MIRA INFORM REPORT

Report No. :	516621
Report Date :	23.06.2018

IDENTIFICATION DETAILS

Name :	BALAJI AMINES LIMITED
Registered Office :	"Balaji Towers",  No. 9/1A/1, Hotgi Road, Asara Chowk, Solapur - 413224,  Maharashtra
Tel no. :	91-217-2451500
Country :	India
Financials (as on) :	31.03.2018
Date of Incorporation :	27.10.1988
CIN No.: [Company Identification No.]	L24132MH1988PLC049387
Capital Investment / Paid-up Capital :	INR 64.802 Million
IEC No.: [Import-Export Code No.]	0390004294
PAN No.: [Permanent Account No.]	AABCB1049E
GSTN : [Goods & Service Tax Registration No.]	Not Divulged
Legal Form :	A Public Limited Liability company. The company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is engaged in manufacturing of Speciality Chemicals and Amines. (Registered Activity)
No. of Employees (As on 31.03.2017):	773 (Approximately)

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A+

Credit Rating	Explanation	Rating Comments
A+	Low Risk	Business dealings permissible with low risk of default

Maximum Credit Limit :	USD 13300000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject was incorporated in the year 1988. It is a manufacturer of methylamines, ethylamines, derivatives of speacialty chemicals and natural products. As per the financial records of 2018, the company has achieved a favourable growth of 20.58% in its revenue as compared to the previous year’s revenue and has gained a satisfactory net profit margin of 12.91%. Rating takes into consideration the sound financial position marked by strong net worth base along with low debt balance sheet profile and comfortable liquidity parameter. Rating also takes into consideration the company’s fair Earnings Per Share (EPS) of INR 34.93 as against its Face Value (FV) of INR 2. The company has its share price trading at around INR 592.40 on BSE as on June 22, 2018 as against the Face Value (FV) of INR 2. Business is active. Payment seems to be regular. In view of aforesaid, the company can be considered for business dealings at usual trade terms and condition. NOTE: The Hon’ble National Company Law Tribunal (Mumbai Bench) has approved the Scheme of Amalgamation between Balaji Amines Limited (Transferee Company) and Bhagyanagar Chemicals Limited (First Transferor Company) and Balaji Greentech Products Limited (Second Transferor Company) and their respective Shareholders and Creditors.

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

Country Name	Previous Rating (31.12.2017)	Current Rating (01.04.2018)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

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 31-03-2018.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 23.06.2018

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION DENIED

Management non co-operative (91-40-27898206)

LOCATIONS

Registered Office / Hotel Division:	"Balaji Towers",  No. 9/1A/1, Hotgi Road, Asara Chowk, Solapur - 413224,  Maharashtra, India
Tel. No.:	91-217-2451500/ 2451521/ 2451522/ 2451523 / 524/ 2451528
Fax No.:	91-217-2451521
E-Mail :	info@balajiamines.com cs@balajiamines.com mktg@balajiamines.com
Website :	http://balajiamines.com
Administrative Office :	3rd Floor, KPR House, Sardar Patel Road, Secunderabad - 500 003, Telangana, India
Tel. No.:	91-40-27898206/ 2071
Fax No. :	91-40-27816171
E-Mail :	infohyd@balajiamines.com unit2mktg@balajiamines.com
Factory 1 :	Tamalwadi Village, Tuljapur (TQ), District Osmanabad - 413 623, Maharashtra, India
Tel. No.:	91-2471-265013/ 14/ 15
E-Mail :	factoryoffice@balajiamines.in works1@balajiamines.in
Factory 2 :	Plot No. 4 and 5, Beside APSEB Sub Station-2, IDA, Bollaram, Jinnararn Mandal, Medak District - 502325, Telangana, India
Tel. No.:	91-8458-279240/ 329660
Fax No. :	91-8458-279240/ 329660
E-Mail :	works2@balajiamines.in
Factory 3 :	Plot No. E-7 and E-8 MIDC, Chincholi, Taluka Mohol, District Solapur - 413255, Maharashtra, India
Tel. No.:	91-217-2357051
E-Mail :	unit3works@balajiamines.in
Hotel division :	Balaji Sarovar Premiere: Survey No.9/1A/1, Aasara Chowk, Hotgi Road, Solapur - 413 224, Maharashtra, India

