MIRA
INFORM REPORT
|
Report Date : |
20.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
BHATIA INDUSTRIES AND INFRASTRUCTURE LIMITED |
|
|
|
|
Formerly Known
As : |
BCC FINANCE LIMITED |
|
|
|
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Registered
Office : |
BCC House, 8/5, Manoramaganj, |
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|
Country : |
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Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
08.07.1993 |
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|
|
|
Com. Reg. No.: |
10-007767 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 212.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L65922MP1993PLC007767 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
|
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Line of Business
: |
Trading of Coal and Infrastructure / Trading of Land. |
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|
|
|
No. of Employees
: |
50 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (16) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
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|
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. Rating also takes into account liquidity issues being confronted by
the company which has driven multiple instances of letter of credit development
during few months. Rating is also constrained due to low reserves and liquidity position
which has deteriorated as the company has extended advances to other group
companies, which are under financial stress. Business is active. Payment terms are slow. 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) |
|
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 |
ICRA |
|
Rating |
Cash Credit : “D” |
|
Rating Explanation |
Lowest credit quality and very low prospects of recovery. |
|
Date |
June , 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
|
Name : |
Mr. Harjeet Ajmani |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-731-4066101 |
|
Date : |
20.09.2014 |
LOCATIONS
|
Registered Office /
Corporate Office: |
BCC House, 8/5, Manoramaganj, Navratan Bagh Main Road,
Indore – 452001, Madhya Pradesh, India |
|
Tel. No. : |
91-731-4066101/ 4200219/ 4200211 |
|
Fax No. : |
91-731-2498102 |
|
E-Mail : |
|
|
Website : |
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|
|
|
|
Head Office : |
BCC House, Plot No.4, 6th Avenue Harrington Road, Chetpt,
Chennai – 600031, Tamilnadu, India |
|
|
|
|
Regional and Branch
Offices : |
Located at : · Ahmedabad · Chandrapur · Chennai · Hyderadad ·
Mumbai · Porbandar ·
Surat and Vizag |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Surinder Singh Bhatia |
|
Designation : |
Executive Director and CEO |
|
|
|
|
Name : |
Mr. Manjeet Singh Bhatia |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Jitendra Kumar Jain |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Chitranjan Singh Kahlon |
|
Designation : |
Director |
|
Date of Appointment : |
08.11.2012 |
|
|
|
|
Name : |
Mr. Lal Krishna Thanvi |
|
Designation : |
Director (Ceased w.e.f. 08.11.2012) |
|
|
|
|
Name : |
Malathkar S. Balajirao |
|
Designation : |
Director |
|
|
|
|
Name : |
Basanti Lal |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Samir Kumar Bahri |
|
Designation : |
Company Secretary and Compliance Officer |
|
Name : |
Mr. Harjeet Ajmani |
|
Designation : |
Accounts Manager |
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 |
|
|
|
|
|
|
|
|
6830680 |
51.75 |
|
|
1571896 |
11.91 |
|
|
8402576 |
63.66 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
8402576 |
63.66 |
|
|
|
|
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
702947 |
5.33 |
|
|
|
|
|
|
1241137 |
9.40 |
|
|
2787375 |
21.12 |
|
|
65965 |
0.50 |
|
|
1621 |
0.01 |
|
|
53904 |
0.41 |
|
|
10440 |
0.08 |
|
|
4797424 |
36.34 |
|
Total
Public shareholding (B) |
4797424 |
36.34 |
|
|
|
|
|
Total
(A)+(B) |
13200000 |
100.00 |
|
|
|
|
|
(C) Shares
held by Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
