MIRA
INFORM REPORT
|
Report Date : |
23.02.2007 |
IDENTIFICATION DETAILS
|
Name : |
MODERN INDIA CONCAST LIMITED |
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Registered Office : |
18 D Everest, 46C, Jawaharlal Nehru Road, Kolkata – 700071, West
Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
08.04.1987 |
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Com. Reg. No.: |
21-42166 |
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CIN No.: [Company
Identification No.] |
U27106WB1987PLC042166 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALM104349C |
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PAN No.: [Permanent
Account No.] |
AADCM3091K |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
To carry on the business as Manufacturer of Dealers in Exports and Imports
of all Verities of Steel, Special Steel, Carbon Steel, Tool Alloy Steel, Mild
Steel and any other kind and Grades of Steel and to carry on and executed the
work of Steel Engineers including Manufacturing and Dealing in Steel Billets,
Steel Rods, Steel Ingots, Steel Sheets, Steel Wires and in all kinds of Steel
products whether Forged, Rolled or Drawn and Consequently to Manufacture,
Sell and Deal in all or any of the by – product which will be obtained in the
process of Manufacturing these Steel products |
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 : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track.
Company’s profitability is under server pressure. It has some accumulated
losses. Payments are reported as slow but correct. The company can be considered for small business dealings at usual
trade terms and conditions, with slight caution initially. |
LOCATIONS
|
Registered/ Administrative Office : |
18 D Everest, 46C, Jawaharlal Nehru Road, Kolkata – 700071, West Bengal
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Tel. No.: |
91-33-30521112/1114/1115 |
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Fax No.: |
91-33-22889247/1121 |
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E-Mail.: |
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Website : |
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Factory 1 : |
Plot Nos. L-11 To L-15 Bishnupur Industrial Growth Center, P.S.
Dwarika , |
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Tel. No.: |
91-3244-251250, 251251 |
DIRECTORS
|
Name : |
Mr. Bakhshish Singh |
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Designation : |
Director |
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Address : |
3/1 Mandeville Gardens, Kolkata – 700019, West Bengal |
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Date of Birth/Age : |
20.06.1932 |
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Date of Appointment : |
08.04.1987 |
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Name : |
Mr. Bhupinder Singh |
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Designation : |
Director |
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Address : |
3/1 Mandeville Gardens, Kolkata – 700019, West Bengal |
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Date of Birth/Age : |
20.07.1941 |
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Date of Appointment : |
08.04.1987 |
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Name : |
Mr. Amardeep Singh |
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Designation : |
Director |
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Address : |
3/1 Mandeville Gardens, Kolkata – 700019, West Bengal |
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Date of Birth/Age : |
25.08.1960 |
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Date of Appointment : |
02.04.2004 |
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Name : |
Mr. Chetan Aggarwala |
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Designation : |
Director |
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Address : |
1/1 D, Asha Cooperative Housing, 93 Deshapran Sasmal Road, Kolkata –
700033, West Bengal |
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Date of Birth/Age : |
07.05.1975 |
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Date of Appointment : |
02.04.2004 |
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Name : |
Mr. Salil Aggarwala |
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Designation : |
Director |
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Address : |
1/1 D, Asha Cooperative Housing, 93 Deshapran Sasmal Road, Kolkata –
700033, West Bengal |
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Date of Birth/Age : |
31.07.1980 |
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Date of Appointment : |
02.04.2004 |
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Name : |
Mr. Tejinder Singh |
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Designation : |
Director |
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Address : |
3/1 Mandeville Gardens, Kolkata – 700019, West Bengal |
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Date of Birth/Age : |
16.03.1971 |
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Date of Appointment : |
02.04.2004 |
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Name : |
Ms. Preeti Kedia |
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Designation : |
Director |
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Address : |
3R – 29 Hind Colony, Hind Motor, Hooghly – 712233, West Bengal |
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Date of Appointment : |
01.12.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
|
Mr. Bakhshish Singh |
50 |
|
Mr. Bhupinder Singh |
50 |
|
Mr. Inder Mohan Aggarwala |
50 |
|
Mr. Gurvinder |
50 |
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Mr. Amar |
50 |
|
Mr. Amardeep Singh |
50 |
|
Mr. A Singh |
50 |
BUSINESS DETAILS
|
Line of Business : |
To carry on the business as Manufacturer of Dealers in Exports and
Imports of all Verities of Steel, Special Steel, Carbon Steel, Tool Alloy
Steel, Mild Steel and any other kind and Grades of Steel and to carry on and
executed the work of Steel Engineers including Manufacturing and Dealing in
Steel Billets, Steel Rods, Steel Ingots, Steel Sheets, Steel Wires and in all
kinds of Steel products whether Forged, Rolled or Drawn and Consequently to
Manufacture, Sell and Deal in all or any of the by – product which will be
obtained in the process of Manufacturing these Steel products |
GENERAL
INFORMATION
|
Bankers : |
v Industrial
Development Bank of India Limited, IDBI Tower, WTC Complex, Cuffe Parade,
Mumbai – 400005 v UTI Bank Limited,
Kolkata Main Branch, 7, Shakespear Sarani, Kolkata – 700071 |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Ghose & Pande Chartered Accountant |
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Address : |
B – 210/2, Bagree Market, 71, B R B Basu Road, Kolkata – 700001, West
Bengal |
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Memberships : |
Nil |
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Collaborators : |
Nil |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
600000 |
Equity Shares |
Rs. 100/- Each |
Rs. 60.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
593740 |
Equity Shares |
Rs. 100/- Each |
Rs. 59.374 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
59.374 |
59.108 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
0.000 |
6.927 |
