MIRA
INFORM REPORT
|
Report Date : |
23.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
BALAJI AMINES LIMITED |
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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
: |
700 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
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 a satisfactory track record.
Directors are reported to be experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments 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.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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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 |
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.
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. |
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Location : |
Rented |
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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 |
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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 |
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Designation : |
Whole-time Director |
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Name : |
Mr. D Ram Reddy |
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Designation : |
Whole-time Director |
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Name : |
Mr. G Hemanth Reddy |
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Designation : |
Whole-time Director |
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Name : |
Mr. T Naveena Chandra |
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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 |
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Designation : |
Independent Director |
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Name : |
Mr. CSN Murthy |
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Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Ms Arati S Dudhawale |
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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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Address : |
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Date of Birth/Age : |
Mr. M Amarender Reddy |
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Qualification : |
Member |
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Experience : |
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Date of Appointment : |
Mr. CSN Murthy |
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Member |
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Name : |
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Designation : |
Mr. SV Pattabhi Raman |
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Address : |
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 |
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Designation : |
Member |
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Name : |
Mr. G Heamanth Reddy |
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Designation : |
Member |
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Remuneration
Committee: |
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|
Name : |
Mr. M Amarender Reddy |
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Designation : |
Chairman |
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Name : |
Mr. CSN Murthy |
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Designation : |
Member |
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Name : |
Mr. T Naveena Chandra |
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Designation : |
Member |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2013
|
Category of
Shareholder |
No. of Shares |
Percentage of
Holding |
|
A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
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|
12761553 |
39.39 |
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|
4712415 |
14.54 |
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|
17473968 |
53.93 |
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Total shareholding of Promoter and Promoter Group (A) |
17473968 |
53.93 |
|
(B) Public Shareholding |
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|
|
|
|
|
|
|
5 |
0.00 |
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5 |
0.00 |
|
|
|
|
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|
1268185 |
3.91 |
|
|
|
|
|
|
6195499 |
19.12 |
|
|
6681169 |
20.62 |
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|
782174 |
2.41 |
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|
118346 |
0.37 |
|
|
663828 |
2.05 |
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|
14927027 |
46.07 |
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Total Public shareholding (B) |
14927032 |
46.07 |
|
Total (A)+(B) |
32401000 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
|
Total (A)+(B)+(C) |
32401000 |
0.00 |
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 |
