MIRA INFORM REPORT
|
Report Date : |
08.06.2007 |
IDENTIFICATION
DETAILS
|
Name : |
MNB
STEEL PRIVATE LIMITED |
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Registered Office : |
7/1,
Mahrashi debendra Road, Kolkata – 700007, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
17.08.2000 |
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Com. Reg. No.: |
21-92300 |
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CIN No.: [Company Identification No.] |
U27105WB2000PTC092300 |
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IEC No.: |
0298007665 |
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TAN No.: [Tax Deduction & Collection Account
No.] |
CALM04881C |
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PAN No.: [Permanent Account No.] |
AACCM8261G |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Trader
of GP and GC Sheet and |
RATING
& COMMENTS
|
MIRA’s Rating : |
Ba |
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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
80000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Slow
but Correct |
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Litigation : |
Clear |
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Comments : |
Subject
is an established company having satisfactory track. Profit margin is under
severe pressure. Payments are reported as slow but correct. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
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Registered/Head Office/Warehouse : |
7/1,
Mahrashi debendra Road, Kolkata – 700007, |
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Tel. No.: |
91-33-22749806/4142/22597872/
22746096 |
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Fax No.: |
91-33-22747488 |
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E-Mail : |
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Area : |
600
Sq. ft |
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Location : |
Commercial
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DIRECTORS
|
Name : |
Mr.
Shiw Narayan Mall |
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Designation : |
Director |
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Address : |
250 –
A, |
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Date of Birth/Age : |
10.12.1965 |
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Qualification : |
B. Com |
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Experience : |
20
Years |
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Date of Appointment : |
17.08.2000 |
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Name : |
Mr.
Hari Narayan Mall |
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Designation : |
Director
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Address : |
59, |
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Date of Birth : |
31.03.1970 |
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Date of Appointment : |
17.08.2000 |
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Name : |
Mr.
Govind Das Mohta |
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Designation : |
Director
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Address : |
7, |
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Date of Birth : |
14.04.1962 |
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Date of Appointment : |
17.08.2000 |
MAJOR
SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Drishti
Vintra Private Limited |
240000 |
|
Jayshree
Dealers Private Limited |
300000 |
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Mr.
Hari Narayan Mall |
260100 |
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Mr.
Shiw Narayan Mall |
504100 |
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Mrs.
Sangita Mall |
173500 |
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Mr.
Govind Das Mohta |
40100 |
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Mr.
Arun Debnath |
500 |
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Mr.
Bablu Sharma |
500 |
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Mr.
Bharat Jha |
10500 |
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Mr.
Chira KR Mukherjee |
500 |
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Esquire
Resources India Limited |
100000 |
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Hari
Narayan Mall (HUF) |
500 |
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Mr.
Jeetendra Mohta |
20000 |
|
Jinvani
Commercial Private Limited |
75000 |
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Ms.
Jiya Devi Mall |
500 |
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Mr.
Ram Narayan Mall |
500 |
|
Ram N
Mall (HUF) |
500 |
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Mr.
Sikander Jaiswara |
500 |
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Mr.
Sumit Debnath |
10000 |
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Mr.
Sunil K Mishra |
300 |
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Vedant
Vinimay Private Limited |
60000 |
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Ms.
Suman Mall |
148000 |
As on
31.03.2006
|
Names
of Shareholders |
Percentage of holding |
|
Directors
or their relatives |
58.00 |
|
Other
top 50 shareholders |
42.00 |
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Total |
100.00 |
BUSINESS
DETAILS
|
Line of Business : |
Trader
of GP and GC Sheet and |
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Exports to : |
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Terms : |
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Selling : |
Cash
& Credit (30 days) |
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Purchasing : |
Cash
& Credit (30 days) |
GENERAL
INFORMATION
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Customers : |
Wholesalers
and Retailers |
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No. of Employees : |
8 |
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Bankers : |
Bank
of |
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Facilities : |
-- |
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Banking Relations : |
Satisfactory
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Auditors : |
B.
