MIRA INFORM REPORT
|
Report Date : |
17.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
BALAJI AMINES LIMITED |
|
|
|
|
Registered
Office : |
"Balaji Tower", No. 9/1A/1, Hotgi Road,
Asara Chowk, Solapur - 413224, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
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 Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing of Speciality Chemicals, Aliphatic Amines
and Derivatives. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
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 8000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an established company having satisfactory track record. 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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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
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
|
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
31-03-2014.
INFORMATION DECLINED
Management Non-cooperative. (Tel. No.: 91-217-2451500)
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) |
|
Fax No.: |
91-217-2620821 |
|
E-Mail : |
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|
Website : |
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|
Area : |
3000 sq. ft. |
|
Location : |
Rented |
|
|
|
|
Administrative Office : |
3rd Floor, KPR House, Sardar Patel Road, Secunderabad – 500 003,
Andhra Pradesh, India |
|
Tel. No.: |
91-40-27898206/ 2071 |
|
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 / 14 / 15 |
|
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 / 329660 |
|
Fax No.: |
91-8458-279240 / 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: 31.03.2014
|
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. S.V. Pattabhi Raman |
|
Designation : |
Membe |
|
|
|
|
Research And
Development Committee: |
|
|
|
|
|
Name : |
Mr. Prathap Reddy |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. N Rajeshwar Reddy |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. G Srinivas Reddy |
|
Designation : |
Member |
|
|
|
|
Stake Holder’s
Relationship Committee : |
|
|
|
|
|
Name : |
Mr. M Amarender Reddy |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. A. Prathap Reddy |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. G. Hemanth Reddy |
|
Designation : |
Member |
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|
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|
Nomination and
Remuneration Committee : |
|
|
|
|
|
Name : |
Mr. S. V. Pattabhiraman |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. T. Naveena Chandra |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. M. Amarender Reddy |
|
Designation : |
Member |
|
|
|
|
Corporate Social
Responsibility Committee : |
|
|
|
|
|
Name : |
Mr. Kashinath R. Dhole |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. N. Rajeshwar Reddy |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. D. Ram Reddy |
|
Designation : |
Member |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.06.2014
|
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 |
|
|
|
|
|
|
1647860 |
5.09 |
|
|
|
|
|
|
6104673 |
18.84 |
|
|
6730748 |
20.77 |
|
|
311632 |
0.96 |
|
|
157564 |
0.49 |
|
|
154068 |
0.48 |
|
|
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. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
|
|
|
|
|
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 |
|
|
|
|
Cost Accountant : |
|
|
Name : |
N.V.S. Kapardhi |
|
Address : |
1-9-1113/17/B, Dayanand Nagar, Vidhyanagar, Hyderabad – 500 044, Andhra Pradesh, India |
|
|
|
|
Internal Auditors : |
|
|
Name : |
Aherkar and Company |
|
Address : |
Battin Complex, 35, Ganesh Peth, Solapur-413 005, India |
|
|
|
|
|
|
|
Subsidiary : |
Bhagyanagar Chemicals Limited |
|
|
|
|
Other Related
Party |
Balaji Greentech Products Limited |
CAPITAL STRUCTURE
As on: 31.03.2014
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 |
|
|
|
|
|
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 |
4907048 |
15.14 |
|
APR Holdings Investment Private Limited |
4756720 |
14.68 |
|
A. Shakunthala Devi |
1944450 |
6.00 |
|
Ande Prathap Reddy |
1650811 |
5.09 |
During the five
years immediately preceding the financial year 2013-14, 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 |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