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
|
No. of Employees : |
700 (Approximately) |
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Bankers : |
· State Bank of Hyderabad · 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 : |
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Name : |
V. Sridhar and Company Chartered Accountants |
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Address : |
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Subsidiaries : |
Bhagyanagar Chemicals Limited |
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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 |
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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 |
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|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
32401000 |
Equity Shares |
Rs.2/- each |
Rs.64.802
Millions |
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|
|
|
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|
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 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
64.802 |
64.802 |
64.802 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1397.153 |
1070.663 |
827.196 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1461.955 |
1135.465 |
891.998 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1971.998 |
1477.450 |
996.874 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
1971.998 |
1477.450 |
996.874 |
|
|
DEFERRED TAX LIABILITIES |
366.088 |
336.597 |
268.496 |
|
|
|
|
|
|
|
|
TOTAL |
3800.041 |
2949.512 |
2157.368 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1956.348 |
1596.719 |
1203.182 |
|
|
Capital work-in-progress |
246.657 |
118.387 |
23.585 |
|
|
|
|
|
|
|
|
INVESTMENT |
85.528 |
85.527 |
44.028 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1074.045
|
705.975 |
319.989
|
|
|
Sundry Debtors |
821.371
|
737.498 |
667.310
|
|
|
Cash & Bank Balances |
44.782
|
90.304 |
36.206
|
|
|
Other Current Assets |
0.000
|
0.000 |
9.650
|
|
|
Other Non-Current Assets |
10.460
|
7.218 |
0.000 |
|
|
Loans & Advances |
428.233
|
322.004 |
249.439 |
|
Total
Current Assets |
2378.891
|
1862.999 |
1282.594 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
347.111
|
334.538 |
317.760
|
|
|
Other Current Liabilities |
294.702
|
219.793 |
6.308
|
|
|
Provisions |
225.570
|
159.789 |
71.953
|
|
Total
Current Liabilities |
867.383
|
714.120 |
396.021 |
|
|
Net Current Assets |
1511.508
|
1148.879 |
886.573
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3800.041 |
2949.512 |
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 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
1365.600 |
1260.100 |
1077.500 |
|
Total Expenditure |
1135.600 |
1029.400 |
912.300 |
|
PBIDT (Excl OI) |
230.000 |
230.700 |
165.200 |
|
Other Income |
12.800 |
15.400 |
3.100 |
|
Operating Profit |
242.800 |
246.100 |
168.300 |
|
Interest |
65.500 |
67.500 |
61.400 |
|
Exceptional Items |
0.000 |
0.000 |
21.100 |
|
PBDT |
177.400 |
178.600 |
128.000 |
|
Depreciation |
31.400 |
31.600 |
31.700 |
|
Profit Before Tax |
145.900 |
146.900 |
96.300 |
|
Tax |
52.300 |
58.000 |
24.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
93.700 |
88.900 |
72.300 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
93.700 |
88.900 |
72.300 |
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} |
(%) |
12.17
|
12.42 |
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) |
|
2.74
|
2.61 |
3.24 |
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 |
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 |
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 |
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 |
Note:
The registered office of the company has been shifted from 165 /A, Balaji
Bhavan, Railway Lines, Solapur – 413001, Maharashtra, India to present address
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.
UNAUDITED FINANCIAL
RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2012
Rs. In Millions
|
Sr.. |
Particulars |
3 Months Ended |
Pending 3 months ended |
Year to date figures for current period ended |
|
|
|
(31.12.2012) |
(30.09.2012) |
(31.12.2012) |
|
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
1. |
Income from
operations |
|
|
|
|
|
(a) Net sales / income from operations (Net of excise duty) |
1077.462 |
1260.105 |
3703.155 |
|
|
(b) Other operating income |
0.000 |
0.000 |
0.000 |
|
|
Total income from
operations (net) |
|
1260.105 |
|
|
2. |
Expenses |
|
|
|
|
|
(a) Cost of materials consumed |
607.315 |
786.470 |
2143.672 |
|
|
(b) Changes in inventories of finished goods & work-in-progress |
50.271 |
(47.290) |
95.402 |
|
|
(c) Employee benefits expenses |
45.808 |
42.992 |
134.620 |
|
|
(d) Depreciation |
31.716 |
31.642 |
94.792 |
|
|
(e) Other expenses |
208.896 |
247.268 |
703.624 |
|
|
Total Expenses |
944.007 |
1061.082 |
3172.111 |
|
3. |
Profit / (Loss)
from operations before other income, finance costs and exceptional items
(1-2) |
133.455 |
