MIRA
INFORM REPORT
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Report Date : |
13.07.2007 |
IDENTIFICATION DETAILS
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Name : |
STEMCOR INDIA PRIVATE LIMITED |
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Registered Office : |
Block 16, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
23.10.2003 |
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Com. Reg. No.: |
11-142850 |
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CIN No.: [Company
Identification No.] |
U51420MH2003PTC142850 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS36507C |
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PAN No.: [Permanent
Account No.] |
AAHCS9299R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is engaged in the business of providing of marketing, finance
and logistics services to the steel industry. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 10000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track records. Directors are reported as experienced and respectable
businessmen. Trade relations are reported as fair. Business is active.
Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
Block 16, |
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Tel. No.: |
91-22-24907771 / 77 |
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Fax No.: |
91-22-24907780 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Matthew Graham Stock |
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Designation : |
Managing Director |
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Address : |
Block 16, |
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Date of Birth/Age : |
10.04.1968 |
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Date of Appointment : |
23.10.2003 |
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Name : |
Mr. William John Attenborough |
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Designation : |
Director |
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Address : |
Stemcor M.E.S.A.P.O. Box 37324, Suite 707, City Tower 1, Shaikh Zayed
Road, Dubai NA, UAE |
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Date of Birth/Age : |
10.07.1952 |
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Date of Appointment : |
23.10.2003 |
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Name : |
Mr. Ralph D Oppenheimer |
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Designation : |
Director |
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Address : |
Level 27, |
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Date of Appointment : |
23.10.2003 |
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Date of Ceasing : |
03.02.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Stemcor Holdings Limited |
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459999 |
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Ralph D. Oppenheimer |
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50001 |
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Total |
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510000 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in the business of providing of marketing, finance and
logistics services to the steel industry. |
GENERAL INFORMATION
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Bankers : |
Standard
Chartered Bank Narain Manzil, |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Todarwal and Todarwal Chartered Accountants |
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Address : |
112 Maker Bhavan No. 3, 21 New Marine Lines, Mumbai – 400020, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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600000 |
Equity Shares |
Rs. 10/- each |
Rs. 6.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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510000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.100
Millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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5.100 |
5.100 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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[0.596] |
[1.202] |
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NETWORTH |
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4.504 |
3.898 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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389.560 |
176.117 |
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TOTAL BORROWING |
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389.560 |
176.117 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.046 |
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TOTAL |
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394.064 |
180.061 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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23.498 |
1.965 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.503 |
0.503 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Sundry Debtors |
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9.633 |
0.877 |
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Cash & Bank Balances |
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171.709 |
0.036 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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395.022 |
202.669 |
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Total
Current Assets |
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576.364 |
203.582 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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206.116 |
25.989 |
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Provisions |
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0.185 |
0.000 |
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Total
Current Liabilities |
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206.301 |
25.989 |
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Net Current Assets |
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370.063 |
177.593 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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394.064 |
180.061 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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23.868 |
18.038 |
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Other Income |
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8.972 |
0.661 |
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Total Income |
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32.840 |
18.699 |
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Profit/(Loss) Before Tax |
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0.746 |
(1.228) |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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0.746 |
(1.228) |
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Expenditures : |
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Interest |
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0.005 |
0.003 |
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Depreciation & Amortization |
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0.711 |
0.585 |
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Other Expenditure |
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22.406 |
18.678 |
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Total Expenditure |
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23.122 |
19.266 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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2.27 |
(6.57) |
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Net Profit Margin (PBT/Sales) |
(%) |
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2.27 |
(6.57) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.12 |
(0.60) |
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Return on Investment (ROI) (PBT/Networth) |
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0.16 |
(0.31) |
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Debt Equity Ratio (Total Liability/Networth) |
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132.30 |
51.85 |
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Current Ratio (Current Asset/Current Liability) |
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2.79 |
7.83 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
STEMCOR INDIA
PRIVATE LIMITED |
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Presented
By |
-- |
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1) Date and description of instrument creating the change |
Charge over collection
account agreement dated 10.10.2005 executed by the company, acting as
collection agent for Stemcor Pte Limited in favour of Standard Chartered
Bank, |
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2) Amount secured by the charge/amount owing on the securities of charge |
Stemcor has entered
into a Limited Recourse Facility Agreement dated 04.10.2005 wherein the
lenders therein have agreed to grant Stemcor a Limited recourse facility of
up to US $ 20000000 upon the terms set out therein. |
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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 |
As security for
the Facility, the Collection Agent, in its capacity as collection agent for
Stemcor, a charge is created on the right, title and interest to all funds,
present and future, in the Collection Account as account of the company held
with Standard Chartered Bank at its Mumbai branch in favour of the Security
Trustee, duly authorised to take up and of the security interest created
herein on behalf of the Lenders. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
As continuing
security for the prompt and complete payment and performance when due of the
secured Obligations and the due and punctual performance and observance by
Stemcor of any and all of their obligations under the facility agreement the
company creates a charge and hypothecates to the security trustee and grants
and creates a first priority security interest in favour of the security
trustee as and by way of a first priority fixed charge on all present and
future right title and interest of Stemcor in and to the said account and to
all the monies deposited in the said account. The said account
shall be exclusively charged as security by the company in favour of the
security trustee and shall be specifically and exclusively appropriated for
the due payment and discharge of the secured obligations in the manner set
out in the aforesaid charge agreement.
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5) Name and Address and description of the person entitled to the charge. |
Standard
Chartered Bank, in its capacity security trustee 17, |
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6) Date and brief description of instrument modifying the charge |
Nil |
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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. |
Nil |
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U51420MH2003PTC142850 |
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Name of the
company |
STEMCOR INDIA PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
Block 16, |
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Particular of
charge holder |
Standard
Chartered Bank Narain Manzil, |
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Nature of
description of the instrument creating or modifying the charge |
Charge over the
Mumbai Collection Account |
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Date of
instrument Creating the charge |
09.01.2007 |
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Amount secured by
the charge |
Rs. 270.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
: As per the terms
set out in the agreement between the Stemcor India Private Limited and
Standard Chartered Bank Term of Repayment
: As per the terms
and conditions set out in the agreement between the SIPL and SCB Margin : As may be
notified by the Bank Extent and
operation of the charge : Charge by way of
an exclusive first priority charge in favour of SCB |
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Short particulars
of the property charged |
First Priority
charge on all the funds in the Mumbai Collection Account |
As Per Website
Their principal business is the international distribution
of steel and raw materials.
Subject was founded in 1951 and the knowledge base and global infrastructure they have built up since then have helped to make us one of the leading providers of marketing, finance and logistics services to the steel industry.
Today they have a turnover of over $5 billion and employ nearly 1,000 people across all their operating units.
They value their independence and are proud of their reputation in the industry as a dependable, straightforward and long-term business partner.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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
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Indian Rupees |
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US Dollar |
1 |
Rs.40.38 |
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1 |
Rs.82.04 |
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Euro |
1 |
Rs.55.56 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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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 |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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45 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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