|
|
|
Total
(A)+(B)+(C) |
13200000 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 Million 
BUSINESS DETAILS
|
Line of Business : |
Trading of Coal and Infrastructure / Trading of Land. |
|
Imports : |
|
|
Products : |
Coal |
|
Countries : |
·
Indonesia ·
South Africa |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
No. of Employees : |
50 (Approximately) |
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Bankers : |
· Bank of India · Central Bank of India · State Bank of India · Indusind Bank Limited |
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|
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Facilities : |
NOTE 1 Cash Credits and Buyer's Line Credit are secured by way of hypothecation on Stocks, Receivables and other Chargeable Current Assets, both present and future of the Company, under the ranking first charge on pari-passu basis under Consortium Agreement and collateral securities by way of equitable mortgage of immovable properties and personal guarantee of the Promoter/ Directors of the Company. 2 The Company has availed the Buyer’s Credit facilities from both the above Banks by ear - marking the limits of Foreign Letter of Credit and such facilities are within the sanctioned limits. |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
R S Bansal and Company Chartered Accountants |
|
Address : |
Urvashi, 3, Jaora Compound, Indore – 452001, Madhya Pradesh, India |
|
Tel. No. : |
91-731-2702834/ 35 |
|
Fax No. : |
91-731-4003435 |
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E-Mail : |
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|
|
|
|
|
|
|
Associates : |
· DB Corp Limited · BCC Enterprises (India) Limited · Bhatia Global Trading Limited · BCC Cargo Limited · Ishhar Overseas Limited |
|
|
|
|
Enterprises over
which key Managerial Personnel of Relatives of KMP are able to exercise
significate influence : |
·
Asian
Natural Resources (India) Limited ·
Bhatia
Port and Infrastructure Limited ·
BCC
Cargo ·
BCC
Enterprises (India) Limited ·
Isshar
Overseas Limited ·
SSB
Land Developers Private Limited ·
Bhatia
Entertainment Private Limited ·
Bhatia
International Pte Limited ·
Bhatia
Global Trading Limited ·
Bhatia
Coke and Energy Limited ·
BIL
Holding Pte Limited ·
BCC
Estates Private Limited ·
Bhatia
OSL Washeries and Minerals limited ·
Bhatia
Professional Education Institutions (Indore) Limited ·
Bhatia
Sons (India) Limited ·
Reliance
Services and Consultants Private Limited ·
IOF
Pte Limited ·
Pt.
Bhatia International, Indonesia ·
Bhatia
Coal Washeries Limited ·
Bhatia
Energy Limited ·
GSB
Real Estates Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 150.000 Millions |
|
800,000 |
2% Cumulative Redeemable Preference Shares |
Rs. 100/- each |
Rs. 80.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 230.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13,200,000 |
Equity Shares |
Rs.10/- each |
Rs. 132.000 Millions |
|
800,000 |
2% Cumulative Redeemable Preference Shares |
Rs. 100/- each |
Rs. 80.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 212.000
Millions |
NOTE
1. The Company has two types of shares referred to as Equity shares having a face value of Rs. 10/- each and Preference Shares having a face value of Rs. 100/- each.
2. The Equity share holder is eligible for one voting Right per share held.
3. Preference shares hold preferential right of Dividend at fixed rate of 2% and preferential repayment of principal amount at the time of Redemption, i.e, in year 2021-22.
4. The dividend on Equity Shares as proposed by the Board of Directors is subject to the approval of the shareholders. At the time of winding up, Equity Shareholders are eligible to receive the remaining assets of the company after distribution of all preferential amounts, in proportion to their shareholding.
5. In the FY 2011-12 the company had issued 9900000 fully paid up Bonus Equity Shares of Rs. 10/- each in the ration of 3:1.
