MIRA
INFORM REPORT
|
Report Date : |
21.05.2007 |
IDENTIFICATION DETAILS
|
Name : |
B R STEEL PRODUCTS PRIVATE LIMITED |
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Registered Office : |
Plot No. C 39/B MIDC Area Turbhe Mahape Road, Before electronic Awne,
Navi Mumbai, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
02.09.1960 |
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Com. Reg. No.: |
011799 |
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CIN No.: [Company
Identification No.] |
U99999MH1960PLC011799 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMB07552G |
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Legal Form : |
Private limited liability company. |
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Line of Business : |
Manufacturing of Ceramics
Colours |
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 300000 |
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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 / Factory: |
Plot No. C 39/B MIDC Area Turbhe Mahape Road, Before electronic Zone, Pawne,
Navi Mumbai – 400 705, |
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Tel. No.: |
91-22-27631483 / 27626821 |
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Mobile No.: |
91-9819703699 |
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Fax No.: |
91-22-27684519 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Jagdish Kumudrai Dholakia |
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Designation : |
Director |
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Address : |
701, Hem Niketan, 5th Road, Juhu Scheme, Vile Parle
(West)< Mumbai - 400 056 |
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Date of Appointment : |
03.02.2004 |
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Name : |
Mrs. Ila Jagdish Dholakia |
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Designation : |
Director |
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Address : |
701, Hem Niketan, 5th Road, Juhu Scheme, Vile Parle
(West)< Mumbai - 400 056 |
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Date of Appointment : |
03.02.2004 |
KEY EXECUTIVES
|
Name : |
Mr. Manoj Jena |
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Designation : |
Marketing Manager |
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Mobile No.: |
91-9819703699 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
Details of Equity Shares:
|
Names of Shareholders |
|
No. of Shares |
|
Ms. Vishakha Dholakia |
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1 |
|
Ms. Sheetal Sabharwal |
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1 |
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Mr. Jagmeetsingh Sabharwal |
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1 |
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Ms. Ila Dholakia |
|
108647 |
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Mr. Jagdish Dholakia |
|
342650 |
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Total |
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451300 |
Details of Preference Shares:
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Names of Shareholders |
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No. of Shares |
|
Ms. Ila Dholakia |
|
2923 |
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Mr. Jagdish Dholakia |
|
2927 |
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Total |
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5850 |
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Particulars |
|
Percentage of
Holding |
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Directors / Relatives of Directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Ceramics
Colours |
PRODUCTION STATUS
|
Particulars |
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Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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As on 31.03.2005 |
||||
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Ceramics Colours |
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3000 Tonnes p.a. |
2000 Tonnes p.a. |
100000 Kgs |
GENERAL INFORMATION
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Customers : |
˜ Pearl Global Limited ˜ Sinclair Exports Limited ˜ Blue Star Enterprises ˜ Inter Star Financial Services ˜ Vispute Electricals ˜ Pearl Agencies |
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No. of Employees : |
About 50 |
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Bankers : |
˜
Bank of Madura, ˜ Vysya Bank Limited ˜ HDFC Bank ˜ Bank of Madura, Mumbai ˜ Punjab & Sind Bank ˜ Saraswat Co-operative Bank Limited, Navi Mumbai |
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Facilities : |
Secured Loans:
As on 31.03.2005 Loan from Banks – Packing Credit
Rs. 18.886 millions Loans from Banks – Export Bills Discounted Rs. 20.065 millions Loans from Banks – Term Loan
Rs. 3.922 millions Unsecured Loans:
As on 31.03.2005 From Directors
Rs. 1.916 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. M V Krishnamoorthy Chartered Accountants |
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Address: |
15, Srivali, Rifle Range, Ghatkopar (West), Mumbai – 400
086, |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
487000 |
Equity shares of |
Rs. 100 each |
Rs. 48.700 millions |
|
6000 |
6% Participating Preference Shares of |
Rs. 100 each |
Rs. 0.600 million |