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4] (Accumulated Losses) |
|
(21.675) |
0.000 |
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NETWORTH |
|
37.699 |
66.035 |
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LOAN FUNDS |
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1] Secured Loans |
|
187.324 |
140.860 |
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2] Unsecured Loans |
|
63.503 |
31.187 |
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TOTAL BORROWING |
|
250.827 |
172.047 |
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DEFERRED TAX LIABILITIES |
|
6.050 |
7.200 |
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TOTAL |
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294.576 |
245.282 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
139.320 |
155.622 |
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Capital work-in-progress |
|
16.091 |
1.775 |
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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 |
|
44.568 |
62.977 |
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Sundry Debtors |
|
15.705 |
33.134 |
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Cash & Bank Balances |
|
65.771 |
4.637 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
81.171 |
70.685 |
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Total
Current Assets |
|
207.215 |
171.433 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
|
67.766 |
83.039 |
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Provisions |
|
0.465 |
0.750 |
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Total
Current Liabilities |
|
68.231 |
83.789 |
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Net Current Assets |
|
138.984 |
87.644 |
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MISCELLANEOUS EXPENSES |
|
0.181 |
0.241 |
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TOTAL |
|
294.576 |
245.282 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
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Sales Turnover |
|
410.556 |
359.030 |
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Other Income |
|
3.640 |
1.462 |
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Total Income |
|
414.196 |
360.493 |
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Profit/(Loss) Before Tax |
|
(29.317) |
15.992 |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
(29.317) |
15.992 |
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Expenditures : |
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Consumption of stores and spares parts |
|
175.060 |
134.213 |
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Salaries, Wages, Bonus, etc. |
|
4.576 |
2.063 |
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Managerial Remuneration |
|
0.840 |
0.405 |
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Payment to Auditors |
|
0.067 |
0.072 |
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Interest |
|
21.500 |
12.929 |
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Insurance Expenses |
|
0.139 |
0.042 |
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Power & Fuel |
|
124.549 |
94.038 |
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Depreciation & Amortization |
|
20.957 |
16.799 |
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Other Expenditure |
|
95.822 |
83.936 |
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Total Expenditure |
|
443.510 |
344.497 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
(7.07) |
4.43 |
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Net Profit Margin (PBT/Sales) |
(%) |
|
(7.07) |
4.43 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
(8.46) |
4.88 |
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Return on Investment (ROI) (PBT/Networth) |
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|
(0.77) |
0.24 |
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Debt Equity Ratio (Total Liability/Networth) |
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|
8.46 |
3.87 |
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Current Ratio (Current Asset/Current Liability) |
|
|
3.03 |
2.04 |
LOCAL AGENCY
FURTHER INFORMATION
|
Name of the company |
MODERN INDIA CONCAST LIMITED |
|
Presented By |
UTI Bank Limited, Kolkata Main Branch, 7, Shakespear Sarani, Kolkata –
700071 |
|
1) Date and description of instrument creating the change |
Agreement for
hypothecation of current assets dated 17.11.2005 |
|
2) Amount secured by the charge/amount owing on the securities of
charge |
Facilities Cash Credit/WCDL
Limit – 70.000 Millions Bill
Discounting/Cheque – Rs. 20.000 Millions Bank Guarantee –
Rs. 27.000 Millions Total – Rs.
97.000 Millions |
|
3) Short particular of the property charged. If the property acquired
is subject to charge, date of the acquired of the property should be given |
The borrower
hereby hypothecation to the bank on pari – passu basis, all the stock in trade
both present and future consisting stock including raw material to the
borrower or at their disposal and now or at time and from time to time. The
borrower in the course of its business by any person, firm company or body
corporate or by the Government Department or office or any municipal
authority or any body corporate or undertaking or project whatever in the
public sector |
|
4) Gist of the terms and conditions and extent and operation of the
charge. |
Interest will be
charged at the rates specified by bank from time to time |
|
5) Name and Address and description of the person entitled to the
charge. |
UTI Bank Limited, Kolkata Main Branch, 7, Shakespear Sarani, Kolkata –
700071 |
|
6) Date and brief description
of instrument modifying the charge |
Not Available |
|
7) Particulars of modifications specifying the terms and conditions or
the extent of operations of the charge in which modification is made and the
details of the modification. |
Not Available |
As per Website
Details
The Modern Group of companies have established a bulk ferro alloy producing unit by the name of MODERN INDIA CON-CAST LIMITED at Bishnupur, West Bengal, India. The plant has been installed with state of the art technology and has an installed production capacity of 22,000 tonnes of Ferro Alloys annually
Profile
The Modern Group of companies have established a bulk ferro alloy producing unit by the name of MODERN INDIA CON-CAST LIMITED at Bishnupur, West Bengal, India. The plant has been installed with state of the art technology and has an installed production capacity of 22,000 tonnes of Ferro Alloys annually.
Environment protection is also their priority, their pollution control system includes a closed circuit bag filter for exhaust gas treatment. The process ensures that the health of the environment is nurtured.
This has helped us build relationships as preferred supplier of ferro alloys to all leading integrated steel plants in India, like TATA STEEL. They have also attracted users in the international markets, to whom service is provided by their export house GAYSON & COMPANY PVT. LTD. an ISO 9001 Company.
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.28 |
|
UK Pound |
1 |
Rs.86.64 |
|
Euro |
1 |
Rs.58.10 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--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 |
|
TOTAL |
|
33 |
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 |
|
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