6. Shareholder holding more than 5% of shares are :-
|
Opening Shares |
31.03.2014 |
|
|
% of Holding |
No. of Shares |
|
|
Equity Shares @ Rs. 10/- each |
|
|
|
Surinder Singh Bhatia |
14.08 % |
1,858,840 |
|
Ishhar Overseas Private Limited |
7.97% |
1,051,896 |
|
|
|
|
|
Preference Shares @ Rs. 100/- each |
|
|
|
Mr. Gurvinder Singh Bhatia |
50% |
400,000 |
|
Mr. Surinder Singh Bhatia |
50% |
400,000 |
Reconciliation of
Equity Shares :
|
Name |
31.03.2014 |
|
|
No. of Shares |
Amount (Rs. In Millions) |
|
|
Opening Shares |
13,200,000 |
132.000 |
|
Add: Allotment of Bonus Shares |
-- |
-- |
|
Closing Shares |
13,200,000 |
132.000 |
Reconciliation of Preference
Shares :
|
Name |
31.03.2014 |
|
|
No. of Shares |
Amount (Rs. In Millions) |
|
|
Opening Shares |
800,000 |
80.000 |
|
Add: Addition during the year |
-- |
-- |
|
Closing Shares |
800,000 |
80.000 |
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 |
212.000 |
212.000 |
212.000 |
|
(b) Reserves & Surplus |
143.660 |
132.490 |
81.460 |
|
(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) |
355.660 |
344.490 |
293.460 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term Borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred Tax Liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other Long Term Liabilities |
0.000 |
0.000 |
0.610 |
|
(d) long-term Provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
0.000 |
0.000 |
0.610 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short Term Borrowings |
623.410 |
793.730 |
451.270 |
|
(b) Trade Payables |
288.280 |
148.110 |
97.000 |
|
(c) Other Current
Liabilities |
121.950 |
16.550 |
4.300 |
|
(d) Short-term Provisions |
22.040 |
55.220 |
31.100 |
|
Total Current Liabilities (4) |
1055.680 |
1013.610 |
583.670 |
|
|
|
|
|
|
TOTAL |
1411.340 |
1358.100 |
877.740 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible Assets |
0.000 |
0.000 |
0.000 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
Work-in-Progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under Development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
11.120 |
8.620 |
1.110 |
|
(c) Deferred Tax Assets (net) |
0.020 |
0.020 |
0.000 |
|
(d) Long-term Loan and Advances |
7.360 |
7.390 |
7.450 |
|
(e) Other Non-current Assets |
0.080 |
0.470 |
0.580 |
|
Total Non-Current Assets |
18.580 |
16.500 |
9.140 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current Investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
240.400 |
245.900 |
276.400 |
|
(c) Trade Receivables |
767.570 |
853.060 |
172.760 |
|
(d) Cash and Cash
Equivalents |
314.210 |
168.030 |
47.440 |
|
(e) Short-term Loans and
Advances |
62.200 |
71.970 |
370.610 |
|
(f) Other Current Assets |
8.380 |
2.640 |
1.390 |
|
Total Current Assets |
1392.760 |
1341.600 |
868.600 |
|
|
|
|
|
|
TOTAL |
1411.340 |
1358.100 |
877.740 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
3009.100 |
2623.080 |
1482.420 |
|
|
|
Other Income |
30.830 |
27.470 |
26.940 |
|
|
|
TOTAL (A) |
3039.930 |
2650.550 |
1509.360 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of Stock-in-Trade |
2897.230 |
2387.340 |
1490.420 |
|
|
|
Changes in inventories of Stock-in-Trade |
5.500 |
30.500 |
(106.880) |
|
|
|
Employees benefits expense |
2.690 |
2.710 |
2.530 |
|
|
|
Other expenses |
11.830 |
31.650 |
10.240 |
|
|
|
Net (Gain)/Loss on Foreign Exchange Translation |
(8.040) |
24.940 |
0.000 |
|
|
|
Exceptional Items |
0.000 |
0.000 |
1.500 |
|
|
|
TOTAL (B) |
2909.210 |
2477.140 |
1397.810 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
130.720 |
173.410 |
111.550 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
97.880 |
76.350 |
63.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
32.840 |
97.060 |
47.950 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.000 |
0.260 |
0.050 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
32.840 |
96.800 |
47.900 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
12.080 |
32.320 |
17.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