64.802 |
64.802 |
64.802 |
|
(b) Reserves & Surplus |
1957.602 |
1660.033 |
1397.153 |
|
(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) |
2022.404 |
1724.835 |
1461.955 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a)
long-term borrowings |
859.548 |
1037.246 |
861.475 |
|
(b) Deferred tax
liabilities (Net) |
424.351 |
398.212 |
366.088 |
|
(c)
Other long term liabilities |
50.415 |
58.546 |
36.881 |
|
(d)
long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
1334.314 |
1494.004 |
1264.444 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
1394.600 |
1055.805 |
1110.523 |
|
(b)
Trade payables |
869.714 |
355.068 |
347.111 |
|
(c)
Other current liabilities |
415.167 |
363.378 |
257.821 |
|
(d)
Short-term provisions |
177.322 |
211.424 |
225.570 |
|
Total
Current Liabilities (4) |
2856.803 |
1985.675 |
1941.025 |
|
|
|
|
|
|
TOTAL |
6213.521 |
5204.514 |
4667.424 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
3250.765 |
2340.511 |
1956.349 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
81.179 |
629.227 |
246.657 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b)
Non-current Investments |
7.128 |
7.128 |
47.128 |
|
(c)
Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
7.431 |
7.536 |
7.625 |
|
(e)
Other Non-current assets |
22.759 |
20.522 |
10.460 |
|
Total
Non-Current Assets |
3369.262 |
3004.924 |
2268.219 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
199.400 |
199.400 |
38.400 |
|
(b)
Inventories |
906.350 |
567.520 |
1074.045 |
|
(c)
Trade receivables |
1315.261 |
1037.135 |
821.371 |
|
(d)
Cash and cash equivalents |
97.439 |
26.771 |
44.782 |
|
(e)
Short-term loans and advances |
325.809 |
368.764 |
420.607 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
2844.259 |
2199.590 |
2399.205 |
|
|
|
|
|
|
TOTAL |
6213.521 |
5204.514 |
4667.424 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
6101.263 |
5117.960 |
4495.235 |
|
|
|
Other Income |
26.026 |
37.103 |
28.451 |
|
|
|
TOTAL (A) |
6127.289 |
5155.063 |
4523.686 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
4034.225 |
2871.720 |
2810.879 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(224.505) |
250.306 |
(184.377) |
|
|
|
Employees benefits expense |
158.448 |
129.006 |
118.963 |
|
|
|
Other expenses |
1222.937 |
1064.768 |
943.218 |
|
|
|
Exceptional items |
0.000 |
(1.188) |
(7.912) |
|
|
|
TOTAL (B) |
5191.105 |
4314.612 |
3680.771 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
936.184 |
840.451 |
842.915 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
315.104 |
254.012 |
212.057 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
621.080 |
586.439 |
630.858 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
164.649 |
126.879 |
103.451 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
456.431 |
459.560 |
527.407 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
121.204 |
147.725 |
170.790 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
335.227 |
311.835 |
356.617 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1420.291 |
1188.595 |
897.767 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
33.523 |
31.184 |
35.662 |
|
|
|
Dividend |
32.401 |
42.121 |
25.921 |
|
|
|
Tax on Dividend |
5.258 |
6.834 |
4.206 |
|
|
BALANCE CARRIED
TO THE B/S |
1684.336 |
1420.291 |
1188.595 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
10.35 |
9.62 |
11.01 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
5.47 |
6.05 |
7.88 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.48 |
8.98 |
11.73 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.45 |
10.06 |
12.06 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23 |
0.27 |
0.36 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.11 |
1.21 |
1.35 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.00 |
1.11 |
1.24 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
64.802 |
64.802 |
64.802 |
|
Reserves & Surplus |
1397.153 |
1660.033 |
1957.602 |
|
Net worth |
1461.955 |
1724.835 |
2022.404 |
|
|
|
|
|
|
long-term borrowings |
861.475 |
1037.246 |
859.548 |
|
Short term borrowings |
1110.523 |
1055.805 |
1394.600 |
|
Total borrowings |
1971.998 |
2093.051 |
2254.148 |
|
Debt/Equity ratio |
