MIRA
INFORM REPORT
|
Report Date : |
18.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
BALAJI AMINES LIMITED |
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|
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Registered
Office : |
"Balaji Tower", No. 9/1A/1, Hotgi Road, Asara Chowk, Solapur - 413224, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
27.10.1988 |
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Com. Reg. No.: |
11-049387 |
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Capital
Investment / Paid-up Capital : |
Rs.64.802
Millions |
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CIN No.: [Company Identification
No.] |
L24132MH1988PLC049387 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEB02668B |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturing of Speciality Chemicals, Aliphatic Amines
and Derivatives. |
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No. of Employees
: |
600 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 5800000 |
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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.
Even though the company has seen growth in its sales turnover, there appears
a slight dip in the net profitability during 2013. However, profit margin
seems to be good. Directors are reported as experienced and respectable
businessmen. Trade relations are fair. Business is active. Payment terms are
reported to be 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
FITCH |
|
Rating |
Long Term Rating = A- |
|
Rating Explanation |
Having low risk of default risk. It capacity for payment of financial
commitments is considered strong |
|
Date |
June 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 PARTED BY
|
Name : |
Mr. Amit |
|
Designation : |
Export Department |
|
Contact No.: |
91-217-2451528 |
|
Date : |
17.07.2013 |
LOCATIONS
|
Registered
Office / Hotel Division: |
"Balaji Tower", No. 9/1A/1, Hotgi Road,
Asara Chowk, Solapur - 413224, Maharashtra, India |
|
Tel. No.: |
91-217-2451500 91-217-2451522 (Sales) 91-217-2451527
(Purchase) 91-217-2451528 (Exports) |
|
Mobile No.: |
91-9822750421 (Mr. Arun Mashal) |
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Fax No.: |
91-217-2620821 |
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E-Mail : |
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Website : |
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|
Area : |
3000 sq. ft. |
|
Location : |
Rented |
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|
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Administrative
Office : |
3rd Floor, KPR House, Sardar Patel Road, Secunderabad – 500 003, Andhra Pradesh, India |
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Tel. No.: |
91-40-27847122/ 27898206/ 27814490/ 66336121/ 66337121 |
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Fax No. : |
91-40-27816171 |
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E-Mail : |
infohyd@balajiamines.com |
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Factory 1 : |
Tamalwadi Village, Tuljapur (TQ), District Osmanabad– 413 623, Maharashtra, India |
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Tel. No.: |
91-2471-265013/265014/265015 |
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Fax No.: |
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Factory 2 : |
Plot No. 4 and 5, Beside Apseb Sub Station 2, IDA,
Bollaram – 502325, Medak District, Andhra Pradesh, |
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Tel. No.: |
91-8458-279240 |
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Fax No.: |
91-8458-329660 |
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Email : |
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Factory 3 : |
Plot No. E-7 and 8 MIDC, Chincholi, Solapur - 413255, Maharashtra, India |
|
Email : |
DIRECTORS
As on 31.03.2012
|
Name : |
Mr. A. Prathap Reddy |
|
Designation : |
Chairman and Managing Director |
|
|
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|
Name : |
Mr. N Rajeshwar Reddy |
|
Designation : |
Whole-time Director |
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|
Name : |
Mr. D Ram Reddy |
|
Designation : |
Whole-time Director |
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|
Name : |
Mr. G Hemanth Reddy |
|
Designation : |
Whole-time Director |
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|
Name : |
Mr. T Naveena Chandra |
|
Designation : |
Independent Director |
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Name : |
Mr. M Amarender Reddy |