|
7000 |
Unclassified shares of |
Rs. 100 each |
Rs. 0.700 million |
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Total |
|
Rs. 50.000
millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
451300 |
Equity shares of |
Rs. 100 each |
Rs. 45.130 millions |
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5850 |
6% Participating Preference Shares of |
Rs. 100 each |
Rs. 0.585 million |
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Total
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Rs. 45.715
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 |
45.715 |
45.715 |
45.715 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
31.539 |
13.640 |
14.006 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
77.254 |
59.355 |
59.721 |
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LOAN FUNDS |
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1] Secured Loans |
64.637 |
42.873 |
1.916 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
64.637 |
42.873 |
1.916 |
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DEFERRED TAX LIABILITIES |
0.767 |
0.303 |
0.000 |
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TOTAL |
142.658 |
102.531 |
61.637 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
31.983 |
25.364 |
16.082 |
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Capital work-in-progress |
1.637 |
2.504 |
0.000 |
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INVESTMENT |
0.025 |
0.025 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
63.931
|
16.888 |
0.000 |
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Sundry Debtors |
46.798
|
20.941 |
0.094 |
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Cash & Bank Balances |
2.375
|
6.528 |
0.231 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
16.317
|
11.772 |
10.731 |
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Total
Current Assets |
129.421
|
56.129 |
11.056 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
16.025
|
10.434 |
0.326 |
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Provisions |
4.383
|
3.359 |
4.536 |
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Total
Current Liabilities |
20.408
|
13.793 |
4.862 |
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Net Current Assets |
109.013
|
42.336 |
6.194 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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Profit and Loss Account |
0.000 |
32.302 |
39.361 |
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TOTAL |
142.658 |
102.531 |
61.637 |
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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 |
117.731 |
21.417 |
0.000 |
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Other Income |
4.291 |
0.052 |
(0.736) |
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Total Income |
122.022 |
21.469 |
(0.736) |
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Profit/(Loss) Before Tax |
51.988 |
7.363 |
(1.763) |
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Provision for Taxation |
50.566 |
7.060 |
0.000 |
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Profit/(Loss) After Tax |
1.422 |
0.303 |
(1.763) |
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Earnings in Foreign Currency : |
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Export Earnings |
0.000 |
21.417 |
0.000 |
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Commission Earnings |
0.000 |
0.000 |
0.000 |
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Other Earnings |
0.000 |
0.000 |
0.000 |
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Total Earnings |
0.000 |
21.417 |
0.000 |
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Imports : |
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Raw Materials |
0.000 |
23.150 |
0.000 |
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Stores & Spares |
0.000 |
0.000 |
0.000 |
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Capital Goods |
0.000 |
0.000 |
0.000 |
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Others |
0.000 |
0.000 |
0.000 |
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Total Imports |
0.000 |
23.150 |
0.000 |
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Expenditures : |
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Cost of Goods Sold |
0.000 |
0.000 |
0.000 |
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Manufacturing Expenses |
0.000 |
0.000 |
0.000 |
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Administrative Expenses |
0.000 |
0.000 |
0.000 |
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Raw Material Consumed |
81.112 |
12.438 |
0.000 |
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Purchases made for re-sale |
0.000 |
0.000 |
0.000 |
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Consumption of stores and spares parts |
0.203 |
0.019 |
0.000 |
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Increase/(Decrease) in Finished Goods |
(30.986) |
(1.410) |
0.000 |
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Salaries, Wages, Bonus, etc. |
1.343 |
0.057 |
0.000 |
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Managerial Remuneration |
0.000 |
0.000 |
0.000 |
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Payment to Auditors |
0.010 |
0.011 |
0.000 |
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Interest |
4.206 |
0.405 |
0.000 |