DIRECTORS

AS ON 2018

Name :	Mr. Pratap Reddy Ande
Designation :	Managing Director
Address :	Plot No 1204 Road, No.60 H.No.8-2-293/82/A/1204, Jubilee Hills, Hyderabad – 500033, Telangana, India
Date of Birth/Age :	16.05.1951
Date of Appointment :	01.04.2013
DIN No.:	00003967
Name :	Mr. Rajeswar Reddy Nomula
Designation :	Wholetime Director
Address :	Plot No 41/A, Behind Kinara Hotel, Hotgi Road, Solapur-413003, Maharashtra, India
Date of Birth/Age :	02.02.1955
Date of Appointment :	16.11.1988
DIN No.:	00003854
Name :	Mr. Ram Reddy Dundurapu
Designation :	Wholetime Director
Address :	1/A, Gangadhar Housing Society, Hotgi Road, Solapur-413003, Maharashtra, India
Date of Birth/Age :	20.10.1961
Date of Appointment :	15.01.1989
DIN No.:	00003864
Name :	Mr. Gaddam Hemanth Reddy
Designation :	Wholetime Director
Address :	Plot No. 780, Road No. 44, Jubilee Hills , Shaikpet, Hyderabad-500033, Telangana, India
Date of Birth/Age :	19.06.1966
Date of Appointment :	01.04.2010
DIN No.:	00003868
Name :	Mr. Ande Srinivas Reddy
Designation :	Wholetime Director
Address :	H. No. 8-2-293/82/A/1204, Road No.60, Jubliee Hills , Hyderabad-500033, Telangana, India
Date of Birth/Age :	10.05.1975
Date of Appointment :	30.09.2013
DIN No.:	03169721
Name :	Mr. Sathyanarayana Murthy Chavali
Designation :	Director
Address :	H.No.D-13/D, Road No.1, Vikrampuri Colony, Secunderabad - 500009, Telangana, India
Date of Birth/Age :	12.03.1967
Date of Appointment :	30.01.2012
DIN No.:	00142138
Name :	Mrs. Naveena Thammishetty Chandra
Designation :	Director
Address :	12-10-206, Seethafalmandi, Secunderabad -500061, Telangana, India
Date of Birth/Age :	28.11.1960
Date of Appointment :	24.06.1996
DIN No.:	00231636
Name :	Mr. Kashinath Revappa Dhole
Designation :	Director
Address :	224-17, Civil Lines, Gandhi Nagar, Solapur – 413001, Maharashtra, India
Date of Birth/Age :	01.07.1954
Date of Appointment :	11.05.2013
DIN No.:	01076675
Name :	Mr. Amarender Reddy Minupuri
Designation :	Director
Address :	P.No. 77, Parkview Enclave, Hasmathpet Road, Bowenpally, Secunderabad-500009, Telangana, India
Date of Birth/Age :	22.10.1951
Date of Appointment :	30.01.2012
DIN No.:	05182741
Name :	Mrs. Vimala Behram Madon
Designation :	Director
Address :	B - 100, 2nd Main Road Afochs, Near Childrens Park, Sainikpuri, Tirumalagiri, Hyderabad-500094, Telangana, India
Date of Birth/Age :	17.08.1948
Date of Appointment :	28.07.2014
DIN No.:	06925101