20.760 |
64.480 |
30.600 |
|
|
|
|
|
|
|
|
|
Less: |
Amount utilized
towards issue of fully paid up Bonus Shares |
53.920 |
14.320 |
86.210 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.000 |
0.000 |
104.730 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
10.000 |
|
|
|
Capital Redemption Reserve |
5.710 |
11.430 |
11.430 |
|
|
|
Proposed Dividend on Equity Shares |
6.600 |
9.900 |
9.900 |
|
|
|
Proposed Dividend on Preference Shares |
1.600 |
1.600 |
1.600 |
|
|
|
Dividend Distribution Tax |
1.390 |
1.950 |
1.870 |
|
|
BALANCE CARRIED
TO THE B/S |
93.670 |
53.920 |
14.320 |
|
|
|
|
|
|
|
|
|
|
VALUE OF IMPORT ON
C.I.F. BASIS |
1161.130 |
176.366 |
788.870 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
1.43 |
4.74 |
2.18 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
0.68 |
2.43 |
2.03 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.09 |
3.69 |
3.23 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.35 |
7.17 |
5.46 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09 |
0.28 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.75 |
2.30 |
1.54 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.32 |
1.32 |
1.49 |
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 |
212.000 |
212.000 |
212.000 |
|
Reserves & Surplus |
81.460 |
132.490 |
143.660 |
|
Net
worth |
293.460 |
344.490 |
355.660 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
451.270 |
793.730 |
623.410 |
|
Total
borrowings |
451.270 |
793.730 |
623.410 |
|
Debt/Equity
ratio |
1.538 |
2.304 |
1.753 |
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) |
|
Revenue from operations |
1482.420 |
2623.080 |
3009.100 |
|
|
|
76.946 |
14.716 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Revenue from operations |
1482.420 |
2623.080 |
3009.100 |
|
Profit/(Loss) After Tax |
30.600 |
64.480 |
20.760 |
|
|
2.06% |
2.46% |
0.69% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
Yes |
|
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 |
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 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10199405 |
18/08/2012 * |
990,000,000.00 |
BANK OF INDIA |
MID-CORPORATE BRANCH, AIREN HEIGHTS, PLOT NO. 14, |
B56408602 |
* Date of charge
modification
CORPORATE INFORMATION
Bhatia Industries and Infrastructure Limited (the Company) having CIN L65922MP1993PLC007767 was incorporated on 08/07/1993 under laws of Republic of India. The Company is mainly engaged in Trading of all type of Coal, Stevedoring, Logistic services and Trading in land.
PERFORMANCE REVIEW
During the year, the Company has posted Turnover of Rs. 3009.10 Millions as compared to the turnover of Rs. 2623.08 Millions in previous year and Profit after tax of Rs. 20.76 Millions as compared to the Profit after tax of Rs. 64.48 Millions in previous year.
Turnover increased by 14.72% to Rs. 3009.10 Millions.
INDUSTRY STRUCTURE
AND DEVELOPMENTS:
India has the fifth largest coal reserve in the world. Coal production in Asia Pacific region has grown tremendously and accounts for over 67% of total production globally. The country's coal production has increased by 28.5%, but despite this it still depends on imports.
Coal has been recognized as the most important source of energy for electricity generation and industries such as steel, cement, fertilizers and chemicals are major sectors of coal consumption. So in order to satisfy the coal demand, the Indian coal industry needs more investment and private players to raise their production level. As per our latest estimations, carried out in recent research report, the overall coal imports are anticipated to cross the 100 Million Metric Tons-mark. Deallocation of coal blocks and stake sales in PSUs were among the major steps taken by the government to boost production and investment in the coal industry. Better infrastructure by road enable fast movement of coal among various locations in the Country, infrastructure section in India is getting better by way of various projects undertaken by the Government.
