MIRA
INFORM REPORT
|
Report Date : |
09.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
APURVA STEEL PRIVATE LIMITED |
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Registered Office : |
49 C/D, Government Industrial Estate, Kandivali (West), Mumbai 400067,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
29.04.1985 |
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Com. Reg. No.: |
11-036072 |
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CIN No.: [Company
Identification No.] |
U27200MH1985PLC036072 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA19171F |
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PAN No.: [Permanent
Account No.] |
AAACA4496R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trading in steel |
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 100000 |
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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. Directors are reported as experience 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 : |
489 CD, Government Industrial Estate, Kandivali (West), Mumbai 400067
Maharashtra |
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Tel. No.: |
91-22-28683481 |
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Fax No.: |
91-22-28688163 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Pradeep C. Jalan |
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Designation : |
Director |
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Address : |
A-4 Mukund Nagar Andheri (East) Mumbai 400059 Maharashtra |
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Date of Birth/Age : |
27.03.1965 |
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Date of Appointment : |
01.04.1993 |
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Name : |
Mr. Ashwin S. Shetty |
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Designation : |
Director |
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Address : |
A-12, Om Co-OP Hsg Society Limited Devi chowk shastri Nagar Dombivali
(West) Thane:421202 Maharashtra |
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Date of Birth/Age : |
21.02.1971 |
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Date of Appointment : |
18.07.2000 |
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Name : |
Mr. Sekhararao V. Jasti |
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Designation : |
Director |
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Address : |
1003 Dimple Heights Asha Nagar Kandivali Mumbai:400101 |
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Date of Birth/Age : |
15.07.1949 |
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Date of Appointment : |
01.13.2005 |
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MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Equity
Share holder: |
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Shri Chiranjilal .K Saraf |
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10 |
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Smt.Fulidevi Saraf |
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10 |
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Smt. Vandana Saraf |
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10 |
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Smt. Minakshi Safar |
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10 |
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Ritvik Saraf |
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19 |
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Bajrang Finance limited |
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2000 |
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Kuberkamal Indl.Invt.Ltds |
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2000 |
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Rahendra Finance Private Limited |
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1976 |
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Remi Finance and Invt Private Limited |
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1965 |
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Remi Securities Limited |
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2000 |
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Total: |
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10000 |
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Preference
Share holder: |
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Dryen (Mauritius) |
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93700 |
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Indo-City Infotech ltd |
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25000 |
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Indo-Castle Multimedia ltd |
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25000 |
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Kushal Software ltd |
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25000 |
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BUSINESS DETAILS
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Line of Business : |
Trading in steel |
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GENERAL
INFORMATION
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Bankers : |
ICICI Bank Limited Nariman Point, Mumbai-400021 |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Bharat Agrawal Chartered Accountant |
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Address : |
19, Kesar Building, 2nd Floor, 201, Princes Street
Mumbai:400002 Maharashtra |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
163,000 |
Equity Shares |
Rs.10/- (Each) |
Rs.1.630 Millions |
|
93,700 |
Preference Shares |
Rs.10/- (Each) |
Rs.9.370 Millions |
|
900,000 |
Unclassified Preference Shares |
Rs.10/- (Each) |
Rs.9.000 Millions |
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Total: |
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Rs.20.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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110,000 |
Equity Shares |
Rs.10/-
(each) |
Rs.1.100
Millions |
|
93,700 |
Preference Shares |
Rs.10/-
(each) |
Rs.9.370
Millions |
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Total: |
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Rs.10.47 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
10.470 |
19.470 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
9.370 |
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3] Reserves & Surplus |
16.181 |
4.270 |
{0.407} |
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4] (Accumulated Losses) |
0.000 |
{0.013} |
0.000 |
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NETWORTH |
26.651 |
23.727 |
9.063 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
2.797 |
47.252 |
14.291 |
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TOTAL BORROWING |
2.797 |
47.252 |
14.291 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
29.448 |
70.979 |
23.354 |
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APPLICATION OF FUNDS |
0.000 |
0.000 |
0.000 |
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FIXED ASSETS [Net Block] |
