MIRA
INFORM REPORT
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Report Date : |
15.06.2007 |
IDENTIFICATION DETAILS
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Name : |
PUNEET STEELS AND ALLOYS PRIVATE LIMITED |
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Registered Office : |
SP, 289, A & B RIICO Industrial Area, Bhiwadi District -Alwar, Area
Biwadi, Rajasthan – 301 019. |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
12.11.1990 |
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Com. Reg. No.: |
5669 |
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CIN No.: [Company
Identification No.] |
U27107RJ1990PTC005669 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JPRP01761E |
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PAN No.: [Permanent
Account No.] |
AAACP0827F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and exporter of tractor parts, jeep parts, heavy vehicle
machinery parts of sugar mills, heavy machinery parts of rolling mills, stone
crusher parts of light vehicles and CI casting of every type. |
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 72120 |
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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 : |
SP, 289, A & B RIICO Industrial Area, Bhiwadi Disstt Alwar, Area
Biwadi Disstt Alwar, Rajasthan – 301 019. |
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Tel. No.: |
91-1493-221816 |
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Fax No.: |
91-1493-224679 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Ram Krishan Goel |
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Designation : |
Director |
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Address : |
107, Ashiana Bageecha, Bhiwadi, Alwar Rajasthan -301 019 |
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Date of Birth/Age : |
18.07.1963 |
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Date of Appointment : |
01.11.1990 |
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Name : |
Mr. Lachhan Dass Jindal |
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Designation : |
Director |
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Address : |
Shastri Nagar, Mandi Gob Nagar, |
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Date of Appointment : |
01.11.1990 |
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Name : |
Mr. Ratan Kumar Goel |
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Designation : |
Whole Time Director |
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Address : |
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Date of Birth/Age : |
31.08.1965 |
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Date of Appointment : |
02.12.1990 |
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Name : |
Mr. Charan Dass Goel |
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Designation : |
Whole Time Director |
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Address : |
107, Ashiana Bageecha, Bhiwadi, Alwar, Rajasthan -301 019 |
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Date of Birth/Age : |
31.07.1959 |
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Date of Appointment : |
01.01.1993 |
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Name : |
Mr. Laxman Dass Goel |
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Designation : |
Managing Director |
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Address : |
Radha Ram Sons, Barnala, |
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Date of Birth/Age : |
22.04.1956 |
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Date of Appointment : |
01.11.1992 |
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Name : |
Mr. Jiwan Kumar Goel |
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Designation : |
Director |
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Address : |
Radha Ram Sons, Barnala, |
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Date of Birth/Age : |
06.03.1960 |
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Date of Appointment : |
20.03.1993 |
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Name : |
Mr. Satish Kumar Bansal |
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Designation : |
Director |
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Address : |
R – 21, Nehru Enclave, |
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Date of Appointment : |
31.03.2003 |
KEY EXECUTIVES
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Name : |
M/s. A R Associates |
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Designation : |
Company Secretary |
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Address: |
D 306, 1st Floor, Defence Colony, |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Pawan Kumar Aggarwal |
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600 |
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Mr. Ram Krishan Goel |
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510 |
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Mr. Rattan Kumar Goel |
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1,610 |
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Mr. Lachhaman Dass Jindal |
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3.610 |
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Mr. Puneet Jindal |
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1,000 |
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Mr.Bahari Lal Goyal |
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1,100 |
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Mr. Bahari Lal & Sons, Huf |
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3,000 |
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Mr.Laxman Dass Goel |
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900 |
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Mr. Manoj Kumar Garg |
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850 |
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Mrs. Sita Devi |
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500 |
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Mrs. Gurrita Rani |
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500 |
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Mr. Jai Kishan Garg |
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1,200 |
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Nek Chand & Sons, Huf |
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1,945 |
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Mrs. Jeewan Lata |
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1,000 |
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Mr. Charan Dass Goel, Huf |
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600 |
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Mr. Charan Dass Goel |
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440 |
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Mrs. Jamna Devi |