The real estate sector in India assumed greater prominence with the liberalization of the economy, the consequent increase in business opportunities and labour migration led to rising demand for commercial and housing space. At present, the real estate and construction sectors are playing a crucial role in the overall development of India's core infrastructure. The real estate industry's growth is linked to developments in the retail, hospitality and entertainment (hotels, resorts, cinema theatres) industries, economic services (hospitals, schools) and information technology (IT)- enabled services (like call centres) etc and vice versa. The scenario underwent a change in line with the sector's growth, and as of today, the real estate industry's dynamics reflect consumers' expectations of higher quality with India's increasing integration with the global economy.
OUTLOOK
Mining in India is a major economic activity which contributes significantly to the economy of India. The GDP contribution of the mining industry varies from 2.2% to 2.5% only but going by the GDP of the total industrial sector it contributes around 10% to 11%. Coal with a proven reserve of 860 billion tonnes is mined the most in the world. At the same time, the demand curve for this sector is always on the rising side. The major reasons are the soaring power demand in India and China, the growing worldwide steel production, and lastly, the increasingly stringent environment regulations. As a prospering economy, India faces energy scarcity as a growing challenge and the coal production is expected to grow at a around 4% during 2014-15. The Indian coal market is set to witness great boost in near future because of the rising government initiatives. Recently, allocation of coal blocks and stake sales in PSU are some of the major steps that were taken by the government to boost the production and investment in the coal industry.
The Indian coal industry, one of the largest in terms of reserve base and production level, has gained significant momentum in the past few years. The industry has attracted government concern and investments. The coal demand has been rising constantly in India due to growth & high demand from major coal consuming sectors, including power, cement and steel. They estimate that coal production will grow at around 4% during 2014-15. It is also anticipated that the demand for thermal coal and coking coal by power and steel sectors, respectively, will gain momentum in near future.
India has 10 percent of the world's coal reserves, trailing only the United States, Russia and China, but a shortfall from local supplies has grown rapidly with an increase in coal-fired power plants and steel makers.
The Real Estate industry has significant linkages with several other sectors of the economy and over 250 associated industries. One Rupee invested in this sector results in 78 paise being added to the GDP of the State. A unit increase in expenditure in this sector has a multiplier effect and the capacity to generate income as high as five times. If the economy grows at the rate of 10% the housing sector has the capacity to grow at 14% and generate 3.2 million new jobs over a decade.
Private equity players are considering big investments, banks are giving loans to builders, and financial institutions are floating real estate funds. Indian property market is immensely promising and most sought after for a wide variety of reasons.
SEGMENT WISE
PERFORMANCE:
Company's business comprises two segment viz. Coal Trading Division and Infrastructure division. During the Financial Year 2013-14, there is no turnover from Infrastructure division and entire income from operation of Rs. 3009.10 Millions is from Coal Trading division.