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Designation : |
Independent Director |
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|
Name : |
Mr. SV Pattabhiraman |
|
Designation : |
Independent Director |
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|
Name : |
Mr. CSN Murthy |
|
Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Ms Arati S Dudhawale |
|
Designation : |
Company Secretary |
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Audit Committee |
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|
Name : |
Mr. T Naveena Chandra |
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Designation : |
Chairmam |
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Name : |
Mr. M Amarender Reddy |
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Designation : |
Member |
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Name : |
Mr. CSN Murthy |
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Designation : |
Member |
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Name : |
Mr. SV Pattabhi Raman |
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Designation : |
Membe |
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Research And
Development Committee: |
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|
Name : |
Me. Prathap Reddy |
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Designation : |
Chairman |
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|
Name : |
Mr. N Rajeshwar Reddy |
|
Designation : |
Member |
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|
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|
Name : |
Mr. G Heamanth Reddy |
|
Designation : |
Member |
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Remuneration
Committee: |
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|
|
|
|
Name : |
Mr. M Amarender Reddy |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. CSN Murthy |
|
Designation : |
Member |
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|
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|
Name : |
Mr. T Naveena Chandra |
|
Designation : |
Member |
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|
|
|
Name : |
Mr. Amit |
|
Designation : |
Export Department |
SHAREHOLDING PATTERN
As on 30.06.2013
|
Category of Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
12780551 |
39.44 |
|
|
4712415 |
14.54 |
|
|
17492966 |
53.99 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
17492966 |
53.99 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
5 |
0.00 |
|
|
5 |
0.00 |
|
|
|
|
|
|
1266660 |
3.91 |
|
|
|
|
|
|
6303302 |
19.45 |
|
|
6618124 |
20.43 |
|
|
719943 |
2.22 |
|
|
73644 |
0.23 |
|
|
646299 |
1.99 |
|
|
14908029 |
46.01 |
|
Total Public shareholding (B) |
14908034 |
46.01 |
|
Total (A)+(B) |
32401000 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
32401000 |
0.00 |
Shareholding
belonging to the category "Promoter and Promoter Group"
|
|
|
Details of Shares held |
Encumbered shares (*) |
Total shares (including underlying shares assuming full conversion of
warrants and convertible securities) as a % of diluted share capital |
|||
|
Sl.No. |
Name of the
Shareholder |
No. of Shares held |
As a % of grand total (A)+(B)+(C) |
No |
As a percentage |
As a % of |
|
|
1 |
APR Holdings Investments Pvt Ltd |
47,12,415 |
14.54 |
1533000 |
32.53 |
4.73 |
14.54 |
|
2 |
A Srinivas Reddy |
15,82,000 |
4.88 |
0 |
0.00 |
0.00 |
4.88 |
|
3 |
A Annapurna Devi |
3,14,850 |
0.97 |
0 |
0.00 |
0.00 |
0.97 |
|
4 |
Ande Prathap Reddy |
49,07,048 |
15.14 |
3474000 |
70.80 |
10.72 |
15.14 |
|
5 |
Rajeshwar Reddy Nomula |
5,94,895 |
1.84 |
500000 |
84.05 |
1.54 |
1.84 |
|
6 |
Dram Dmalla Reddy |
4,66,905 |
1.44 |
425000 |
91.02 |
1.31 |
1.44 |
|
7 |
Gaddam Raja Reddy |
4,01,870 |
1.24 |
0 |
0.00 |
0.00 |
1.24 |
|
8 |
A Meena Devi |
1,44,110 |
0.44 |
0 |
0.00 |
0.00 |
0.44 |
|
9 |
Nomula Sarita |
3,98,000 |
1.23 |
0 |
0.00 |
0.00 |
1.23 |
|
10 |
Gaddam Hemanth Reddy |
7,05,020 |
2.18 |
650000 |
92.20 |
2.01 |
2.18 |
|
11 |
A Shakunthala Devi |
19,44,450 |
6.00 |
0 |
0.00 |
0.00 |
6.00 |
|
12 |
Dundurapu Vandana |
2,17,000 |
0.67 |
0 |
0.00 |
0.00 |
0.67 |
|
13 |
Gaddam Madhumathi |
5,74,150 |
1.77 |
150000 |
26.13 |
0.46 |
1.77 |
|
14 |
Nomula Eeshan Reddy |
99,500 |
0.31 |
0 |
0.00 |
0.00 |
0.31 |
|
15 |
Nomula Sarita |
3,04,500 |
0.94 |
0 |
0.00 |
0.00 |
0.94 |
|
16 |
Tanmai Reddy Ram Reddy Dundurapu |
1,06,253 |
0.33 |
0 |
0.00 |
0.00 |
0.33 |
|
17 |
Laasya Gaddam |
10,000 |
0.03 |
0 |
0.00 |
0.00 |
0.03 |
|
18 |
Romali Gaddam |
10,000 |
0.03 |
0 |
0.00 |
0.00 |
0.03 |
|
