MIRA INFORM REPORT
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Report Date : |
2ND May, 2006 |
IDENTIFICATION DETAILS
|
Name : |
ANMOL
STEEL PROCESSORS PRIVATE LIMITED |
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Registered Office : |
B/6, Laxmi Apartments,
Laxminagar Co-operative Housing Society, Kasturba Road, No. 3, Borivali (East), Mumbai – 400 066,
Maharashtra, India |
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Country : |
India
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
5th
May, 1994 |
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CIN No.: |
U27100MH1994PTC078196 |
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Com. Reg. No.: |
11-78196 |
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TAN No.: (Tax Deduction &
Collection Account No.) |
MUMA10071F/MUMA19941F |
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PAN No.: (Permanent Account No.) |
AAACA8336Q |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Processors of all types of
alloys and metals (ferrous & non-ferrous) and steel conversion of coils
into sheets, strips, coiling, decoiling, straightening, phosphating,
garvanishing, slitting, shearing, pickalina, warehousing, conversion of H. R.
& C. R. mini steel plant of rolling and rerolling, wire drawing and
nailing, forging, corrugating, importing, exporting, trading, commission
agents, merchants in India or elsewhere and to imports, exports, buy, sell or
otherwise deal in all types of alloys and metals, ferrous and non-ferrous and
steel. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 40000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
The company is engaged in
the business as processors of all types of alloy and ferrous and non-ferrous
metals and steel convertion or coils into Sheet, strips, etc. The company’s
last available financials are for the financials year 2000-2001. The
company’s progress has been satisfactory. Financial position is also
satisfactory. Trade relations are reported as fair. Payments are usually made
as per commitments. It can be considered normal
for business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
B/6, Laxmi Apartments,
Laxminagar Co-operative Housing Society, Kasturba Road, No. 3, Borivali (East), Mumbai – 400 066,
Maharashtra, India |
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Tel. No.: |
91-22-2050752 |
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Head Office : |
D
– 15MIDC, Taloja, Raigad – 400057 |
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Tel. No.: |
91-22-56368709 |
DIRECTORS
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Name : |
Mr. Dinesh Lalbhai Shah |
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Designation : |
Director |
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Address : |
201/202, Anuradha
Apartments, 51St Road, 183 TPS Road, Borivali (West), Mumbai – 400
092, Maharashtra |
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Date of Birth/Age : |
25th April, 1949 |
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Date of Appointment : |
05th May, 1994 |
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Name : |
Mr. Amar D. Shah |
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Designation : |
Director |
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Address : |
201/202, Anuradha
Apartments, 51St Road, 183 TPS Road, Borivali (West), Mumbai – 400
092, Maharashtra |
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Date of Birth/Age : |
4th
March, 1979 |
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Date of Appointment : |
01st August,
2003 |
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Name : |
Mr.
Shah D Paras |
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Designation : |
Director
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Address : |
201/202, Anuradha
Apartments, 51St Road, 183 TPS Road, Borivali (West), Mumbai – 400
092, Maharashtra |
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Date of Birth/Age : |
7th
December, 1974 |
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Date of Appointment : |
1st
April, 2005 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
|
Mr. Dinesh Lalbhai Shah |
199270 |
|
Mr. Amar D. Shah |
4950 |
BUSINESS DETAILS
|
Line of Business : |
Processors of all types of
alloys and metals (ferrous & non-ferrous) and steel conversion of coils
into sheets, strips, coiling, decoiling, straightening, phosphating,
garvanishing, slitting, shearing, pickalina, warehousing, conversion of H. R.
