MIRA
INFORM REPORT
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Report Date : |
02.12.2014 |
IDENTIFICATION DETAILS
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Name : |
JAI BALAJI INDUSTRIES LIMITED (w.e.f.
23.07.2007) |
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Formerly Known
As : |
JAI BALAJI SPONGE LIMITED |
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Registered
Office : |
5, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
01.07.1999 |
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Com. Reg. No.: |
21-089755 |
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Capital
Investment / Paid-up Capital : |
Rs.672.726
Millions |
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CIN No.: [Company Identification
No.] |
L27102WB1999PLC089755 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
Public Limited Liability Company. Company’s Shares are listed on the
stock Exchanges |
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Line of Business
: |
Subject is engaged in the Manufacturing and Sale of Steel and Allied Products.
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
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MIRA’s Rating : |
Ca (12) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow and delayed |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having moderate track record. Company has incurred loss from its operation in the year 2013-2014.
External borrowing of the company is huge which act as a threat to liquidity
position of the company. Rating also takes into consideration delay in debt servicing due to
the stretched liquidity position. Business is active. Payment terms are slow and delayed. The company can be considered for business dealing on a safe and
secured 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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks over
coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation
arrested Manumeethi Cholan
after he accepted Rs 10 lakhs
as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central
Bank of Rs 4360 mn.
Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take
a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has
chosen India to pilot its e-commerce business model for the Asia-Pacific
region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real
estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs
7700 mn of loans and sought more time to comply with
the requirements under the listing agreements with the Stock Exchanges.
OnMobile likely to sack another 300 employees. The lay-offs
follow a spate of senior-level exits over the past two years, starting with of
its founder. The overall lay-offs could number around 600 and are driven by the
need to cut costs, says a former employee.
EXTERNAL AGENCY RATING
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Rating Agency Name |
CARE |
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Rating |
Long term bank Facilities: D |
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Rating Explanation |
Lowest credit quality and very low prospects of recovery. |
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Date |
31.03.2014 |
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
31-03-2014.
INFORMATION DECLINED
MANAGEMENT NON – COOPERATIVE (91-33-22488173)
LOCATIONS
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Registered Office : |
5, |
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Tel. No.: |
91-33-22488173/9808 |
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Fax No.: |
91-33-22430021 |
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E-Mail : |
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Website : |
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Factory 1: |
Ranigunj G/1, Mangalpur
Industrial Complex, Post– Baktarnagar, District :
Burdwan-713347, West Bengal, India |
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Tel. No.: |
91-341-2441544 / 9403 |
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Fax No.: |
91-341-2441544 / 9403 |
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Factory 2: |
Durgapur, Lenin Sarani,
District Burdwan-713210,West Bengal, India |
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Tel. No.: |
91-343-2553884/ 3885 |
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Fax No.: |
91-343-2553884/ 3885 |
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Factory 3 and 4 : |
Durgapur, Village Banskopa,
P.O. Rajbandh, District- Burdwan-713212, West
Bengal, India |
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Tel. No.: |
91-343-2532651 / 2652 |
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Fax No.: |
91-343-2532653 |
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Factory 5: |
Industrial Growth, Centre, Borai Village and
P.O. Rasmada, District Durg-491009 Chhattisgarh, India |
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Tel. No.: |
91-788-2617218 / 2617248 |
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Fax No.: |
91-788-2617201 |
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Marketing Office: |
Located At:
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DIRECTORS
As on 31.03.2014
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Name : |
Mr. Aditya Jajodia |
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Designation : |
Chairman cum Managing Director |
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Name : |
Mr. Rajiv Jajodia |
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Designation : |
Director |
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Name : |
Mr. Gourav Jajodia |
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Designation : |
Director |
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Name : |
Mr. Chandra Kant Bhartia |
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Designation : |
Director |
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Name : |
Mr. Shyam Bahadur Singh |
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Designation : |
Director |
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Name : |
Mr. Satish Chander Gupta |
