MIRA INFORM REPORT
|
Report Date : |
31.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
BALAJI AMINES LIMITED |
|
|
|
|
Registered
Office : |
"Balaji Tower", No. 9/1A/1, Hotgi Road, Asara Chowk, Solapur - 413224, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
27.10.1988 |
|
|
|
|
Com. Reg. No.: |
11-049387 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.64.802
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24132MH1988PLC049387 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEB02668B |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturing of Speciality Chemicals, Aliphatic Amines
and Derivatives. |
|
|
|
|
No. of Employees
: |
615 [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 |
|
Maximum Credit Limit : |
USD 6899300 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record.
Even though the company has seen growth in its sales turnover, there seems a
slight dip in the net profitability during 2013. However, 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.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of 4.9
%, Fitch Rating said. The global rating agency expects the economy to pick up
in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
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 |
13.02.2014 |
|
Rating Agency Name |
FITCH |
|
Rating |
A2+ [Short Term Bank Facilities] |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
13.02.2014 |
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
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Koli |
|
Designation : |
Accounts Executive |
|
Contact No.: |
91-217-2451500 |
|
Date : |
30.05.2014 |
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) |
|
Fax No.: |
91-217-2620821 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
3000 sq. ft. |
|
Location : |
Rented |
|
|
|
|
Administrative
Office : |
3rd Floor, KPR House, Sardar Patel Road, Secunderabad – 500 003, Andhra Pradesh, India |
|
Tel. No.: |
91-40-27847122/ 27898206/ 27814490/ 66336121/ 66337121 |
|
Fax No. : |
91-40-27816171 |
|
E-Mail : |
infohyd@balajiamines.com |
|
|
|
|
Factory 1 : |
Tamalwadi Village, Tuljapur (TQ), District Osmanabad– 413 623, Maharashtra, India |
|
Tel. No.: |
91-2471-265013/265014/265015 |
|
Fax No.: |
|
|
|
|
|
Factory 2 : |
Plot No. 4 and 5, Beside Apseb Sub Station 2, IDA,
Bollaram – 502325, Medak District, Andhra Pradesh, |
|
Tel. No.: |
91-8458-279240 |
|
Fax No.: |
91-8458-329660 |
|
Email : |
|
|
|
|
|
Factory 3 : |
Plot No. E-7 and 8 MIDC, Chincholi, Solapur - 413255, Maharashtra, India |
|
Tel No.: |
91-217-2357051 |
|
Email : |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. A. Prathap Reddy |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. N Rajeshwar Reddy |
|
Designation : |
Whole-time Director |
|
|
|
|
Name : |
Mr. D Ram Reddy |
|
Designation : |
Whole-time Director |
|
|
|
|
Name : |
Mr. G Hemanth Reddy |
|
Designation : |
Whole-time Director |
|
|
|
|
Name : |
Mr. A. Srinivas Reddy |
|
Designation : |
Whole Time Director |
|
|
|
|
Name : |
Mr. Kashinath R. Dhole |
|
Designation : |
Whole Time Director |
|
|
|
|
Name : |
Mr. T Naveena Chandra |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. M Amarender Reddy |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. SV Pattabhiraman |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. CSN Murthy |
|
Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Ms. Arati S Dudhawale |
|
Designation : |
Company Secretary |
|
|
|
|
Audit Committee |
|
|
Name : |
Mr. T Naveena Chandra |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. M Amarender Reddy |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. CSN Murthy |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. SV Pattabhi Raman |
|
Designation : |
Membe |
|
|
|
|
Research And
Development Committee: |
|
|
|
|
|
Name : |
Me. Prathap Reddy |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. N Rajeshwar Reddy |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. G Heamanth Reddy |
|
Designation : |
Member |
|
|
|
|
Remuneration
Committee: |
|
|
|
|
|
Name : |
Mr. M Amarender Reddy |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. CSN Murthy |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. T Naveena Chandra |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. Amit |
|
Designation : |
Export Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2013
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
12849362 |
39.66 |
|
|
4756720 |
14.68 |
|
|
17606082 |
54.34 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
17606082 |
54.34 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
5 |
0.00 |
|
|
5 |
0.00 |
|
|
|
|
|
|
1226558 |
3.79 |
|
|
|
|
|
|
6147612 |
18.97 |
|
|
6694514 |
20.66 |
|
|
726229 |
2.24 |
|
|
66977 |
0.21 |
|
|
659252 |
2.03 |
|
|
14794913 |
45.66 |
|
Total Public shareholding (B) |
14794918 |
45.66 |
|
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 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Speciality Chemicals, Aliphatic Amines
and Derivatives. |
||||||||
|
|
|
||||||||
|
Products : |
Amines
Specialty
Chemicals
Derivatives
|
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|
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|
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Exports : |
|
||||||||
|
Products : |
Finished Goods |
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|
Countries : |
Europe |
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|
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Imports : |
|
||||||||
|
Products : |
Raw Materials |
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|
Countries : |
Saudi Arabia |
||||||||
|
|
|
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 : |
615 [Approximately]
|
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|
Bankers : |
Tel. No.: 91-40-23418272
|
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Facilities : |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
V. Sridhar and Company Chartered Accountants |
|
Address : |
No.
