MIRA INFORM REPORT
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Report Date : |
19.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
MALMO STEELS PRIVATE LIMITED |
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Registered Office : |
404 Vyapar Bhavan P D’Mello Road, Mumbai:400009, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
10.03.2003 |
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Com. Reg. No.: |
11-139529 |
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CIN No.: [Company
Identification No.] |
U27104MH2003PTC139529 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM28847A |
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PAN No.: [Permanent
Account No.] |
AAECM1905F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Dealers of Steel and Steel Products |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
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Status : |
Small Company |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a small company and yet to established itself. Company has
incurred some initial losses. Payments are reported as slow and delayed. The Company can be considered for small business dealings with slight
caution initially. |
LOCATIONS
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Registered Office : |
404 Vyapar Bhavan P D’Mello Rd, Mumbai:400009, Maharashtra India |
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Tel. No.: |
91-22-23712141 |
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Fax No.: |
91-22-23738869 |
DIRECTORS
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Name : |
Mr. Salman Shakeel Siddiqui |
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Designation : |
Director |
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Address : |
25, Munnaseth Compnund, Belveder Hill Road, Mazgaon, Mumbia:40009,
Maharashtra |
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Date of Birth/Age : |
25.12.1983 |
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Date of Appointment : |
10.03.2003 |
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Name : |
Mr. Sufiyan Shakeel Siddiqui |
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Designation : |
Director |
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Address : |
25, Munnaseth Compnund, Belveder Hill Road, Mazgaon, Mumbia:40009,
Maharashtra |
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Date of Birth/Age : |
3.04.1982 |
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Date of Appointment : |
10.03.2003 |
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Name : |
Mr. Asif Nizamuddin Siddiqui |
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Designation : |
Director |
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Address : |
25, Munnaseth Compnund, Belveder Hill Road, Mazgaon, Mumbia:40009,
Maharashtra |
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Date of Birth/Age : |
22.11.1969 |
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Date of Appointment : |
10.03.2003 |
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Name : |
Mr. Shakeel Nizamuddin Siddiqui |
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Designation : |
Director |
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Address : |
25, Munnaseth Compnund, Belveder Hill Road, Mazgaon, Mumbia:40009,
Maharashtra |
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Pan No: |
00154119 |
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Date of Appointment : |
29.03.2005 |
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KEY EXECUTIVES
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Salman Shakeel Siddiqui |
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4997 |
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Mr. Sufiyan Shakeel Siddiqui |
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4998 |
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Mr. Asif Nizamuddin Siddiqui |
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5 |
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Mr. Shakeel Nizamuddin Siddiqui |
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1000 |
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Total |
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11000 |
BUSINESS DETAILS
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Line of Business : |
Dealers of Steel and Steel Products |
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Products : |
Pipes of Iron and Steel |
GENERAL
INFORMATION
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Bankers : |
Bombay Mercantile Co-operative Bank Limited Foreign Exchange Dept., 4th
Floor, Uttam House, P’Demello Road, Mumbai:400009, Maharashtra, India |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Ehtesham Mahmood |
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Address : |
127, Mastan Shopping Centre, Clare Road, Mumbai:400008, Maharashtra. |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.10/-(each) |
Rs.0.500 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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11,000 |
Equity Shares |
Rs.10/-(each) |
Rs.0.110 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.110 |
0.100 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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(0.029) |
(0.014) |
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NETWORTH |
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0.081 |
0.086 |
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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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0.000 |
0.000 |
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TOTAL BORROWING |
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0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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0.081 |
0.086 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.000 |
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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CURRENT ASSETS, LOANS & ADVANCES |
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Cash & Bank Balances |
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0.076 |
0.069 |
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Total
Current Assets |
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0.076 |
0.069 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.005 |
0.000 |
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Provisions |
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0.008 |
0.003 |
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Total
Current Liabilities |
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0.013 |
0.003 |
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Net Current Assets |
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0.063 |
0.066 |
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MISCELLANEOUS EXPENSES |
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0.018 |
0.020 |
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TOTAL |
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0.081 |
0.086 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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Profit/(Loss) Before Tax |
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(0.016) |
(0.009) |
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Provision for Taxation |
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-- |
-- |
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Profit/(Loss) After Tax |
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(0.016) |
(0.009) |
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Expenditures : |
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Payment to Auditor |
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0.005 |
0.001 |
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Other Expenditure |
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0.011 |
0.008 |
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Total Expenditure |
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0.016 |
0.009 |
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KEY RATIOS
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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(21.05) |
(13.04) |
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Return on Investment (ROI) (PBT/Networth) |
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(0.19) |
(0.10) |
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Debt Equity Ratio (Total Liability/Networth) |
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0.16 |
0.03 |
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Current Ratio (Current Asset/Current Liability) |
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5.84 |
23 |
LOCAL AGENCY
FURTHER INFORMATION
Director Reports:
The company has not yet started Operations
Auditors Reports:
The Captain of reserves are not more than
Rs.5.000 Millions
The Company has not accepted any public deposit.