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Designation : |
Director |
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Name : |
Mr. Shailendra
Kumar Majumdar |
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Designation : |
Director |
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Name : |
Mr. Amit Kumar Majumdar |
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Designation : |
Director |
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Name : |
Mr. Sanjiv Jajodia |
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Designation : |
Whole Time Director |
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Name : |
Mr. Manas Kumar Nag |
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Designation : |
Nominee Director |
KEY EXECUTIVES
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Name : |
Mr. Ajay Kumar Tantia |
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Designation : |
Company Secretary and Compliance Officer |
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Name : |
Mr. Sanjiv Jajodia |
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Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Category of Shareholder |
Total
No. of Shares |
% of
Total No. of Shares |
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(A) Shareholding of Promoter and Promoter Group |
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9972472 |
13.52 |
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33290723 |
45.12 |
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43263195 |
58.64 |
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Total shareholding of Promoter and Promoter Group (A) |
43263195 |
58.64 |
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(B) Public Shareholding |
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3031478 |
4.11 |
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3031478 |
4.11 |
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8952319 |
12.13 |
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3488561 |
4.73 |
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6223003 |
8.43 |
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8822930 |
11.96 |
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8304547 |
11.26 |
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444678 |
0.60 |
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1 |
0.00 |
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73704 |
0.10 |
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27486813 |
37.25 |
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Total Public shareholding (B) |
30518291 |
41.36 |
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Total (A)+(B) |
73781486 |
100.00 |
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(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 |
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Total (A)+(B)+(C) |
73781486 |
0.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in the Manufacturing and Sale of Steel and Allied
Products. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS (As on 31.03.2013)
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Particulars |
Installed Capacity [MT] |
Actual Production MT] # |
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Sponge Iron |
345000 |
136419 |
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Pig Iron |
509250 |
208010 |
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Steel Bars / Rods |
260000 |
60518 |
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Billet / MS Ingot |
906230 |
262920 |
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Ferro Alloys |
106618 |
29305 |
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Ductile Iron Pipe |
240000 |
41449 |
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Power |
101.10 [MW] |
217.48 [MU] |
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Sinter |
608000 |
382223 |
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Coke |
350000 |
100056 |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
· Allahabad Bank · Axis Bank Limited · Bank of India · Canara Bank · Corporation Bank · ICICI Bank Limited · IDBI Bank Limited · IFCI Limited · Indian Overseas Bank · Oriental Bank of Commerce · Punjab National Bank · State Bank of Bikaner and Jaipur · State Bank of Hyderabad · State Bank of India · State Bank of Mysore · State Bank of Patiala · State Bank of Travancore · The Federal Bank Limited · UCO Bank · Union Bank of India · United Bank of India · Vijaya Bank · West Bengal Infrastructure · Development Finance Corporation Limited |
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Facilities : |
NOTES: LONG TERM
BORROWINGS 1) Rupee Loan from banks
and Financial Institution (except to the extent stated in point no 2 below) a) Rupee Term Loan from
banks and financial institution are secured by pari-
passu 1st charge over the entire fixed assets (both
present and future) and 2nd charge over the entire current assets
(both present and future) of the Company's units at Ranigunge
and Durgapur in the state of West Bengal and Durg in the state of Chattisgarh.
The above loan are further secured as follows. (i)
Personal Guarantees of Promoter Directors of the Company. (ii) Corporate Guarantee
of M/s Shri Marutaye Balaji Steels Limited, a promoter group company. (iii) Pledge of 100% of
the promoters share of M/s. Shri Marutaye Balaji Steels Limited. (iv) Pledge of equity
shares of the Company held by the promoters. b) Rupee Term Loan from
banks and financial institution carry interest as follows: (i)
term loan and working capital term loan aggregating Rs.16070.433 millions at
base rate of individual lenders plus spread, where spread is computed as
difference between 11.75% p.a. and base rate of the individual lenders as on
16th June 2012. (ii) funded interest term loan aggregating Rs.2002.286
millions at base rate of lead banker (UCO Bank). c)
The above loans are repayable as under from the balance sheet date :
2) Rupee Term Loan from a
Financial Institution aggregating ` 3921.58 lacs
carry interest in the range of 14.50% - 15% p.a. and is repayable in 4 equal
quarterly installments starting from April, 2014.