12-2-823/A/78, Geeta Apartments, Santoshnagar Colony, Mehdipatnam, Hyderabad
– 500 028, Andhra Pradesh, India |
|
|
|
|
Subsidiary : |
Bhagyanagar Chemicals Limited |
|
|
|
|
Other Related Party |
Balaji Greentech Products Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
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 |
NOTES:
RESTRICTION ON
DISBURSEMENT OF DIVIDEND:
As part of the
general terms and conditions in respect of 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 installment.
SHAREHOLDER HOLDING
MORE THAN 5% SHARE:
|
NAME OF
SHAREHOLDERS |
NO. OF SHARES |
% OF HOLDING |
|
Ande Prathap Reddy |
4888050 |
15.09 |
|
APR Holdings Investment Private Limited |
4712415 |
14.54 |
|
A. Shakunthala Devi |
1944450 |
6.00 |
During the five years
immediately preceding the financial year 2012-13, the company has not issued
any shares without payment being received in cash, nor issued any bonus shares
and the company did not buy back any shares. The Company has only one class of
Shares i.e. Equity Shares.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
64.802 |
64.802 |
64.802 |
|
(b) Reserves & Surplus |
1660.033 |
1397.153 |
1070.663 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
1724.835 |
1461.955 |
1135.465 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
1037.246 |
861.475 |
641.476 |
|
(b) Deferred tax liabilities (Net) |
398.212 |
366.088 |
336.597 |
|
(c)
Other long term liabilities |
58.546 |
36.881 |
6.472 |
|
(d)
Long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
1494.004 |
1264.444 |
984.545 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
1055.805 |
1110.523 |
835.976 |
|
(b)
Trade payables |
355.068 |
347.111 |
334.538 |
|
(c)
Other current liabilities |
363.378 |
257.821 |
213.322 |
|
(d)
Short-term provisions |
211.424 |
225.570 |
159.789 |
|
Total
Current Liabilities (4) |
1985.675 |
1941.025 |
1543.625 |
|
|
|
|
|
|
TOTAL |
5204.514 |
4667.424 |
3663.635 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
2340.511 |
1956.349 |
1596.719 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
629.227 |
246.657 |
118.387 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
7.128 |
47.128 |
47.128 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
7.536 |
7.625 |
7.720 |
|
(e)
Other Non-current assets |
20.523 |
10.460 |
7.218 |
|
Total
Non-Current Assets |
3004.925 |
2268.219 |
1777.172 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
199.400 |
38.400 |
38.400 |
|
(b)
Inventories |
567.520 |
1074.045 |
705.976 |
|
(c)
Trade receivables |
1022.828 |
821.371 |
737.499 |
|
(d)
Cash and cash equivalents |
26.771 |
44.782 |
90.304 |
|
(e)
Short-term loans and advances |
383.070 |
420.607 |
314.284 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
2199.589 |
2399.205 |
1886.463 |
|
|
|
|
|
|
TOTAL |
5204.514 |
4667.424 |
3663.635 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5117.960 |
4495.235 |
3467.697 |
|
|
|
Other Income |
37.104 |
28.451 |
17.426 |
|
|
|
TOTAL (A) |
5155.064 |
4523.686 |
3485.123 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2871.720 |
2810.879 |
2141.119 |
|
|
|
Other Manufacturing Expenses |
0.000 |
0.000 |
13.411 |
|
|
|
Employee Benefit Expenses |
129.006 |
118.963 |
90.049 |
|
|
|
Other Expenses |
1064.768 |
943.218 |
816.731 |
|
|
|
Changes in Inventories of Finished Goods & Work-in-Process |
250.306 |
(184.377) |
(224.158) |
|
|
|
Exceptional Items (Excess provision of Income Tax written back) |
(1.187) |
(7.912) |
0.000 |
|
|
|
TOTAL (B) |
4314.613 |
3680.771 |
2837.152 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
840.451 |
842.915 |
647.971 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