|
Total |
1,74,92,966 |
53.99 |
6732000 |
38.48 |
20.78 |
53.9 |
Shareholding
belonging to the category "Public" and holding more than 1% of the Total
No. of Shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
Total shares (including underlying shares assuming full conversion of
warrants and convertible securities) as a % of diluted share capital |
|
|
|
|
|
|
|
1 |
Bhagyanagar Wood Plast Ltd |
765063 |
2.36 |
2.36 |
|
2 |
Reddy V Y Pushpavathi Y |
436131 |
1.35 |
1.35 |
|
3 |
Pushpavathi Yannam |
352700 |
1.09 |
1.09 |
|
4 |
Vinitha Nalla |
958440 |
2.96 |
2.96 |
|
5 |
Kishan Reddy Nalla |
1148000 |
3.54 |
3.54 |
|
6 |
Vijaya Nalla |
798500 |
2.46 |
2.46 |
|
7 |
Vineel Reddy Nalla |
1171170 |
3.61 |
3.61 |
|
8 |
Digvijay Singh Paur |
511150 |
1.58 |
1.58 |
|
|
Total |
6141154 |
18.95 |
18.95 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Speciality Chemicals, Aliphatic Amines
and Derivatives. |
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Products : |
Amines · Mono-Methylamine (MMA) · Di-Methylamine (DMA) · Tri-Methlylamine (TMA) · Mono-Ethylamine (MEA) · Di-Ethylamine (DEA) · Tri-Ethylamine (TEA) · Mono-Methyl Amino Ethanol (MMAE) · Di-Methyl Amino Ethanol (DMAE) · Di-Ethyl Amino Ethanol (DEAE) Specialty
Chemicals · N-Methyl Pyrrolidone (NMP) · Morpholine · 2-Pyrrolidone (2-P) · N-Ethyl-2-Pyrrolidone · Gamma-Butyrolactone · Poly-Vinylpyrrolidone K 30 Derivatives · Di-Methyl Acetamide (DMAC) · Di-Methyl Amine Hydrochloride (DMA-HCl)) · Tri-Methyl Amine Hydrochloride (TMA-HCl) · Di-Ethyl Amine Hydrochloride (DEA-HCL) · Tri-Ethyl Amine Hydrochloride (TEA-HCL) · Di-Methyl Urea (DMU) · Choline Chloride |
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Exports : |
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Products : |
Finished goods |
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Countries : |
·
UK ·
USA ·
Germany ·
Italy ·
Belgium ·
Egypt |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
PRODUCTION STATUS (AS ON 31.03.2012)
|
Particulars |
Unit |
Actual Production |
|
Aliphatic Amines and Derivatives of Amines |
(MT) |
60294.661 |
|
Electricity |
(KWH) |
309.72 |
|
Furnace Oil |
(Liters) |
-- |
GENERAL INFORMATION
|
Customers : |
End Users |
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No. of Employees : |
600 (Approximately) |
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Bankers : |
· State Bank of Hyderabad, Sumajiguda, Hyderabad - 500082, Andhra Pradesh, India Tel. No.: 91-40-23418272 · State Bank of India · ING Vysya Bank ·
Bank of Baroda |
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Facilities : |
(Rs.
In Millions)
|
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
V. Sridhar and Company Chartered Accountants |
|
Address : |
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Subsidiaries : |
Bhagyanagar Chemicals Limited |
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|
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|
Company in which the
Enterprise is substantially interested, by holding 30% of shares in the total
paid up share capital. |
Balaji Sourcing Private Limited |
|
|
|
|
Company in which
the Enterprise is substantially interested, by holding 49% of shares in the total
paid up share capital. |
Balaji Greentech Products Limited |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
45000000 |
Equity Shares |
Rs.2/- each |
Rs.90.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
32401000 |
Equity Shares |
Rs.2/- each |
Rs.64.802
Millions |
|
|
|
|
|
|
Particular |
No of Share |
|
No. of Shares outstanding at beginning the year Changes during the
year |
3,24,01,000 |
|
No. of Shares outstanding at end of the year |
3,24,01,000 |
Restriction on
Disbursement of Dividend
As part of the general terms and conditions in respect of Working Capital borrowings from Banks, prior permission should be taken from the lending Banks before distribution of dividend. Similarly, the term lenders have imposed a condition that, no dividend shall be declared in the event of default in the scheduled repayment of instalment
Shareholders Holding More Than 5% Shares
|
Sr. No. |
Name of the Share Holder |
No. of Shares |
Percentage |
|
1. |
Ande Prathap Reddy |
55,38,050 |
17.09% |
|
2. |
APR Holdings Investment Private Limited |
47,12,415 |
14.54% |
|
3. |
A. Shakunthala Devi |
28,76,450 |
8.88% |
The company has declared bonus shares @ 1:1 in financial 2006-07. i.e. one bonus share for every one share held. The capital prior to bonus issue was Rs.32.401 Millions divided into 32,40,100 shares of Rs. 10/- each.