As on March 31, 2014, Coal Trading Division is having Segment Assets of Rs. 1343.27 Millions and Segment liabilities of Rs. 1055.68 Millions and Infrastructure division is having Segment Assets of Rs. 68.07 and Segmen Liabilities of Rs. Nil.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
Bills Discounted with Banks |
208.560 |
187.390 |
|
Bank Guarantees |
11.550 |
0.000 |
|
Collector of Stamp, Khargaon (MP) raised demand u/s. 33 read with section 48(b) of the Indian Stamp Act for Stamp Duty of Rs. 1.06 Million against the Sand Mine Contract allotted to the Company for Maheshwar Group by State Mining Corporation Limited, Bhopal. The Company has filed an appeal before the court of Hon'ble Revenue Board, Gwalior (MP) for setting aside the impugned order so passed by Collector of Stamp. The Management is of the opinion that no provision is required for such liability. An Appeal is pending before Joint Commissioner for the demand raised by Deputy Commissioner of Commercial Tax Surat for the F.Y. 2006-2007 of Rs. 3.67 Millions. The Management is of the opinion that no provision is required for such liability. The Deputy Commissioner of Sales Tax (VAT Adm.) Chandrapur has issued Penalty order of Rs. 0.03 Million under section 61 of MVAT Act towards late submission of Audit report for the financial year 2007-08. The Company did not accept the above demand and filed an appeal before Joint Commissioner of Sales Tax (Appeal), Nagpur. The appeal is pending before the Joint Commissioner. Meanwhile, The Company has paid sum of Rs. 0.01 Million, being part payment towards pending demand, which is pending for decision. The Assistant Commissioner of Sales tax Chandrapur has issued demand notice of interest & penalty of Rs. 2.22 million due to wrongly adjusted refund relating to financial year 2008-09, with VAT liability of financial year 2009-10. The company has not accepted the order and filed writ petition before high court bench of Nagpur. The appeal is pending before high court. Income Tax Department has raised a demand of Rs. 0.11 Million for the assessment year 1996-97. The Company has filed an appeal before appropriate authorities against above demand. The Management is of the opinion that no provision is required for such liability. Income Tax Department has raised demand of Rs. 1.26 Million for the Assessment Year 2008-09 u/s 143(3)/147. The company has not accepted the above demand and filed an appeal before CIT (Appeals) against above order which is pending for decision. Demand Notice from Deputy Commissioner of Customs, Jamnagar: The Customs department has passed demand notices under section 117 of the Customs Act, 1962 towards penalty for non-submission of original documents within time limit. The Company has not accepted the above order and filed an Appeal before the Commissioner Appeals, Jamnagar. Total three orders have been received for the penalty amounting to Rs. 0.07 million. One appeal of Rs. 0.04 million is pending and company is in process of filing appeal against remaining two orders. Demand Order from Customs Department on Classification of Coal (Bituminous Coal): Company has received orders from custom department for differential duty on the coal, considering the "Steam Coal" imported by company as "Bituminous Coal" of Rs. 18.23 million. The Company has not accepted the above orders and is arranging to file appeal. Show Cause Notice from Customs Department on Classification of Coal (Bituminous Coal): Company has received Show Cause Notices (SCN) from custom department for differential duty on the coal, considering the "Steam Coal" imported by company as "Bituminous Coal" of Rs. 4.58 million. The company has filed reply for above show cause notices. |
||
UNAUDITED
FINANCIAL RESULTS FOR THE FIRST QUARTER ENDED 30TH JUNE, 2014
(Rs.
in Millions)
|
Sr. No. |
Particulars |
|
|
Quarter Ended |
|
|
|
30.06.2014 Unedited |
||
|
1 |
Net Income From Sales / Services |
|
|
1785.963 |
|
2 |
Cost of Sales |
|
|
|
|
|
(a) (Increase)/Decrease in Stock in trade |
|
|
(567.386) |
|
|
(b) Consumption of Raw Material |
|
|
-- |
|
|
(c.) Purchase of Traded Goods |
|
|
2270.795 |
|
|
(d) Other Expenditure |
|
|
-- |
|
3 |
Gross Profit ( 1‐2 ) |
|
|
82.554 |
|
4 |
General Administrative Expenses |
|
|
12.794 |
|
5 |
Selling & Distribution Expenses |
|
|
3.736 |
|
6 |
Depreciation |
|
|
0.000 |
|
7 |
Operating profit before interest (3) ‐ ( 4+5+6 ) |
|
|
66.024 |
|
8 |
Interest |
|
|
21.023 |
|
9 |
Exceptional items |
|
|
-- |
|
10 |
Operating profit after interest & Exceptional Items (7‐8‐9) |
|
|
45.001 |
|
11 |
Other Income |
|
|
6.201 |
|
12 |
Profit / (Loss) from ordinary Activities before tax (10‐11) |
|
|
51.202 |
|
13 |
Tax Expenses |
|
|
16.613 |
|
14 |
Net profit/ (loss) from Ordinary Activities after tax (12‐13) |
|
|
34.589 |
|
15 |
Extra‐ordinary Items ( net of tax expenses ) |
|
|
-- |
|
16 |
Net Profit/ (loss) for the period (14‐15 ) |
|
|
34.589 |
|
17 |
Paid‐up Equity Share Capital (Face Value Rs.
