MIPL-Logo

 

MIRA INFORM REPORT

 

 

Report No. :

332732

Report Date :

20.07.2015

 

IDENTIFICATION DETAILS

 

Name :

BAJAJ STEEL INDUSTRIES LIMITED

 

 

Registered Office :

Imambada Road, Nagpur – 440018, Maharashtra

Tel. No.:

91-712-2720071

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

14.02.1961

 

 

Com. Reg. No.:

11--011936

 

 

Capital Investment / Paid-up Capital :

Rs. 23.500 Million

 

 

CIN No.:

[Company Identification No.]

L27100MH1961PLC011936

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

A Public Limited Liability company. The company’s Share are Listed on the Stock Exchange.

 

 

Line of Business :

The subject is engaged in manufacturing of cotton Ginning and Pressing Machinery and allied equipment’s, accessories and spare parts.

 

 

No. of Employees :

Information declined by the management 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (53)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is an old and well established company having fine track record.

 

Rating takes into consideration health capital structure of the company. Liquidity position of subject seems to be good. General financial seems to be good.

 

Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment.

 

In the view of experienced promoters and long track record of operations, the company can be considered good 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, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CRISIL

Rating

Long term rating = A

Rating Explanation

Adequate degree of safety and low credit risk.

Date

17.02.2015

 

Rating Agency Name

CRISIL

Rating

Short term rating = A1

Rating Explanation

Very strong degree of safety and carry lowest credit risk.

Date

17.02.2015

 

 

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 31-03-2013.

 

 

INFORMATION DENIED BY

 

Name :

Mr. Manish Sharma

Designation :

Chief Financial Officer

Contact No.:

91-712-2720071

Date :

18.07.2015

 

 

LOCATIONS

 

Registered Office / Factory 1 :

Imambada Road, Nagpur – 440018, Maharashtra, India

Tel. No.:

91-712-2720071

Fax No.:

91-712-2723068

E-Mail :

bsi@bajajngp.com    

mks@bajajngp.com

cs@bajajngp.com

Website :

http://www.bajajngp.com

 

 

DIRECTORS

 

AS ON 31.03.2014

 

Name :

Mr. Rohit Bajaj

Designation :

Chairman Managing Director

Date of Birth :

27.09.1951

Qualification :

B.A

Date of Appointment :

01.07.1980

Din No.:

00511745

 

 

 

 

Name :

Mr. Sunil Bajaj

Designation :

Executive Director

Date of Birth :

09.02.1954

Qualification :

B.E. Mechanical From Maniple Institute of Technology Karnataka

Date of Appointment :

01.10.1985

Din No.:

00509786

 

 

Name :

Mr. Vinod Kumar Bajaj

Designation :

Promoter - Non-Executive Director

Date of Birth :

25.01.1937

Qualification :

Chartered Accountant

Date of Appointment :

01.07.1980

Din No.:

00519541

 

 

Name :

Mr. Kamal Kishore Kela

Designation :

Independent Director

Date of Birth :

13.07.1936

Qualification :

M. A. Economics

Date of Appointment :

23.08.1989

Din No.:

00509008

 

 

Name :

Mr. Mohan Agarwal

Designation :

Independent Director

Date of Birth :

18.03.1951

Qualification :

B.Sc.

Date of Appointment :

23.08.1989

 

 

Din No.:

01028558

 

 

Name :

Mr. Alok Goenka

Designation :

Independent Director

Date of Birth :

18.11.1953

Qualification :

B. Tech  (IIT Kanpur) M. S- USA

Date of Appointment :

18.10.2007

Din No.:

00789716

 

 

Name :

Mr. Rajkumar Lohia

Designation :

Independent Director

Date of Birth :

21.08.1953

Qualification :

B. A. (Economics)

Date of Appointment :

18.10.2007

Din No.:

00203659

 

 

Name :

Mr. Rajiv Ranka

Designation :

Independent Director

Date of Birth :

18.11.1953

Qualification :

B.E. Mechanical From Maniple Institute of Technology Karnataka

Date of Appointment :

18.10.2007

Din No.:

