MIRA
INFORM REPORT
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Report Date : |
16.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
SOVA ISPAT ALLOYS
LIMITED |
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Registered Office : |
Room No. 59
Martin Burn House, 5th Floor, 1, R. N. Mukherjee Road, Kolkata -
700 012, West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
19.08.1998 |
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Com. Reg. No.: |
21-58051 |
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CIN No.: [Company
Identification No.] |
U99999WB1998PTC058051 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALS14232B |
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PAN No.: [Permanent
Account No.] |
AAECS8348C |
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Legal Form : |
A Closely held
Public Limited Liability Company. |
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Line of Business : |
Manufacturers and
Exporters of Silico Manganese and Ferro Manganese. |
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 938548 |
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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. |
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LOCATIONS
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Registered
Office / Corporate Office
: |
Room No. 59
Martin Burn House, 5th Floor, 1, R. N. Mukherjee Road, Kolkata -
700 012, West Bengal, India |
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Tel. No.: |
91-33-22428217 |
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Fax No.: |
91-33-22428432 |
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E-Mail : |
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Website : |
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Head Office : |
Hahnemann Sarani,
Angadpur, Durgapur - 713215, West Bengal, India |
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Tel. No.: |
91-343 – 2591207
/ 2590802 / 2590689 / 2590680 |
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Fax No.: |
91-343 – 2591207/
2590679 |
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E-Mail : |
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Factory 1 : |
Angadpur,
Durgapur, District - Burdwan, Pin - 713 215, West Bengal, India |
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Tel. No.: |
91-343-259-0689 /
680 / 802 |
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Fax No.: |
91-343-259-0679 |
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E-Mail : |
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Factory 2: |
Alloys Limited , EPIP , Gate No .6, Norbong Area, Byrnihat, District –
Ribhoi, Meghalaya, India |
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Tel. No.: |
91-3638-263906 / 530 |
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Factory 3: |
Sova Ispat:
Limited Jemua Mouza, PS - Mejia, District- Bankura, West Bengal |
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Tel. No.: |
91-341-250527 |
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Fax No.: |
91-341-250537 |
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Factory 4: |
Sova
Electrocasting Limited Bamunara Industrial Area, PS – Kanksa, Durgapur – 713 212, West Bengal
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Tel No: |
91-343-3202485 |
DIRECTORS
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Name : |
Ms. Sabyasachi
Mukherjee |
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Designation : |
Director |
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Address : |
Nabapally,
Benachity, Durgapur – 713213, West Bengal, India |
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Date of Birth/Age : |
22.06.1983 |
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Date of Appointment : |
01.04.2004 |
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Name : |
Ms. Lila
Mukherjee |
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Designation : |
Director |
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Address : |
Nabapally,
Benachity, Durgapur – 713213, West Bengal, India |
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Date of Birth/Age : |
22.06.1955 |
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Date of Appointment : |
01.04.2004 |
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Name : |
Ms. Sucheta
Mukherjee |
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Designation : |
Director |
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Address : |
Amaravati, West
Barasat – 700126, West Bengal, India |
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Date of Birth/Age : |
17.09.1962 |
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Date of Appointment : |
01.04.2004 |
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Name : |
Mr. Salil
Mukherjee |
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Designation : |
Managing Director