1.349 |
1.213 |
1.115 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
4495.235 |
5117.960 |
6101.263 |
|
|
|
13.853 |
19.213 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
4495.235 |
5117.960 |
6101.263 |
|
Profit |
356.617 |
311.835 |
335.227 |
|
|
7.93% |
6.09% |
5.49% |
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 |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
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 |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
As on 31.03.2014 |
As on 31.03.2013 |
|
LONG TERM
BORROWINGS |
|
|
|
Ande Prathap Reddy |
15.378 |
0.000 |
|
Nomula Rajeshwar Reddy |
5.331 |
0.000 |
|
Dundarapu Ram Reddy |
5.126 |
0.000 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
HDFC Bank |
0.000 |
50.000 |
|
|
|
|
|
Total |
25.835 |
50.000 |
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. 101, SOLAPUR - 413002, MAHARASHTRA, INDIA |
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, INDIA |
B62396411 |
|
4 |
10319137 |
29/10/2011 |
480,000,000.00 |
STATE BANK OF
HYDERABAD |
OVERSEAS BRANCH, 6-3-652, "KAUTILYA',
SOMAJIGUDA, HYDERABAD - 500082, ANDHRA PRADESH, INDIA |
B25847500 |
|
5 |
10244616 |
24/09/2010 |
240,000,000.00 |
BANK OF BARODA |
BANK OF BARODA, SOLAPUR MAIN BRANCH,
CHATTI GALI, P.O BOX NO. 101, SOLAPUR - 413002, MAHARASHTRA, INDIA |
A96599584 |
|
6 |
10218606 |
04/06/2010 * |
59,500,000.00 |
BANK OF BARODA |
BANK OF BARODA, SOLAPUR MAIN BRANCH, CHATTI
GALI, P.O BOX NO. 101, SOLAPUR - 413002, MAHARASHTRA, INDIA |
A88487863 |
|
7 |
10209464 |
12/10/2010 * |
400,000,000.00 |
STATE BANK OF
HYDERABAD |
STATE BANK OF HYDERABAD, OVERSEAS BRANCH, 6-3-652,
KAUTILYA, SOMAJIGUDA, HYDERABAD, ANDHRA PRADESH - 500082, INDIA |
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 achieved exceptional performance though there was general slowdown in economy and bleak outlook of domestic Chemical Companies. The company has achieved a Gross turnover of Rs. 6674.100 Millions as compared to Rs. 5563.300 Millions during the previous year. The company registered an impressive year on year growth of 19.96% in gross sales. Profit after Tax stands at Rs. 335.200 Millions in the current year as compared to Rs. 311.800 Millions for the previous year.
The performances is attributed to increase in value chain of some of the products and plant efficiencies which has impacted the consumption co-efficient of materials compared to previous year and with stringent cost control measures 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 this performance in these competitive market.
Present anti dumping duties on imports of Morpholine from China PR, EU and USA has resulted in reducing price pressure from such dumped imports on Morpholine produced and supplied by the Company in the Indian market. However, imports (dumped) of Morpholine from the above stated countries are still taking place at significant levels forcing the Company to keep its prices below reasonable levels to match the imported dumped price of Morpholine. Existing duties are essential to re-establish fair play in the market and counter act continued dumped imports from the above said countries. Also, PVPK-30 produced by the Company is facing unfair competition in the Indian market on account of cheap imports of the same primarily from China PR. The Company would pursue the legal options available with it under the WTO regime to prevent this unfair practice so as to observe fair play in the Indian market. Anti-dumping duties on both these products will have a significant bearing on the profitability of the Company from this segment.
MANAGEMENT DISCUSSION
AND ANALYSIS
BUSINESS REVIEW AND
FUTURE OUT LOOK:
MANUFACTURING OF
ALIPHATIC AMINES
The company is a leading manufacturer of specialty chemicals and Amines and its derivatives in India in terms of volume and value in its class.
Majority of customers are from
1. API'S
2. Agro chemicals
3. Refineries
4. Water treatment chemicals and rubber chemicals
5. Leather processing chemicals
6. Dye stuffs and paint industry
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 for some of the products, the company is able to achieve growth in exports REACH CERTIFICATION 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.