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800 |
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Mr. Jai Kishan Garg, Huf |
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720 |
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Mr. Vijay Kumar, Huf |
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1,500 |
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Mr. Harpreet Singh |
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2,900 |
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Geeta Bansal |
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10,000 |
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Urvashi Transport Co. (P) Ltd. |
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5,000 |
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Rca Softec (P) Ltd |
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10,000 |
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Category |
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Percentage of
Holding |
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Bodies corporate (not mentioned above) |
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82.00 |
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Directors or relatives of directors |
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18.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and exporter of tractor parts, jeep parts, heavy vehicle
machinery parts of sugar mills, heavy machinery parts of rolling mills, stone
crusher parts of light vehicles and CI casting of every type. |
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Products : |
Tractor Parts, Jeep Parts Heavy Vehicle Parts, Heavy Machinery Parts
of Sugar Mills, Heavy Machinery Parts of Rolling Mills, Stone Crusher’s
Parts, Auto Parts of Light Vehicles CI Casting of Every Type. |
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Exports : |
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Countries : |
European Countries |
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Imports : |
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Countries : |
Gulf Countries |
GENERAL INFORMATION
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No. of Employees : |
100 |
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Bankers : |
Syndicate Bank corporate Finance Branch, Delhi Tamil Sangam Building, R. K. Puram Sector –V, New Delhi –110 022, Delhi –DL. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Narendra Garg & Co. Chartered Accountant |
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Address : |
P – 39, South Extension, Part II, |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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1,50,000 |
Equity |
Rs. 100/- Each |
Rs. 15.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1,50,000 |
Equity |
Rs. 100/- Each |
Rs.15.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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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15.000 |
5.789 |
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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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3.030 |
2.574 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
|
18.030 |
8.363 |
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LOAN FUNDS |
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1] Secured Loans |
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18.236 |
15.105 |
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2] Unsecured Loans |
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13.799 |
15.395 |
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TOTAL BORROWING |
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32.035 |
30.500 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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50.065 |
38.863 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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11.006 |
10.078 |
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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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6.539
|
13.692 |
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Sundry Debtors |
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33.810
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28.050 |
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Cash & Bank Balances |
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1.782
|
2.574 |
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Other Current Assets |
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7.088
|
6.723 |
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Loans & Advances |
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4.886
|
6.794 |
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Total
Current Assets |
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54.105
|
57.833 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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15.046
|
29.048 |
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Provisions |
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0.000
|
0.000 |
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Total
Current Liabilities |
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15.046
|
29.048 |
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Net Current Assets |
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39.059
|
28.785 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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50.065 |
38.863 |
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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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175.463 |
117.477 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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175.463 |
117.477 |
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Profit/(Loss) Before Tax |
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1.007 |
0.918 |
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Provision for Taxation |
|
0.427 |
0.000 |
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Profit/(Loss) After Tax |
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0.580 |
0.918 |
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Total Expenditure |
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174.456 |
116.559 |
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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0.33 |
0.78 |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.57 |
0.78 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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1.55 |
1.35 |
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Return on Investment (ROI) (PBT/Networth) |
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0.06 |
0.11 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.61
|
7.12 |