KEY EXECUTIVES

Name :	Mrs. Jimisha Parth Dawda
Designation :	Company Secretary
Address :	A2, Mangal Residency, Aasara Chowk, Hotgi Road, Solapur-413003, Maharashtra, India
PAN No.:	DPNPS5919P
Date of Appointment :	01.11.2017
Name :	Mr. Gaddam Hemanth Reddy
Designation :	Chief Finance Officer
Address :	Plot No. 780, Road No. 44, Jubilee Hills, Shaikpet, Hyderabad – 500033, Telangana, India
PAN No.:	ACGPG3981L
Date of Appointment :	07.03.2015
AUDIT COMMITTEE:
Name :	Mr. T. Naveena Chandra
Designation :	Chairman
Name :	Mr. M Amarender Reddy
Designation :	Member
Name :	Mr. C.S.N. Murthy
Designation :	Member
Research And Development Committee:
Name :	Mr. A. Prathap Reddy
Designation :	Chairman
Name :	Mr. N. Rajeshwar Reddy
Designation :	Member
Name :	Mr. A. Srinivas Reddy
Designation :	Member
Stake Holder’s Relationship Committee :
Name :	Mr. M. Amarender Reddy
Designation :	Chairman
Name :	Mr. A. Prathap Reddy
Designation :	Member
Name :	Mr. G. Hemanth Reddy
Designation :	Member
Nomination and Remuneration Committee :
Name :	Mr. M. Amarender Reddy
Designation :	Chairman
Name :	Mr. T. Naveena Chandra
Designation :	Member
Name :	Mrs. Vimala B. Madon
Designation :	Member
Corporate Social Responsibility Committee :
Name :	Mr. Kashinath R. Dhole
Designation :	Chairman
Name :	Mr. N. Rajeshwar Reddy
Designation :	Member
Name :	Mr. D. Ram Reddy
Designation :	Member
Merger Committee
Name :	Mr. T. Naveena Chandra
Designation :	Chairman
Name :	Mr. M. Amarender Reddy
Designation :	Member
Name :	Mr. G. Hemanth Reddy
Designation :	Member

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: MARCH 2018

Category of shareholder	No. of fully paid up equity shares held	Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a % of (A+B+C2)
(A) Promoter & Promoter Group	17673916	54.55
(B) Public	14727084	45.45
Grand Total	32401000	100.00

Statement showing shareholding pattern of the Promoter and Promoter Group

Category of shareholder	No. of fully paid up equity shares held	Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a % of (A+B+C2)
A1) Indian		0.00
Individuals/Hindu undivided Family	12883996	39.76
A SRINIVAS REDDY	1650811	5.09
A ANNAPURNA DEVI	314850	0.97
ANDE PRATHAP REDDY	4928748	15.21
RAJESWAR REDDY NOMULA	594895	1.84
D RAM REDDY	466905	1.44
GADDAM RAJA REDDY	403775	1.25
A MEENA DEVI	144110	0.44
NOMULA SARITA	398000	1.23
GADDAM HEMANTH REDDY	705020	2.18
A SHAKUNTHALA DEVI	1944450	6.00
VANDANA RAM REDDY DUNDURAPU	228019	0.70
GADDAM MADHUMATHI	574150	1.77
NOMULA EESHAN REDDY	99500	0.31
NOMULA DEEPTI	304500	0.94
TANMAI REDDY RAM REDDY DUNDURAPU	106253	0.33
LAASYA GADDAM	10010	0.03
KOMALI GADDAM	10000	0.03
Any Other (specify)	4774720	14.74
APR HOLDINGS AND INVESTMENTS LLP	4774720	14.74
Sub Total A1	17658716	54.55
A2) Foreign		0.00
A=A1+A2	17658716	54.55