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Address : |
Nabapally, Benachity,
Durgapur – 713213, West Bengal, India |
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Date of Birth/Age : |
12.07.1950 |
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Date of Appointment : |
01.04.2004 |
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Name : |
Mr. Samir
Mukherjee |
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Designation : |
Whole Time
Director |
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Address : |
Nabapally, Benachity,
Durgapur – 713213, West Bengal, India |
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Date of Birth/Age : |
05.01.1958 |
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Date of Appointment : |
01.04.2004 |
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Name : |
Subrata Mukherjee |
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Designation : |
Whole Time
Director |
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Address : |
Nabapally, Benachity,
Durgapur – 713213, West Bengal, India |
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Date of Birth/Age : |
15.03.1960 |
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Date of Appointment : |
01.04.2004 |
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Name : |
Mr. Swarup
Chatterjee |
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Designation : |
Director |
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Address : |
West Ichapore, Nabapally,
Barasat, Kolkata – 700126, West Bengal, India |
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Date of Birth/Age : |
01.01.1974 |
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Date of Appointment : |
01.04.2004 |
KEY EXECUTIVES
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Name : |
Mr. Sisir Kumar
Dhar |
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Designation : |
Company Secretary |
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Date of Appointment : |
01.08.2001 |
SHAREHOLDING PATTERN
Equity Shares Breakup (Percentage of Total Equity):
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Sr No. |
Category |
Percentage |
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1 |
Bodies Corporate |
50.20 |
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2 |
Directors or relative of directors |
39.27 |
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3 |
Other top fifty (50) shareholders |
9.31 |
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4 |
Others |
1.22 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and
Exporters of Silico Manganese and Ferro Manganese. |
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Products : |
· Silico Manganese ·
Ferro Manganese |
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Exports : |
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Countries : |
Japan, China,
Singapore, Italy, Chile, South Korea , Bangladesh , Brazil , Chile. |
GENERAL
INFORMATION
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Suppliers : |
· Alsthom Limited · General Electronics Stores · Maruti Engineering Works · Corporate Isapt Alloys Limited · Durgapur Tubes Private Limited · Graphite India Limited · Managanese Ore India Limited · Indian Iron and Steel Company Limited · Mark and Touch · Nagpur Power and Industries Limited · Orissa Mining Corporation Limited · Shyam Ferro Alloys Limited · Steel Authority of India Limited |
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Customers : |
Overseas users in
Italy, Brazil, Chile, China, Japan, South Korea, Singapore, Bangladesh and
domestic clients like : ·
Durgapur Steel Plant, Durgapur ·
Alloy Steel Plant, Durgapur ·
Rourkela Steel Plant, Rourkela ·
Rashtriya Ispat Nigam Limited, Vizag ·
Tata Iron & Steel
Company, Jamshedpur ·
Jindal Strips Limited ·
Rim Jhim Ispat Limited ·
Essem Enterprise ·
Prakash Industries
Limited ·
Super Smelters Limited,
Durgapur ·
Metalex India ·
Harsh India ·
Maithon Alloys Limited ·
Mahabir Ferro Alloys Limited,
Durgapur ·
Usha Martin Limited and
many others. ·
Tata Iron and steel Company Limited ·
Titagarh Industries Limited ·
Sigma Ispat and power Limited ·
Srinathji Ispat and power limited ·
Misha Dyes and Chemicals ·
Guru Nanak (Ferro) alloys ·
Rim Jhim Ispat Limited |
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No. of Employees : |
About 500 |
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Bankers : |
· Oriental Bank of Commerce Address: Benachity,
Nachan Road, Durgapur – 713 213, West Bengal, India Email ID: jpatnaikassociates@gmail.com · Indian Overseas Bank Address: Nachan road, Durgapur -713213, Burdwan, West
Bengal · Allahabad Bank · HDFC Bank Limited · Syndicate Bank · State Bank of India |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
P. Sen Sharma and
Company Chartered
Accountants |
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Address : |
309, B. B.