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Current Ratio (Current Asset/Current Liability) |
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3.59
|
1.99 |
LOCAL AGENCY FURTHER INFORMATION
Form 8 Particular for creation or modification of charges
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Name of the company |
PUNEET
STEELS AND ALLOYS PRIVATE LIMITED |
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Presented By |
Punjab
National Bank, |
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1) Date and description of instrument creating the change |
Agreement of hypothecation of Book Debts and agreement of hypothecation of machinery as collateral sccurity both dated 28.12.1996 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.7000 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 |
Hypothecation of all the borrower’s present and future book debts, outstandings, moneys receivable, claims, bills, contracts, agreements securities, investment, rights and other movable asstets by way of first charge. Collecterrally secured by hypothecation of all plant and machinery both present and future installed or to be installed at the borrower’s premises or wherever else the same may be. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The interest on cash credit (Book Debts) limit shall be charged at the race of 7.75 percent per annum over RBI rate subject to a minimum of 19.75 percent per annum with quarterly rests margin – 40 percent Payable on demand. |
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5) Name and Address and description of the person entitled to the charge. |
Punjab National Bank |
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6) Date and brief description of instrument modifying the charge |
No instrument oral assent for creating equityable mortgage recorded on 22.09.1997 and Bank’s letter confirming eqitable martgage. |
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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. |
The cash credit (Book Debts) limit of Rs. 1.7000 Millions shall now also be secured bye equitable mortgage by deposit of title deeds in respect of co’s immovable property situate at SP -289, RIICO Industrial Aea, Bhiwadi (Raj), including all buildings and super structures chereat. |
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Corporation identity number or foreign company registrations number of the company |
U27107RJ1990PTC005669 |
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Name of the company |
PUNEET STEELS AND ALLOYS PRIVATE LIMITED |
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Address |
SP, 289, A & B RIICO Industrial Area, Bhiwadi
Disstt Alwar, Area Biwadi Disstt Alwar, Rajasthan – 301 019. |
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This Form is for |
Creation of charge |
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Type of Charges |
Immovable property, Book debts, Movable property (not being pledge), Goodwill |
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Particular of the charge holder |
Syndicate Bank corporate Finance Branch, Delhi Tamil Sangam Building, R. K. Puram Sector –V, New Delhi –110 022, Delhi –DL. E-Mail ID – arunmishra30@gmail.com |
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Nature or description of the instrument creating charge |
Composite Hypothecation Agreement to secure repayment of Secured Overdraft of Rs. 45.000 Millions and other Secured Loan (Term Loan) of Rs. 12.000 Millions and interest due there on secured against Plant & Machinery purchased or to be purchased situated at S.P 289 A & B RIICO Industrial area, Bhiwadi, (Alwar), Rajasthan, and all Stocks and Debts of the company. |
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Date of the instrument creating charge |
26.03.2007 |
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Amount Secure by the charge |
Rs 57.000 Millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
(a) Rate of Interest :- 1 Total Loan Rs. 57.000 Millions (S.O.D. Rs. 12.000 Millions /-) interest @ 13.75% p.a. being 1.5% over and above P. L. R. 2 Hypothecation of Plant & Machinery, Stocks and Book Debts 3 Collateral Security of Land and Building situated At SP -289, A & B RIICO industrial Area Bhiwadi., Alwar and Vcc of Rs. 0.750 Millions (b) Terms and Repayment :- OSL shall be repaid in 55 month by installments SOD shall be received on yearly base. Interest payable on monthly base. (c) Margin :- 25% magin on stocks 30% margin on book debts of less than 90 days |
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Description of the property charge whether it is a charge on |
Composite Hypothecation Agreement to secure repayment of 1 total Loan Rs. 57.000 Millions and interest due thereon has been executed on 26.03.2007 creating charge on Plant and Machinery and stock and Books Debs of Less Than 90 days with collateral security of Land and Building situated at S.P 289 A & B RIICO Industrial area, Bhiwadi, (Alwar), Rajasthan. |
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Date of instrument modifying the charge |
26.03.2007 |
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Particulars of the Property charged |
Plant and Machinery installed at Fatory Stocks and Book Debts of less than 90 days of Punnet Steels & Alloys (P) Ltd. S.P 289 A & B RIICO Industrial area, Bhiwadi, (Alwar), Rajasthan |
Website
Details:-
Subject was established in the
year 2005. In no time, they have established ourselves as the most competitive
manufacturer and exporter of Tractor
Parts, Jeep Parts, Heavy Vehicle Parts, Heavy Machinery Parts of Sugar Mills,
Heavy Machinery Parts of Rolling Mills, Stone Crusher's Parts, Auto Parts of
Light Vehicles and CI Casting of every type. Winning customer
trust and confidence is the essential part of their business policy and this
can only be achieved by providing superior quality products at most affordable
rates. Their reputation in the market is based on the consistency of their
quality products. All their products are sourced from the finest raw material
ensuring the clients of reliable, durable and quality products. They constantly
enhance and develop their products according to the latest trends in the
national and international market. Their wide network of distributors and
marketing personnels ensure that they are able to meet the highest standards
required by their clients within time delivery.
Their
It shall be the mission of
their group to be a high performance technology driven organization committed
to all of their customers.
Delivering value to customers
by ensuring that their needs in term of product quality, committed delivery,
fair prices and new product development are always met.
Maximizing customer value in
terms of R&D effort, technology up-gradation, high market share and
productivity.
Being a model employer with
respect to safety, health care and continuous development of human resources
along with the equal opportunities of growth to all.
