MIRA
INFORM REPORT
|
Report Date : |
06.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
BHASKAR SHRACHI ALLOYS LIMITED |
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Registered
Office : |
8/1, Middleton Row, Kolkata - 700071, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
19.04.1995 |
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Com. Reg. No.: |
21-071126 |
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|
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Capital Investment
/ Paid-up Capital : |
Rs. 120.000
Millions |
|
|
|
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CIN No.: [Company Identification
No.] |
L51109WB1995PLC071126 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALB03547F |
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|
|
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PAN No.: [Permanent Account No.] |
AABCB8956C |
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|
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Legal Form : |
A Public Limited Liability Company. The company’s shares
are listed on the Stock Exchanges. |
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Line of Business
: |
Manufacturer of Silico Manganese and Ferro Manganese. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 383000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track record. There
appears huge loss during 2012. The external borrowing seems to be huge. However, trade relations are reported to be fair. Business is active.
Payments are reported to be slow. The company can be considered for business dealings with great
caution. |
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) |
|
|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
FITCH |
|
Rating |
B [National Long Term] |
|
Rating Explanation |
Highly speculative. |
|
Date |
18.06.2012 |
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 : |
8/1, Middleton Row, Kolkata - 700071, West Bengal, India |
|
Tel. No.: |
91-33-22298877/ 22290114/ 22297190 |
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Fax No.: |
91-33-22297223 |
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E-Mail : |
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Website : |
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Factory: |
Durgapur, Waria Road, Angadpur, Durgapur - 713215, West Bengal, India |
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Tel. No.: |
91-343-2590709/ 2590702 |
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Fax No.: |
91-343-2590710 |
DIRECTORS
AS ON 20.08.2011
|
Name : |
Mr. Shrawan Kumar Todi |
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Designation : |
Director |
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Address : |
2 Queens Park, Kolkata-700019 West Bengal, India |
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Date of Birth/Age : |
15.08.1941 |
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Qualification : |
B.Com |
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Date of Appointment : |
31.07.2008 |
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Din No.: |
00080303 |
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Other Directorship:
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Name : |
Mr. Manoj Kumar Baheti |
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Designation : |
Director |
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Address : |
1, Shiv Thakur Lane, Burrabazar, Kolkata-700007, West Bengal, India |
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Date of Birth/Age : |
04.02.1978 |
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Qualification : |
CA & CS |
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Date of Appointment : |
31.07.2006 |
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Din No.: |
00562913 |
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Other Directorship:
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KEY EXECUTIVES
|
Name : |
Mr. Prem Kumar Agarwal |
|
Designation : |
Secretary |
|
Address : |
72/1, Deshbandhu Road (East), Alambazar, Kolkata -- 700035, West
Bengal, India |
|
Date of Birth/Age : |
12.08.1975 |
|
Date of Appointment : |
23.08.2008 |
|
Pan No.: |
ACZPA6385M |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 20.08.2011
NOT AVAILABLE
AS ON 22.05.2013
|
Names of Allottees |
|
No. of Shares |
|
Sujata Todi |
|
250000 |
|
Vaibhav Vinimay Private Limited, India |
|
250000 |
|
|
|
|
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Total |
|
500000 |
AS ON 20.08.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Public financial companies |
|
0.42 |
|
Bodies
corporate |
|
58.49 |
|
Directors
or relatives of directors |
|
21.48 |
|
Other
top fifty shareholders |
|
6.51 |
|
Others
|
|
13.10 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Silico Manganese and Ferro Manganese. |
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Products/ Services : |
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PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
|
Ferro Alloys |
MT |
24000 |
24000 |
|
Steel Billets |
MT |
65000 |
65000 |
|
Casting of Iron and Steel |
MT |
6000 |
6000 |
ACTUAL PRODUCTION
|
PARTICULAR |
UNIT |
PRODUCTION/PURCHASE |
|
Silico Manganese |
MT. |
13762.000 |
|
SGCL Insert |
Pcs. |
4483510 |
|
Ferro Manganese |
MT. |
265.000 |
|
Steel Billet |
MT. |
2482.490 |
NOTE:
·
The production and sales quantity of Silico
Manganese includes 5702.000 MT of Silico Manganese towards conversion on behalf
of Tata Steel Limited.
·
Sales quantity of Silico Manganese includes captive
consumption of 1.000 MT.