0.000 |
0.000 |
0.000 |
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Capital work-in-progress |
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INVESTMENT |
13.647 |
13.647 |
13.646 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.867 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
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0.000 |
0.000 |
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Sundry Debtors |
0.000
|
0.000 |
0.000 |
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Cash & Bank Balances |
0.739
|
57.438 |
8.840 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
15.489
|
0.280 |
0.319 |
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Total
Current Assets |
16.228
|
57.718 |
9.159 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
0.438
|
0.386 |
0.334 |
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Provisions |
0.000
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0.000 |
0.000 |
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Total
Current Liabilities |
0.438
|
0.386 |
0.334 |
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Net Current Assets |
15.79
|
57.332 |
8.825 |
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MISCELLANEOUS EXPENSES |
0.011 |
0.000 |
0.015 |
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TOTAL |
29.448 |
70.979 |
23.354 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
-- |
-- |
-- |
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Other Income |
7.369 |
9.059 |
1.159 |
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Total Income |
7.369 |
9.059 |
1.159 |
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Profit/(Loss) Before Tax |
3.842 |
6.870 |
{1.005} |
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Provision for Taxation |
0.930 |
2.192 |
0.774 |
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Profit/(Loss) After Tax |
2.912 |
4.678 |
{0.231} |
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Expenditures : |
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Administrative Expenses |
0.000 |
0.000 |
0.025 |
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Salaries, Wages, Bonus, etc. |
0.151 |
0.108 |
0.000 |
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Payment to Auditors |
0.006 |
0.006 |
0.000 |
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Interest |
3.151 |
1.604 |
1.603 |
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Other Expenditure |
0.219 |
0.417 |
0.000 |
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Total Expenditure |
3.527 |
2.135 |
1.628 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
39.51
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51.63 |
19.93 |
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Net Profit Margin (PBT/Sales) |
(%) |
52.13
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75.83 |
86.71 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
23.67
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11.90 |
10.97 |
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Return on Investment (ROI) (PBT/Networth) |
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0.14
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0.28 |
0.11 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.01
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0.01 |
0.036 |
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Current Ratio (Current Asset/Current Liability) |
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37.05
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149.52 |
27.42 |
LOCAL AGENCY
FURTHER INFORMATION
The Company has made a net profit of Rs.4.677 Millions for the year,
against which has been adjusted the losses of earlier years brought forward.
Rs.0.407 Millions, leaving a net surplus of Rs.4.270 to be carried to the
Balance Sheet.
Contingent Liabilities: The Company has given guarantee to ICICI Bank
Limited. On behalf of Remi Metals Gujarat Limited limited and pledged 122 Nos.
9.5% NTC Bonds-2006 of Rs.0.100
Millions each as security.
Name of Company has been changed to Apurva Steels Limited w.e.f.07th,
July, 2005.
Previous year’s figures are regrouped/ rearranged wherever found
necessary.
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Name of the company |
Apurva Steels
Private Limited |
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Presented By |
Pradeep C. Jalan, |
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1) Date and description of instrument creating the change |
Hypothecation Agreement dated 29th November 2001. |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Rupees12.500Millions |
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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 |
ICICI Deep Disount Bounds (more Particularly described in schedule
hereto) alongwith monies underlying the said Bonds. |
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4) Gist of the terms and conditions and extent and operation of the
charge. |
As per the Option Agreement the put option price and the call option
price together with all interest, liquidated damages, costs, charges,
expenses and other monies payable
shall be secured by an exclusive charge by hypothecation of ICICI Deep
Discount Bounds of Rs.12.5 Millions held by the Company in its name. |
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5) Name and Address and description of the person entitled to the
charge. |
I.C.I.C.I Bank Limited ICICI Towers, C-23,’G’ Block, |
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6) Date and brief description
of instrument modifying the charge |
Agreement of Modification and Confirmation dated July 31,2003 |
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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. |
Security created has been modified as follows: Monies underlying in the Non operative Current Account No. 0040510202 (with Nariman Point Branch of ICICI Bank Limited) Monies underlying in the Fixed Deposits (with Nariman Point Branch of ICICI Bank Limited ) Monies underlying in the approved investments made out of the proceeds
of the Non operative Current account / Fixed Deposit Account. (including
present investment in 122,000 no. of 9.5% NTC Bonds 2006, aggregating
Rs.12.200 Millions(being the face value of the said Bonds)together with
accured interest of Rs.0.092/- Millions) |
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.22 |
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UK Pound |
1 |
Rs.85.51 |
|
Euro |
1 |
Rs.58.03 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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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 |
NO |
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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 |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
46 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial condition
(40%) Ownership background
(20%) Payment record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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