00392438

 

 

Name :

Mr. Deepak Batra

Designation :

Independent Director

Date of Birth :

30.07.1957

Qualification :

Chartered Accountant

Date of Appointment :

03.03.2010

Din No.:

02979363

 

 

KEY EXECUTIVES

 

Name :

Mr. Jadish Shirke

Designation :

Company Secretary

 

 

Name :

Mr. Manish Sharma 

Designation :

Chief Financial Officer

 

 

BOARD COMMITTEES

 

Audit Committee :

Name :

Shri Deepak Batra

Designation :

Chairman

 

 

Name :

Shri Rajiv Ranka

Designation :

Member

 

 

Name :

Shri Alok Goenka

Designation :

Member

 

 

 Nomination Remuneration Committee

 

Name :

Shri Deepak Batra

Designation :

Chairman

 

 

Name :

Shri Rajiv Ranka

Designation :

Member

 

 

Name :

Shri Alok Goenka

Designation :

Member

 

 

Shareholders /Investor Grievance Committee

 

Name :

Shri Deepak Batra

Designation :

Chairman

 

 

Name :

Shri Rajiv Ranka

Designation :

Member

 

 

Name :

Shri Alok Goenka

Designation :

Member

 

 

Name :

Shri Rohit Bajaj

Designation :

Member

 

 

Name :

Shri Sunil Bajaj

Designation :

Member

 

 

CSR Committee

 

Name :

 

Designation :

Shri Deepak Batra

 

Chairman

 

 

Name :

Shri Rajiv Ranka

Designation :

Member

 

 

Name :

Shri Alok Goenka

Designation :

Member

 

 

SHAREHOLDING PATTERN

 

AS ON 31.03.2015

 

Category of Shareholder

Total No. of Shares

Total Shareholding as a % of Total No. of Shares

As a % of (A+B+C)

(A) Shareholding of Promoter and Promoter Group

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals / Hindu Undivided Family

651650

27.73

http://www.bseindia.com/include/images/clear.gifBodies Corporate

209000

8.89

http://www.bseindia.com/include/images/clear.gifSub Total

860650

36.62

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

860650

36.62

(B) Public Shareholding

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifMutual Funds / UTI

400

0.02

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

100

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

500

0.02

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

532196

22.65

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs. 0.100 Million

655197

27.88

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs. 0.100 Million

216222

9.20

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

85235

3.63

http://www.bseindia.com/include/images/clear.gifClearing Members

799

0.03

http://www.bseindia.com/include/images/clear.gifNon Resident Indians

84436

3.59

http://www.bseindia.com/include/images/clear.gifSub Total

1488850

63.36

Total Public shareholding (B)

1489350

63.38

Total (A)+(B)

2350000

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

0

0.00

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

0

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

0

0.00

Total (A)+(B)+(C)

2350000

100.00

 

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

The subject is engaged in manufacturing of cotton Ginning and Pressing Machinery and allied equipment’s, accessories and spare parts.

 

 

Products :
  • Cotton Ginning Machine
  • Cotton Processing Machines
  • Double Roller Ginning Machines
  • Auto Feeders for Ginning Machines
  • Pre-Cleaners
  • Raw Cotton Conveying Systems
  • Lint Cleaners
  • Belt Conveying Systems
  • Lint Conveying Systems
  • Cotton Baling Presses etc.

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS: NOT AVAILABLE

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

Information declined by the management 

 

 

Bankers :
  • Axis Bank Limited, Nagpur, Maharashtra, India
  • State Bank of India, Nagpur, Maharashtra, India

 

 

Facilities :

(Rs. In Million)

Secured Loan

As on

31.03.2015

As on

31.03.2014

Long-term Borrowings

 

 

A) Term Loan

 

 

From Bank

 

 

Axis Bank Limited- Term Loan-1 (Buyer’s credit)

(Secured by first charge on entire moveable and immovable fixed assets of Company’s unit situated at plot No. – G-108, Butibori MiDC, present and future, collateral security by way of extentiin of

eplusive charge on entire current assets of Steel Division of Company and personal guarantee of the

Managing and Executive Director of the Company. Terms of Repayment : Quarterly Installment of Rs. 3.572 Million each to be deposited with the Bank as FDR which shall be utilised for repayment at the end of the tenor)

NA

23.417

 

 

 

From Others

 

 

SICOM Limited

(peemc&yffrstakerge on the entire fixed assets and movable assets, present and future, situatedat Plot

No. C-108, MIDC, Hingna, Nagpur and floating charge on a other assets of the Company and by

Personal guarantee of the Managing and Executive Director of the company.)