Post bonus issue the capital of the company became Rs.64.802 Millions divided into 64,80,200 shares of Rs. 10/- each. Subsequently vide resolution of the members passed under section 94 of the Companies Act 1956, at the Annual General Meeting held on 08.09.2010, the share of par value of Rs. 10/- each has been split-up into 5 shares of par value of Rs. 2/- each resulting in the present paid up capital of 3,24,01,000 equity shares of Rs. 2/- each agreegating to Rs. 64.802 Millions. During the five years immediately preceding the financial year 2011-12 the company has not allotted any shares without payment being received in cash nor bought back any shares.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
64.802 |
64.802 |
|
(b) Reserves & Surplus |
|
1397.153 |
1070.663 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
1461.955 |
1135.465 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
861.475 |
641.476 |
|
(b) Deferred tax liabilities (Net) |
|
366.088 |
336.597 |
|
(c) Other long term liabilities |
|
36.881 |
6.472 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
|
1264.444 |
984.545 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
|
1110.524 |
835.976 |
|
(b) Trade payables |
|
347.111 |
334.538 |
|
(c) Other current
liabilities |
|
257.821 |
213.322 |
|
(d) Short-term provisions |
|
225.570 |
159.789 |
|
Total Current Liabilities (4) |
|
1941.026 |
1543.625 |
|
|
|
|
|
|
TOTAL |
|
4667.425 |
3663.635 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
1956.349 |
1596.719 |
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
|
246.658 |
118.387 |
|
(iv) Intangible
assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
47.128 |
47.128 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
7.626 |
7.720 |
|
(e) Other Non-current assets |
|
10.460 |
7.218 |
|
Total Non-Current Assets |
|
2268.221 |
1777.172 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
38.400 |
38.400 |
|
(b) Inventories |
|
1074.045 |
705.976 |
|
(c) Trade receivables |
|
821.370 |
737.499 |
|
(d) Cash and cash
equivalents |
|
44.782 |
90.304 |
|
(e) Short-term loans
and advances |
|
420.607 |
314.284 |
|
(f) Other current
assets |
|
0.000 |
0.000 |
|
Total Current Assets |
|
2399.204 |
1886.463 |
|
|
|
|
|
|
TOTAL |
|
4667.425 |
3663.635 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
64.802 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
827.196 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
891.998 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
996.874 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
996.874 |
|
|
DEFERRED TAX LIABILITIES |
|
|
268.496 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2157.368 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
1203.182 |
|
|
Capital work-in-progress |
|
|
23.585 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
44.028 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
319.989
|
|
|
Sundry Debtors |
|
|
667.310
|
|
|
Cash & Bank Balances |
|
|
36.206
|
|
|
Other Current Assets |
|
|
9.650
|
|
|
Other Non-Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
249.439 |
|
Total
Current Assets |
|
|
1282.594 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
317.760
|
|
|
Other Current Liabilities |
|
|
6.308
|
|
|
Provisions |
|
|
71.953
|
|
Total
Current Liabilities |
|
|
396.021 |
|
|
Net Current Assets |
|
|
886.573
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2157.368 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4495.236 |
3467.697 |
2618.958 |
|
|
|
Other Income |
28.451 |
17.426 |
14.563 |
|
|
|
TOTAL (A) |
4523.687 |
3485.123 |
2633.521 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw materials consumed |
2810.880 |
2141.119 |
|
|
|
|
Changes in inventories of finished goods & work-in-process. |
(184.377) |
(224.158) |
|
|
|
|
Other Manufacturing Expenses |
9.429 |
13.411 |
2152.458 |
|
|
|
Employee Benefit Expenses |
118.963 |
90.049 |
|
|
|
|
Other Expenses |
933.789 |
816.731 |
|
|
|
|
Exceptional Items |
(7.912) |
0.000 |
|
|
|
|
TOTAL (B) |
3680.772 |
2837.152 |
2152.458 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
842.915 |
647.971 |
481.063 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
212.057 |
135.583 |
97.059 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
630.858 |
512.388 |
384.004 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
103.451 |
82.610 |
68.360 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
527.407 |
429.778 |
315.644 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
170.790 |
163.642 |
109.149 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
356.617 |
266.136 |
206.495 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
35.662 |
26.614 |
21.000 |
|
|
|
|
30.126 |
19.440 |
16.200 |
|
|
|
Tax on Dividend |
|
3.229 |
2.753 |
|
|
BALANCE CARRIED
TO THE B/S |
290.829 |
216.853 |
166.542 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
11.01 |
8.21 |
31.87 |
|
|
|
Diluted |
11.01 |
8.21 |
31.87 |
|
|
Particulars |
|
|
31.03.2013 |
|
Sales Turnover (Approximately) |
|
|
5700.000 |
|
|
|
|
|
The above information has been parted by Mr. Amit.