254.012 |
212.057 |
135.583 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
586.439 |
630.858 |
512.388 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
126.879 |
103.451 |
82.610 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
459.560 |
527.407 |
429.778 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
147.725 |
170.790 |
163.642 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
311.835 |
356.617 |
266.136 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1188.595 |
897.767 |
680.915 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
31.184 |
35.662 |
26.614 |
|
|
|
Dividend |
42.121 |
25.921 |
19.441 |
|
|
|
Tax on Dividend |
6.834 |
4.206 |
3.229 |
|
|
BALANCE CARRIED
TO THE B/S |
1420.291 |
1188.595 |
897.767 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
|
|
|
|
|
|
-
Basic |
9.62 |
11.01 |
8.21 |
|
|
|
-
Diluted |
9.62 |
11.01 |
8.21 |
|
|
Particulars |
|
|
31.03.2014 |
|
Sales Turnover [Approximately] |
|
|
6100.000 |
The above information has been parted by Mr. Koli.
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
30.09.2013 |
31.12.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
1401.000 |
1610.100 |
1375.100 |
|
Total Expenditure |
1198.700 |
1332.600 |
1180.800 |
|
PBIDT (Excl OI) |
202.300 |
277.600 |
194.300 |
|
Other Income |
32.800 |
07.200 |
05.400 |
|
Operating Profit |
235.100 |
284.800 |
199.700 |
|
Interest |
73.600 |
71.300 |
87.000 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
161.500 |
213.500 |
112.700 |
|
Depreciation |
37.700 |
37.900 |
45.000 |
|
Profit Before Tax |
123.900 |
175.600 |
67.800 |
|
Tax |
38.800 |
58.300 |
25.800 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
85.100 |
117.400 |
42.000 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Net Profit |
85.100 |
117.400 |
42.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
6.05
|
7.88 |
7.64 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.97
|
11.73 |
12.39 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.06
|
12.05 |
12.29 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
0.36 |
0.37 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.21
|
1.35 |
1.30 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.11
|
1.23 |
1.22 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns.) |
(INR
in Mlns.) |
(INR
in Mlns.) |
|
Share Capital |
64.802 |
64.802 |
64.802 |
|
Reserves & Surplus |
1070.663 |
1397.153 |
1660.033 |
|
Net
worth |
1,135.465 |
1,461.955 |
1,724.835 |
|
|
|
|
|
|
long-term borrowings |
641.476 |
861.475 |
1037.246 |
|
Short term borrowings |
835.976 |
1110.523 |
1055.805 |
|
Total
borrowings |
1,477.452 |
1,971.998 |
2,093.051 |
|
Debt/Equity
ratio |
1.301 |
1.349 |
1.213 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
3467.697 |
4495.235 |
5117.960 |
|
|
|
29.632 |
13.853 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
3467.697 |
4495.235 |
5117.960 |
|
Profit |
266.136 |
356.617 |
311.835 |
|
|
7.67% |
7.93% |
6.09% |
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 |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last four years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
Yes |
|
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) |
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] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
INDEX OF CHARGES:
|
S. NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10416243 |
06/03/2013 |
1,200,000.00 |
BANK OF BARODA |
SOLAPUR MAIN
BRANCH, CHATTI GALLI, P.O. BAX NO. 1 |
B71933626 |
|
2 |
10411959 |
19/02/2013 |
200,000,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL FINANCE
BRANCH, RAJ BHAVAN ROAD, SOMAJIGUDA,, HYDERABAD- 500082, ANDHRA PRADESH,