The loan is secured by Bank Guarantee , pledge of certain promoter's
shareholdings in the Company and personal guarantees of certain promoter
directors . 3) Rupee Term Loan from
others carry interest in the range of 13.65% - 14% p.a. and is repayable in
34 monthly installments starting from August 2011.
The loan is secured by exclusive charge over the assets acquired under
respective loan agreements and personal guarantee of certain promoter
directors of the Company. 4) Deferred Payment
Liabilities carry interest rate of 9.40% to 10.43% and are repayable in 36 /
42 equal monthly installments from the date of
disbursement of the loan amounts. These loans are secured by hypothecation of
respective assets acquired there from. 5) Sales tax loan from
Government of Chattisgarh is interest free and is
repayable in 12 yearly installments starting from
31st March, 2002 6)
Interest free loan has been received from a promoter group company as per the
CDR scheme. 7)
The company has defaulted in repayment of loans and interest in respect of
the following:-
SHORT TERM
BORROWINGS Cash Credit facilities
from banks are secured by pari- passu
1st charge over the entire current assets (both present and future) and 2nd
charge over the entire fixed assets (both present and future) of the
Company's units at Ranigunge and Durgapur in the state of West Bengal and Durg in the state of Chattisgarh.
The above facilities are further secured as follows. (i)
Personal Guarantees of Promoter Directors of the Company. (ii) Corporate Guarantee
of M/s Shri Marutaye Balaji Steels Limited, a promoter group company. (iii) Pledge of 100% of
the promoters share of M/s. Shri Marutaye Balaji Steels Limited. (iv)
Pledge of equity shares of the Company held by the promoters. |
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Banking
Relations : |
-- |
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Joint Statutory Auditors : |
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Name : |
S. K. Agrawal and Company Chartered Accountant |
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Address : |
4A, Council House Street, Kolkata – 700 001, West Bengal, India |
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Internal Auditors : |
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Name : |
Esskay Professional Private Limited Chartered Accountant |
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322, Martin Burn House, 1,R.N. Mukherjee
Road, Kolkata – 700001, West Bengal, India |
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Cost Auditors : |
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Name : |
Mondal and Associates Cost Accountant |
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Address: |
45, Akhil Mistry Lane, Kolkata - 700 009, West Bengal, India |
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Memberships : |
-- |
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Collaborators : |
-- |
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Subsidiary Companies: |
· Nilachal Iron and Power Limited (NIPL) · Jai Balaji Steels (Purulia) Limited (JBSPL) · Jai Balaji Energy (Purulia) Limited (JBEPL) |
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Joint Venture
Companies: |
· Rohne Coal Company Private Limited (RCCPL) · Andal East Coal Company Private Limited (AECCPL) |
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Enterprises owned
or significantly influenced by key
management personnel or their relatives: |
· Chandi Steel Industries Limited (CSIL) · Jai Balaji Jyoti Steels Limited (JBJSL) · Jai Salasar Balaji Industries Private Limited (JSBIPL) · Balaji Ispat Udyog (BIU) · Enfield Suppliers Limited (ESL) · Hari Management Limited (HML) · Jajodia Estate Private Limited (JEPL) · Shri Marutaye Balaji Steels Limited (SMBSL) |
CAPITAL STRUCTURE
AFTER 27.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
101000000 |
Equity Shares |
Rs.10/- each |
Rs. 1010.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
73781486 |
Equity Shares |
Rs.10/- each |
Rs. 737.815
Millions |
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As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
101000000 |
Equity Shares |
Rs.10/- each |
Rs.1010.000 Millions |
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Total |
|
Rs.1010.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
67276486 |
Equity Shares |
Rs.10/- each |
Rs.672.765 Millions |
|
|
Less: Calls unpaid (Due from other than directors or officers) |
|
Rs.0.039 Millions |
|
|
|
|
|
|
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Total |
|
Rs.672.726
Millions |
(a) Reconciliation of the shares outstanding at
the beginning and at the end of the reporting period:
|
Particulars |
31.03.2014 |
|
|
Equity Shares of
Rs.10/- each |
No. of Shares |
Rs. In Millions |
|
At the beginning of the period |
63781486 |
637.776 |
|
Issued during the period |
3495000 |
34.950 |
|
Call money received during the period |
-- |
-- |
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At the end of the period |
67276486 |
672.726 |
(b) Terms/rights attached to equity shares
The Company has only one class of ordinary shares (equity shares) having at par value of ` 10/- each. Each shareholder of ordinary shares (equity shareholders) is entitled to one vote per share .The Company declares and pays dividend in Indian Rupees. The dividend proposed by the Board of Directors is subject to approval of the share holders in the ensuing annual general meeting except in the case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distributions of all preferential amounts, in the proportions to their share holdings.
