MIRA
INFORM REPORT
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Report Date : |
02.05.2007 |
IDENTIFICATION
DETAILS
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Name : |
PEEKAY STEEL CASTINGS PRIVATE LIMITED |
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Registered Office : |
Factory Premise Opposite KSEB Substation, Nallalam, Calicut; 673027,
Kerala |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
09.04.1991 |
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Com. Reg. No.: |
09-006026 |
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CIN No.: [Company
Identification No.] |
U27310KL1991PTC006026 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CMBP03891G |
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PAN No.: [Permanent
Account No.] |
AABCP3517H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacture high quality steel castings made of carbon steel, alloy steel,
stainless steel, nickel based alloy steel, duplex steel etc |
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 160000 |
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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 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 dealing at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
Factory Premise Opposite KSEB Substation, Nallalam, Calicut; 673027,
Kerala, India |
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Tel. No.: |
91-495-403701 |
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Mobile No.: |
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Fax No.: |
91-495-402724 |
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E-Mail : |
accounts@peekaysteelcastings.com
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Website : |
http://www.peekaysteel.com |
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Branches : |
Chinnamaddam palayam Billichi Post, Coimbatore – 641 019 Tamil Nadu India |
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Tel. No.: |
91 – 4254 – 274433
/ 274533 / 275301 |
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Mobile No.: |
91 – 9894388851 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. P K Ahammed |
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Designation : |
Managing Director |
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Address : |
East Hill Calicut;673005,Kerala |
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Date of Birth/Age : |
01.07.1942 |
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Date of Appointment : |
09.04.1991 |
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Name : |
Mr. K. E. Moidu |
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Designation : |
Director |
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Address : |
Hill top Bungalow, Puthiyara, Calicut;673004, Kerala |
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Date of Birth/Age : |
24.04.1961 |
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Date of Appointment : |
09.04.1991 |
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Name : |
Mr. K. E. Shanavas |
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Designation : |
Director |
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Address : |
P K Bungalow, East Hill Calicut;673005, Kerala |
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Date of Birth/Age : |
20.09.1975 |
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Date of Appointment : |
30.09.1996 |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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P K Ahammed |
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28999 |
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K E Moidu |
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22000 |
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P E Faizal |
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16250 |
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K E Shanavas |
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16250 |
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K E Fathima |
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6250 |
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K E Safiya |
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10000 |
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P K Hashim |
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1 |
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Equity Shares breakup
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Category |
Percentage |
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Directors or relatives of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacture high quality steel castings made of carbon steel, alloy
steel, stainless steel, nickel based alloy steel, duplex steel etc |
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Products : |
Gate Valves Butterfly Valves Ball Valve, Globe Valve, Check Valve & Plug Valve Locomotive
Parts Oil
Field Equipments Pump
Castings Castings for space research
establishments Equipments for defence service
establishments Other
Engineering Equipments |
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GENERAL
INFORMATION
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Customers : |
Domestic ·
Advance Valves ·
Audco India Limited ·
BHEL ·
Craftsman Automation (P) Ltd ·
Fisher Sanmar Ltd ·
Flow serve India controls (P) Ltd ·
Instrumentation Ltd. ·
Kent Introl (P) Ltd ·
KOSO Fluid controls (P) Ltd ·
MIL Controls. ·
Tyco Valves and controls India (P) Ltd ·
Triveni Engineering and Industries Ltd ·
World wide Oilfield machine (P) Ltd ·
Alstom Projects India Ltd ·
Gas Turbane Research Establish. ·
Pitty Lamination ·
Serval Engineering Works ·
Severon Glucon Ltd ·
Sri Ranganathar Industries International ·
Armaturen, Germany ·
Arca, Germany ·
General Electrical ·
Poyam Valves, Spain ·
Bremer Gmbh, Germany ·
Control Components Inc, USA, Korea ·
Atlas Copco, Germany ·
Emirates Techno Castings, UAE ·
Tyco Valves, Italy ·
Flow serve, spain, USA ·
Good win international Ltd,
UK ·
Schuf, Germany ·
Technore Malbranque, France ·
Orion SPA, Italy ·
Persta, Germany ·
Severon Glucon, UK ·
SPX
Valves & Controls, USA,UK |
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No. of Employees : |
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Bankers : |