Responsible corporate
citizenship, protecting and upgrading the environment and generally improving
the quality of life of the Community. Forging partnerships with suppliers in
order to ensure long term association.
Fully equipped machine shop
with lathes machine, drill machines, facing machines, boring machines, shapers
& millings for all requirements under one roof.
Their
Products
Their products are unique in quality. They offer wide and comprehensive range
of quality products like:
Tractor parts
Jeep Parts
Heavy Vehicle Parts
Heavy Machinery Parts of Sugar
Mills
Heavy Machinery Parts of
Rolling mills
Stone Crusher's Parts
Auto Parts of Light Vehicles
CI Casting of every Type.
Their
Facilities
Pattern Shop
All patterns are made from highly sophisticated equipments & tools using
Process sheet, Method Card, Working Drawing, Wooden Patterns, Aluminum
Patterns.
Testing Facilities
Well-equipped chemical lab for C, Si, Mn, S, Cr, Ni, Cu, etc by wet analysis
besides, they have thermo analysis for quick determination for C, Si & C.E.
as well as for temperature of the molten metal along with spectrometer. An
updated metallurgical lab equipped with all testing facilities of metal
compositions with metallurgical microscope. Also testing facilities for
hardness, tensile, dye penetration testing.
Melting Shop
Medium Frequency Induction furnaces with 1.0 Ton, 5.0 Ton and 10.0 Ton capacity
crucibles, all pouring systems with ladles and direct pouring.
Moulding Facilities
They have Green Sand Conventional Process equipped with simultaneous
squeeze jolt moulding machine with mechanised moulding & pouring line
comprising with pallet car, motorised transfer trolley, pallet pusher, cleaner,
mould handling arrangement with bi-rail crane, mould closing arrangement with
bi-rail crane, over head belt conveyor, auto sand feeding arrangement, etc.
Besides, they have hand moulding arrangement for heavy mould up to 10 ton of
liquid metal.
Sand Plant & Shot Blasting
They have fully automatic sand plant comprising with shakeout, hot sand
conveyor, return & fresh sand hopper, polygonal screen, dead clay
extractor, intensive sand mixer & screw feeder for ingredients dozing, etc.
Sufficient Facilities to handle any kind of shot blasting.
Machine Shop
Fully equipped machine shop having facilities with turning, milling, shaping,
slotting, drilling, grinding, planning, etc. for all requirements under one
roof, they are developing complete range of CNC machines for Auto Parts casting.
Fettling & Knocking Shop
This shop is equipped with Shot Blasting machine, chipping hammer, flexible,
pedestal, pencil & swing frame, grinder. All casting are carried by Mono
Rail Hoist and track-trolley system. Sufficient area has been provided to
handle knocking and recirculating sand by underground conveyors.
Core Shop
They are using Shell Core, Coz Core, Oil Core, No-Brake Core, etc. These
cores are placed on core racks.
Inspection/Metrology
They have a well equipped standard room having facilities with height gauge,
Vernier, combination set, template gauges & other conventional measuring
instruments etc. This standard room is supervised by experienced Q.C. Staff.
Their
Patron
Their commitment to quality is unfaltering and they manufacture all their products
in accordance with the national as well as international norms. Today they have
earned a world wide client base built on their guarantee of optimum quality,
prompt delivery and competitive price. Some of their esteemed clients include:
M/S
Rathi Udyog Limited, Bhiwadi
M/S
Kamdhenu Ispat Limited, Bhiwadi
M/S
Ashiana Ispat Limited Bhiwadi
M/S
Capital Ispat Limited, Bhiwadi
M/S
D.S.R. Rolling Mills Limited, Bhiwadi
New
Maruti
Udyog Ltd.
Standard
Combines Pvt. Ltd. (Tractor Division)
Bhatinda
Ceremics Pvt. Ltd. (Insulators)
Their satisfied client base
has helped us to become the most competitive manufacturer and exporter of Tractor parts, Jeep Parts, Heavy Vehicle
Parts, Heavy Machinery Parts of Sugar Mills, Heavy Machinery Parts of Rolling
mills, Stone Crusher's Parts, Auto Parts of Light Vehicles, CI Casting of every
Type.
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.40.84 |
|
|
1 |
Rs.80.47 |
|
Euro |
1 |
Rs.54.32 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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 |
|