(c)
Lock
- in of shares
The Equity shares are allotted pursuant to part conversion of warrants issued to promoter group companies and are under lock-in for a period of one year from the date of allotment (5th August, 2013).
(d) Details of shareholders holding more than
5% shares in the Company
|
Particulars |
31.03.2014 |
|
|
|
No. of Shares |
% holding in the class |
|
Enfield Suppliers Limited |
13121233 |
19.50 |
|
Hari Management Limited |
8639533 |
12.84 |
|
Client Rosehill Limited |
3886734 |
5.78 |
|
Aditya Jajodia |
3674576 |
5.46 |
|
Total |
29322076 |
43.58 |
As per of the Company, including its register of shareholders/members, the above share holdings represents legal ownership of shares.
(e) Money received against share warrants:
On 4th July,2013 the company alloted 10,000,000 convertible warrants at a price of Rs. 50/- per warrant, which was a price greater than the price determined as per clause 76(1) of Chapter VII of SEBI(ICDR) Regulations,2009 to two Promoter group companies, viz M/s Enfield Suppliers Limited and M/s Hari Management Limited on a preferential basis on such terms and conditions as contained in Special Resolution passed by the company at its Annual General Meeting held on 18th December, 2012.Each warrant was convertible into one equity share of Rs. 10/- each within 18 months from the date of such issue at the option of the Allottees.
On 5th August, 2013 the said warrants were partly converted into 3,495,000 equity shares of the Company, the balance 6,505,000 warrants shall be converted in due course subject to application for the same being received from the allotee.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 (12
Months) |
31.03.2013 (12
Months) |
30.06.2012
(15 Months) |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
672.726 |
637.776 |
637.711 |
|
(b) Reserves & Surplus |
1161.237 |
4210.952 |
6342.230 |
|
(c) Equity share warrants |
325.250 |
0.000 |
0.000 |
|
(d) Money received against share warrants |
0.000 |
250.925 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
2159.213 |
5099.653 |
6979.941 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
15967.607 |
17286.835 |
4921.908 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
183.052 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
15967.607 |
17286.835 |
5104.960 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
7115.691 |
5243.426 |
11582.587 |
|
(b) Trade payables |
9139.906 |
9365.262 |
7934.794 |
|
(c) Other current
liabilities |
5647.747 |
2949.031 |
7407.733 |
|
(d) Short-term provisions |
45.048 |
65.004 |
45.502 |
|
Total Current Liabilities (4) |
21948.392 |
17622.723 |
26970.616 |
|
|
|
|
|
|
TOTAL |
40075.212 |
40009.211 |
39055.517 |
|
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|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
18356.384 |
19687.857 |
15508.056 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
1120.725 |
1118.150 |
5846.512 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
809.710 |
809.710 |
809.560 |
|
(c) Deferred tax assets (net) |
1816.385 |
845.589 |
0.000 |
|
(d) Long-term Loan and Advances |
1184.980 |
1157.751 |
1209.671 |
|
(e) Other Non-current assets |
64.485 |
117.132 |
11.441 |
|
Total Non-Current Assets |
23352.669 |
23736.189 |
23385.240 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
5093.319 |
5943.470 |
8089.403 |
|
(c) Trade receivables |
7910.910 |
6922.061 |
4868.499 |
|
(d) Cash and cash
equivalents |
247.650 |
395.732 |
209.306 |
|
(e) Short-term loans and
advances |
2078.250 |
1851.816 |
1557.348 |
|
(f) Other current assets |
1392.414 |
1159.943 |
945.721 |
|
Total Current Assets |
16722.543 |
16273.022 |
15670.277 |
|
|
|
|
|
|
TOTAL |
|
|
|