State bank fo
Travancore, Mavoor Road,
Branch Mavoor Road, Calicut-4 |
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Facilities : |
-- |
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name : |
G Surendranath Rao Chartered Accountant |
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Address : |
RGn Price and Company, flat No C-2, Poyilakada Flats, Vadakkumbhagom ,
Kollam;691001, Kerala |
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Associates: |
Peekay Rolling
Mills Private Limited., Calicut( http://www.peekayrm.com) Janatha Steel
Mills private Limited., Calicut Peekay
Overseas ventures, Calicut Peekay Roller
Flour Mills, Calicut Ahammed Roller
Flour Mills private Limited., Calicut Pondy Roller
Flour Mills private Limited., Mahe Nellikkot
Traders, Calicut P K Ahammed
& Company, Calicut Peekay
Estates, Thamarassery |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
99750 |
Equity shares |
Rs. 100/-
each |
Rs.9.975
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 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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9.975 |
9.975 |
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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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32.005 |
21.657 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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41.980 |
31.632 |
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LOAN FUNDS |
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1] Secured Loans |
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109.637 |
103.482 |
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2] Unsecured Loans |
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201.942 |
142.669 |
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TOTAL BORROWING |
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311.579 |
246.151 |
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DEFERRED TAX LIABILITIES |
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6.228 |
4.109 |
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TOTAL |
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359.787 |
281.892 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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119.972 |
116.094 |
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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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0.030 |
0.030 |
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DEFERREX TAX ASSETS |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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169.526 |
317.333 |
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Sundry Debtors |
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116.530 |
85.756 |
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Cash & Bank Balances |
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45.047 |
37.781 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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38.270 |
18.918 |
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Total
Current Assets |
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369.373 |
459.788 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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126.768 |
293.805 |
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Provisions |
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2.820 |
0.215 |
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Total
Current Liabilities |
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129.588 |
294.020 |
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Net Current Assets |
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239.785 |
165.768 |
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MISCELLANEOUS EXPENSES |
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TOTAL |
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359.787 |
281.892 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.08 |
9.29 |
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Current Ratio (Current Asset/Current Liability) |
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2.85 |
1.56 |
LOCAL AGENCY
FURTHER INFORMATION
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Name of the company |
PEEKAY STEEL
CASTING (P) LIMITED |
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Presented By |
Mr. P. K.
Ahammed, Chairman |
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1) Date and description of instrument creating the change |
Hypothecation Agreement dated 22.01.1993 in Form K |
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2) Amount secured by the charge/amount owing on the securities of charge |
Letter of Credit Rs.7.500
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 |
The whole of the
company’s stocks of scraps, finished goods like stock in process, goods in
transit and other raw materials and stores whether raw or in process of
manufacture there from which now or hereafter from time to time during this
security shall be brought in to store or be in or about the company’s godowns
or premises at Nallalam, Kozhikode, or wherever else the same may be
(including any such goods in course of transit or delivery). |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Repayable on
demand |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of
Travancore, Mavoor road Branch, Calicut-4 |
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6) Date and brief description of instrument modifying the charge |
1) deed of
Hypothecation dated 06.08.2004 (in Form K (Special) 2) Memorandum of
Extension of ‘Equitable Mortagage dated 07.08.2004 (created on 06.08.2004) |
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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 Additional LC
facility to the extent of Rs. 10.000 Millions in additions to the existing LC
Limits of Rs.90.000 Millions totaling to Rs. 100.000 Millions. All the security created
above was extended to the additional LC limit of Rs. 10.000 Millions |
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Name of the company |
PEEKAY STEEL
CASTING (P) LIMITED |
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Presented By |
Mr. P. K.