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
31.03.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
1365.600 |
1260.100 |
1077.500 |
1414.800 |
|
Total Expenditure |
1135.600 |
1029.400 |
912.300 |
1238.500 |
|
PBIDT (Excl OI) |
230.000 |
230.700 |
165.200 |
176.300 |
|
Other Income |
12.800 |
15.400 |
3.100 |
05.800 |
|
Operating Profit |
242.800 |
246.100 |
168.300 |
182.100 |
|
Interest |
65.500 |
67.500 |
61.400 |
59.600 |
|
Exceptional Items |
0.000 |
0.000 |
21.100 |
0.000 |
|
PBDT |
177.400 |
178.600 |
128.000 |
122.500 |
|
Depreciation |
31.400 |
31.600 |
31.700 |
32.100 |
|
Profit Before Tax |
145.900 |
146.900 |
96.300 |
90.400 |
|
Tax |
52.300 |
58.000 |
24.000 |
33.400 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
93.700 |
88.900 |
72.300 |
57.000 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
93.700 |
88.900 |
72.300 |
57.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
7.88
|
7.64 |
7.84 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.73
|
12.39 |
12.05 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.06
|
12.29 |
12.70 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.36
|
0.38 |
0.35 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.35
|
1.30 |
1.12 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.24
|
1.22 |
3.24 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG-TERM DEBT
(Rs. in
Millions)
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
Current maturities of
long-term debt |
NA
|
NA |
NA |
|
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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
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 |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
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 |
No |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
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 |
OPERATING RESULTS AND
BUSINESS
During the year, the company has achieved a Gross turnover of Rs.4859.500 Millions as compared to Rs. 3747.200 Millions during the previous year. The company registered an impressive `year on year’ growth of 29.68%. Profit After Tax achieved is Rs. 356.617 Millions in the current year as compared to Rs. 266.136 Millions recording a growth of 34 % during the current year.
The Company’s excellent performance is primarily attributed to the efficient usage of plants, product mix, increase in value chain and increase in plant efficiencies. These measures have optimised the consumption coefficients of materials compared to previous year. Stringent cost control measures were implemented by all the team members at all plants
EXPORTS
The net exports have increased by 39.83% over the previous year figures of Rs. 754.300 Millions to Rs. 1054.800 Millions. The Company’s products are well placed in the Global Market. During the year, the company has received Certificate of Suitability for PVP K 30 from EU regulatory authorities which go through stringent Quality checks before awarding the same. The company is the first company to register for this product from India. The Company is the only Company to register under REACH for manufacture and supply of NMP and them are also on schedule for registration of other selected products from their portfolio under REACH certification and expects to continue being able to Export to European markets after REACH deadlines.
MANAGEMENT DISCUSSION
AND ANALYSIS
INDUSTRY STRUCTURE,
DEVELOPMENT AND OUTLOOK
The company is a leading manufacturer of specialty chemicals and amines in India and the only manufacturer of specialty chemicals such as N-Methyl-2-Pyrrolidone (NMP), Morpholine, 2-Pyrrolidone (2-P) Gamma Butyrolactone (GBL), Poly Vinyl Pyrrolidone (PVP K 30) and N-Ethyl-2-Pyrrolidone (NEP), which are widely accepted by clients in India and the world over
The company caters to various Industries which are backbone of Indian economy and has market presence in the following growth oriented areas;
· Active Pharmaceutical Ingredients (APIs)
· Agro-chemicals and pesticide formulations
· Refineries
· Water treatment chemicals
· Rubber chemicals
· Electronics sector
· Leather processing chemicals
· Photographic chemicals
· Dye stuffs and paints industries
The Indian economy is going through major challenges of macro-economic policies. During the year 2011-12 Indian economy is estimated to grow @ 6.9% against all odds of global meltdown. More specifically due to Euro zone crisis. However looking at the prospects of the products the company manufactures, the future looks bright and the company is in consolidation phase for its core strengths in specialty chemicals, Amines and it’s derivatives.
CONTINGENT
LIABILITIES: (As on 31.03.2012)
Disputed Income Tax Liability Rs.20.000 Millions for Assessment Year 2007-08 to 2009-10. The Company has preferred an appeal against the demand. The amounts paid against the disputed demand Rs. 10.000 Millions are included in Short term Loans and Advances.
AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED MARCH 31, 2013
(Rs.
in Millions)
|
Sr.. |
Particulars |
3 months ended (31.03.2013) (Audited) |
Preceding 3 months ended (31.12.2012) (Unaudited) |
Year to date figures for current period ended (31.03.2013) (Audited) |
|
1. |
Income from
operations |
|
|
|
|
. |
(a) Net sales/income from operations |
1414.805 |
1077.462 |
5117.960 |
|
. |
(Net of excise duty) |
|
|
|
|
. |
(b) Other operating income |
0.000 |
0.000 |
0.000 |
|
|
Total income from
operations (net) |
1414.805 |
1077.462 |
5117.960 |
|
2. |
Expenses |
|
|
|
|
. |
(a) Cost of materials consumed |
728.048 |
607.315 |
2871.720 |
|
. . |
(b) Changes in inventories of finished goods & work-in-progress |
154.903 |
50.271 |
250.306 |
|
. |
(c) Employee benefits expense |
45.449 |
45.808 |
180.068 |
|
. |
(d) Depreciation |
32.086 |
31.716 |
126.879 |
|
. |
(e) Other expenses |
310.082 |
208.896 |
1013.706 |
|
. |
|
|
|
|
|
. |
Total expenses |
1270.568 |
944.007 |
4442.679 |
|
3. . . |
Profit / (Loss) from operations before other income, finance costs and exceptional items (1-2) |
144.237 |
133.455 |
675.281 |
|
4. |
Other income |
5.755 |
3.088 |
37.104 |
|
5. . . |
Profit / (Loss) from ordinary activities before finance costs and exceptional items (3 + 4) |
149.992 |
136.543 |
712.384 |
|
6. |
Finance costs |
59.643 |
61.358 |
254.012 |
|
7. . . |
Profit / (Loss) from ordinary activities after finance costs but before exceptional items (5 - 6) |
90.349 |
75.185 |
458.372 |
|
8. |
Exceptional items |
000 |
21.114 |
1.187 |
|
9. . . |
Profit / (Loss)
from ordinary activities before tax (7 + 8) |
90.349 |
96.299 |
459.560 |
|
10. |
Tax expense |
33.354 |
24.035 |
147.725 |
|
11. . |
Net Profit / (Loss) from ordinary activities after tax (9 - 10) |
56.995 |
72.264 |
311.835 |
|
12. |
Extraordinary items (net of tax expense) |
|
0.000 |
|
|
13. |
Net Profit / (Loss)
for the period (11 + 12) |
56.995 |
72.264 |
311.835 |
|
14. . |
Paid-up equity share capital (Face Value of each Share Rs. 2/-) |
64.802 |
64.802 |
64.802 |
|
15. . |
Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year |
1763.241 |
1763.241 |
1763.241 |
|
16. .i . |
Earnings per share
(before extraordinary items) (of Rs 2/-
each) (not annualised): |
|
|
|
|
. |
(a) Basic |
1.76 |
2.23 |
9.62 |
|
. |
(b) Diluted |
1.76 |
2.23 |
9.62 |
|
16 ii. . . |
Earnings per share
(after extraordinary items) (of Rs 2/-
each) (not annualised): |
|
|
|
|
. |
(a) Basic |
1.76 |
2.23 |
9.62 |
|
. |
(b) Diluted |
1.76 |
2.23 |
9.62 |
|
Part-II - Selected
Information for the year & quarter ended 31/03/2013 |
|
|
||
|
Sr.. . |
Particulars |
3 months ended (31.03.2013) |
Preceding 3 months ended (31.12.2012) |
Year to date figures for current period ended (31.03.2013) |
|
A. |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1. |
Public shareholding |
|
|
|
|
. |
- Number of shares |
14927032 |
14947032 |
14927032 |
|
. |
- Percentage of shareholding |
46.07 |
46.13 |
46.07 |
|
2. |
Promoters and
Promoter Group Shareholding ** |
|
|
|
|
. |
a) Pledged /
Encumbered |
|
|
|
|
. |
Number of shares |
6732000 |
6732000 |
6732000 |
|
. |
Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
38.53 |
38.57 |
38.53 |
|
. |
Percentage of shares (as a % of the total share capital of the company) |
20.78 |
20.78 |
20.78 |
|
. |
b) Non - encumbered |
|
|
|
|
. |
Number of shares |
10741968 |
10721968 |
10741968 |
|
. |
Percentage of shares (as a % of the total shareholding of the Promoter and Promoter group) |
61.47 |
61.43 |
61.47 |
|
. |
Percentage of shares (as a % of the total share capital of the company) |
33.15 |
33.09 |
33.15 |
|
|
Particulars |
3 Months ended 31.03.2013 |
|
B. |
INVESTOR COMPLAINTS |
|
|
. |
Pending at the beginning of the quarter |
NIL |
|
. |