Statement showing shareholding pattern of the Public shareholder

Category & Name of the Shareholders	No. of fully paid up equity shares held	Shareholding % calculated as per SCRR, 1957 As a % of (A+B+C2)
B1) Institutions	0	0.00
Mutual Funds/	593222	1.83
HSBC SMALL CAP EQUITY FUND IN30152430034956, IN30152430034930	593222	1.83
Foreign Portfolio Investors	412626	1.27
Financial Institutions/ Banks	23629	0.07
Any Other (specify)	8757	0.03
Foreign Institutional Investors	8757	0.03
Sub Total B1	1038234	3.20
B2) Central Government/ State Government(s)/ President of India	0	0.00
B3) Non-Institutions	0	0.00
Individual share capital upto INR 0.200 Million	6407886	19.78
Individual share capital in excess of INR 0.200 Million	5917009	18.26
VIJAYALAXMI YANNAM VEERA REDDY YANNAM SRINIVAS REDDY YANNAM IN30023915272650	403125	1.24
VEERA REDDY YANNAM SRINIVAS REDDY YANNAM VIJAYALAXMI YANNAM IN30023915258168	469717	1.45
VINITHA NALLA IN30102220438368	958440	2.96
KISHAN REDDY NALLA IN30102220438416	1078500	3.33
VIJAYA NALLA IN30102220438393	798500	2.46
VINEEL REDDY NALLA IN30102220438385	1050145	3.24
Devabhaktuni Krishna Kumari	322819	1.00
Any Other (specify)	1363955	4.21
Bodies Corporate	1008558	3.11
Clearing Members	159386	0.49
Trusts	6000	0.02
Non-Resident Indian (NRI)	154901	0.48
IEPF	35110	0.11
Sub Total B3	13688850	42.25
B=B1+B2+B3	14727084	45.45
Details of the shareholders acting as persons in Concert including their Shareholding (No. and %):
Details of Shares which remain unclaimed may be given here along with details such as number of shareholders, outstanding shares held in demat/unclaimed suspense account, voting rights which are frozen etc.
Note (1) PAN would not be displayed on website of Stock Exchange(s). (2) The above format needs to disclose name of all holders holding more than 1% of total number of shares (3) W.r.t. the information pertaining to Depository Receipts, the same may be disclosed in the respective columns to the extent information available,.

BUSINESS DETAILS

Line of Business :

Subject is engaged in manufacturing of Speciality Chemicals and Amines.

(Registered Activity)

Products :

Code of Products	Description of Products
20119	Manufacturing of Alaphatic Amines, their relatives and Specialty chemicals
55101	Running of 5 star Hotel Balaji Hotel Premiere

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 :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

Customers :

Reference :	Not Divulged
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

No. of Employees (As on 31.03.2017):

773 (Approximately)

Bankers (As on 31.03.2017):

• State Bank of Hyderabad
• HDFC Bank Limited
• Bank of Baroda

Bank Name	State Bank of India
Branch	Solapur, Maharashtra, India
Person Name (With Designation)	--
Contact Number	--
Name of Account Holder	--
Account Number	--
Account Since (Date/Year of Account Opening)	--
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	--
Account Operation	--
Remarks (If any)	--

Facilities :

(INR In Million)

Secured Loan	As on 31.03.2018	As on 31.03.2017
LONG TERM BORROWINGS
Bank of Baroda [Rupee Term Loan]	NA	90.502
[FCNR Term Loan - US Dollars]	NA	9.927
HDFC Bank Limited
Rupee Term Loan	NA	25.000
FCNR Term Loan - Euros	NA	24.637
SHORT TERM BORROWINGS
State Bank of Hyderabad	NA	116.688
State Bank of India	NA	0.000
HDFC Bank	NA	481.865
Bank of Baroda	NA	63.521
Total	NA	812.140

NOTE:

LONG TERM BORROWING:

The above term loans are secured by pari-pasu first charge on all fixed assets of the company wherever located, both present and future, and by deposit of title deeds of lands belonging to the company

SHORT TERM BORROWING:

The borrowings towards working capital limits sanctioned by banks including Working Capital Demand Loans are secured by pari-pasu first charge by way of hyphothecation of stocks and book debts and second charge on all fixed assets of the company, both present and future.