NA

0.000

 

 

 

B) Vehicle Loans From

 

 

ICIC Bank Limited

NA

0.000

HDFC Bank Limited

NA

0.873

Karur Vysya Bank Limited

NA

0.041

Axis Bank Limited

(Secured by hypothecation of vehicles financed by them)

NA

6.210

 

 

 

Short-term borrowings

 

 

Working Capital Loans from

 

 

State Bank of India

(Secured by first charge on Stocks and Book, debts and second charge on the fixed assets of the company situated at Sausar and Imambade Road, Nagpur and by personal guarantee,af the Managing Director, Executive Director, a Director and an Ex-Director and C.E.O. of Superpack Division of the Company.)

NA

0.000

B) IDBl Bank Ltd.

(Secured by first charge on entire current assets (Present and future) of Master Batch unit of Superpack division of the Company,equitable

mortgage on the building ,structures and machineries situated at Company's premises at Sausar and charge on Plot No's 812, B12/l,B113, 81311, 814, 81411 at MlDC Industrial Estate. Hingna, Nagpur held in the name of a related Company and corporate guarantee of the said related Company and also by personal guarantee of a Director and C.E.0 of Superpack Division of the Company.)

NA

72.062

c) AXIS Bank Limited

 (Secured by first charge on entire current assets of Steel Division of the Company, present & Future,

collateral security by way of  extension of exclusive second charge on the entire moveable and

immoveable fixed assets, present and Mure, situated at plot No- G-108, Butibori, MOC, Nagput

and assets acquired out of term loan-I instaled at C-108,G-6 & E7 Hingna Nagpur and exdusive

second charge on the fixed assets propsed to be acquired out of term loan-2 and by personal gu-ntee of the Managing and Executive Director of the Company.)

NA

207.794

ii) Overdraft from :

a) HDFC Bank Limited

NA

4.924

b) AXIS Bank Limited

NA

13.015

c) Kmr Vysya Bonk Limited

(Secured by pledge of certain Fixed Deposit Receipts)

NA

14.834

Total

NA

343.170

 

Auditors :

 

Name :

B. Chhawcharia and Company

Chartered Accountants

Address :

602, Govind Estates, Plot No. 172, Shivaji Nagar, Nagpur, Maharashtra, India

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Wholly Owned Foreign Subsidiary :

(AS ON 31.03.2014)

Bajaj Coneagle LLC

 

 

Associates :

(AS ON 31.03.2014)
  • Biscuit Company Limited
  • Bajaj Chemoplast (India) Limited
  • Bajaj Trade Development Limited
  • Bajaj Exports Private Limited
  • Rohit Polytex Limited
  • Prosperous Finance Services Limited
  • Ampee Textiles Private Limited
  • Twinstar Plasticoats Private Limited
  • Bajaj Global Limited
  • Ridhi Vinimay Private Limited
  • Sidhi Vinimay Private Limited
  • Vidarbha Tradelinks Private Limited
  • Glycosic Merchants Private Limited
  • Bajaj Marketing Services
  • Rohit Machines and Fabricators Limited
  • Gangalaxmi Agrotech Limited
  • Gangalaxmi Industries Limited
  • Luk Technical Services Private Limited
  • Luk Plastcon Limited
  • Plast Master Batches Private Limited
  • Luk Infrastructure Private Limited
  • Enbee Trade and Finance Limited
  • Tashi India Limited
  • Luk Bedrocks Private Limited
  • Nagpur Infotech Private Limited
  • Bajaj Polymin Limited
  • Luk Bricks Private Limited
  • Bajaj Polyblends Private Limited
  • Bajaj Superpack Limited
  • Bajaj Gintech Private Limited
  • Bajaj Plastics Private Limited
  • Bajaj Cotgin Private Limited