INDIA |
B70808258 |
|
3 |
10387609 |
03/11/2012 |
90,000,000.00 |
BANK OF BARODA |
BANK OF BARODA ,
SOLAPUR MAIN BRANCH, CHATTI GALI, P. O BOX NO. 101, SOLAPUR- 413002 , MAHARASHTRA
|
B62396411 |
|
4 |
10319137 |
29/10/2011 |
480,000,000.00 |
STATE BANK OF
HYDERABAD |
OVERSEAS BRANCH,
6-3-652, "KAUTILYA', SOMAJIGUDA, |
B25847500 |
|
5 |
10244616 |
24/09/2010 |
240,000,000.00 |
BANK OF BARODA |
BANK OF BARODA,
SOLAPUR MAIN BRANCH, CHATTI GALI |
A96599584 |
|
6 |
10218606 |
04/06/2010 * |
59,500,000.00 |
BANK OF BARODA |
BANK OF BARODA, SOLAPUR
MAIN BRANCH, CHATTI GALI |
A88487863 |
|
7 |
10209464 |
12/10/2010 * |
400,000,000.00 |
STATE BANK OF
HYDERABAD |
STATE BANK OF
HYDERABAD, OVERSEAS BRANCH, 6-3-65 |
A98026974 |
|
8 |
10033779 |
09/03/2010 * |
480,000,000.00 |
STATE BANK OF
HYDERABAD |
STATE BANK OF
HYDERABAD, OVERSEAS BRANCH,, "KAUTILYA", SOMAJIGUDA, HYDERABAD - 500082,
ANDHRA PRADESH, INDIA |
A82345489 |
|
9 |
90086643 |
02/12/2013 * |
2,980,000,000.00 |
STATE BANK OF
HYDERABAD |
OVERSEAS BRANCH,
6-3-652, " KAUTILYA', SOMAJIGUDA, HYDERABAD - 500082, ANDHRA PRADESH,
INDIA |
B92475409 |
|
10 |
90092432 |
15/11/2005 * |
430,000,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH ; SOMEJI GUDA, HYDERABAD, ANDHRA PRADESH, INDIA |
- |
* Date of charge modification
OPERATING RESULTS
AND BUSINESS:
The Company has
performed well overall inspite of the slowdown of Global economy and decline in
the growth of Majority of domestic Chemical Companies. The company has achieved
a Gross turnover of Rs. 5563.300 Millions as compared to Rs. 4859.500 Millions
during the previous year. The company registered an impressive year on year
growth of 14.48% in gross sales. Profit After Tax stands at Rs. 311.800
Millions in the current year as compared to Rs. 356.600 Millions for the
previous year which has marginally declined due to various factors. With
efficient usage of plants, product mix, increase in value chain and increase in
plant efficiencies which has optimized the consumption co-efficients of
materials compared to previous year and stringent cost control measures
implemented in almost all the areas possible by all the team members at all
plants the Company was able to showcase its performance and has demonstrated
resilience performance in these competitive market.
EXPORTS:
The exports of the
company continues to drive the growth. It has increased by 24.69% over the previous
year figures of Rs. 1054.800 Millions to Rs. 1315.200 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 has
additionally registered 3 of selected products from its portfolio under REACH
certification and confident in improving Exports to European markets after
REACH deadlines.
MANAGEMENT DISCUSSION & ANALYSIS:
BUSINESS REVIEW AND FUTURE OUT LOOK:
The Global
slowdown has caused Indian Chemical Industry to re look at the competencies for
sustainability and in this direction the company has emerged as a leader by
evolving from being a local player to a global player by adopting new
technologies in processes and selection of product mix, such that the company
performs sustainably. With the REACH CERTIFICATION for some of the products,
the company is able to achieve growth in exports and maintain the performance.
The company takes pride in setting up world class facilities for some of the
basic chemicals so that the scale of operations will improve the margins over a
period of time. The future is for those who are prepared for any challenge and
the company has consolidated all its strength by expanding existing capacities
by adopting new process and diversification to enhance value chains of some of
the products.