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Insurance Expenses |
0.388 |
0.032 |
0.000 |
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Power & Fuel |
1.131 |
0.190 |
0.000 |
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Depreciation & Amortization |
0.798 |
0.210 |
0.135 |
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Other Expenditure |
11.829 |
2.154 |
0.892 |
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Total Expenditure |
70.034 |
14.106 |
1.027 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
1.17
|
1.41 |
239.54 |
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Net Profit Margin (PBT/Sales) |
(%) |
44.16
|
34.38 |
0.00 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
32.21
|
9.04 |
(6.50) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.67
|
0.12 |
(0.03) |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.10
|
0.95 |
0.11 |
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Current Ratio (Current Asset/Current Liability) |
|
6.34
|
4.07 |
2.27 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets:
- Roads
- Furniture and
Fixtures
- Electrical
Fittings
- Laboratory
Equipments
- Plant and
Machineries
- Reserve and
Water Work
- Air –
Conditioners
- Computers
- Fire Extinguishers
- Mobile
Instruments
- Tea / Coffee
Wending Machine
- Water Cooler
- Motor Car
It is in trade terms with :
˜ Sai Sagar Enterprises
˜ Vistat Electricals
˜ Pearl Polymers Limited
˜ B. D. Universal Traders
˜ Universal Trade
˜ Amit Appartment Limited
˜ Multoweld Wire Company
˜ Gama Investments (Private) Limited
˜ Madhuri Sales Corporation
˜ National Steel & Wire Company
˜
Pacific
˜ Premium Estates (Private) Limited
˜
West
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Name of the company |
M/S. B R STEEL PRODUCTS PRIVATE LIMITED |
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Presented By |
M/S. B R STEEL PRODUCTS PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
Agreement of
Hypothecation of Movable Property, dated 29.12.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 9.000
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 |
(1) Hypothecation
of all the plant and machinery, furniture and fixtures, tangible movable
property, both present and future, belonging to the Borrower place of
business at Plot No. C- 39, MIDC, TTC Industrial Area, Village Pawne,
Turbhe-Mahape Road, Navi Mumbai, or at any time hereafter during the
continuance of this security be kept at Borrowers place of business / works or in transit. (2) Hypothecation
of Book Debts, monies receivables, claims and bills which are now due and
owing or which may become due and owing by any person firm, company, or by
Government, any local or public body or authority. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
1. Interest @
10.5% p.a. or at such rate as may be fixed by the Bank, payable at Quarterly
rests. 2. At any time on
demand or by 29.12.2009. 3. Security to
cover the principal amount or the balance due to the bank at the foot of the
said Overdraft / Loan Account with interest, penal interest, all costs,
charges, and expenses incurred by the bank. |
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5) Name and Address and description of the person entitled to the charge. |
The Saraswat
Co-operative bank Limited Madhushree, Plot
No. 85, Sector – 17, Vashi, Navi Mumbai – 400 703 |
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Corporate identity
number (CIN) Foreign company registration number |
U99999mh1960plc011799 |
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Name of the
Company |
M/S. B R STEEL PRODUCTS PRIVATE LIMITED |
|
Address |
Plot No. C 39/B MIDC Area Turbhe Mahape Road, Before electronic Zone, Pawne,
Navi Mumbai – 400 705, |
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This form is for |
Creation of
charge |
|
Type of Charge |
Movable property
(not being pledge) |
|
Whether
consortium finance is involved |
No |
|
Whether joint
charge involved |
No |
|
Particulars of the
charge holder |
The Saraswat
Co-operative bank Limited Madhushree, Plot
No. 85, Sector – 17, Vashi, Navi Mumbai – 400 703, e-mail ID: user_vashi@saraswatbank.com |
|
Amount secured by
the charge |
Rs. 9.000
millions |
|
Nature or
description of the instrument(s) creating or modifying the charge |
Agreement of
Hypothecation of Vehicle |
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Date of
Instrument |
04.11.2006 |
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Whether charge
created or modified outside |
No |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
(a) Rate of
Interest: Interest @ 9% p.a. at such rate as may be fixed by the Bank from
time to time. (b) Terms of
repayment: Loan repayable on demand and if not demanded earlier, by
04.12.2011 © Margin: 30 % (d) Extent and
operation of the charge: 60 installment of Rs. 0.019 millions |
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Short Particulars
of the property charged (including location of the property) |
Motor Vehicle |
|
Whether any of
the property or interest therein under reference is not registered in the
name of the company |
No |
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. 40.60 |
|
|
1 |
Rs. 80.13 |
|
Euro |
1 |
Rs. 54.87 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
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 |
|
51 |
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 |
|