Received during the quarter |
NIL |
|
. |
Disposed of during the quarter |
NIL |
|
. |
Remaining unresolved at the end of the quarter |
NIL |
|
. |
|
|
STATEMENT OF ASSETS AND LIABILITIES
(Rs. in Millions)
|
Sr. No. |
Particulars |
As at (Current year ended) (31.03.2013) |
|
A. |
EQUITY AND
LIABILITIES |
|
|
1. |
Shareholders’ funds |
|
|
. |
(a) Share capital |
64.802 |
|
. |
(b) Reserves and surplus |
1660.033 |
|
. |
(c) Money received against share warrants |
|
|
. |
Sub-total -
Shareholders' funds |
1724.835 |
|
2. |
Share application money pending allotment |
|
|
3. |
Non-current
liabilities |
|
|
. |
(a) Long-term borrowings |
1037.246 |
|
. |
(b) Deferred tax liabilities (net) |
398.212 |
|
. |
(c) Other long-term liabilities |
58.546 |
|
. |
(d) Long-term provisions |
|
|
. |
Sub-total -
Non-current liabilities |
1494.004 |
|
. |
(a) Short-term borrowings |
1055.805 |
|
. |
(b) Trade payables |
355.068 |
|
. |
(c) Other current liabilities |
363.378 |
|
. |
(d) Short-term provisions |
211.424 |
|
. |
Sub-total - Current
liabilities |
1985.675 |
|
. |
TOTAL - EQUITY AND
LIABILITIES |
5204.514 |
|
B. |
ASSETS |
|
|
1. |
Non-current assets |
|
|
. |
(a) Fixed assets |
2340.511 |
|
. |
(b) Capital work in progress |
629.227 |
|
. |
(c) Non-current investments |
7.128 |
|
. |
(d) Deferred tax assets (net) |
0.000 |
|
. |
(e) Long-term loans and advances |
7.536 |
|
. |
(f) Other non-current assets |
20.523 |
|
. |
Sub-total -
Non-current assets |
3004.925 |
|
2. |
Current assets |
|
|
. |
(a) Current investments |
199.400 |
|
. |
(b) Inventories |
567.520 |
|
. |
(c) Trade receivables |
1022.828 |
|
. |
(d) Cash and cash equivalents |
26.771 |
|
. |
(e) Short-term loans and advances |
383.070 |
|
. |
(f) Other current assets |
0.000 |
|
. |
Sub-total - Current
assets |
2199.589 |
|
. |
TOTAL - ASSETS |
5204.514 |
Notes:
1. The above Audited results have been reviewed by the Audit Committee and taken on record by the Board of Directors at their meeting held on 11.05.2013.
2. The Board of Directors recommended a dividend of 40% on Equity shares of Rs.2/- each for the year ended 31st March 2013 and a special dividend of 25% over and bove regular dividend on account of 25 years of Company's existence.
3. Company has only single reportable segment, hence AS-17 "Segment reporting" not applicable.
4. Corresponding figures in previous year have been regrouped wherever considered necessary.
* The Shares are pledged in favour of Banks to Secure various credit facilities.
FIXED ASSETS:
·
Land
·
Building
·
Wind Electric Generator
·
Plant and Machinery
·
Furniture and Fixtures
·
Office Equipments
·
Vehicles
WEBSITE DETAILS
PROFILE
Subject is one of the manufacturers of Aliphatic Amines in India was set up in the year 1988 to cater to the growing requirements of value based Specialty Chemicals. Subject commenced manufacture of Methyl Amines in the year 1989 and subsequently added facilities for manufacture of Ethyl Amines and other derivatives of Methyl Amines and Ethyl Amines.
Subject has been consistently adding capacities and fine tuning process to
provide quality products at lowest cost to the customers. World over, Amine
technology is a closely guarded process with only a few handful companies
having access to such technology. Subject for the first time in India tested on
an indigenously developed technology and developed it further over a period of
time. Today, subject‘s products are accepted in international markets and have
gained the distinct export quality status, which makes it one of the few
companies in India having the potential to match the stringent international quality
standards for which they have been awarded ISO-9001: 2000 Certification apart
from appreciation and continuous orders from global majors for their product
range.