FIXED ASSETS:
- Land
- Building
- Wind Electric Generator
- Plant and Machinery
- Furniture and Fixtures
- Office Equipments
- Vehicles
UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2013
Rs. In Millions
|
Sr. No. |
Particular |
Quarter Ended |
Year Ended |
|
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
|
|
Unaudited
|
Unaudited
|
Unaudited
|
|
|
|
|
|
|
|
1. |
Net Sales/Income
from Operations |
1375.136 |
1610.137 |
4386.315 |
|
|
Other Operating Income
|
0.000 |
0.000 |
0.000 |
|
|
Total Income From Operations (Net) |
1375.136 |
1610.137 |
4386.315 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Cost
of materials consumed |
1001.534 |
1113.589 |
2989.687 |
|
|
Changes
in inventories of finished goods, work in progress and stock in trade |
(145.072) |
(153.327) |
(271.503) |
|
|
Employee
benefits expenses |
52.911 |
46.976 |
145.106 |
|
|
Depreciation
and amortization expenses |
44.957 |
37.857 |
120.491 |
|
|
Other
expenses |
271.441 |
325.302 |
824.089 |
|
|
Total Expenses |
1225.771 |
1370.397 |
3807.870 |
|
|
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
149.365 |
239.740 |
578.445 |
|
|
|
|
|
|
|
4. |
Other
Income |
5.378 |
7.158 |
20.597 |
|
|
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
154.743 |
246.898 |
599.042 |
|
|
|
|
|
|
|
6. |
Interest |
86.978 |
71.294 |
231.823 |
|
|
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
67.765 |
175.604 |
367.219 |
|
|
|
|
|
|
|
8. |
Exceptional
Items |
-- |
-- |
-- |
|
|
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
67.765 |
175.604 |
367.219 |
|
|
|
|
|
|
|
10. |
Tax
Expense |
25.775 |
58.250 |
122.775 |
|
|
|
|
|
|
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
41.990 |
117.354 |
244.444 |
|
|
|
|
|
|
|
12. |
Extraordinary
Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net
Profit for the period (11-12) |
41.990 |
117.354 |
244.444 |
|
|
|
|
|
|
|
14. |
Paid-up
Equity Share Capital (Face Value of Rs.2/- Each) |
64.802 |
64.802 |
64.802 |
|
|
|
|
|
|
|
15. |
Reserves
Excluding Revaluation Reserve |
2058.245 |
2058.245 |
2058.245 |
|
|
|
|
|
|
|
16. |
Basic and Diluted Earning Per
Share (EPS) (Rs.)-Not Annualized |
|
|
|
|
|
a)
Basic and diluted EPS before extraordinary items |
1.30 |
3.62 |
7.54 |
|
|
b) Basic
and diluted EPS after extraordinary items |
1.30 |
3.62 |
7.54 |
|
|
|
|
|
|
|
17. |
Public Shareholding |
|
|
|
|
|
-Number
of Shares |
14794918 |
14825838 |
14794918 |
|
|
-
Percentage of Shareholding |
45.66 |
45.76 |
45.66 |
|
|
|
|
|
|
|
18. |
Promoters and Promoter Group
Shareholding* |
17606082 |
17575162 |
17606082 |
|
|
a) Pledged/Encumbered |
|
|
|
|
|
-
Number of Shares |
6732000 |
6732000 |
6732000 |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of promoter and
promoter group) |
38.24 |
38.30 |
38.24 |
|
|
-
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 |
10874082 |
10843162 |
10874082 |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of Promoter and
Promoter Group) |
61.76 |
61.70 |
61.76 |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
33.56 |
33.46 |
33.56 |
|
Particulars |
3 Months ended on 31.12.2013 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
2 |
|
Disposed of during the quarter |
2 |
|
Remaining unresolved at the end of the
quarter |
Nil |
SEGMENT REPORTING FOR THE NINE
MONTHS ENDED DECEMBER 31, 2013
Rs. In Millions
|
PARTICULARS |
AMINES DIVISION |
HOTEL DIVISION |
INTER-SEGMENT
ADJUSTMENT |
TOTAL |
|
|
|
|
|
|
|
Segment Revenue |
4370.677 |
15.638 |
-- |
4386.315 |
|
Inter Segment States |
0.000 |
0.277 |
0.277 |
-- |
|
TOTAL REVENUE |
4370.677 |
15.915 |
0.277 |
4386.315 |
|
|
|
|
|
|
|
Segment results before depreciation,
interest and tax |
718.775 |
0.758 |
-- |
719.533 |
|
|
|
|
|
|
|
Depreciation |
114.169 |
6.322 |
-- |
120.491 |
|
|
|
|
|
|
|
Interest |
225.077 |
6.746 |
-- |
231.823 |
|
|
|
|
|
|
|
Segment Profit/Loss Before Tax |
379.529 |
(12.310) |
-- |
367.219 |
|
|
|
|
|
|
|
