
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
9.683 |
6.064 |
3.880 |
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BALANCE CARRIED
TO THE B/S |
13.585 |
9.683 |
6.064 |
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|
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|
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|
Earnings Per
Share (Rs.) |
12.93 |
12.08 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.48
|
0.49 |
0.31 |
|
|
|
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|
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|
Net Profit Margin (PBT/Sales) |
(%) |
0.72
|
0.77 |
0.41 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.11
|
1.21 |
0.67 |
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Return on Investment (ROI) (PBT/Net worth) |
|
0.02
|
0.03 |
0.02 |
|
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|
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|
Debt Equity Ratio (Total Liability/Net worth) |
|
1.30
|
1.63 |
1.64 |
|
|
|
|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
6.64
|
4.46 |
6.68 |
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 |
No |
|
9] |
Name of
person contacted |
No |
|
10] |
Designation
of contact person |
No |
|
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 |
Yes |
|
17] |
Major
suppliers |
No |
|
18] |
Major
customers |
No |
|
19] |
Payments
terms |
No |
|
20] |
Export /
Import details (if applicable) |
No |
|
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 |
Yes |
FINANCIAL
RESULTS:
The working of the Company for the year ended 31st March, 2012 shows a Profit of Rs 3.902 millions
which taken to Balance Sheet, after providing for Income Tax for Rs 1.679
millions Income Tax and Deferred Tax of Rs 0.019 million
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity number of the company |
U06278WB2000PTC099249 |
|
Name of the company |
BALAJI AGRO PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in |
32, Email: munnatea@cal3.vsnl.net.in
|
|
This form is for |
Creation of charge |
|
Type of charge |
Movable property (not being pledge) |
|
Particular of charge holder |
The Federal Bank Limited New Market Branch, 13, Email: cali@federalbank.co.in
|
|
Nature of instrument creating charge |
(i) Agreement For Federal Personal Car Loan Scheme. (ii) Demand Promissory Note. (iii) Security Delivery Letter. (iv) Annexure-I (v) Delivery Letter for Cheques. Altogether read with Sanction Order dated: 21.11.2011 vides Ref.
No.CALG/FEDFINA/197/-/2011. |
|
Date of instrument Creating the charge |
23.11.2011 |
|
Amount secured by the charge |
Rs. 460.000 millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest As stipulated by the Bank from time to time as per Banking Norms and
RBI Guidelines. Presently @11.41% per annum with monthly rests. Terms of Repayment Repayable in 36 months in equated monthly installment of Rs.13,174.00
(Rupees Thirteen Thousand One Hundred Seventy Four Only) each until the
entire loan amount together with interest and other charges is repaid in
full. The first of such installment
shall be paid on 05/01/2012 and subsequent installments on or before the same
day of succeeding months or quarters. Margin As stipulated by the Bank for the respective assets/ facilities from
time to time. Presently @10.46%. Extent and Operation of the charge First charge over the hypothecated property /asset. Others Processing fees shall be paid at subject to a minimum of Rs.2,502.00
(Rupees Two Thousand Five Hundred Two Only) |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
Hypothecation of 1(One) No. New Vehicle:- Tata Indica, Model- EV 2 LS,
Year-2011 (4+1 Seater). |
CONTINGENT
LIABILITY
Contingent Liabilities of sales tax demands aggregating to
Rs 2.171 million for F.Y. 2008 - 2009, which is contested in appeal and have
not been paid
FIXED ASSETS:
·
Plant and Machinery
·
Furniture and Fixture
·
Vehicles
·
Computers and Peripherals
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.55.34 |
|
|
1 |
Rs.88.30 |
|
Euro |
1 |
Rs.71.37 |
INFORMATION DETAILS
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
42 |
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.