The emergence of a star Hotel in any of the cities results into an invitation not only for the present development and growth but also helps in the development and growth of the other related and ancillary business units in the future. And the company takes pride in establishing the only 5 Star hotel in Solapur during the year.
HOTEL INDUSTRY
OUTLOOK:
Solapur is in the radar of developmental hub. After Mumbai, Pune, Nasik, Solapur is the next destination for the development of industries.
Considering the fact of growing Solapur the Board of Directors have considered to come up with 5 star Property in Solapur.
The new industries like Thermax, some of cement manufacturing plants, NTPC and Power Grid Corporation of India will definitely boost their hotel business.
The city of Solapur is surrounded by famous pilgrim centers like Akkalkot, Tuljapur, Pandhapur, and are visited by national and international devotees. The lack of required facilities for these devotees was a major concern.
Balaji Sarovar is planning to offer packages for those pilgrim centers to attract more visitors. The Hotel has tied up with various travel and tourism agencies to attract the travelers/devotees through its attractive website and marketing tools like facebook and twitter.
FIXED ASSETS:
- Land
- Building
- Wind Electric Generator
- Plant and Machinery
- Furniture and Fixtures
- Office Equipment’s
- Vehicles
UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER ENDED JUNE 30, 2014
(Rs. In Millions)
|
Sr. No. |
Particular |
3 Months Ended |
|
|
|
30.06.2014 |
|
|
|
Unaudited
|
|
|
|
|
|
1. |
Net Sales/Income
from Operations |
1644.700 |
|
|
Other Operating
Income |
0.000 |
|
|
Total Income From Operations (Net) |
1644.700 |
|
|
|
|
|
2. |
Expenditure |
|
|
|
Cost
of materials consumed |
1032.800 |
|
|
Changes
in inventories of finished goods, work in progress and stock in trade |
(20.800) |
|
|
Employee
benefits expenses |
57.100 |
|
|
Depreciation
and amortization expenses |
49.000 |
|
|
Other
expenses |
326.000 |
|
|
Total Expenses |
1444.100 |
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
200.600 |
|
4. |
Other
Income |
7.800 |
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
208.400 |
|
6. |
Interest |
83.600 |
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
124.800 |
|
8. |
Exceptional
Items |
0.000 |
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
124.800 |
|
10. |
Tax
Expense |
31.700 |
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
93.100 |
|
12. |
Extraordinary
Item (net of expense) |
0.000 |
|
13. |
Net
Profit for the period (11-12) |
93.100 |
|
14. |
Paid-up
Equity Share Capital (Face Value of Rs.2/- Each) |
68.000 |
|
15. |
Reserves
Excluding Revaluation Reserve |
1957.600 |
|
16. |
Basic and Diluted Earning Per
Share (EPS) (Rs.)-Not Annualized |
|
|
|
a)
Basic and diluted EPS before extraordinary items |
2.87 |
|
|
b)
Basic and diluted EPS after extraordinary items |
2.87 |
|
|
|
|
|
17. |
Public Shareholding |
|
|
|
-Number
of Shares |
14794918 |
|
|
-
Percentage of Shareholding |
45.66 |
|
18. |
Promoters and Promoter Group
Shareholding* |
17606082 |
|
|
a) Pledged/Encumbered |
|
|
|
-
Number of Shares |
6732000 |
|
|
- Percentage
of Shares (as a % of the Total Shareholding of promoter and promoter group) |
38.24 |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
20.78 |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
-
Number of Shares |
10874082 |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of Promoter and
Promoter Group) |
61.76 |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
33.56 |
|
Particulars |
3 Months ended on 30.06.2014 |
|
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 |
SEGMENT REPORTING FOR THE
QUARTER ENDED JUNE 30, 2014
(Rs. In Millions)
|
PARTICULARS |
3 Months ended 30.06.2014 |
|
|
|
|
Segment Revenue |
1945.100 |
|
Inter Segment States |
0.400 |
|
TOTAL REVENUE |
1644.700 |
|
|
|
|
Segment results before depreciation,
interest and tax |
257.400 |
|
|
|
|
Depreciation |
49.000 |
|
|
|
|
Interest |
83.600 |
|
|
|
|
Segment Profit/Loss Before Tax |
124.800 |
|
|
|
|
Tax Expenses |
31.700 |
|
|
|
|
Profit/Loss After Tax |
93.100 |
|
|
|
|
Segment Assets |
6393.600 |
|
|
|
|
Segment Liabilities |
4270.200 |
|
|
|
|
Segment Assets Acquired During the Year |
47.400 |
|
|
|
|
Capital Work in Progress |
82.100 |
Note:
- 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 July 28, 2014.