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2015

 

Authorised Capital: Rs. 150.000 Million

 

Issued, Subscribed & Paid-up Capital: Rs. 23.500 Million

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

15000000

Equity Shares

Rs.10/- each

Rs. 150.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

2350000

Equity Shares

Rs.10/- each

Rs.23.500 Million

 

 

 

 

 

Details of shareholders holding more than 5% Of the Equity Shares:-

 

Name of Shareholder

AS on 31.03.2014

AS on 31.03.2013

 

Number

% Holding

Number

% Holding

Bajaj Exports Pvt. Ltd.

213,800

9.10

213,80

9.10

Vidarbha Tradelinks Pvt. Ltd.

209000

8.89

209000

8.89

Smt Gayatri Devi Bajaj

151400

6.44

151400

6.44

Sri Lalchand Chandanmal Mutha

128723

5.48

128723

5.48

 

 

b) "Terms /rights attached to Equity Shares

 

The company has only one class of equity shares having a par value of Rs 10/- per share. Each Holder of equity shares is entitled to one vote per share. The company declares and pays Dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. During theyearended 31 March 2014, the amount of per share dividend recognized as Distributions to equity shareholders was Rs.41- (P.Y: Rs.  31-) In the event of liquidation of the company, the equity shares will be entitled to Receive remaining assets of the company, after all preferential amounts.

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

31.03.2015

31.03.2014

31.03.2013

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

23.500

23.500

23.500

(b) Reserves & Surplus

703.000

697.762

586.034

(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)

726.500

721.262

609.534

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

330.420

335.569

16.153

(b) Deferred tax liabilities (Net)

(27.590)

0.000

0.000

(c) Other long term liabilities

10.642

10.632

9.642

(d) long-term provisions

49.391

34.484

31.569

Total Non-current Liabilities (3)

362.863

380.685

57.364

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

464.778

312.630

473.350

Advance from Customers

 

205.533

203.617

(b) Trade payables

576.821

425.556

418.46

(c) Other current liabilities

190.310

184.73

143.956

(d) Short-term provisions

11.314

10.998

8.194

Total Current Liabilities (4)

1243.223

1139.447

1247.577

 

 

 

 

TOTAL

2332.586

2241.394

1914.475

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

604.161

542.934

307.446

(ii) Intangible Assets

0.000

6.299

13.670

(iii) Capital work-in-progress

0.000

38.998

251.040

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

126.859

77.575

38.405

(c) Deferred tax assets (net)

0.000

10.606

11.119

(d)  Long-term Loan and Advances

11.060

20.058

3.652

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

742.080

696.470

625.332

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

642.730

596.325

521.742

(c) Trade receivables

500.540

456.007

400.976

(d) Cash and cash equivalents

258.690

305.240

225.077

(e) Short-term loans and advances

188.545

187.352

141.348

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

1590.505

1544.924

1289.143

 

 

 

 

TOTAL

2332.585

2241.394

1914.475

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2015

31.03.2014

31.03.2013

 

SALES

 

 

 

 

Income

3364.901

4069.359

2852.328

 

Other Income

36.364

45.105

33.654

 

TOTAL (A)

3401.265

4114.464

2885.982

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

2187.905

2609.449

1938.275

 

Purchases of Stock-in-Trade

0.273

0.489

0.119

 

 Manufacturing and Processing Charges

0.000

443.994

293.257

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(106.211)

15.757

5.210

 

Employees benefits expense

333.708

293.731

230.363

 

Other expenses

737.847

403.069

239.788

 

TOTAL (B)

3153.522

3766.489

2707.012

 

 

 

 

 

Less

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)

247.743

347.975

178.970

 

 

 

 

 

Less

FINANCIAL EXPENSES (D)

85.433

70.916

66.129

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)

162.310

277.059

112.841

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION (F)