GENERAL INFORMATION
|
Customers : |
Ø Durgapur Steel
Plant Ø Tata SSI Limited
Ø IPI Steel
Limited Ø Kalyani
Carpenter Special Steels Plant Ø Punjab Concast
Steels Limited Ø Titagarh
Industries Limited Ø Nam Alloys
Private Limited Ø Simplex Castings
Limited Ø Rathi Ispat
Limited Ø Bokaro Steel Plant Ø Ganapati
Enterprises Ø Minmat Ferro
Alloys Limited Ø Visakhapatnam
Steel Plant Ø Shah Alloys
Limited Ø ISI Bar India
Limited Ø Besco Limited Ø Usha Martin
Industries Limited Ø Hooghly Ispat
Limited |
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No. of Employees : |
Not Available |
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Bankers : |
State Bank of
India, Commercial Branch, Alipore, 24/1/1, Alipore Road, Kolkata - 700027,
West Bengal, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
K.N. Gutgutia
and Company Chartered Accountants |
|
Address : |
6C, Middleton
Street, Kolkata - 700071. |
|
Tel. No.: |
91-33-22873735/ 56 |
|
Fax No.: |
91-33-22873756 |
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E-Mail : |
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|
Income-tax
PAN of auditor or auditor's firm : |
AACSK6448G |
CAPITAL STRUCTURE
AS ON 12.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 150.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12,500,000 |
Equity Shares |
Rs. 10/- each |
Rs. 125.000
Millions |
|
|
|
|
|
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 150.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 120.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
120.000 |
120.000 |
120.000 |
|
|
2] Share Application Money |
0.200 |
0.200 |
0.200 |
|
|
3] Reserves & Surplus |
0.000 |
74.697 |
68.559 |
|
|
4] (Accumulated Losses) |
(24.361) |
0.000 |
0.000 |
|
|
NETWORTH |
95.839 |
194.897 |
188.759 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3.215 |
14.644 |
353.403 |
|
|
2] Unsecured Loans |
335.581 |
432.805 |
115.783 |
|
|
TOTAL BORROWING |
338.796 |
447.449 |
469.186 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
434.635 |
642.346 |
657.945 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
170.371 |
187.191 |
202.615 |
|
|
Capital work-in-progress |
13.943 |
13.942 |
18.249 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
370.674
|
477.661
|
344.641
|
|
|
Sundry Debtors |
118.118
|
136.572
|
107.338
|
|
|
Cash & Bank Balances |
24.219
|
13.989
|
80.518
|
|
|
Other Current Assets |
0.303
|
0.344
|
0.327
|
|
|
Loans & Advances |
128.042
|
47.342
|
58.552
|
|
Total
Current Assets |
641.356
|
675.908
|
591.376
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
363.318
|
205.284
|
133.083
|
|
|
Other Current Liabilities |
26.079
|
28.088
|
14.804
|
|
|
Provisions |
1.638
|
1.323
|
6.408
|
|
Total
Current Liabilities |
391.035
|
234.695
|
154.295
|
|
|
Net Current Assets |
250.321
|
441.213
|
437.081
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
434.635 |
642.346 |
657.945 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
1758.939 |
1057.553 |
1080.633 |
|
|
|
Other Income |
6.107 |
3.179 |
185.315 |
|
|
|
TOTAL (A) |
1765.046 |
1060.732 |
1265.948 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1012.004 |
591.712 |
|
|
|
|
Purchases of stock-in-trade |
307.731 |
34.563 |
|
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
(60.557) |
(10.974) |
|
|
|
|
Employee benefit expense |
28.475 |
24.152 |
|
|
|
|
Other expenses |
497.324 |
332.511 |
|
|
|
|
TOTAL (B) |
1784.977 |
971.964 |
1166.232 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
[LOSS] BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(19.931) |
88.768 |
99.716 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
49.841 |
48.958 |
43.973 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
[LOSS] BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(69.772) |
39.810 |
55.743 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
26.228 |
28.737 |
31.136 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ [LOSS]
BEFORE TAX (E-F) (G) |
(96.000) |
11.073 |
24.607 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
3.058 |
4.935 |
(0.658) |
|
|
|
|
|
|
|
|
|
|
PROFIT/ [LOSS]
AFTER TAX (G-H) (I) |
(99.058) |
6.138 |
25.265 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
697.730 |
170.235 |
223.003 |
|
|
|
|
|
|
|
|
|
IMPORTS |
N.A. |
177.062 |
112.727 |
|
|
|
|
|
|
|
|
|
|
Earnings/ [Loss]
Per Share (Rs.) |
(8.25) |
0.51 |
2.11 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(5.61)
|
0.58 |
2.00
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(5.46)
|
1.05 |
2.28
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(11.83)
|
1.28 |
3.10
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.00)
|
0.06 |
0.13
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
3.54
|
2.30 |
2.49
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.64
|
2.88 |
3.83
|
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 |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
Yes |
|
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 |
UNSECURED LOANS
|
Unsecured Loans |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
Other loans and advances |
335.581 |
432.805 |
|
Total |
335.581 |
432.805 |
OPERATING RESULTS:
The gross sales and
net sales for the year stood at Rs. 1677.700 Millions and Rs. 1604.200
Millions, respectively, showing a growth of 69.46% and 70.95% over the previous
year mainly driven by growth in volumes. However, substantial increase of raw
material cost, provisional increase in power tariff by Damodar Valley
Corporation and stressed sales realization caused the company loss of Rs.
99.000 Millions for the year in comparison to net profit of Rs. 6.200 Millions
in the previous year.
FIXED ASSETS:
Ø
Land
Ø
Buildings
Ø
Plant and equipment
Ø
Furniture and fixtures
Ø
Vehicles
Ø
Motor 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. 56.42 |
|
|
1 |
Rs. 86.54 |
|
Euro |
1 |
Rs. 73.86 |
INFORMATION DETAILS
|
Report Prepared by
: |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
27 |
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.