Auditors 1:
Name :	Ayyadevara and Company Chartered Accountants
Address :	1-2-386/A/1, Gagan Mahal, Hyderabad – 500029, Telangana, India
Tel. No:	91-40-27632354/ 27642952
Email:	sridevar@yahoo.co.in
Auditors 2 (As on 31.03.2017):
Name :	V. Sridhar and Company Chartered Accountants
Address :	No. 12-2-823/A/78, Geeta Apartments, Santoshnagar Colony, Mehdipatnam, Hyderabad – 500 028, Telangana, India
Tel. No:	91-40-23511114
Secretarial Auditor (As on 31.03.2017):
Name :	P. S. Rao and Associates (Company Secretaries)
Address :	Flat No. 10, 4th Floor, # 6-3-347/22/2, Ishwarya Nilayam, Opposite Sai Baba Temple, Dwarakapuri Colony, Panjagutta, Hyderabad – 500082, Telangana, India
Cost Accountant (As on 31.03.2017):
Name :	Mr. N. V. S. Kapardhi (Practicing Cost Accountant)
Address :	1-9-1113/17/B, Dayanand Nagar, Vidhyanagar, Hyderabad - 500 044, Telangana, India
Internal Auditors (As on 31.03.2017):
Name :	S.P. Jawalkar and Associates Chartered Accountants
Address:	508, Shukrawar Peth, Solapur – 413002, Maharashtra, India
Memberships :	Not Available
Collaborators :	Not Available
Wholly Owned Subsidiary (As on 31.03.2017):	Bhagyanagar Chemicals Limited (U24110PN1988PLC16821)
Subsidiary Company (As on 31.03.2017):	Balaji Greentech Products Limited (U24230PN2005PLC16822)
A co-ownership in which Directors and their relatives are interested (As on 31.03.2017):	KPR House / Family Trust
A Company in which Directors are interested (As on 31.03.2017):	Balaji Sourcings Private Limited

CAPITAL STRUCTURE

As on: 31.03.2018

Authorised Capital : Not Available

Issued, Subscribed and Paid-up Capital : INR 64.802 Million

As on: 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
45000000	Equity Shares	INR 2/- each	INR 90.000 Million

Issued, Subscribed and Paid-up Capital :

No. of Shares	Type	Value	Amount
32401000	Equity Shares	INR 2/- each	INR 64.802 Million

Number of shares outstanding at end of the year

Particulars	No of Shares
Number of shares outstanding at beginning of the year	3,24,01,000
Changes during the year	--
Number of shares outstanding at end of the year	3,24,01,000

RESTRICTION ON DISBURSEMENT OF DIVIDEND:

As part of the general terms and conditions in respect of borrowings from Banks, prior permission should be taken from the lending Banks before distribution of dividend. Similarly, the term lenders have imposed a condition that, no dividend shall be declared in the event of default in the scheduled repayment of installment.

SHAREHOLDER HOLDING MORE THAN 5% SHARE:

NAME OF SHAREHOLDERS	NO. OF SHARES	% OF HOLDING
Ande Prathap Reddy	4914748	15.17
APR Holdings Investment Private Limited	4774720	14.74
A. Shakunthala Devi	1944450	6.00
Ande Prathap Reddy	1650811	5.09

During the five years immediately preceding the financial year 2013-14, the company has not issued any shares without payment being received in cash, nor issued any bonus shares and the company did not buy back any shares.

The Company has only one class of Shares i.e. Equity Shares.

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET (STANDALONE)

SOURCES OF FUNDS	31.03.2018	31.03.2017	31.03.2016
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	64.802	64.802	64.802
(b) Reserves and Surplus	4608.013	3622.060	2852.123
(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)	4672.815	3686.862	2916.925
(3) Non-Current Liabilities
(a) long-term borrowings	60.964	150.066	445.839
(b) Deferred tax liabilities (Net)	502.233	582.627	563.514
(c) Other long term liabilities	369.445	0.000	0.000
(d) long-term provisions	0.000	58.287	120.483
Total Non-current Liabilities (3)	932.642	790.980	1129.836
(4) Current Liabilities
(a) Short term borrowings	996.809	662.074	894.865
(b) Trade payables	743.486	676.736	544.778
(c) Other current liabilities	217.105	221.446	254.392
(d) Short-term provisions	630.755	515.795	327.996
Total Current Liabilities (4)	2588.155	2076.051	2022.031
TOTAL	8193.612	6553.893	6068.792
I. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3160.577	3085.439	3222.896
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	664.911	250.834	162.612
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	660.000	301.528	301.528
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	278.237	150.836
(e) Other Non-current assets	402.259	24.563	22.147
Total Non-Current Assets	4887.747	3940.601	3860.019
(2) Current assets
(a) Current investments	0.050	0.000	0.000
(b) Inventories	890.971	819.736	592.120
(c) Trade receivables	1726.778	1217.988	1200.757
(d) Cash and cash equivalents	71.123	34.544	84.802
(e) Short-term loans and advances	0.000	541.024	331.094
(f) Other current assets	616.943	0.000	0.000
Total Current Assets	3305.865	2613.292	2208.773
TOTAL	8193.612	6553.893	6068.792

