MIRA INFORM REPORT
|
Report No. : |
343158 |
|
Report Date : |
06.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
BALAJI HYDRO CARBONS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Nasser Avenue, Durgapur-713212, West Bengal |
|
Tel. No.: |
91-343-2002267 |
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|
|
|
Country : |
India |
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|
|
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
26.11.2007 |
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|
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Com. Reg. No.: |
21-120602 |
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|
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Capital
Investment / Paid-up Capital : |
Rs.14.975 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U10102WB2007PTC120602 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALB10282G |
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|
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PAN No.: [Permanent Account No.] |
AAADCB3561H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Coal Tar Pitch, Heavy Creosote Oil and Crude Naphtha. |
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|
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No. of Employees
: |
30 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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|
|
Payment Behaviour : |
Slow but Correct |
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|
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 2007 engaged in the manufacturing
of coal tar pitch, heavy creosote oil and cured naphtha. For the financial year ended 2014, company has reported 8.02% growth
in its sales turnover profile but failed to maintain profitability margin and
reported low margins at 0.43% during the year under a review. Rating further constrained on account of company’s moderate financial
profile marked by modest net worth base along with below average debt
protection indicators and leverage liquidity position of the company. Trade relations are reported as fair. Payments are reported to be slow
but correct. In view of aforesaid, the company can be considered for business
dealing with some caution. |
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 |
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
31-03-2015.
INFORMATION PARTED BY
|
Name : |
Mr. Arijit De |
|
Designation : |
Director |
|
Contact No.: |
91-9830751243 |
|
Date : |
05.10.2015 |
LOCATIONS
|
Registered Office : |
Nasser Avenue, Durgapur-713212, West Bengal, India |
|
Tel. No.: |
91-343-2002267 |
|
Mobile No.: |
91-9830751243 (Mr. Arjit De) |
|
Fax No.: |
Not Available |
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E-Mail : |
|
|
Website : |
|
|
Area : |
150 Sq. Ft. |
|
Location : |
Leased |
|
|
|
|
Corporate Office : |
19, 3rd Floor, Kenderdine Lane, Kolkata-700012, West
Bengal, India |
|
Tel. No.: |
91-33-22122656/30257783 |
|
Fax No.: |
91-33-40633113 |
|
Area : |
750 Sq. Ft. |
|
Location : |
Rented |
|
|
|
|
Factory : |
Village Gopal, Post Narayanpur, P.S., Heturis, District Purulia, West
Bengal, India |
|
Area : |
7.5 Biga |
|
Location : |
Owned |
DIRECTORS
As on 30.09.2014
|
Name : |
Mr. Anil Kumar De |
|
Designation : |
Director |
|
Address : |
P-104, Bangur Avenue, Block-A, Kolkata-700055, West Bengal, India |
|
Date of Birth/Age : |
10.07.1944 |
|
Date of Appointment : |
13.11.2010 |
|
DIN No.: |
00549310 |
|
|
|
|
Name : |
Mr. Arijit De |
|
Designation : |
Director |
|
Address : |
P-104, Bangur Avenue, Block-A, Kolkata-700055, West Bengal, India |
|
Date of Birth/Age : |
07.05.1985 |
|
Date of Appointment : |
23.12.2010 |
|
DIN No.: |
00549332 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Names of Shareholders |
No. of Shares |
|
Salasar Farm Products (Private) Limited, India |
458500 |
|
Arjit De |
83667 |
|
Bosco Tie-Up (Private) Limited, India |
421333 |
|
Durgapur Napthalene (Private) Limited, India |
272000 |
|
Maheshwari Multiple Mills (Private) Limited, India |
191200 |
|
Anil Kumar De |
70800 |
|
TOTAL
|
1497500 |
As on 30.09.2014
|
Category |
Percentage |
|
Bodies corporate |
89.70 |
|
Directors or relatives of Directors |
10.30 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Coal Tar Pitch, Heavy Creosote Oil and Crude Naphtha. |
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|
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Products : |
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|
|
|
|
Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
End Users
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No. of Employees : |
30 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
|
|
Name : |
Jain Khemka and Associates Chartered Accountant |
|
Address : |
Layek’s Building, Sahid Khudiram Sarani, Durgapur-713216, West Bengal,
India |
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Tel. No.: |
91-343-2544987 |
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E-Mail : |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AADFJ9988P |
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Memberships : |
-- |
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Collaborators : |
-- |
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Associates/Subsidiaries : |
Not Divulged |
CAPITAL STRUCTURE
As on 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1497500 |
Equity Shares |
Rs.10/- each |
Rs.14.975
Million |
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 |
14.975 |
11.100 |