Ahammed, Chairman |
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1) Date and description of instrument creating the change |
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2) Amount secured by the charge/amount owing on the securities of charge |
Medium Term Loan
of Rs.12.000 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 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Repayable in 60
Monthly installments of Rs.200000 each from May 2005. Interest: 1%
below SBTPLR subject to a minimum of 10% |
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5) Name and Address and description of the person entitled to the charge. |
State bank fo
Travancore, Mavoor Road, Branch Mavoor Road, Calicut-4 |
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6) Date and brief description of instrument modifying the charge |
-- |
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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. |
-- |
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Modification of
charge |
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Charge
identification number of the charge to be modified |
90023811 |
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Corporate
identity number of the company |
U27310KL1991PTC006026 |
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Name of the
company |
PEEKAY STEEL
CASTINGS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Factroy Premises
opposite KSEB Substation Nallalam, Calicut;673027, Kerala, India |
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Type of charge |
Immovable Property,
Book debts, Movable Property, Others |
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Particular of
charge holder |
State Bank of
Taravancore, Mavoor Road
Branch, Calicut;673004, Kerala |
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Nature of
description of the instrument creating or modifying the charge |
Agreement of Hypothecation of Goodsand assts in Form C&1-2
Memorandum of Extension or Equitable Mortage |
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Date of
instrument Creating the charge |
06.10.2006 |
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Amount secured by
the charge |
Rs.300.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
9.5% (2% SBTPLR) Terms of
Repayments Payable on demand Margin: 25% Extent and
operation of the charge: The charge
operates as security for the due payment of Principal and Interest of the
laon Amount Other: Nil |
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Short particulars
of the property charged |
3.7425 Acres of
land at Nallalam, Calicut and 4.10acres of land at coimbatore belonging to
the company together with all buildings constructed/ to be constructed. All
currents assets, book debts and other movable assets of the company. |
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Date of latest
modification prior to the present modification |
24.03.2005 |
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Particulars of
the present modification |
The exciting LC limit
was enhanced from Rs.200.000 Millions to Rs.300.000 Millions |
As Per Site:
About Them
Subject act as modern state-of-the-art Foundry located at Calicut
(Kozhikode) in Kerala on the West Coast of India. It was established in
1991.
They manufacture high quality steel castings
made of carbon steel, alloy steel, stainless steel, nickel based alloy steel,
duplex steel etc in various sizes and weights upto 11500 Kg per piece for
petrochemical industry, water supply, earth moving, mining, automobile and
other engineering industries. The annual production capacity is 5400 MT. The
castings are produced to ASTM, DIN, EN, JIS and other international
specifications.
They
are members of
American Foundry Society (AFS)
Institute of Indian Foundrymen (IIF)
Group
Peekay group of
companies was founded in 1942 by Late Haji P.K. Moidu, a legend in his own time
for his uncommon vision. The strong
foundation laid down by his extraordinary business acumen and uncomprising
integrity has given the group a strong set of values and fundamentals. After
having been a blazing success for the past 50 and odd years the group has held
those values closer than ever and has focused more on its business objectives
surpassing conventional paradigms and setting new benchmarks. Under the leader-ship of Mr. P.K. Ahammed today the company has become
one of the most respected Indian family business houses with an annual turnover
exceeding 70 million US dollars. The
group’s strong vision has given it the right direction and ever-increasing urge
to grow. It is this vision that is leading PEEKAY group to new horizons,
expanding and diversifying to new industries and cutting edge technologies. At
present, the group’s activities include steel production, food processing,
rubber plantation, health care, education charitable institutions etc.
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.41.29 |
|
UK Pound |
1 |
Rs.82.30 |
|
Euro |
1 |
Rs.56.20 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
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 |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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 |
|