PROFIT and LOSS ACCOUNT (STANDALONE)

	PARTICULARS		31.03.2018	31.03.2017	31.03.2016
	SALES
		Income	8770.036	6675.342	6349.235
		Other Income	40.437	49.154	22.439
		TOTAL	8810.473	6724.496	6371.674
Less	EXPENSES
		Cost of Materials Consumed	4609.693	3459.428	3267.710
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	31.162	(48.525)	220.863
		Employees benefits expense	450.891	231.862	203.357
		Exceptional Item	(5.991)	(7.215)	0.000
		Other expenses	1783.054	1485.032	1368.380
		TOTAL	6868.809	5120.582	5060.310
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		1941.664	1603.914	1311.365
Less	FINANCIAL EXPENSES		192.879	116.861	200.849
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		1748.785	1487.053	1110.516
Less/ Add	DEPRECIATION/ AMORTISATION		90.401	182.207	178.972
	PROFIT BEFORE TAX		1658.384	1304.846	931.544
Less	TAX		526.574	449.113	318.838
	PROFIT AFTER TAX		1131.810	855.733	612.706
	Earnings Per Share (INR)		34.93	26.41	18.91

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2018	31.03.2017	31.03.2016
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Cash flow from Operating Activities	NA	510.994	835.350

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2018	31.03.2017	31.03.2016
Average Collection Days (Sundry Debtors / Income * 365 Days)	71.87	66.60	69.03
Account Receivables Turnover (Income / Sundry Debtors)	5.08	5.48	5.29
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	58.87	71.40	60.85
Inventory Turnover (Operating Income / Inventories)	2.18	1.96	2.21
Asset Turnover (Operating Income / Net Fixed Assets)	0.51	0.48	0.39

LEVERAGE RATIOS

PARTICULARS	31.03.2018	31.03.2017	31.03.2016
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.32	0.34	0.41
Debt Equity Ratio (Total Liability / Networth)	0.23	0.22	0.46
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.55	0.56	0.69
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.82	0.90	1.16
Interest Coverage Ratio (PBIT / Financial Charges)	10.07	13.72	6.53

PROFITABILITY RATIOS

PARTICULARS		31.03.2018	31.03.2017	31.03.2016
Net Profit Margin ((PAT / Sales) * 100)	%	12.91	12.82	9.65
Return on Total Assets ((PAT / Total Assets) * 100)	%	13.81	13.06	10.10
Return on Investment (ROI) ((PAT / Networth) * 100)	%	24.22	23.21	21.01

SOLVENCY RATIOS

PARTICULARS	31.03.2018	31.03.2017	31.03.2016
Current Ratio (Current Assets / Current Liabilities)	1.28	1.26	1.09
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.93	0.86	0.80
G-Score Ratio Financial (Networth / Total Assets)	0.57	0.56	0.48
G-Score Ratio Debt (Debts / Equity Capital)	16.32	12.53	20.69
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.28	1.26	1.09

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

STOCK PRICES

Face Value	INR 2.00/-
Market Value	INR 592.40/-

FINANCIAL ANALYSIS

[all figures are in INR Million]