- 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.
- Corresponding figures in previous year have been regrouped wherever considered necessary.
- Segment wise reporting as applicable under AS-17 for the quarter ended June 30, 2014, given separately.
- The Shares are pledged in favour of Banks to secure various credit facilities to the Company.
PRESS RELEASE
BALAJI AMINES TO SET
UP CHEMICAL PLANT IN MAHARASHTRA
Balaji Amines is setting up a chemical plant to produce dimethylformamide (DMF) and di-methyl amine hydrochloride (DMA HCL) at an investment of Rs 30 crore in Maharashtra.
The first phase of the DMF plant with a capacity of 7,500 tonnes is set to come on stream by September this year, while the second phase would double the output by December this year.
The project assumes significance due to short supply of these amines in global market. Used as raw materials for manufacturing anti-diabetic and antibiotic, these amines always remain in supply deficit due to rapid expansion in production capacity of pharmaceutical companies.
Balaji’s products, specially chemicals, aliphatic amines and its derivatives, cater mainly to active pharmaceutical ingredients (APIs), agrochemicals, rubber chemicals, water treatment chemicals, refineries and other industries in the domestic and global markets.
India’s total consumption of DMF stands at 30,000 tonnes per annum of which Rashtriya Chemical and Fertiliser (RCF) produces between 3,000 – 4,000 tonnes per annum. Balaji has currently one plant up and running at an annual capacity of 22,000 tonnes. Indian pharmaceutical companies also import huge quantity of DMF to meet its requirement.
“Total import of DMF was recorded at 17,000 tonnes. Therefore, we proposed to set up a unit with an annual production capacity of 30,000 tonnes,” said D Ram Reddy, director of Balaji Amines.
The only substitute to this product is dicyandiamide (DCDA) which is largely produced in China. But, being the highest polluting industry, DCDA manufacturing unit can’t be set up anywhere and everywhere.
Accumulating the two plants, the total DMF production capacity of Balaji Amines would go up to 52,000 tonnes making it the world’s largest producer of DMF.
With the rising demand from pharma companies, the price of DMF has surged to $4-5 a kg now from $2.5- 3 a kg about a month ago. Reddy hopes the price spurt to continue in the future.
The additional capacity of all its products is set to add 25-30 per cent in the company’s annual turnover which was reported at Rs 486 crore in the financial year 2011- 12, a rise of 26 per cent from the previous year.
The company operates from three manufacturing complexes, with two facilities in Solapur (Maharashtra) and one in Hyderabad (Andhra Pradesh). Balaji has a dedicated research and development center which is continuously engaged in reduction of manufacturing costs through process improvements. The company has been instrumental in introducing new products and expanding existing facilities every year.
During the June quarter, the company posted a net profit at Rs 94.000 millions at a turnover of Rs 1366.000 millions.
BALAJI AMINES ENTERS
INTO HOSPITALITY SECTOR
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 100 crore, 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 Ltd.
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 8 crore now from the level of Rs 1 crore 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 30-35 crore 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 12 crore 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 bottomline,” 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 70,000 crore 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. 61.48 |
|
|
1 |
Rs. 98.23 |
|
Euro |
1 |
Rs.78.66 |
INFORMATION DETAILS
|
Information Gathered
by : |
NYA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
DPH |
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.