MIRA
INFORM REPORT
|
Report Date : |
06.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
BALBIR ALLOYS PRIVATE LIMITED |
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Registered
Office : |
207, Steel Centre, |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
03.01.1991 |
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Com. Reg. No.: |
11-191940 |
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Capital
Investment / Paid-up Capital : |
Rs.31.500 Millions |
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CIN No.: [Company Identification
No.] |
U27104MH1991PTC191940 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMB09942C/ MUMB06320G |
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PAN No.: [Permanent Account No.] |
AAACB2172M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Alloys, Steel Castings, Steel Ingots etc. |
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No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 915000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. Profit margin of the company seems to be low. However, trade relations are fair. Business is active. Payment terms
are slow but correct. 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.
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Term loan BB+ |
|
Rating Explanation |
Moderate risk of default and high credit
risk. |
|
Date |
October 2012 |
|
Rating Agency Name |
ICRA |
|
Rating |
Letter at credit A4+ |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
October 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.
INFORMATION DENIED BY
|
Name : |
Mr. Keshav |
|
Designation : |
Finance Head |
|
Contact No.: |
91-8080696980 |
|
Date : |
04.12.2013 |
LOCATIONS
|
Registered Office : |
207, Steel Centre, |
|
Tel. No. : |
91-22-23482260 |
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Mobile No. : |
91-8080696980 (Mr. Keshav) |
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Fax No. : |
Not Available |
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E-Mail : |
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Factory : |
K – 10, ADDL. MIDC, Murbad,
District Thane, Maharashtra, India |
|
Tel. No. : |
91-2524-645161 |
DIRECTORS
As on 27.09.2013
|
Name : |
Mr. Vishal Bhushan |
|
Designation : |
Director |
|
Address : |
901, |
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Date of Birth/Age : |
12.02.1971 |
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Date of Appointment : |
18.05.1992 |
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DIN No. : |
00141870 |
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|
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|
Name : |
Mr. Rakesh Kumar Sharma |
|
Designation : |
Director |
|
Address : |
C – 14/ 103, Madhav Shrusti, Near Godrej Hill, Kalyan, Thane – 421
301, |
|
Date of Birth/Age : |
06.09.1951 |
|
Date of Appointment : |
29.09.2007 |
|
DIN No. : |
01545079 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2013
SHAREHOLDING DETAILS FILE ATTACHED
As on 27.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
58.02 |
|
Directors or relatives of Directors |
41.32 |
|
Other top fifty shareholders |
0.66 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Alloys, Steel Castings, Steel Ingots etc. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Information denied by the management |
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Bankers : |
Union Bank of India,
Kaprubavadi Branch, Dhan Laxmi Industrial Estate, Lal Bahadur Shastri Marg, Kapurbavadi,
Thane – 400 601, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Kamal Kumar and
Associates Chartered Accountants |
|
Address : |
Shop No.18,
Block 1, Emerald Plaza, Hiranandani Estate, Thane 400610, Maharashtra, India |
|
PAN
No. : |
AAXPK6869J |
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|
|
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Associates/Subsidiaries : |
Balbir Ispat Private Limited, India |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4000000 |
Equity Shares |
Rs.10/- each |
Rs.40.000 Millions |
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|
|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3150000 |
Equity Shares |
Rs.10/- each |
Rs.31.500 Millions |
|
|
|
|
|
After 27.09.2013
Authorised Capital : Rs.40.000
Millions
Issued, Subscribed & Paid-up Capital : Rs. 33.000
Millions
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
31.500 |
25.761 |
25.677 |
|
(b) Reserves & Surplus |
197.298 |
155.796 |
145.249 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
228.798 |
181.557 |
170.926 |
|
|
|
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(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
22.664 |
53.615 |
56.618 |
|
(b) Deferred tax liabilities (Net) |
7.751 |
7.775 |
6.224 |
|
(c) Other long term liabilities |
2.928 |
2.928 |
2.546 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
33.343 |
64.318 |
65.388 |
|
|
|
|
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(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
177.796 |
186.106 |
188.339 |
|
(b) Trade payables |
10.550 |
10.698 |