DEBT EQUITY RATIO

Particular	31.03.2016	31.03.2017	31.03.2018
	INR In Million	INR In Million	INR In Million
Share Capital	64.802	64.802	64.802
Reserves & Surplus	2852.123	3622.060	4608.013
Net worth	2916.925	3686.862	4672.815
Long-term borrowings	445.839	150.066	60.964
Short term borrowings	894.865	662.074	996.809
Total borrowings	1340.704	812.140	1057.773
Debt/Equity ratio	0.460	0.220	0.226

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2016	31.03.2017	31.03.2018
	INR In Million	INR In Million	INR In Million
Sales	6349.235	6675.342	8770.036
		5.136	31.380

NET PROFIT MARGIN

Net Profit Margin	31.03.2016	31.03.2017	31.03.2018
	INR In Million	INR In Million	INR In Million
Sales	6349.235	6675.342	8770.036
Profit/ (Loss)	612.705	855.733	1131.810
	9.65%	12.82%	12.91%

ABRIDGED BALANCE SHEET (CONSOLIDATED)

SOURCES OF FUNDS	31.03.2018	31.03.2017
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	64.802	64.802
(b) Reserves & Surplus	4608.013	3474.023
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
(3) Minority Interest	180.000
Total Shareholders’ Funds (1) + (2)	4852.815	3538.825
(3) Non-Current Liabilities
(a) long-term borrowings	424.884	168.150
(b) Deferred tax liabilities (Net)	502.233	508.159
(c) Other long term liabilities	5.525	0.000
(d) long-term provisions	0.000	58.286
Total Non-current Liabilities (3)	932.642	734.595
(4) Current Liabilities
(a) Short term borrowings	996.809	662.074
(b) Trade payables	844.131	677.415
(c) Other current liabilities	632.249	221.446
(d) Short-term provisions	219.795	515.795
Total Current Liabilities (4)	2692.984	2076.730
TOTAL	8478.441	6350.150
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3160.577	3254.801
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	1236.668	250.834
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.150
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	463.186	25.391
Total Non-Current Assets	4860.431	3531.176
(2) Current assets
(a) Current investments	0.050	0.000
(b) Inventories	890.971	989.808
(c) Trade receivables	1726.778	1242.878
(d) Cash and cash equivalents	312.416	34.901
(e) Short-term loans and advances	0.000	551.387
(f) Other current assets	687.795	0.000
Total Current Assets	3618.010	2818.974
TOTAL	8478.441	6350.150

PROFIT & LOSS ACCOUNT (CONSOLIDATED)

	PARTICULARS	31.03.2018	31.03.2017
	SALES
	Income	8770.036	6704.846
	Other Income	40.557	49.642
	TOTAL	8810.593	6754.488
Less	EXPENSES
	Cost of Materials Consumed	4609.693	3473.258
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	31.162	(49.581)
	Employees benefits expense	450.891	244.719
	Exceptional Item	(5.991)	(7.208)
	Other expenses	1783.669	1509.858
	TOTAL	6869.424	5171.046
	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	1941.169	1583.442
Less	FINANCIAL EXPENSES	90.401	129.365
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	1850.768	1454.077
Less/ Add	DEPRECIATION/ AMORTISATION	192.879	197.119
	PROFIT/ (LOSS) BEFORE TAX	1657.889	1256.958
Less	TAX	526.574	433.441
	PROFIT/ (LOSS) AFTER TAX	1131.315	823.517
	Earnings / (Loss) Per Share (INR)	34.92	25.42

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	No
8	Designation of contact person	No
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	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	Litigations that the firm/promoter involved in	---
32	Market information	---
33	Payments terms	No
34	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CAHREGS:

