MIRA INFORM REPORT

 

 

Report No. :

318743

Report Date :

18.05.2015

 

IDENTIFICATION DETAILS

 

Name :

BAJAJ STEEL INDUSTRIES LIMITED

 

 

Registered Office :

Imambada Road, Nagpur – 440018, Maharashtra

Tel No.:

91-712-2720071

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

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

 

 

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 (45)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Maximum Credit Limit :

USD 6000000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an old and established company having satisfactory track record.

 

Subject is engaged in the manufacture and sale of machinery for cotton ginning and pressing used for preparing textile fabrics in India and internationally.

 

Management has reported 188% increase in net profit to Rs. 122.726 Million during FY 2013-2014 from Rs. 42.604 Million during FY 2012-2013.

 

For the quarter ended 31.12.2014, the subject has reported a Standalone sales of Rs. 1006.100 Million, Down -0.22% from last quarter Sales of Rs. 1008.300 Million and down -39.34% from last year same quarter sales of Rs. 1658.700 Million. Company has reported net profit after tax of Rs. 55.800 Million in latest quarter.

 

Liquidity position of subject seems to be good. General financial position seems to be good. Fundamentals of the company is decent.

 

Trade relations are fair. Business is active. Payment terms are reported to be usually correct.

 

The concern can be considered for business dealings at usual trade 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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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

Not Available

Rating

Not Available

Rating Explanation

Not Available

Date

Not Available

 

 

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 DENIED

 

MANAGEMENT NON- CORPORATIVE (91-712-2720071)

 

 

LOCATIONS

 

Registered Office / Factory 1 :

Imambada Road, Nagpur – 440018, Maharashtra, India

Tel. No.:

91-712-2720071

Mobile No.:

91-9325132305 (Mr. M K Sharma)

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

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 31.12.2014

 

Category of Shareholder

No. of Shares

% of No. of Shares

(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

530492

22.57

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

650474

27.68

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)

91662

3.90

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

7325

0.31

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

84337

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 :

Secured Loan

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

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)

23.417

26.061

 

 

 

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.)

0.000

24.000

 

 

 

B) Vehicle Loans From

 

 

ICIC Bank Limited

0.000

0.077

HDFC Bank Limited

0.873

2.009

Karur Vysya Bank Limited

0.041

1.852

Axis Bank Limited

(Secured by hypothecation of vehicles financed by them)

6.210

6.142

 

 

 

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.)

0.000

65.940

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.)

72.062

0.000

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.)

207.794

104.120

ii) Overdraft from :

a) HDFC Bank Limited

4.924

5.809

b) AXIS Bank Limited

13.015

0.000

c) Kmr Vysya Bonk Limited

(Secured by pledge of certain Fixed Deposit Receipts)

14.834

11.250

Total

343.170

247.260

 

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 :

Bajaj Coneagle LLC

 

 

Associates :
  • 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 31.03.2014

 

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

31.03.2014

31.03.2013

31.03.2012

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

23.500

23.500

23.500

(b) Reserves & Surplus

697.763

586.034

551.624

(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)

721.263

609.534

575.124

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

335.569

16.153

28.844

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

10.632

9.642

9.642

(d) long-term provisions

34.484

31.569

25.520

Total Non-current Liabilities (3)

380.685

57.364

64.006

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

312.630

473.350

456.843

(b) Advance From Customer

205.533

203.617

136.093

(c) Trade payables

425.556

418.460

314.330

(d) Other current liabilities

184.730

143.956

91.534

(e) Short-term provisions

10.997

8.194

8.194

Total Current Liabilities (4)

1139.446

1247.577

1006.994

 

 

 

 

TOTAL

2241.394

1914.475

1646.124

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

542.934

307.446

297.431

(ii) Intangible Assets

6.299

13.670

20.992

(iii) Capital work-in-progress

38.998

251.039

194.438

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

77.575

38.405

2.784

(c) Deferred tax assets (net)

10.606

11.119

5.258

(d)  Long-term Loan and Advances

20.058

3.652

6.208

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

696.470

625.331

527.111

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

596.325

521.742

502.821

(c) Trade receivables

456.007

400.976

299.302

(d) Cash and cash equivalents

305.240

225.078

220.517

(e) Short-term loans and advances

187.352

141.348

96.373

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

1544.924

1289.144

1119.013

 

 

 

 

TOTAL

2241.394

1914.475

1646.124

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

4069.359

2852.328

3133.938

 

Other Income

45.105

33.654

30.587

 

TOTAL (A)

4114.464

2885.982

3164.525

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

2609.449

1938.275

1968.716

 

Purchases of Stock-in-Trade

0.489

0.119

139.791

 

 Manufacturing and Processing Charges

443.994

293.257

284.277

 

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

15.757

5.210

118.547

 

