MIRA
INFORM REPORT
|
Report Date : |
26.12.2006 |
IDENTIFICATION
DETAILS
|
Name : |
PUSHPIT
STEELS PRIVATE LIMITED |
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Registered Office : |
No.
94/2, Erripakkam Village, Nettapakkam Commune, Pondicherry – 605107 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
29.04.1997 |
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Com. Reg. No.: |
59-1320 |
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CIN No.: [Company
Identification No.] |
U27101PY1997PTC001320 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEP02430B |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Trading
of Iron & steel. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD
525000 |
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Status : |
Good |
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Payment Behaviour : |
Usually
correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a well established and reputed company having satisfactory track. Directors are reported as experienced,
respectable and resourceful businessmen.
Financial position is good.
Trade relations are fair.
Payments are usually correct and as per commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office : |
No.
94/2, Erripakkam Village, Nettapakkam Commune, Pondicherry – 605107 |
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Tel. No.: |
91-413-2699844/25249501-4 |
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Fax No.: |
91-44-25951209/25249500/2699844/5/2698992 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr.
Vinod Kumar Garg |
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Designation : |
Director
|
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Address : |
13/A,
Letangs Road, Vepery, Chennai – 600007, Tamilnadu, India |
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Date of Birth/Age : |
18.08.1961 |
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Date of Appointment : |
29.04.1997 |
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Name : |
Mr.
Anand Kumar Garg |
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Designation : |
Director
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Address : |
13/A,
Letangs Road, Vepery, Chennai – 600007, Tamilnadu, India |
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Date of Birth/Age : |
23.07.1965 |
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Date of Appointment : |
29.04.1997 |
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|
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Name : |
Mr.
Govind Gagoria |
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Designation : |
Director
|
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Address : |
D – 16
Premi Ergrillakshmi Apartments, Tondiarpet, Chennai – 600081, Tamilnadu,
India |
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Date of Birth/Age : |
18.02.1975 |
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Date of Appointment : |
03.06.2004 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
Mr.
Vinod Kumar Garg |
|
70100 |
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Ms.
Sangeeta Garg |
|
350000 |
|
Vinod
Kumar Garg [HUF] |
|
50000 |
|
Mr.
Anand Kumar Garg |
|
100 |
|
Mr.
Amitava Roy |
|
200190 |
|
Mr. E.
Kosi Mathew |
|
43540 |
|
TOTAL |
|
713930 |
BUSINESS DETAILS
|
Line of Business : |
Trading
of Iron & steel. |
GENERAL
INFORMATION
|
No. of Employees : |
30 |
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Bankers : |
The South Indian Bank Limited Pondicherry Branch, Pondicherry ICICI
Bank Limited Jammu & Kashmir Bank Limited No. 787, Anna Salai, Chennai – 600002 |
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Banking Relations : |
Satisfactory
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Auditors : |
R.
Krishana Kumar & Associates No.
1/2, Sadayappa Street, Saidapet, Chennai – 600015, Tamilnadu, India PAN
No. : AHKPK4391K |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity
Shares |
Rs. 10/- each |
Rs. 20.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
713900 |
Equity
Shares |
Rs. 10/- each |
Rs. 7.139 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
7.139 |
7.139 |
4.702 |
|
|
2] Share Application Money |
14.435 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
112.450 |
98.505 |
34.429 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
134.024 |
105.644 |
39.131 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
86.595 |
90.278 |
26.410 |
|
|
2] Unsecured Loans |
15.028 |
27.217 |
17.306 |
|
|
TOTAL BORROWING |
101.623 |
117.495 |
43.716 |
|
|
DEFERRED TAX LIABILITIES |
1.713 |
1.380 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
237.360 |
224.519 |
82.847 |
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APPLICATION OF FUNDS |
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|
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FIXED ASSETS [Net Block] |
124.027 |
131.364 |
33.835 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
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INVESTMENT |
27.808 |
2.011 |
0.011 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
[0.854] |
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
102.396
|
111.878 |
120.126 |
|
|
Sundry Debtors |