10/‐) |
|
|
132.000 |
|
18 |
Reserves excluding Revaluation Reserve (As per Balance Sheet) |
|
|
-- |
|
19 |
Earning Per Share |
|
|
|
|
|
(a) Basic & Diluted EPS before and after Extraordinary items for the period, (not annualized) |
|
|
2.62 |
|
20 |
Public Shareholding |
|
|
|
|
|
‐ Number of Share |
|
|
47,97,424 |
|
|
‐ Percentage of Holding |
|
|
36.34 |
|
21 |
Promoters and promoter group shareholding |
|
|
|
|
|
(a) Pledged/ Encumbered |
|
|
|
|
|
‐ Number of Share |
|
|
--- |
|
|
‐ Percentage of
Share ( as a % of total shareholding of promoter & promoter group) |
|
|
--- |
|
|
‐ Percentage of
Share ( as a % of total share capital of the company ) |
|
|
--- |
|
|
(b) Non‐ Encumbered |
|
|
|
|
|
‐ Number of Share |
|
|
84,02,576 |
|
|
‐ Percentage of
Share ( as a % of total shareholding of promoter & promoter group) |
|
|
100.00 |
|
|
‐ Percentage of
Share ( as a % of total share capital of the company ) |
|
|
63.66 |
NOTE
1. The above results, duly reviewed by the Audit Committee, have been approved by the Board of Directors in its meeting held on August 11, 2014. The statutory auditors have carried out limited review of the results for the year ended on June 30, 2014.
2. EPS for fourth quarter and previous year ended is calculated after
considering appropriation for dividend and dividend distribution tax on
preference shares. Appropriation of profit shall be made on annual basis.
3. The Company has operations under two divisions i.e., Coal Trading &
Infrastructure / Trading in land.
4. Previous period / year figures have been rounded off / regrouped / recasted
wherever necessary.
SEGMENT‐WISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE PERIOD
ENDED
(Rs. In Millions)
|
Sr. No. |
Particulars |
|
|
Quarter Ended |
|
|
|
30.06.2014 Unaudited |
||
|
1 |
Segment Revenue |
|
|
|
|
|
(a) Coal trading Segment |
|
|
1785.963 |
|
|
(b) Infrastructure Segment |
|
|
-- |
|
|
Total |
|
|
1785.963 |
|
|
Less: Inter Segment Revenue |
|
|
-- |
|
|
Net Sales from Operations |
|
|
1785.963 |
|
|
|
|
|
|
|
2 |
Segment Result |
|
|
|
|
|
(Profit) / Loss before Tax & interest |
|
|
|
|
|
(a) Coal trading Segment |
|
|
58.266 |
|
|
(b) Infrastructure Segment |
|
|
- |
|
|
Total |
|
|
58.266 |
|
|
Less: |
|
|
|
|
|
‐Interest Expenses (Net) |
|
|
7.064 |
|
|
‐Unallocable Expenses/ (Incomes) |
|
|
-- |
|
|
Total Profit Before Tax |
|
|
51.202 |
|
|
|
|
|
|
|
3 |
Capital Employed |
|
|
|
|
|
(Segment Assets ‐ Seg
Liabilities) |
|
|
|
|
|
(a) Coal trading Segment |
|
|
317.862 |
|
|
(b) Infrastructure Segment |
|
|
72.392 |
|
|
Total |
|
|
390.254 |
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.60.81 |
|
|
1 |
Rs.100.06 |
|
Euro |
1 |
Rs.78.47 |
INFORMATION DETAILS
|
Information Gathered
by : |
NYA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
16 |
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.