4.293 |
|
(c) Other current
liabilities |
25.089 |
25.479 |
37.604 |
|
(d) Short-term provisions |
28.661 |
23.374 |
0.142 |
|
Total Current Liabilities (4) |
242.096 |
245.657 |
230.378 |
|
|
|
|
|
|
TOTAL |
504.237 |
491.532 |
466.692 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
132.139 |
143.542 |
152.691 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
3.576 |
3.053 |
1.796 |
|
(iv) Intangible
assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
13.288 |
13.288 |
13.288 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current assets |
10.783 |
4.500 |
0.000 |
|
Total Non-Current Assets |
159.786 |
164.383 |
167.775 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
229.681 |
197.125 |
156.233 |
|
(c) Trade receivables |
31.938 |
52.148 |
73.355 |
|
(d) Cash and cash
equivalents |
6.551 |
10.887 |
5.432 |
|
(e) Short-term loans and
advances |
76.281 |
66.989 |
61.003 |
|
(f) Other current assets |
0.000 |
0.000 |
2.894 |
|
Total Current Assets |
344.451 |
327.149 |
298.917 |
|
|
|
|
|
|
TOTAL |
504.237 |
491.532 |
466.692 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
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|
Income |
|
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|
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|
|
Other Income |
|
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|
|
|
|
TOTAL |
2319.556 |
2264.520 |
2082.474 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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|
|
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TOTAL |
2269.630 |
2212.197 |
2039.286 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
49.926 |
52.323 |
43.188 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
29.799 |
30.692 |
22.440 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
20.127 |
21.631 |
20.748 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
11.420 |
11.407 |
11.169 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
8.707 |
10.224 |
9.579 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
1.635 |
3.793 |
3.334 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
7.072 |
6.431 |
6.245 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
43.007 |
36.576 |
30.331 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
50.079 |
43.007 |
36.576 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
2.24 |
2.04 |
1.98 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.30
|
0.28 |
0.30 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.79
|
2.15 |
2.12 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.06 |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.88
|
1.32 |
1.43 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.42
|
1.33 |
1.30 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBTS
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
Current maturities of long-term debt |
16.980 |
16.975 |
16.975 |
|
|
|
|
|
|
Total |
16.980
|
16.975 |
16.975 |
|
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 |
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 |
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 |
NOTE:
The registered office of the company has been shifted from
122/ 235, Fazal Ganjguru Teg Bahadur Marg,
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Borrowing from government semi-government bodie |
2.027 |
3.007 |
|
Loan and advance from others |
0.000 |
13.971 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Loan and advance from related parties |
3.539 |
0.000 |
|
|
|
|
|
Total |
5.566 |
16.978 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10394594 |
27/12/2012 |
10,000,000.00 |
UNION BANK OF
INDIA |
KAPRUBAVADI
BRANCH, DHAN LAXMI INDUSTRIAL ESTATE, |
B65030173 |
|
2 |
10129918 |
27/10/2008 |
100,000,000.00 |
UNION BANK OF
INDIA |
KAPRUBAVADI
BRANCH, DHAN LAXMI INDUSTRIAL ESTATE, |
A50772748 |
|
3 |
10011211 |
27/12/2012 * |
170,000,000.00 |
UNION BANK OF
INDIA |
KAPRUBAVADI
BRANCH, DHAN LAXMI INDUSTRIAL ESTATE, |
B65029829 |
|
4 |
10011197 |
06/07/2006 |
15,000,000.00 |
UNION BANK OF
INDIA LIMITED |
Maharashtra,
INDIA |
A02759207 |
|
5 |
90281253 |
28/12/2012 * |
249,600,000.00 |
UNION BANK OF
INDIA |
KAPRUBAVADI
BRANCH, DHAN LAXMI INDUSTRIAL ESTATE, |
B65030728 |
|
6 |
90275034 |
24/02/1999 * |
11,500,000.00 |
UNION BANK OF
INDIA |
SSI FINANCE
BRANCH KAPURBAVALI, THANE, Maharashtra - 400001, INDIA |
- |
* Date of charge modification
PERFORMANCE
The Company has
achieved a turnover of Rs.2319.556 millions during the year against the
previous year turnover of Rs. 2264.520 millions and earned profit after tax of
Rs.7.072 millions during the year, against the Profit after tax of Rs.6.431
millions during the previous year.
FIXED ASSETS
Ø
Land
Ø
Buildings
Ø
Plant and equipment
Ø
Factory equipments
Ø
Emission reduction
equipment
Ø
Vehicles
Ø
Office equipment
Ø
Computer equipments
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.61.69 |
|
|
1 |
Rs.101.08 |
|
Euro |
1 |
Rs.84.07 |
INFORMATION DETAILS
|
Information Gathered
by : |
HNA |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
32 |
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.