& C. R. mini steel plant of rolling and rerolling, wire drawing and
nailing, forging, corrugating, importing, exporting, trading, commission
agents, merchants in India or elsewhere and to imports, exports, buy, sell or
otherwise deal in all types of alloys and metals, ferrous and non-ferrous and
steel. |
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Products: |
Steel Processing |
GENERAL INFORMATION
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Suppliers : |
v
Drolla Mineral Industries
Private Limited v
Ispat Industries
Limited v
N G Traders v
Punsunl Agents Private
Limited v
P G Traders v
Ushdev International
Limited v
LKP System Engineering
v
M S Cabrol Movers v
Nidhi Resourses v
Ranjeet Enterprises v
Suyog Enterprises v
Welt Automation v
New Core Steels
Private Limited v
D M Jani &
Company |
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No. of Employees : |
5 |
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Bankers : |
v
Punjab &
Maharashtra Cooperative Bank Limited v
Union Bank of India v
The Sahyadri Sahakari
Bank v
The Jain Sahakari Bank
Limited, S. V. P. Road, Borivali (West), Mumbai – 400 092, Maharashtra v
ICICI Bank Limited |
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Facilities : |
Secured
Loan – Kotak
Mahindra Priums Limited – Rs. 0.443 Millions |
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Banking Relations : |
Satisfactory
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Auditors : |
D. M. Jani & Company Chartered
Accountants |
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Address: |
Chaman Chambers, 3rd
Floor, 10-A, Cinema Road, Dhobi Talao, Mumbai – 400 002,
Maharashtra |
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Associates/Subsidiaries
: |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2,50,000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.500 millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2,04,220 |
Equity Shares |
Rs. 10/- each |
Rs. 2.042 millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
2.042 |
2.042 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
7.605 |
5.576 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH
|
|
9.647 |
7.618 |
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LOAN FUNDS |
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1] Secured Loans |
|
0.443 |
0.674 |
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2] Unsecured Loans |
|
9.057 |
1.589 |
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TOTAL
BORROWING
|
|
9.500 |
2.263 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL
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19.147 |
9.881 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
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14.874 |
14.797 |
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Capital work-in-progress
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INVESTMENT
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DEFERREX TAX ASSETS
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CURRENT ASSETS, LOANS & ADVANCES
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Inventories
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8.768 |
7.242 |
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Sundry Debtors
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89.344 |
31.794 |
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Cash & Bank Balances
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|
0.070 |
0.239 |
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Other Current Assets
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0.000 |
10.255 |
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Loans & Advances
|
|
0.029 |
0.122 |
Total Current Assets
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|
98.211 |
49.652 |
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Less : CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
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|
93.030 |
51.704 |
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Provisions
|
|
0.908 |
2.865 |
Total Current Liabilities
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|
93.938 |
54.569 |
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Net Current
Assets
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|
4.273 |
(4.917) |
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MISCELLANEOUS EXPENSES
|
|
0.000 |
0.001 |
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TOTAL
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19.147 |
9.881 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
|
31.03.2005 |
31.03.2004 |
Sales Turnover [including other income]
|
|
343.187 |
221.789 |
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Profit/(Loss) Before Tax
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|
2.029 |
2.041 |
Provision for Taxation
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|
0.000 |
0.000 |
Profit/(Loss) After Tax
|
|
2.029 |
2.041 |
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Total Expenditure
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|
333.185 |
220.689 |
KEY RATIOS
|
PARTICULARS |
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|
31.03.2005 |
31.03.2004 |
PAT / Total Income
|
(%)
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|
0.59 |
0.92 |
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Net Profit Margin
(PBT/Sales) |
(%) |
|
0.59 |
0.92 |
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Return on Total Assets
(PBT/Total Assets} |
(%) |
|
1.79 |
3.16 |
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Return on Investment (ROI)
(PBT/Networth) |
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0.21 |
0.26 |
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Debt Equity Ratio
(Total Liability/Networth) |
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10.72 |
7.46 |
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Current Ratio
(Current Asset/Current
Liability) |
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|
1.04 |
0.90 |
LOCAL AGENCY FURTHER INFORMATION
Operations
During
the year under review the performance was satisfactory and the director expect
a better growth in the next year.
BUSINESS
Subject is engaged in to
carry on the business as processors of all types of alloys and metals (ferrous
& non-ferrous) and steel conversion of coils into sheets, strips, coiling,
decoiling, straightening, phosphating, garvanishing, slitting, shearing,
pickalina, warehousing, conversion of H. R. & C. R. mini steel plant of
rolling and rerolling, wire drawing and nailing, forging, corrugating,
importing, exporting, trading, commission agents, merchants in India or
elsewhere and to imports, exports, buy, sell or otherwise deal in all types of
alloys and metals, ferrous and non-ferrous and steel.
The company’s fixed assets of
important value includes Plot at Taloja, Factory Building, Machinery, Motor
Car, Office Equipments, Crane, Furniture & Fixtures and Factory Equipments.
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] 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.44.90 |
|
UK
Pound |
1 |
Rs.81.88 |
|
Euro |
1 |
Rs.56.47 |
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 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
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TOTAL |
|
46 |
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
|
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 |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
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 |