Ganguly Street, East Block, 1st Floor, Kolkata – 700012, West
Bengal, India |
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Group Company : |
· Meghalaya Sova Ispat Alloys Limited : Alloys Limited EPIP, Gate No. 6, Norbong Area, Byrnihat,
Dist - Ribhoi, Meghalaya, INDIA Phone 91-3638-263-906 / 263-530 · Sova Ispat Limited : Present Capacity - 90,000 TPA of Sponge Iron producing since June
2005. Works : Jemua Mouza, P S – Mejia, Dist : Bankura, West Bengal Ph : 91-341 - 250527 Tele fax : 91-341 - 250 537 · Sova Electrocastings Limited : Present Capacity - 30,000 TPA M S ingot since June 2006. Heading towards producing Forging quality & S S grades. Works : Bamunara Industrial Area, P S – Kanksa, Durgapur - 713212. West Bengal Ph : 91-343 3202485 · Sova Ispat Alloys (Mega Projects) Limited : Located in Durgapur (W B ) Present Capacity - 12 MVA being expanded to 24 MVA. Producing Ferro
Alloys since October 2006. |
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Associates/Subsidiaries : |
· Meghalaya Sova Ispat Alloys Limited · Sova Ispat Limited · Om Sales Agencies Private Limited · Sova Commercial Private Limited · Sova Ispat Alloys (Mega Projects) Limited · Sova Electrocasting Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
15000000 |
Equity shares |
Rs. 10/- each |
Rs.150.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
13788432 |
Equity shares |
Rs. 10/-
each |
Rs.137.884
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
137.884 |
137.884 |
132.884 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
96.753 |
74.686 |
52.573 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
234.637 |
212.570 |
185.457 |
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LOAN FUNDS |
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1] Secured Loans |
149.503 |
113.116 |
82.257 |
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2] Unsecured Loans |
61.550 |
72.250 |
40.250 |
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TOTAL BORROWING |
211.053 |
185.366 |
122.507 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
445.690 |
397.936 |
307.964 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
76.126 |
92.462 |
114.238 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.374 |
0.374 |
0.274 |
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DEFERREX TAX ASSETS |
1.806 |
3.068 |
2.211 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
221.540
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131.559 |
107.917 |
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Sundry Debtors |
37.135
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26.457 |
61.657 |
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Cash & Bank Balances |
16.045
|
29.820 |
22.885 |
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Other Current Assets |
198.517
|
181.092 |
66.677 |
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Loans & Advances |
25.535
|
38.823 |
62.109 |
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Total
Current Assets |
498.772
|
407.751 |
321.245 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
86.292
|
105.719 |
130.004 |
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Provisions |
45.096
|
0.000 |
0.000 |
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Total
Current Liabilities |
131.388
|
105.719 |
130.004 |
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Net Current Assets |
367.384
|
302.032 |
191.241 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
445.690 |
397.936 |
307.964 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
1023.115 |
686.368 |
1234.911 |
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Other Income |
53.834 |
125.709 |
2.992 |
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Total Income |
1076.949 |
812.077 |
1237.903 |
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Profit/(Loss) Before Tax |
54.741 |
7.065 |
54.653 |
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Provision for Taxation |
16.952 |
4.951 |
19.877 |
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Profit/(Loss) After Tax |
37.789 |
2.114 |
34.776 |
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Export Value |
258.007 |
160.780 |
0.000 |
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Import Value |
106.310 |
3.753 |
0.000 |
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Expenditures : |
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Manufacturing Expenses |
551.143 |
448.738 |
470.996 |
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Administrative and Selling Expenses |
56.183 |
37.264 |
121.732 |
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Preliminary Expenses |
0.000 |
0.000 |
0.075 |
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Raw Material Consumed |
397.024 |
256.756 |
538.406 |
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Personnel Expenses |
4.127 |
4.318 |
2.395 |
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Financial charge |
21.437 |
18.065 |
15.041 |
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Depreciation |
18.326 |
23.830 |
30.741 |
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Other Expenditure |
(39.763) |
(41.895) |
(45.707) |
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Total Expenditure |
1008.477 |
747.076 |
1133.604 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
3.50
|
0.26 |
2.80 |
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Net Profit Margin (PBT/Sales) |
(%) |
5.35
|
1.02 |
4.42 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
9.52
|
1.41 |
12.54 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.03 |
0.29 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.45
|
0.49 |
0.70 |
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Current Ratio (Current Asset/Current Liability) |
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3.79
|
3.85 |
2.47 |
LOCAL AGENCY
FURTHER INFORMATION
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Corporation identity number or foreign company registrations number of
the company |
U99999WB1998PTC058051 |
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Name of the company |
SOVA ISAPT ALLOYS LIMITED |
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Address |
Room No. 59 Martin
Burn House, 5th Floor, 1, R. N. Mukherjee Road, Kolkata - 700 012,
West Bengal, India |
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This Form is for |
Modification of charge |
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Type of Charges |
Book debts Movable property |
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Particular of the charge holder
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· Oriental Bank of Commerce Address:
Benachity, Nachan Road, Durgapur – 713 213, West Bengal, India Email ID: jpatnaikassociates@gmail.com |
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Nature or description of the instrument creating charge |
Loan doc -13 |
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Date of the instrument creating charge |
20.03.2007 |
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Amount Secure by the charge |
Rs. 400.000 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate
of interest: PLR Plus 1% IE 11.50% Term
of repayment: Cash credit – 60000000 on Demand Packing Credit – 40000000 Letter of Credit – 300000000 on Demand Margin: Letter of credit -25% Packing Credit – 25% Extent and operation of charge : Charge shall extend and remain operation on all book debts and movable
properties till the full amount repaid. Extent
and operation of the charge Charge shall extend and remain operation on all book debts and movable
properties till the full amount repaid. |
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Shorts particulars of the
Property charged |
Book debts and movable goods located any
where in India |
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Particulars of the present modification |
By this modification the total amount of loan has been enhanced to Rs.