Subject’s state-of-the-art manufacturing facility is located at Tamalwadi
Village, near Solapur (Maharashtra State, India) The facility is fully equipped
with latest technology like digital computerized controlled systems, which
facilitates the control of operations from the control room in addition,
subject possesses an excellent R and D facilities and laboratory, which helps
in
conducting basic research and also to fine tune the process.
PRESS RELEASE
BALAJI AMINES
AFFIRMED AT 'FITCH A-(IND)'; OUTLOOK STABLE
Fitch Ratings-Chennai/Singapore-07 June 2012: Fitch Ratings has affirmed India-based Balaji Amines Limited's (BAL) National Long-Term rating at 'Fitch A-(ind)'. The Outlook is Stable. A full rating breakdown is provided at the end of this commentary.
The affirmation reflects BAL's stable credit profile in the financial year ended March 2012 (FY12), with adjusted debt/EBITDA at levels similar to FY11 (2.6x). This is despite BAL's higher debt levels (FY12: INR2.2bn, FY11: INR1.6bn) on account of negative free cash flows due to INR600m of capex incurred and a stretched inventory holding period (FY12: 112 days, FY11: 95 days). The stable credit profile is a result of BAL's improved earnings performance in FY12, with revenue growing over 30% yoy to INR4.5bn and EBITDA margin improving marginally to 18.3% (FY11: 17.9%), on the back of improved realisations and better capacity utilisation.
The ratings also reflect BAL's strong market position in the aliphatic amines segment, diversified customer profile, and multiple end-user industries for its product portfolio.
Fitch notes that benefits of BAL's timely completion of one of its capex (a 30,000MTPA methylamine plant) during 4Q12 are likely to accrue only from FY13 onwards and improve capacity utilisation for other value-added products like N-methyl-2-pyrrolidone. This is likely to offset any negative impact on BAL's leverage metrics from its existing capex plans on a hotel project and further expansion of its manufacturing facility, which could entail additional investments of INR450m-INR500m during FY13.
The ratings are, however, constrained by raw material price volatility, exposure to forex fluctuations due to BAL's status as a net importer, and execution risks from its capex programme. While Fitch is concerned about the company's capital investment into non-core hotel business, some comfort is drawn from an arrangement with Sarovar Group (one of India's leading hotel management companies) to manage and operate the hotel.
Negative rating action may result from adjusted debt/ EBITDA above 3.5x on a sustained basis. Conversely, a strong operating performance and timely completion of the capex resulting in debt/EBITDA below 1.5x on a sustained basis could lead to positive rating action.
Established 1988, BAL is one of India's leading manufacturers of aliphatic amines and its derivatives. As at end-FY12, BAL operated three manufacturing plants with an aggregate capacity of 103,800 MTPA.
BALAJI AMINES LIMITED
AWARDED “BEST MANUFACTURER-EXPORTER (MEDIUM)” AT ‘ECGC – D&B INDIAN
EXPORTER EXCELLENCE AWARDS 2012.
Balaji Amines Limited has been Awarded for the category of “Best Manufacturer – Exporter (Medium)” at the ‘Indian Exporter Excellence Awards 2012 instituted by the Export Credit Guarantee Corporation of India Limited (ECGC)[An Indian Govt. Undertaking], in association with Dun and Bradstreet (D&B), which seeks to recognize leading exporters for their excellence in their respective fields.
Mr. A. Prathap Reddy, the Chairman & Managing Director of Balaji Amines Limited received the award from Mr. M. S. Rao Secretary, Commerce and Industry, Government of India on Saturday 24thNovember 2012 evening at ITC Grand Central, Mumbai.
The Award is for excellence in export markets achieved by the company. The product qualities of Balaji Amines Limited are internationally accepted and are supplied to over 50 countries around the world.
Most of the products of Balaji Amines Limited are developed via in-house R&D for which the Govt.of India, Ministry of Science & Technology has given “In-house R &D Recognition”. Their recent facility for manufacturing PVPK-30 at Chincholi MIDC area, Maharashtra was awarded “COS” (Certificate of Suitability) from European Directorate for the Quality Medicines & HealthCare (EDQM), Europe, in addition to WHO-GMP certification. Company has also filed DMF for US FDA for the same product.
While commenting Mr. A. Prathap Reddy appreciated and congratulated the efforts of his team members in achieving this Award. He also stated that such a recognition on such a huge platform will encourage and boost them for further achievements.
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.59.36 |
|
|
1 |
Rs.89.69 |
|
Euro |
1 |
Rs.77.99 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
RAJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
51 |
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.