MIRA
INFORM REPORT
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Report Date : |
12.07.2007 |
IDENTIFICATION DETAILS
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Name : |
MOON ISPAT INDUSTRIES LIMITED |
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Registered Office : |
Village Madap, |
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Country : |
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Financials (as on) : |
31.03.2004 |
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Date of Incorporation : |
16.01.2003 |
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Com. Reg. No.: |
11-138708 |
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CIN No.: [Company
Identification No.] |
U27108MH2003PLC138708 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM24904F |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Black Pipes, G I Pipes, Metals and Alloys
and Sheet Metals |
RATING & COMMENTS
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MIRA’s Rating : |
NR |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 1000 |
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Status : |
Undetermined |
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Payment Behaviour : |
-- |
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Litigation : |
-- |
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Comments : |
Subject is a 4 years old company but no latest financials are
available from any of the sources. The
management of the company remained non-cooperative despite several follow-ups. No government records could be traced. In view of the above the company’s current status cannot be determined
and we suggest fully safe and secured trade terms and conditions, only. We are continuing our efforts for procuring latest financials and if
we are successful, we will send a. |
LOCATIONS
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Registered Office : |
Village Madap, |
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E-Mail : |
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Factory 1 : |
B P T Plot No 223 5Quay Street, Darukhana, Mumbai – 400010, |
DIRECTORS
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Name : |
Mr. Suhail A. Siddiqui |
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Designation : |
Director |
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Address : |
88 / 96, Dilkhush Mahal, Shaheda Marg, Dongri, Mumbai – 400009, |
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Date of Appointment : |
16.01.2003 |
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Name : |
Mr. Sarfaraz A. Siddiqui |
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Designation : |
Director |
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Address : |
88 / 96, Dilkhush Mahal, Shaheda Marg, Dongri, Mumbai – 400009, |
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Date of Appointment : |
16.01.2003 |
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Name : |
Mr. Abbas A. R. Sonsara |
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Designation : |
Director |
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Address : |
4, Hanjar Villa, 4th Floor, |
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Date of Appointment : |
16.01.2003 |
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Date of Ceasing : |
25.08.2005 |
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Name : |
Mr. Asif N. Siddiqui |
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Designation : |
Director |
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Address : |
88 / 96, Dilkhush Mahal, Shaheda Marg, Dongri, Mumbai – 400009, |
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Date of Appointment : |
18.08.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Suhail A. Siddiqui |
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6600 |
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Sarfaraz A. Siddiqui |
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6600 |
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Abbas A. R. Sonsara |
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5700 |
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Asif N. Siddiqui |
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6600 |
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Shakeel A Siddiqui |
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6600 |
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Nizamuddin N. Siddiqui |
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6600 |
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Ruqaiya Abbas Sonsara |
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5700 |
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Naddem Abbas Sonsara |
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5600 |
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Total |
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50000 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors of relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Black Pipes, G I Pipes, Metals and Alloys
and Sheet Metals |
GENERAL INFORMATION
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Bankers : |
Not Available |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Ehtesham and Company Chartered Accountants |
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Address : |
127, Mastan Shopping Center, Clare Road, Byculla, Mumbai – 400008,
Maharashtra, India |
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Associates/Subsidiaries : |
Nyka Steel Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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400,000 |
Equity Shares |
Rs. 100/- each |
Rs. 40.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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50,000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.500
Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.500 |
0.500 |
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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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[0.096] |
[0.046] |
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NETWORTH |
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0.404 |
0.454 |
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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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8.030 |
0.400 |
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TOTAL BORROWING |
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8.030 |
0.400 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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8.434 |
0.854 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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8.092 |
0.000 |
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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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0.000 |
0.000 |
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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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Inventories |
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0.000 |
0.000 |
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Sundry Debtors |
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0.000 |
0.000 |
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Cash & Bank Balances |
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0.006 |
0.509 |
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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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0.544 |
0.000 |
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Total
Current Assets |
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0.550 |
0.509 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.535 |
0.000 |
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Provisions |
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0.000 |
0.018 |
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Total
Current Liabilities |
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0.535 |
0.018 |
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Net Current Assets |
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0.015 |
0.491 |
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MISCELLANEOUS EXPENSES |
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0.327 |
0.363 |
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TOTAL |
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8.434 |
0.854 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2004 |
31.03.2003 |
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Profit/(Loss) Before Tax |
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[0.050] |
[0.046] |
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Provision for Taxation |
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-- |
-- |
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Profit/(Loss) After Tax |
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[0.050] |
[0.046] |
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Expenditures : |
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Payment to Auditors |
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0.006 |
0.006 |
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Other Expenditure |
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0.044 |
0.040 |
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Total Expenditure |
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0.050 |
0.046 |
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KEY RATIOS
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PARTICULARS |
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31.03.2004 |
31.03.2003 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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[0.58] |
[9.04] |
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Return on Investment (ROI) (PBT/Networth) |
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[0.12] |
[1.12] |
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Debt Equity Ratio (Total Liability/Networth) |
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21.20 |
0.92 |
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Current Ratio (Current Asset/Current Liability) |
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1.03 |
28.28 |
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,
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.40 |
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1 |
Rs.82.93 |
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Euro |
1 |
Rs.55.81 |
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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