400.000 millions from Rs. 180.000 millions by enhancement of packing credit
from Rs. 20.000 millions to Rs. 40.000 millions and ;letter of credit (in
land / foreign) from Rs. 100.0000 to Rs. 300.000 millions |
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Name of the
company |
SOVA ISPAT
ALLOYS LIMITED |
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Presented
By |
Mr. Salil Mukherjee |
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1) Date and description
of instrument creating the change |
31st
Day of December Deed of
hypothecation dated 31.12.2001 executed by the Indian Overseas Bank ,
Durgapur Branch, Nachan Road, Durgapur – 13 (herein after
referred to as Lender Bank) a
certified copy of deed of hypothecation in Form 110A, 110E and 16 and dated 31.12.20001 |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 25.000
millions Working capital
facility of Rs. 25.000 millions sanctioned by the bank as under: · Cash credit facility against hypothecation of stock Rs. 15.000 millions. Rate of interest 15.5% p.a Margin 25% · Inland letter of credit on DP terms against document of title to goods – Rs. 10.000 millions ·
Margin 15% |
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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 |
Hypothecation of
stocks (raw materials, Work in Progress, finished goods and consumable) lying
at factory premises at Hahnemann Sarani, Angadpur, Durgapur – 15 or at any
other godowns of the company and hypothecation of receivables and stock in
transit both present and future. The finance is
made under Multiple Banking Arrangement with Oriental Bank of Commerce (OBC).
Charge Assets of the company are to be created on pari passu basis with
Oriental Bank of commerce (OBC) in our favour (the certified copy of OBCs
consent letter dated 11.11.2001 enclosed) Hypothecation of
plant and machinery shed and other Hahnemann Sarani, angadpur, Durgapur – 15 (the Certified
copy of OBCs No. objection letter dated 19.06.2001 is enclosed) |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
The charges operate are Charge on the current assets of the company are to be created on pari
passu basis with oriental Bank of commerce, Benachity, Durgapur – 13 First charge on plant and machinery and other Fixed assets of the Unit
– of the company – as security interalia fro the due conditions and extent repayment
by the borrower to the Lender bank of the working capital facility of Rs.
2.5000 millions together with interest @ 15.5% p.a and all other charges. |
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5) Name and
Address and description of the person entitled to the charge. |
· Indian Overseas Bank Address: Nachan road, Durgapur -713213,
Burdwan, West Bengal |
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6) Date and brief description of instrument
modifying the charge |
12.04.2003 Letter of
hypothecation 110F /110E dated 12.04.2003 |
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7) Particulars of
modifications specifying the terms and conditions or the extent of operations
of the charge in which modification is made and the details of the
modification. |
Second modification In continuation
of the first modification by the above referred supplemental letter of hypothecation
dated 12.04.20063, the overall credit limit has been increased to Rs. 40.000 millions from
existing Rs. 25.000 millions as under:
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FIXED ASETS:
· Leasehold Land
· Factory Building
· Plant and machinery
· Electrical Installation
· Vehicle
· Tools and Trackles
· Computer CVT and accessories
· Laboratory equipments
· Furniture and fixtures
· Cast iron Mould
OTHER INFORMATION:
They introduce
their selves as one of the leading manufacturers in India who are regularly
exporting to Japan, China, Singapore, Italy, Chili, South Korea and Bangladesh
apart from Indian Clientele like TISCO, SAIL, RINL, IISCO, Jindal Steel and
many others. They got the best Exporter award amongst the North Eastern States
for 2004-05 and 2005-06.