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G89164446	100181660	HDFC BANK LIMITED	18/05/2018	-	-	500000000.0	HDFC Bank House, Senapati Bapat Marg,Lower Parel,MumbaiMH400013IN
2	G83063420	100167086	BANK OF BARODA	27/03/2018	-	-	500000000.0	CORPORATE FINANCIAL SERVIC Branch, PUNEMANTRI COURT, RAMABAI AMBEDKAR ROAD, NEAR RTO,PuneMH411001IN
3	G78272978	10590382	HDFC BANK LIMITED	10/08/2015	07/02/2018	-	600000000.0	5th Floor, 21/6, Marathon IT ParkBund GardenPuneMH411001IN
4	C63888358	10387609	BANK OF BARODA	03/11/2012	10/08/2015	-	68600000.0	MID CORPORATE BRANCH STES Campus, CTS No. 19, PlotKhilare Path, Erandvane, Pune -411004PUNEMH411004IN
5	C63889661	10244616	BANK OF BARODA	24/09/2010	10/08/2015	-	182900000.0	MID CORPORATE BRANCH STES Campus, CTS No. 19, PlotKhilare Path, Erandvane, Pune -411004PUNEMH411004IN
6	G48387229	90086643	STATE BANK OF INDIA(previously SBH)	16/01/2004	08/05/2017	-	3100000000.0	OVERSEAS BRANCH6-3-652, " KAUTILYA', SOMAJIGUDAHYDERABADTG500082IN
7	C63127450	10218606	BANK OF BARODA	30/03/2010	04/06/2010	07/08/2015	59500000.0	Bank of Baroda, Solapur Main Branch,Chatti Gali, P.O Box No. 101SolapurMH413002IN
8	C56861560	10319137	STATE BANK OF HYDERABAD	29/10/2011	-	20/06/2015	480000000.0	OVERSEAS BRANCH6-3-652, "KAUTILYA', SOMAJIGUDAHYDERABADAP500082IN
9	C56862774	10416243	BANK OF BARODA	06/03/2013	-	30/05/2015	1200000.0	Solapur Main BranchChatti Galli, P.O. Bax no. 101,SOLAPURMH413002IN
10	C47799291	10209464	STATE BANK OF HYDERABAD	08/03/2010	12/10/2010	23/03/2015	400000000.0	State Bank of Hyderabad, Overseas Branch,6-3-652, Kautilya, Somajiguda,HyderabadAP500082IN

CONTINGENT LIABILITIES: (As on 31.03.2017)

Disputed demands A. Under the Income Tax Act, 1961: INR 1.760 Million (relating to Assessment Year 2013-14) and INR 23.108 Million (relating to Assessment Year 2014-15) in respect of additions made in assessment under section 143(3) of the Income Tax Act, 1961 and disputed in appellate proceedings. The appeals are pending before the Commissioner of Income Tax (Appeals) 7 Pune. The company has deposited an amount of INR 0.264 Million and INR 3.466 Million respectively against the said demands and obtained stay of collection of the balance disputed demand till disposal of the appeal. The above referred tax payments are grouped under the head “Short term loans and advances” B. Service Tax: INR 16.616 Million. The matter is pending in appeal before the First Appellate Authority, viz., Commissioner of Central Excise, Customs and Service Tax (Appeals). An amount of INR 1.247 Million has been deposited against this disputed demand. This amount is grouped under the head “Short term loans and advances”

FIXED ASSETS:

• Land
• Building
• Wind Electric Generator
• Plant and Machinery
• Furniture and Fixtures
• Office Equipment’s
• Vehicles

WEBSITE:

PRESS RELEASE:

BALAJI AMINES ACQUIRES 55% STAKE IN BALAJI SPECIALITY CHEMICALS

March 28, 2018: Balaji Amines announced that the company has been allotted INR 22.000 million equity shares of INR 10 each of Balaji Speciality Chemicals in various tranches up to 27 March 2018 aggregating INR 660.000 million on preferential basis constituting 55% of the post allotment paid up equity share capital of Balaji Speciality Chemicals.

With the above mentioned investment by the company, Balaji Speciality Chemicals has become subsidiary of Balaji Amines.

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 records 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 records 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	INR
US Dollar	1	INR 67.77
UK Pound	1	INR 89.96
Euro	1	INR 78.86

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	NYT
Report Prepared by :	MTN

SCORE FACTORS

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

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.