Employees benefits expense

293.731

230.363

213.218

 

Other expenses

403.069

239.788

199.412

 

TOTAL (B)

3766.489

2707.012

2923.961

 

 

 

 

 

Less

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

347.975

178.970

240.564

 

 

 

 

 

Less

FINANCIAL EXPENSES (D)

70.916

66.129

69.274

 

 

 

 

 

 

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

277.059

112.841

171.290

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION (F)

88.327

59.178

65.459

 

 

 

 

 

 

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

188.732

53.663

105.831

 

 

 

 

 

Less

TAX (H)

66.006

11.059

34.318

 

 

 

 

 

 

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

122.726

42.604

71.513

 

Earnings / (Loss) Per Share (Rs.)

52.22

18.13

30.43

 

 

QUARTERLY RESULTS

 

Particulars (Rs.in Million)

Jun 2014

Sep 2014

Dec 2014

Audited / UnAudited

UnAudited

UnAudited

UnAudited

Net Sales

578.700

1017.500

1025.900

Total Expenditure

591.600

913.100

912.400

PBIDT (Excl OI)

(13.000)

104.400

113.500

Other Income

10.900

05.600

09.400

Operating Profit

(02.100)

110.000

122.900

Interest

19.700

21.200

19.200

Exceptional Items

0.000

0.000

0.000

PBDT

(21.800)

88.800

103.800

Depreciation

17.800

07.900

18.200

Profit Before Tax

(39.700)

80.800

85.50 0

Tax

0.000

13.400

29.700

Provisions and contingencies

0.000

0.000

0.000

Profit After Tax

(39.700)

67.500

55.800

Extraordinary Items

0.000

0.000

0.000

Prior Period Expenses

0.000

0.000

0.000

Other Adjustments

0.000

0.000

0.000

Net Profit

(39.700)

67.500

55.800

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

3.02

1.49

2.28

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

8.55

6.27

7.68

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

8.93

3.33

7.33

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.26

0.09

0.18

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.90

0.80

0.84

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.36

1.03

1.11

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

23.500

23.500

23.500

Reserves & Surplus

551.624

586.034

697.763

Net worth

575.124

609.534

721.263

 

 

 

 

long-term borrowings

28.844

16.153

335.569

Short term borrowings

456.843

473.350

312.630

Total borrowings

485.687

489.503

648.199

Debt/Equity ratio

0.844

0.803

0.899

 

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

3133.938

2852.328

4069.359

 

 

-8.986

42.668

 

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

3133.938

2852.328

4069.359

Profit

71.513

42.604

122.726

 

2.28%

1.49%

3.02%

 

 

 

 

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

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

No

 

 

WORKING & FUTURE PROSPECTS:

 

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:

 

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):

 

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:

 

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

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

Long-term Borrowings

 

 

A) From Related parties

(Terms of Repayment:

Repayable after 31.03.2016.)

323.802

0.000

B) Fixed Deposits

0.283

0.283

Less : Current maturity (Refer Note No.9)

(19.056)

(44.270)

 

 

 

Short-term borrowings

 

 

From Related parties

0.000

286.230

Total

305.029

242.243

 

 

INDEX OF CHARGES

 

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10559212

25/03/2015

979,000.00

AXIS BANK LIMITED

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

C49140890

2

10543958

12/01/2015

567,000.00

AXIS BANK LIMITED

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

C40871816

3

10543283

12/01/2015

873,000.00

AXIS BANK LIMITED

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

C40586190

4

10543285

12/01/2015

873,000.00

AXIS BANK LIMITED

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

C40587271

5

10531755

07/11/2014

873,000.00

AXIS BANK LIMITED

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

C33880881

6

10512372

01/08/2014

926,000.00

AXIS BANK LIMITED

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

C14705370

7

10465978

29/11/2013

155,000,000.00

IDBI BANK LIMITED

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

B91891556

8

10453231

10/09/2013

523,000.00

AXIS BANK LIMITED

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

B86729399

9

10453233

10/09/2013

523,000.00

AXIS BANK LIMITED

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

B86730033

10

10449092

04/09/2013

823,500.00

AXIS BANK LIMITED

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

B85001386

 

 

* Date of charge modification

 

 

FIXED ASSETS

 

Tangible Assets

 

·         Land

·         Building

·         Plant and Machinery

·         Office Equipment’s

·         Furniture and Fixtures

·         Vehicles

 

Intangible Assets

 

  • Technical Know How
  • Patents

 

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.63.58

UK Pound

1

Rs.100.30

Euro

1

Rs.72.38

 

 

INFORMATION DETAILS

 

Information Gathered by :

GAY

 

 

Analysis Done by :

SAN

 

 

Report Prepared by :

GTA

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILITY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

4

--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

 

45

 

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.