84.132
|
63.778 |
13.639 |
|
|
Cash & Bank Balances |
0.374
|
0.304 |
0.290 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
54.572
|
56.371 |
32.997 |
|
Total Current Assets |
241.474
|
232.331 |
167.052 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
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|
|
|
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Current Liabilities |
155.964
|
141.205 |
117.219 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
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Total Current Liabilities |
155.964
|
141.205 |
117.219 |
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Net Current Assets |
85.510
|
91.126 |
49.833 |
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MISCELLANEOUS EXPENSES |
0.015 |
0.018 |
0.022 |
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|
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TOTAL |
237.360 |
224.519 |
82.847 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
924.391 |
754.320 |
490.155 |
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|
|
|
|
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Profit/(Loss)
Before Tax |
15.797 |
45.915 |
3.755 |
|
Provision
for Taxation |
1.853 |
3.776 |
1.314 |
|
Profit/(Loss)
After Tax |
13.944 |
42.139 |
2.441 |
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|
|
|
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Total
Expenditure |
908.594 |
708.405 |
486.400 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
1.50
|
5.58 |
0.49 |
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Net
Profit Margin (PBT/Sales) |
(%) |
1.70
|
6.08 |
0.76 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
4.32
|
12.62 |
1.86 |
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Return
on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.43 |
0.09 |
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Debt
Equity Ratio (Total
Liability/Networth) |
|
1.92
|
2.44 |
4.11 |
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|
|
|
|
|
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Current
Ratio (Current
Asset/Current Liability) |
|
1.54
|
1.64 |
1.42 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed
Assets
Land,
Factory Shed & Building, Plant & Machinery, Electrical Installations,
EPABX Systems, Water Supply System, Tow Wheeler, Car, Furniture, Weighing
Scale, Lab Items, Computer, Tractor, Jeep, Lorry Tripper and Xerox Machine.
|
Name of the company |
PUSHPIT STEELS PRIVATE LIMITED |
|
Presented By |
Shri. Vinod Kumar Garg, Director |
|
1) Date and description of instrument creating the change |
Agreement of Hypothecation Deposit of Title Deeds [No agreement executed] All agreements executed on same date and related to same charge] |
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2) Amount secured by the charge/amount owing on the securities of charge |
Cash Credit Limit : Rs. 20.000 millions LC Limit : Rs. 75.000 millions Total
: Rs. 95.000 millions |
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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 |
Goods, machinery, vehicle, book debts and other assets, equitable mortgage of industrial land and building in the name of the company situated at Pondicherry District, Bahour Sub – District, Bahour Taluk, Eripakkam Village, Cad Nos. 320/1/1, 302/1/2, 320/1/3, 320/4, 320/2/2, 321/1, RYND 94/2, 94/3, 94/4 area measuring 4.50 acres together with all buildings / existing and or to be structured |
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4) Gist of the terms and conditions and extent and operation of the charge. |
CC Limit : Margin : 25% ROI : BPLR – 2% [11% minimum] Sub-limit Rs. 6 millions against book debts not older than 90 days with 40% margin] LC Limit : Margin : 10% Counter guarantee by the company / directors Commission : For individual import LC above USD 100000/- 50% of the applicable rate Tenor : DP/DA 180 days for import and 90 days for Inland LC |
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5) Name and Address and description of the person entitled to the charge. |
The South Indian Bank Limited Pondicherry Branch, Pondicherry |
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6) Date and brief description of instrument modifying the charge |
24.12.2004 Letter of deposit of title deeds |
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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. |
Deposit of the title deeds |
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Name of the company |
PUSHPIT STEELS PRIVATE LIMITED |
|
Presented By |
Shri. Vinod Kumar Garg, Director |
|
1) Date and description of instrument creating the change |
23.12.2004 Agreement of Hypothecation Deposit of Title Deeds [No agreement executed] All agreements executed on same date and related to same charge] |
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2) Amount secured by the charge/amount owing on the securities of charge |
Cash Credit Limit : Rs. 20.000 millions LC Limit : Rs. 75.000 millions Total
: Rs. 95.000 millions |
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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 |