Agarwala & Company Chartered
Accountant |
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Address: |
22, |
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Tel. No.: |
91-33-22108762 |
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Associates/Subsidiaries : |
Nil |
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Affiliates |
Bajrang
Steel |
CAPITAL
STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
1950000 |
Equity
Shares |
Rs. 10/- Each |
Rs. 19.500 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
1945600 |
Equity
Shares |
Rs. 10/- Each |
Rs. 19.456 Millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
19.456 |
19.456 |
11.306 |
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2] Share Application Money |
0.000 |
0.800 |
0.000 |
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3] Reserves & Surplus |
0.740 |
0.287 |
0.128 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
20.196 |
20.543 |
11.434 |
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LOAN FUNDS |
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1] Secured Loans |
5.216 |
6.350 |
3.994 |
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2] Unsecured Loans |
34.478 |
7.689 |
3.353 |
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TOTAL BORROWING |
39.694 |
14.039 |
7.347 |
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DEFERRED TAX LIABILITIES |
0.001 |
0.000 |
0.000 |
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TOTAL |
59.891 |
34.582 |
18.781 |
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APPLICATION
OF FUNDS |
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FIXED
ASSETS [Net Block] |
0.110 |
0.032 |
0.042 |
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Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX
TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT
ASSETS, LOANS & ADVANCES |
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Inventories |
19.586
|
26.611 |
8.372 |
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Sundry
Debtors |
15.123
|
3.085 |
7.789 |
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Cash
& Bank Balances |
0.443
|
0.302 |
1.553 |
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Other
Current Assets |
0.000
|
0.000 |
0.000 |
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Loans
& Advances |
36.064
|
12.830 |
1.837 |
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Total Current
Assets |
71.216
|
42.828 |
19.551 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current
Liabilities |
11.567
|
8.345 |
0.832 |
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Provisions |
0.000
|
0.082 |
0.145 |
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Total Current
Liabilities |
11.567
|
8.427 |
0.977 |
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Net Current Assets |
59.649
|
34.401 |
18.574 |
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MISCELLANEOUS
EXPENSES |
0.132 |
0.149 |
0.165 |
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TOTAL |
59.891 |
34.582 |
18.781 |
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PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 (Estimated) |
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
120.000 |
154.060 |
104.167 |
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Profit/(Loss) Before Tax |
NA |
0.261 |
0.212 |
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Provision for Taxation |
NA |
0.103 |
0.084 |
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Profit/(Loss) After Tax |
NA |
0.158 |
0.128 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
NA
|
0.10 |
0.12 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
|
0.16 |
0.20 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
0.60 |
1.08 |
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Return on Investment (ROI) (PBT/Networth) |
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NA
|
0.01 |
0.01 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.54
|
1.09 |
0.72 |
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Current Ratio (Current Asset/Current Liability) |
|
6.16
|
5.08 |
20.01 |
LOCAL
AGENCY FURTHER INFORMATION
Form 8 Particular for creation or
modification of charges
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Name
of the company |
MNB
STEEL PARIVATE LIMITED |
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Presented By |
BANK OF |
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1)
Date and description of instrument creating the change |
Instrument
of hypothecation of goods dated 31.03.2004. Hypothecation
of book debts date : 31.03.2004 Regd. On date : 28.04.2004. |
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2)
Amount secured by the charge/amount owing on the securities of charge |
Rs.19.000
millions Rs.19.000
millions (Overall
Limit) |
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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 |
The
borrower hereby hypothecates and charges to the bank all stock of iron and
steel materials, now being or hereafter during the continuance of this
agreement brought into or upon or now or hereinafter in course of transit to
any godown, jhaitha or other place of storage at Burrabazar, Kolkata, other
place, whatsoever and wheresoever in the possession or occupation of the
borrower as security for the payment to the bank on demand of the balance due
to the bank on demand d of the balance due to the bank by the borrower on the
cash credit account, all such above stock of goods are hereinafter referred
to as the hypothecated premises. The
borrower hereby hypothecates in favour of the bank all the book debts, now
owing to the borrower and also the book debts which may at any time during
the continuance of this security become owing to the borrower in the course
of its business by any person, firm company or body corporate, or by the Government
Central or state or Indian Railways or any Government Department office or
any Municipal or local or public or semi Government body or authority or any
body corporate or undertaking or project whatever in the public sector as
security for the payment to the bank on demand of the balance due to the bank
by the borrower on the said cash credit account. All such present and future
book debts hereby hypothecated are hereinafter referred to as the
hypothecated premises. |
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4)
Gist of the terms and conditions and extent and operation of the charge. |
The assets described in column No.3 as
securities offered by the borrower to the bank for obtaining the following
credit facilities : (Rs. In millions)
Against the following terms and conditions
: The borrower shall pay interest to the
bank @ 2.5% over banks prime lending rate with a minimum of 13.00% p.a.
compounded quarterly rest. Margin 25% |
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5)
Name and Address and description of the person entitled to the charge. |
Bank of Burrabazar Branch, 8C, M |
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6)
Date and brief description of
instrument modifying the charge |
Instrument of hypothecation of goods dated
20.05.2005. Hypothecation of book debts, dated
20.05.2005. |
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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. |
By
this modification overall limit have been enhanced by Rs.35.000 millions.
Hence the overall limit stands enhanced from Rs.19.000 millions to Rs.54.000
millions comprises of : (Rs. In millions)
Save
and except all other terms and conditions remain unchanged. |
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
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.40.98 |
|
|
1 |
Rs.80.98 |
|
Euro |
1 |
Rs.54.99 |
SCORE
& RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--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 |
|
|
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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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
41 |
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 |
|