Over the years,
Durgapur (WB) and Meghalaya units have grown with a proven track record by
supplying uncompromised quality material and obviously, confidence of customers
Banks through regular transaction and payments has been obtained beyond doubt.
Infrastructure
Total Area
: 200 Acres
Total Covered Area
: 15000 Sq. Metres
Sova Ispat Alloys Limited :
3 Nos Submerged
Electric Arc Furnace of total 24 MVA capacities. Furnaces are lined with high
Alumina Fire Bricks with Carbon Paste Electrodes. Power obtained from The
Durgapur Projects Limited at 11 KV level.
Meghalaya Sova Ispat Alloys Limited :
2 Nos Submerged
Electric Arc Furnace of 18 MVA capacity of similar lining. Meghalaya State
Electricity Board is supplying the required power at 33 KV level.
Sova Ispat Alloys (Mega Projects) Limited :
One 12 MVA similar
arc furnace is slated to produce ferro alloys from October 2006 and another 12
MVA furnace from July 2007. Power is made available fro The Durgapur Projects
Limited at 11 KV.
Sova Ispat Limited :
One no 300 TPD
rotary kiln (first biggest in West Bengal by volume) is producing sponge iron.
Another 300 TPD unit is envisaged to come in December 2007. One Private Railway
siding to handle the huge quantity of raw material and products is going to be
installed inside the premises. WBSEB is supplying power at 11 KV. Elaborate
arrangement of Gas Conditioning Tower and Electrostatic Precipitator has been
made to keep emission norm within 150 mgms/NM3 of exhaust gas. Other dust prone
areas are managed by dust suppression system having bag filters. Very soon
waste heat recovery Boiler will be installed to generate power from the heat of
waste gas.
Sova Electrocastings Limited :
2 nos 8 T capacity
high silica lined crucibles are producing around 30,000 T of M S ingots. With
installation of one ladle refining furnace, forging quality steel will be produced
here. With further technical up gradation, stainless steel will be produced in
this unit very soon.
Raw Material
: For Ferro Alloy Furnaces : Manganese Ore, Rich Manganese bearing slag,
Dolomite, Quartzite, Fine Coke (dry), Iron Chips and Mill Scale are utilised.
Proper blend is maintained through Micro Processor Batch Weighing System and
controlled through EMR feeders.
For
Rotary Kiln : Iron Ore and non-coking coal are the major
ingradients to
make
directly reduced sponge iron.
For Induction unit : Raw
materials are sponge iron, MS and CI Scrap, Pigs and
some
ferro alloys.
Facilities
: Belt Conveyors, Skip Charger, Raker, 3 nos. pendant
operated EOT cranes, Dumpers, JCBs, Moulds and all other necessary mechanical
equipment.
The Units are
equipped with dust precipitation system with bag filters to maintain the
statutory solid waste PPM level in the effluent gas. Obnoxious gases in the
final discharge is strictly maintained by proper selection/blending of raw
materials and correct smelting process in the furnaces thus ensuring the plant
to be eco friendly.
Sizing/Bagging/Dispatch
: After one and half hours of cooling into the Cast Iron moulds, the solid metal
is stripped off. Broken to pcs. as per size and packed in nylon bags weighing
25 Kg to 50 Kg. The bags are ready for dispatch which are loaded in customer's
trucks and finally weighed in computerised weighing machine.
PRODUCTS
Present Capacity
with Installed furnaces
High
Carbon Ferro Manganese
44,000
TPA or
High
Carbon Silico Manganese
36,000
TPA or
High
Carbon Ferro Chrome
20,250
TPA and
Low
Carbon Ferro Silicon
9,000
TPA
Sponge
Iron - 5 mm to 18 mm with 82% Fe (Met) 90,000 TPA
Mild
Steel Ingot - 41/2" x 31/2 size- 30,000
TPA
Product Profile
Because of high
demand in the present Market, Plant is producing High Carbon Ferro and Silicon
Manganese and Low Carbon Ferro Silicon.
Size varies from 25
mm to 125 mm. but customized and economic size also can be supplied.
In case of Sponge
Iron, normal size is 5 mm to 18 mm. However, they can supply 3 mm to 20 mm size
also.
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.39.29 |
|
UK Pound |
1 |
Rs.80.72 |
|
Euro |
1 |
Rs.57.67 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
|