Goods, machinery, vehicle, book debts and other assets, equitable mortgage of industrial land and building in the name of the company situated at Pondicherry District, Bahour Sub – District, Bahour Taluk, Eripakkam Village, Cad Nos. 320/1/1, 302/1/2, 320/1/3, 320/4, 320/2/2, 321/1, RYND 94/2, 94/3, 94/4 area measuring 4.50 acres together with all buildings / existing and or to be structured |
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4) Gist of the terms and conditions and extent and operation of the charge. |
CC Limit : Margin : 25% ROI : BPLR – 2% [11% minimum] Sub-limit Rs. 6 millions against book debts not older than 90 days with 40% margin] LC Limit : Margin : 10% Counter guarantee by the company / directors Commission : For individual import LC above USD 100000/- 50% of the applicable rate Tenor : DP/DA 180 days for import LC and 90 days for Inland LC |
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5) Name and Address and description of the person entitled to the charge. |
The South Indian Bank Limited Pondicherry Branch, Pondicherry |
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6) Date and brief description of instrument modifying the charge |
28.03.2005 Agreement of Hypothecation Letter Continuity – Joint Form [Both documents executed on same date and relating to same charge] |
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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. |
Overall credit limits enhanced from Rs. 95.000 millions to Rs. 218 millions. Details of overall limits are : CCOL Limit [Continuance] : Rs. 20.000 millions LC Limit [Continuance] : Rs. 75.000 millions Ad hoc LC Limit : Rs. 50.000 millions Fresh Term Loan : Rs. 73.000 millions Total
: Rs. 218.000 millions Other limits on same terms & conditions Fresh
Term Loan Purpose : For installation of 3 WEG units of total capacity 2000 KW. Primary Security : WEG Machinery Rate of Interest : BPLR + TP + 2.5% [11% minimum] Margin : 25.28% Repayment : By 96 EMIS of Rs. 1.147 millions each. without holiday for repayment |
|
Name of the company |
PUSHPIT STEELS PRIVATE LIMITED |
|
Presented By |
Shri. Vinod Kumar Garg, Director |
|
1) Date and description of instrument creating the change |
24.09.2003 Hypothecation Agreement |
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2) Amount secured by the charge/amount owing on the securities of charge |
Cash Credit Limit : Rs. 20.000 millions LC Limit : Rs. 43.500 millions Bank Guarantee Limit : Rs. 2.500 millions Total
: Rs. 66.000 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 |
PRIMARY : Hypothecation of all kinds of raw materials both in transit and at Factory, Semi Finished and Finished goods consisting of Steel & Steel Products Hypothecation of Book Debts COLLATERAL : First charge on company’s all fixed assets including plant and machinery by way of mortgage. Equitable mortgage of factory land measuring 7 acres 45% and building present & future valuing Rs. 43.925 millions |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest : As per credit rating ‘A’ Margin : Stock 25% Book Debts 50% Letter of Credit : 15% |
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5) Name and Address and description of the person entitled to the charge. |
Jammu & Kashmir Bank Limited No. 787, Anna Salai, Chennai – 600002 |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
|
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 Applicable |
|
Name of the company |
PUSHPIT STEELS PRIVATE LIMITED |
|
Presented By |
Shri. Vinod Kumar Garg, Director |
|
1) Date and description of instrument creating the change |
23.12.2004 Agreement of Hypothecation Deposit of Title Deeds [No agreement executed] All agreements executed on same date and related to same charge] |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Cash Credit Limit : Rs. 20.000 millions LC Limit : Rs. 75.000 millions Total
: Rs. 95.000 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 |
Goods, machinery, vehicle, book debts and other assets, equitable mortgage of industrial land and building in the name of the company situated at Pondicherry District, Bahour Sub – District, Bahour Taluk, Eripakkam Village, Cad Nos. 320/1/1, 302/1/2, 320/1/3, 320/4, 320/2/2, 321/1, RYND 94/2, 94/3, 94/4 area measuring 4.05 acres together with all buildings / existing and or to be structured |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
CC Limit : Margin : 25% ROI : BPLR – 2% [11% minimum] Sub-limit Rs. 6 millions against book debts not older than 90 days with 40% margin] LC Limit : Margin : 10% Counter guarantee by the company / directors Commission : For individual import LC above USD 100000/- 50% of the applicable rate Tenor : DP/DA 180 days for import LC and 90 days for Inland LC |
|
5) Name and Address and description of the person entitled to the charge. |
The South Indian Bank Limited Pondicherry Branch, Pondicherry |
|
6) Date and brief description of instrument modifying the charge |
Not Applicable |
|
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. |
Deposit of title deeds |
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.44.23 |
|
UK
Pound |
1 |
Rs.86.91 |
|
Euro |
1 |
Rs.58.26 |
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 |
|
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 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 |
|