199.023 |
531.044 |
|
4. |
Other Income |
3.088 |
15.429 |
31.349 |
|
5. |
Profit / (Loss) from
ordinary activities before finance costs and exceptional items (3+4) |
136.543 |
214.452 |
562.393 |
|
6. |
Finance Costs |
61.358 |
67.537 |
194.369 |
|
7. |
Profit / (Loss) from
ordinary activities after finance costs but before exceptional items (56) |
75.185 |
146.915 |
368.024 |
|
8. |
Exceptional items |
21.114 |
0.000 |
1.188 |
|
9. |
Profit / (Loss)
from ordinary activities after tax (7 + 8) |
96.299 |
146.915 |
369.212 |
|
10. |
Tax Expenses |
24.035 |
58.007 |
114.371 |
|
11. |
Net Profit / (Loss)
from ordinary activities after tax (9-10) |
72.264 |
88.908 |
254.841 |
|
12. |
Extraordinary items (net of expense) |
|
0.000 |
|
|
13. |
Net Profit / (Loss)
for the period (11 + 12) |
72.264 |
88.908 |
254.841 |
|
14. |
Paid-up equity share capital (Face Value of each Share Rs. 2/-) |
64.802 |
64.802 |
64.802 |
|
15. |
Reverse 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 |
2.23 |
2.74 |
7.87 |
|
|
(b) Diluted |
2.23 |
2.74 |
78.87 |
|
16 ii. |
Earnings per share (after extraordinary items) (of Rs. 2/- each) (not annualised) : |
|
|
|
|
|
(a) Basic |
2.23 |
2.74 |
7.87 |
|
|
(b) Diluted |
2.23 |
2.74 |
7.87 |
|
|
|
|
|
|
|
A. |
PARTICULARS OF
SHARE |
|
|
|
|
1. |
HOLDING Public shareholding |
|
|
|
|
|
- Number of shares |
14947032 |
14947032 |
14947032 |
|
|
Percentage of shareholding |
46.13 |
46.13 |
46.13 |
|
2. |
Promoters and
promoters 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) |
38.57 |
38.57 |
38.57 |
|
|
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 |
10721968 |
10721968 |
10721968 |
|
|
Percentage of shares (as a % of the total shareholding of the Promoter and Promoter group) |
61.43 |
61.43 |
61.43 |
|
|
Percentage of shares (as a % of the total share capital of the company) |
33.09 |
33.09 |
33.09 |
|
|
|
|
|
|
|
B. |
INVESTORS
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 |
|
|
Notes:
1. The above Un-audited results have been reviewed by Audit Committee and taken on record by the Board of Directors at their meeting held on 30.01.2013.
2. The Limited Review by the Statutory Auditors for the quarter as required under clause 41 of the Listing Agreement has been completed and the related Report is being forwarded to stock Exchanges. This report does not have any impact on the above Results and Notes which needs to be explained.
3. Corresponding figures in previous year have been regrouped wherever considered necessary.
4. Company has only single reportable segment, hence AS-17 " Segment reporting " not applicable.
* The Shares are pledged in favour of Banks to Secure various credit facilities to the company
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 TO
INVEST RS 700.000 MILLIONS IN SOLAPUR UNIT EXPANSION
M. SOMASEKHAR
HYDERABAD, NOVEMBER.
7:
Balaji Amines Limited, a manufacturer of speciality chemicals, is expanding its manufacturing facilities in Solapur (Maharashtra). It is also implementing a Rs 400.000 Millions hotel project in the fast growing city.
The company is investing Rs700.000 Millions in expanding its Methyl Amines, Di-Methyl Amine Hydrochloride and Dimethyl Formamide facilities. All these ingredients are used in the pharma and drug industry. The State Bank of Hyderabad is funding upto Rs.480.000 Millions, while the rest being ploughed in from internal accruals, said Mr. G. Hemanth Reddy, its Director.
While the methyl amines unit with 100 tonnes a day capacity is expected to be operational from February 2012, the di-methyl amine (70 tonnes a day) and formamide (36 tonnes a day) units will be ready in the next financial year 2012-13, he told Business Line here today.
The Rs.3850.000 Millions turnover company is also setting up a 50-tonne a day plant to manufacture N-Methyl-2-Pyrrolidone, a water soluble, bio-degradable solvent used in the pharma industry. It is the only manufacturer in India and among the four in the world, Mr. Reddy said.
HOTEL PROJECT
Balaji Amines has tied up with the Sarovar Group of Hotels to build a star hotel with an investment of Rs.400.000 Millions. The 120-room property is being developed with the Bank of Baroda financing up to Rs.250.000 Millions and the company putting in the rest. It is coming up on the company's own land (three and half acres) in Solapur.
The city, which is 250 km from Pune and 300 km from Hyderabad, is seeing accelerated development with the NTPC setting up a large power plant; agri institutes and agri-export zone and industries too are coming up. “With hardly any major hotel, we thought we could take advantage as an early bird in the sector. Further, having bought land several years ago, the project was comparatively economical,” Mr. Reddy said. The hotel project name Balaji Sarovar Premier would be ready by March 2013.
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.55.52 |
|
|
1 |
Rs.84.09 |
|
Euro |
1 |
Rs.71.67 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
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.