MIRA
INFORM REPORT
|
Report Date : |
12.02.2007 |
IDENTIFICATION
DETAILS
|
Name : |
MAITHAN
ISPAT LIMITED |
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Formerly Known As : |
Mal
Industries Limited |
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Registered Office : |
3-F,
East India House, 3rd Floor, 20, British Indian Street, Kolkata –
700069, India |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
27.08.2003 |
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Com. Reg. No.: |
21-96854 |
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CIN No.: [Company
Identification No.] |
U27109WB2003PLC096854 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALM05936A |
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PAN No.: [Permanent
Account No.] |
AADCM7360B |
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Legal Form : |
Closely
Held Public Limited Liability Company. |
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Line of Business : |
Subject
is setting up an integrated steel plant in Duburi, Orissa |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
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Status : |
New
Company |
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Payment Behaviour : |
Slow
but correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a new company and a part of medium-sized Maithan Group. Directors are
reported as experienced and respectable businessmen. Trade relations are
reported as fair. Payments are reported as slow but correct. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office : |
3-F,
East India House, 3rd Floor, 20, British Indian Street, Kolkata –
700069, India |
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Tel. No.: |
91-33-22430759
– 61 |
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Mobile No.: |
91-9830015359 |
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Fax No.: |
91-33-22430585 |
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E-Mail : |
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Website : |
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Area : |
600
Sq. ft |
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Location : |
Rented |
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Head
Office : |
Chirkuda
– 828202, Jharkhand, District Dhanbad |
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Tel.
No.: |
91-6540-293344-47 |
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Fax
No.: |
91-6540-292191 |
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E-Mail
: |
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Factory
/ Warehouse : |
Duburi,
Orissa |
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Location : |
Owned |
DIRECTORS
|
Name : |
Mr
Vishal Agarwalla |
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Designation : |
Wholetime
director |
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Address : |
2-C,
Ahirpukur Road, Kolkata – 700019 |
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Date of Birth/Age : |
19.06.1971 |
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Qualification : |
Graduate |
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Experience : |
15
years |
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Directorship in other companies : |
Maithan
Ceramic Limited |
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Name : |
Mr
Aditya Agarwalla |
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Designation : |
Director |
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Name : |
Mr
Basnat Agarwalla |
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Designation : |
Director |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
|
Anglo-Ver
Textiles Private Limited |
100000 |
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Auric
Trade Fin Private Limited |
200000 |
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Baron
Consultants Private Limited |
200000 |
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Bhagya
Shree Trading Private Limited |
200000 |
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Daksh
Trade Link Private Limited |
350000 |
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Global
Stock and Securities Limited |
100000 |
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Hanumang
Mercantiles Private Limited |
100000 |
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Harvad
Trdaing Private Limited |
200000 |
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Hilton
Markentiles Private Limited |
200000 |
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Kanchan
Commodeal Private Limited |
250000 |
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Mayabati
merchants Private Limited |
100000 |
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Onkar
Consultancy Private Limited |
130000 |
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Plus
Jet Finvest Private Limited |
250000 |
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P V
Textiles and Finance Private Limited |
200000 |
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Ranjana
Commerce Trades Private Limited |
200000 |
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R A
Trading Private Limited |
275000 |
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Regal
mercantile Private Limited |
100000 |
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Roto
Flex Packaging Private Limited |
170000 |
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Sagun
Tie Up Private Limited |
300000 |
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Sampark
Consultants Private Limited |
300000 |
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Susri
Finance Private Limited |
100000 |
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Mr
Aditya Agarwalla |
17950 |
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Mr
Basant Kumar Agarwalla |
23000 |
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Mr
Binod Kumar Agarwalla |
5000 |
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Mr
Jagdish Prasad Agarwalla |
5000 |
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Mr
Sunit Agarwalla |
5000 |
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Mr
Vishal Agarwalla |
5000 |
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BUSINESS DETAILS
|
Line of Business : |
Subject
is setting up an integrated steel plant in Duburi, Orissa |
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Products : |
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Terms : |
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Purchasing : |
Cash,
Contract, Credit |
PRODUCTION
STATUS
|
Yet to start the production |
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GENERAL
INFORMATION
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Customers : |
Manufacturers,
Wholesalers, Government Bodies. |
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No. of Employees : |
Comprising
of Office Staff, Plant Worker, Sales Staff |
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Bankers : |
UTI
Bank Limited, 7, Shakespear Sarani, Kolkata – 700071 |
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Auditors : |
Aditya
and Associates Chartered
Accountants Kolkata |
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Associates |
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Parent Company : |
Maithan
Group |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
2,0,00,000 |
Equity
Shares |
Rs 10/- each |
Rs 200.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
1,28,90,950 |
Equity
Shares |
Rs 10/- each |
Rs 128.909 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
|
SHAREHOLDERS FUNDS |
|
|
|
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1] Share Capital |
|
128.909 |
0.659 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
0.000 |
0.000 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
128.909 |
0.659 |
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LOAN FUNDS |
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1] Secured Loans |
|
0.000 |
0.000 |
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2] Unsecured Loans |
|
0.000 |
0.000 |
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TOTAL BORROWING |
|
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
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128.909 |
0.659 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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37.027 |
0.000 |
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Capital work-in-progress |
|
14.999 |
0.000 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
0.000 |
0.000 |
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Sundry Debtors |
|
0.000 |
0.000 |
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Cash & Bank Balances |
|
27.390 |
0.420 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
45.226 |
0.550 |
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Total Current Assets |
|
72.616 |
0.970 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities and Provisions |
|
1.218 |
0.502 |
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Total Current Liabilities |
|
1.218 |
0.502 |
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Net Current Assets |
|
71.398 |
0.468 |
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MISCELLANEOUS EXPENSES |
|
5.485 |
0.191 |
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TOTAL |
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128.909 |
0.659 |
KEY
RATIOS
|
PARTICULARS |
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|
31.03.2005 |
31.03.2004 |
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Debt
Equity Ratio (Total
Liability/Networth) |
|
|
0.01 |
0.76 |
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Current
Ratio (Current
Asset/Current Liability) |
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|
59.62 |
1.93 |
LOCAL AGENCY
FURTHER INFORMATION
Nil
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 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
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.44.17 |
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UK
Pound |
1 |
Rs.86.10 |
|
Euro |
1 |
Rs.57.26 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
-- |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
-- |
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--PROFITABILIRY |
1~10 |
-- |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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 |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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