The company has not taken any loan from bank or Finances in situation exceeding
Rs.1.000 Millions
The Company Turnover does not exceed Rs.50.000
Millions.
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This form is for |
Modification of
Charge |
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Charge identification
number of the charge to be modified |
10016618 |
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Corporate
identity number of the company |
U27104MH2003PTC139529 |
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Name of the
company |
Malmo Steels
Private Limited |
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Address of the
registered office or of the principal place of business in India of the company |
404 Vyapar Bhavan
P D’mello Rd, Mumbia:400009, Maharashtra, India |
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Type of charge |
Movable Property
(not being pledge) Floating charge Others |
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Particular of
charge holder |
Bombay Mercantile Co-operative Bank Limited Foreign Exchange Dept., 4th
Floor, Uttam House, P’Demello Road, Mumbai:400009, Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Agreement of Hypothecation of Tangible Movement Property |
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Date of
instrument Creating the charge |
10.01.2007 |
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Amount secured by
the charge |
Rs.10.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
a) Rate of
Interest Interest Rate, as per the loaning
agreement executed by the borrower company with
the Bank from time to time b)Terms of
Repayment Repayment as per the loaning
agreement Executed by the borrower company with
the Bank from time to time c)Margin Margin Rate: as per the loaning
agreement Executed by the borrower company with
the Bank from time to time d) Extent and
operation of the charge The Bank has enhanced packing
credit Limits from Rs.7.500 Millions to
Rs.10.000 Millions against Hypothecations of
Pipes, Tupes, Hollow Section, Scaffolding Systems Non-Alloys Steels, Stripes
Etc, And Floting Charge
overall the Existing and Future Fixed
Assets, and any and Every Tangible Moveable
see Annexure Attached e) Others |
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Short particulars
of the property charged |
The Bank has
enhanced packing credit
Limits from Rs.7.500 Millions to Rs.10.000 Millions against Hypothecations of Pipes, Tupes, Hollow Section,
Scaffolding Systems Non-Alloys Steels, Stripes Etc, And Floting Charge
overall the Existing and Future Fixed Assets, and any and Every Tangible
Moveable see Annexure Attached |
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Date of latest
modification prior to the present modification |
31.10.2006 |
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Particulars of
the present modification |
The Bank has
enhanced packing credit
Limits from Rs.7.500 Millions to Rs.10.000 Millions against Hypothecations of Pipes, Tupes, Hollow Section, Scaffolding
Systems Non-Alloys Steels, Stripes Etc, And Floting Charge overall the
Existing and Future Fixed Assets, and any and Every Tangible Moveable see
Annexure Attached |
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 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.43.63 |
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UK Pound |
1 |
Rs.85.58 |
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Euro |
1 |
Rs.58.08 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
2 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
1 |
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--MARGINS |
-5~5 |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
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 |
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20 |
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 |
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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 |
|
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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