MIRA
INFORM REPORT
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Report Date : |
21.05.2007 |
IDENTIFICATION DETAILS
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Name : |
DANKUNI STEELS LIMITED |
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Registered Office : |
8, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
13.01.1995 |
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Com. Reg. No.: |
067953 |
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CIN No.: [Company
Identification No.] |
L27109WB1995PLC067953 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALD04850G |
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PAN No.: [Permanent
Account No.] |
AABCD9406F |
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Legal Form : |
Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer of 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 : |
USD1032800 |
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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 dealings at usual trade
terms and conditions. |
LOCATIONS
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Registered Office : |
8, |
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Tel. No.: |
91-33-22480357 |
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E-Mail : |
DIRECTORS
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Name : |
Mrs. Bimal Devi Sureka |
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Designation : |
Director |
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Address : |
28/1, Shakespeare Sarani, 10th Floor, Kolkata – 700017, |
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Date of Birth/Age : |
10.10.1948 |
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Date of Appointment : |
17.08.2006 |
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Name : |
Mr. Sanjay Kumar Sureka |
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Designation : |
Director |
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Address : |
28/1, Shakespeare Sarani, 10th Floor, Kolkata – 700017, |
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Date of Birth/Age : |
22.01.1971 |
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Date of Appointment : |
10.04.2004 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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Percentage of
Holding |
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Bodies Corporate |
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90.85 |
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Directors or relative of directors |
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8.42 |
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Other |
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0.73 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Steel |
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GENERAL INFORMATION
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Bankers : |
Kotak Mahindra
Bank Limited 15, |
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Banking Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. D. N. Gupta Chartered Accountants |
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Address : |
10, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
499090 |
Equity Shares |
Rs.10/- each |
Rs.49.909
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 |
49.900 |
29.900 |
02.300 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
208.300 |
111.200 |
(00.100) |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
258.200 |
141.100 |
02.200 |
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LOAN FUNDS |
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1] Secured Loans |
480.300 |
317.600 |
0.000 |
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2] Unsecured Loans |
48.700 |
48.700 |
20.000 |
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TOTAL BORROWING |
529.000 |
366.300 |
20.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
787.200 |
507.400 |
22.200 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
257.900 |
295.000 |
00.100 |
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Capital work-in-progress |
0.000 |
0.000 |
40.700 |
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INVESTMENT |
00.100 |
0.000 |
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 |
407.500
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367.700 |
0.000 |
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Sundry Debtors |
232.500
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80.400 |
0.000 |
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Cash & Bank Balances |
25.400
|
09.200 |
0.000 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
15.300
|
19.100 |
0.000 |
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Total
Current Assets |
680.700
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476.400 |
0.000 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
149.900
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264.000 |
18.700 |
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Provisions |
01.700
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00.100 |
0.000 |
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Total
Current Liabilities |
151.600
|
264.100 |
18.700 |
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Net Current Assets |
529.100
|
212.300 |
18.700 |
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MISCELLANEOUS EXPENSES |
00.100 |
00.100 |
00.100 |
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TOTAL |
787.200 |
507.400 |
22.200 |
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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 |
1497.500 |
89.700 |
0.000 |
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Other Income |
00.700 |
00.100 |
0.000 |
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Stock Adjustments |
39.800 |
367.700 |
0.000 |
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Total Income |
1538.000 |
457.500 |
0.000 |
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Profit/(Loss) Before Tax |
18.000 |
01.400 |
0.000 |
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Provision for Taxation |
01.600 |
00.100 |
0.000 |
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Profit/(Loss) After Tax |
00.800 |
00.400 |
0.000 |
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Expenditures : |
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Raw
Materials |
1299.800 |
439.500 |
0.000 |
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Excise
Duty |
01.300 |
0.000 |
0.000 |
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Power
& Fuel Cost |
0.000 |
0.000 |
0.000 |
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Other
Manufacturing Expenses |
109.600 |
09.500 |
0.000 |
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Employee
Cost |
01.200 |
00.300 |
0.000 |
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Selling
and Administration Expenses |
09.700 |
00.500 |
0.000 |
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Miscellaneous
Expenses |
00.400 |
00.100 |
0.000 |
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Interest
& Financial Charges |
58.200 |
02.600 |
0.000 |
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Depreciation
|
39.800 |
03.600 |
0.000 |
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Total Expenditure |
1520.000 |
456.100 |
0.000 |
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KEY RATIOS
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Debt-Equity
Ratio |
2.24 |
2.70 |
9.09 |
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Long
Term Debt-Equity Ratio |
1.11 |
1.79 |
9.09 |
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Current
Ratio |
1.33 |
1.15 |
0.00 |
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TURNOVER
RATIOS |
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Fixed
Assets |
4.99 |
0.60 |
0.00 |
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Inventory |
3.86 |
0.49 |
0.00 |
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Debtors |
9.57 |
2.23 |
0.00 |
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Interest
Cover Ratio |
1.31 |
1.54 |
0.00 |
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Operating
Profit Margin(%) |
7.75 |
8.47 |
0.00 |
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Profit
Before Interest And Tax Margin(%) |
5.09 |
4.46 |
0.00 |
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Cash
Profit Margin(%) |
3.75 |
5.46 |
0.00 |
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Adjusted
Net Profit Margin(%) |
1.10 |
1.45 |
0.00 |
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Return
On Capital Employed(%) |
11.77 |
1.51 |
0.00 |
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Return
On Net Worth(%) |
8.21 |
1.81 |
0.00 |
LOCAL AGENCY FURTHER INFORMATION
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Corporate
identity number (CIN) Foreign company registration number |
L27109WB1995PLC067953 |
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Name of the
Company |
DANKUNI STEEL
LIMITED |
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Address |
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This form is for |
Creation of
Charges |
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Type of Charge |
Movable property (not
being pledge) |
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Particulars of
the charge holder |
Kotak Mahindra
Bank Limited 15, |
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Amount secured by
the charge |
Rs.2.110 millions |
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Brief of the
principal terms and conditions |
Rate of Interest
– 3.95%per annum Terms of
Repayments – Repayable in 34 monthly installments. Margin – Nil Extent and operation
of the charges – By way of the first charge on the Asset Financed |
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Brif description
of the instrument modifying the charge under section |
2 nos of SK 1613
tipper Chassis3373135ASZ701060eng#69TC56ASZ100660 Chassis3373135ASZ701876eng#697TC56MTZ166456 1 no Mahidra
Tractor ENG# NCNW10299 Chassis#10299 |
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 |
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|
1 |
Rs.80.13 |
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Euro |
1 |
Rs.54.87 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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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 |
9 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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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 |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
50 |
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
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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 |
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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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