124.499

88.327

59.177

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX (E-F)   (G)

37.811

188.732

53.664

 

 

 

 

 

Less

TAX (H)

32.698

66.006

11.059

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX  (G-H)   (I)

5.113

122.726

42.605

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

NA 

702.968

294.545

 

TOTAL EARNINGS

NA 

702.968

294.545

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

NA 

343.709

42.585

 

Capital Goods

NA 

122.423

400.957

 

TOTAL IMPORTS

NA 

466.132

443.542

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

2.18

52.22

18.13

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2015

31.03.2014

31.03.2013

Current Maturities of Long term debt

NA

19.056

44.270

Cash generated from operations

NA

189.576

224.772

Net cash flows from (used in) operations

NA

52.024

140.580

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2015

31.03.2014

31.03.2013

Net Profit Margin

(PAT / Sales)

(%)

0.15

3.02

1.49

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

7.36

8.55

6.27

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

1.71

8.93

3.33

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.05

0.26

0.09

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

1.09

0.93

0.88

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.28

1.36

1.03

 

 

 

STOCK PRICES

 

Face Value

Rs.10.00/-

Market Value

Rs.186.00/-

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

23.500

23.500

23.500

Reserves & Surplus

586.034

697.762

703.000

Net worth

609.534

721.262

726.500

 

 

 

 

long-term borrowings

16.153

335.569

330.420

Short term borrowings

473.350

312.630

464.778

Total borrowings

533.773

667.255

795.198

Debt/Equity ratio

0.876

0.925

1.095

 

 

 

 

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

2852.328

4069.359

3364.901

 

 

42.668

(17.311)

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

2852.328

4069.359

3364.901

Profit

42.605

122.726

5.113

 

1.49%

3.02%

0.15%

 

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

No

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

No

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

WORKING & FUTURE PROSPECTS: (AS ON 31.03.2014)

 

During the year, the turnover of the Company increased gradually from Rs. 2852.300 Million in 2012-13 to Rs. 4069.400 Million in 2013-14 representing a growth of 42.67%. The increase in turnover is attributable to the new developed products as well as to explore the new markets. The profitability of the Company has also been increased from Rs. 42.600 Million in 2012-13 to Rs. 122.700 Million in 2013- 14.

 

The working of both the Divisions of the Company is given as below:

 

STEEL DIVISION: (AS ON 31.03.2014)

 

The Steel Division is concentrating in its core business of manufacturing Cotton ginning and Pressing machineries which has a great potential to expand, considering the increasing cotton cultivation in India & abroad. The Company had successfully launched few new products like Cotton Delinting Machines and Decorticating Machines, Pre- fabricated Industrial Sheds etc.

 

PLASTIC DIVISION (SUPERPACK): (AS ON 31.03.2014)

 

The sale / disposal of the Super pack Division is expected to complete at the earliest. However, the performance of the unit has improved during the year achieving the Gross Turnover of Rs. 1293.800 Million in 2013 - 14 against Rs. 1129.600 Million during the Financial Year 2012-13

 

Shri Vinod Kumar Bajaj and Shri Ashish Bajaj are looking after the Super pack Division of the Company. Looking at the valuable experience and background of Shri Ashish Bajaj, the Board of Directors has re-appointed Shri Ashish Bajaj for further period of One (1) year w.e.f. 20.03.2014, in compliance with Section 314(1B) of the Companies Act, 1956 read with Director`s Relative (Office or Place of Profit), Rules, 2011 subject to approval of the members at the ensuing AGM. Further, Shri Ashish Bajaj, Chief Executive Officer of Super pack Division of the Company is solely responsible & liable for all the operations (including Day to Day operations), activities and all the compliances including Statutory & Labour compliances applicable to the Super pack Division of the Company from time to time and necessary forms / papers in relation thereof shall be filed with the

Concerned authorities.

 

GENERAL INFORMATION: (AS ON 31.03.2014)

 

NATURE OF INDUSTRY

 

The company is engaged in manufacturing of cotton Ginning and Pressing Machinery and allied equipment’s, accessories and spare parts.