11.100 |
|
(b) Reserves & Surplus |
15.855 |
11.139 |
10.561 |
|
(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) |
30.830 |
22.239 |
21.661 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
12.090 |
20.105 |
21.192 |
|
(b) Deferred tax liabilities
(Net) |
0.310 |
0.163 |
0.062 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
12.400 |
20.268 |
21.254 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
20.494 |
19.921 |
9.303 |
|
(b) Trade payables |
141.749 |
49.828 |
20.234 |
|
(c) Other current liabilities |
20.910 |
4.938 |
10.772 |
|
(d) Short-term provisions |
0.236 |
0.164 |
0.099 |
|
Total
Current Liabilities (4) |
183.389 |
74.851 |
40.408 |
|
|
|
|
|
|
TOTAL |
226.619 |
117.358 |
83.323 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
34.455 |
36.079 |
31.133 |
|
(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 |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.512 |
0.500 |
0.488 |
|
(e) Other Non-current assets |
0.041 |
0.039 |
0.052 |
|
Total
Non-Current Assets |
35.008 |
36.618 |
31.673 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.059 |
0.058 |
0.059 |
|
(b) Inventories |
34.403 |
15.703 |
4.437 |
|
(c) Trade receivables |
143.895 |
54.733 |
37.908 |
|
(d) Cash and cash equivalents |
4.737 |
4.225 |
3.566 |
|
(e) Short-term loans and
advances |
8.517 |
6.021 |
5.680 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
191.611 |
80.740 |
51.650 |
|
|
|
|
|
|
TOTAL |
226.619 |
117.358 |
83.323 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Gross
Turnover |
193.142 |
178.801 |
NA |
|
|
|
|
|
|
|
Less |
TOTAL
EXPENSES |
185.465 |
171.900 |
NA |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
7.677 |
6.901 |
5.082 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
4.707 |
4.551 |
3.638 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
2.970 |
2.350 |
1.444 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
1.731 |
1.492 |
0.925 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
1.239 |
0.858 |
0.519 |
|
|
|
|
|
|
|
Less |
TAX |
0.398 |
0.280 |
0.174 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
0.841 |
0.578 |
0.345 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(1.161) |
(1.739) |
(2.084) |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
(0.320) |
(1.161) |
(1.739) |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
0.56 |
0.39 |
0.23 |
|
Particulars |
|
|
31.03.2015 |
|
Sales Turnover (Approximately) |
|
|
178.400 |
|
|
|
|
|
Expected Sales (2015-2016) : Rs.182.000 Million
The above information has been parted by Mr. Arijit De (Director)
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
3.089 |
3.010 |
2.800 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flow from operating activity |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
0.44 |
0.32 |
NA |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
3.97 |
3.86 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.55 |
0.73 |
0.62 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04 |
0.04 |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.16 |
1.94 |
1.54 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.04 |
1.08 |
1.28 |
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 |
11.100 |
11.100 |
14.975 |
|
Reserves & Surplus |
10.561 |
11.139 |
15.855 |
|
Net
worth |
21.661 |
22.239 |
30.830 |
|
long-term borrowings |
21.192 |
20.105 |
12.090 |
|
Short term borrowings |
9.303 |
19.921 |
20.494 |
|
Current Maturities of
Long-Term Debts |
2.800 |
3.010 |
3.089 |
|
Total
borrowings |
33.295 |
43.036 |
35.673 |
|
Debt/Equity
ratio |
1.537 |
1.935 |
1.157 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
|
Gross
Turnover |
178.801 |
193.142 |
|
|
8.021 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
178.801 |
193.142 |
|
Profit |
0.578 |
0.841 |
|
|
0.32% |
0.44% |
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 |
Yes |
|
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 |
Yes |
|
17 |
Details of sister concerns |
No |
|
18 |
Major suppliers |
Yes |
|
19 |
Major customers |
Yes |
|
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 two years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
Yes |
|
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 |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
NOTE: Registered office has been shifted from 35,Chittranjan Avenue, 2nd
Floor, Kolkata-700012, West Bengal, India to the present address w.e.f.
28.02.2011
OPERATIONS
The directors are pleased to inform that in spite of
industrial recession, the company was able to increase its profit before tax
from Rs.85.800 Million to Rs.123.900 Million. Barring unforeseen Circumstances,
the directors are hopeful of even better results in the ensuing year.
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
From Bodies Corporates |
3.895 |
8.472 |
|
From Directors |
0.000 |
0.900 |
|
|
|
|
|
Total |
3.895 |
9.372 |
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10278252 |
16/07/2014 * |
56,192,000.00 |
PUNJAB NATIONAL
BANK |
BHIRINGEE,
DURGAPUR, West Bengal - 713213, INDIA |
C18802173 |
FIXED ASSETS
- Land and Land
Development
- Factory Shed
and Building
- Plant and
Machinery
- Air
Conditioner
- Electrical
Installation
- Motor Cycle
- Computer
- Furniture and
Fixture
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.65.29 |
|
|
1 |
Rs.99.31 |
|
Euro |
1 |
Rs.73.39 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SUD |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
30 |
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.