Tax Expenses |
89.440 |
33.335 |
-- |
122.775 |
|
|
|
|
|
|
|
Profit/Loss After Tax |
290.089 |
(45.645) |
0.000 |
244.444 |
|
|
|
|
|
|
|
Segment Assets |
4799.391 |
1036.170 |
-- |
5835.561 |
|
|
|
|
|
|
|
Segment Liabilities |
3539.743 |
329.937 |
-- |
3869.680 |
|
|
|
|
|
|
|
Segment Assets Acquired During the Year |
99.394 |
1036.170 |
-- |
1135.564 |
|
|
|
|
|
|
|
Capital Work in Progress |
25.527 |
0.000 |
-- |
25.527 |
NOTES:
- The above
unaudited results have been reviewed by the audit committee and taken on record
by the board of directors at their meeting held on 29.01.2014.
- The Limited
Review by the statutory auditors for the quarter and nine months ended 31st
December 2013 as required under clause 41 of the Listing Agreement has
been done.
- Corresponding
figures in previous year have been regrouped wherever considered
necessary.
- Segment wise
reporting as applicable under AS-17 for the quarter ended 31st
December 2013, given separately.
- * The shares are
pledge in favour of banks to secure various credit facilities to the
company.
NEWS:
BALAJI AMINES ENTERS INTO HOSPITALITY SECTOR
SETS UP RS 1000.000-MILLIONS MAIDEN FIVE STAR HOTEL IN SOLAPUR
OCTOBER 13, 2013
Envisaging huge potential for future growth,
chemicals manufacturer Balaji Amines has diversified into hospitality business with its
maiden opening of 129 room hotel in Solapur, one of the fastest emerging
business hubs in Maharashtra.
Built at an investment of Rs 1000.000 Millions, the five star hotel is
first of its kind in the region and also competes with any other hotel in this
segment across major cities. Named as Balaji Sarovar Premier, the hotel will be
managed for 12 years by Sarovar Group, one of India’s most reputed hospitality group.
“Until now, we were purely into chemical manufacturing and export
business and hence, the growth was restricted. With the opening of hotel, the
growth will multiply going forward,” said D. Ram Reddy, Joint Managing
Director, Balaji Amines Limited.
The project serves two primary objectives. First, the diversification
made us entry into the business which has potential for 50% growth and also,
the appreciation in the price of real estate.
“The estimated price of the real estate has gone upto Rs 80.000 Millions
now from the level of Rs 10.000 Millions a few years ago. Hence, in addition to
the ongoing expansion in business, price appreciation of the real estate will
add to the existing assets of the company,” he said.
There are a number of kiosks available in this area which makes a good
site for a five star hotel. The company has borrowed Rs 300.000-350.000
Millions to part finance the project while the remaining was met through
internal accruals.
“We are looking to retire the debt in the next couple of years with an
estimated Rs 120.000 Millions of net profit addition in the next five months of
the current financial year and more than double of the same next year onwards.
After that, the revenue generated through this hotel will be added directly to the
company’s bottom-line,” Reddy said.
Many large industrial houses including NTPC, Bharat Forge, Power Grid
Corporation of India and Vasavdatta Cement etc. have chalked out mega
investment plans in this region. Hence, around Rs 700000.000 Millions
investment is lined up in this region in the next 10 years. Being the only five
star hotel available in this region, we are confident of growth going forward,
said Reddy.
He, however, warned that the hotel would have to offer rentals a little
lower than the same available in cities due to its stiff competition from small
hotels in this region.
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.59.03 |
|
|
1 |
Rs.98.91 |
|
Euro |
1 |
Rs.80.34 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
TPT |
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 |
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 |
|
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.