 

 DATE OF COMMENCEMNT OF COMMERCIAL PRODUCTION:

 

 Bajaj Steel Industrial Limited was incorporated as a Private Limited Company in 14th February, 1961, and subsequently it was converted into Public Limited Company on 7th October, 1985.

 

The Company is engaged in the following lines of activities: Manufacturing of pressing and allied machineries since 1961 and Manufacturing of Plastic Polymer Granules- Master batches from 26.03.1987.

 

 

UNSECURED LOAN

 

PARTICULARS

31.03.2015

(Rs. in Million)

31.03.2014

(Rs. in Million)

Long-term Borrowings

 

 

A) From Related parties

(Terms of Repayment:

Repayable after 31.03.2016.)

NA

323.802

B) Fixed Deposits

NA

0.283

Less : Current maturity (Refer Note No.9)

NA

(19.056)

 

 

 

Short-term borrowings

 

 

From Related parties

NA

0.000

Total

NA

305.029

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10572457

27/05/2015

936,000.00

AXIS BANK LIMITED

M.G. HOUSE, CIVIL LINES, NAGPUR, MAHARASHTRA - 440001, INDIA

C55196612

2

10569130

08/04/2015

20,000,000.00

SICOM LIMITED

SOLITAIRE CORPORATE PARK, BUILDING NO. 4, GURU, H 
ARGOVINDJI ROAD, ANDHERI (EAST), MUMBAI, MAHARASHTRA - 400093, INDIA

C53503041

3

10565618

31/03/2015

798,000.00

AXIS BANK LIMITED

M.G.HOUSE, LOWER GROUND FLOOR, BESIDE BOARD OFFI 
CE,CIVIL LINES,, NAGPUR, MAHARASHTRA - 440001, INDIA

C51742302

4

10559212

25/03/2015

979,000.00

AXIS BANK LIMITED

M.G. HOUSE, CIVIL LINES, NAGPUR, MAHARASHTRA - 440001, INDIA

C49140890

5

10543958

12/01/2015

567,000.00

AXIS BANK LIMITED

M.G.HOUSE, CIVIL LINES, NAGPUR, MAHARASHTRA - 440001, INDIA

C40871816

6

10543283

12/01/2015

873,000.00

AXIS BANK LIMITED

M.G. HOUSE, CIVIL LINES, NAGPUR, MAHARASHTRA - 440001, INDIA

C40586190

7

10543285

12/01/2015

873,000.00

AXIS BANK LIMITED

M.G. HOUSE, CIVIL LINES, NAGPUR, MAHARASHTRA - 440001, INDIA

C40587271

8

10531755

07/11/2014

873,000.00

AXIS BANK LIMITED

M.G. HOUSE, CIVIL LINES, NAGPUR, MAHARASHTRA - 440001, INDIA

C33880881

9

10512372

01/08/2014

926,000.00

AXIS BANK LIMITED

M.G. HOUSE, CIVIL LINES, NAGPUR, MAHARASHTRA - 440001, INDIA

C14705370

10

10465978

29/11/2013

155,000,000.00

IDBI BANK LIMITED

SPECIALIZED CORPORATE BRANCH, 3RD FLOOR, GUPTA T 
OWER, TEMPLE ROAD, CIVIL LINES, NAGPUR, MAHARASHTRA - 440001, INDIA

B91891556

 

* Date of charge modification

 

 

FIXED ASSETS

 

Tangible Assets

 

·         Land

·         Building

·         Plant and Machinery

·         Office Equipment’s

·         Furniture and Fixtures

·         Vehicles

 

Intangible Assets

 

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.63.49

UK Pound

1

Rs.99.43

Euro

1

Rs.69.14

 

 

INFORMATION DETAILS

 

Information Gathered by :

PPT

 

 

Analysis Done by :

SAN

 

 

Report Prepared by :

GTA

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

7

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

0

--BUSINESS SCALE

1~10

6

--PROFITABILITY

1~10

5

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--RESERVES

1~10

6

--CREDIT LINES

1~10

6

--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

 

53

 

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

 

--

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.