MIRA
INFORM REPORT
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Report Date : |
05.09.2007 |
IDENTIFICATION DETAILS
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Name : |
RAMCO STEELS PRIVATE LIMITED |
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Registered Office : |
1386, 2nd Floor, Chandani Chowk, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
30.03.1992 |
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Com. Reg. No.: |
48248 |
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CIN No.: [Company
Identification No.] |
U74899DL1992PTC048248 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELR07963E |
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PAN No.: [Permanent
Account No.] |
AAACR0261K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and Exporters of Forged Components, Machine Components. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 401656 |
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Status : |
Good |
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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 satisfactory track
record. 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 : |
1386, 2nd Floor, Chandani Chowk, |
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Mobile No.: |
91-9811224660 / 91-9891279888 |
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E-Mail : |
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Corporate Office : |
Plot No. 75, Sector 25, |
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Tel. No.: |
91-129-4061230 |
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Fax No.: |
91-129-4061229 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Paresh Mittal |
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Designation : |
Director |
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Address : |
B – 313, New Friends Colony, |
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Date of Birth/Age : |
06.02.1966 |
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Date of Appointment : |
28.09.1993 |
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Name : |
Mrs. Darshan Mittal |
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Designation : |
Director |
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Date of Birth/Age : |
07.12.1945 |
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Date of Appointment : |
28.09.1993 |
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Name : |
Mr. Brij Mohan Mittal |
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Designation : |
Director |
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Address : |
B – 313, New Friends Colony, |
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Date of Birth/Age : |
21.06.1940 |
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Date of Appointment : |
16.05.200 |
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Name : |
Mr. Nitin Mittal |
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Designation : |
Director |
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Address : |
D 827, New Friends Colony, |
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Date of Birth/Age : |
11.12.1972 |
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Date of Appointment : |
18.12.1999 |
KEY EXECUTIVES
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Name : |
Subhash Gupta and Associates |
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Designation : |
Company Secretary |
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Address : |
1872, Sector 8, |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Paresh Mittal |
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66000 |
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Mrs. Darshan Mittal |
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41000 |
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Mr. Manish Mittal |
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41000 |
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Mr. B M Mittal |
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21000 |
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Mr. Nitin Mittal |
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21000 |
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Pama Steels Private Limited |
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250000 |
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Mrs. Shalini Mittal |
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60000 |
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Total |
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500000 |
Equity shares breakup (percentage of total equity)
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S. No. |
Category |
Percentage |
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1 |
Bodies corporate (not mentioned above) |
50.00 |
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2 |
Directors or relatives of directors |
50.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Forged Components, Machine Components. |
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Products : |
Screw Spikes Nuts |
GENERAL INFORMATION
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Suppliers : |
Ø Rashitriya Ispat Nigam Limited Ø Indian Oil Corporation Limited Ø
Hass Automation INC, Ø Baker Gauges India Private Limited Ø Bharat Petroleum Corporation Limited Ø Shivanshu Sintered Product Private Limited |
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Customers : |
Ø Denso India Limited Ø Sona Somic Lemforder Components Limited Ø Bharat Gears Limited Ø
Kennametal Inc., Ø
CAB Inc., Ø Trellborg Automotive India Limited Ø QH Talbros Limited Ø G E Motores India Limited Ø Vishwakarma Automotive Private Limited Ø Farcom Do Brasil Comm. INT Limited Ø Allied Asia Limited Ø Raunaq Automotive Component Limited Ø Sanauto Engineers India Privae Limited Ø Swati Aluminium Limited Ø Gajra Bevel Gear Limited Ø Gajra Gears Private Limited Ø Gujarat Automobile Gear Limited |
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Bankers : |
Ø
Standard Chartered Bank, 10 Sansad Marg, Ø ICICI Bank Ø
State Bank of Ø Jammu and Kashmir Bank Limited |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Borar and Associates Chartered Accountants |
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Address : |
35, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity shares |
Rs. 10/- each |
Rs. 5.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity shares |
Rs. 10/- each |
Rs. 5.000 millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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5.000 |
5.000 |
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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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95.414 |
91.147 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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100.414 |
96.147 |
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LOAN FUNDS |
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1] Secured Loans |
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66.763 |
28.078 |
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2] Unsecured Loans |
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0.000 |
2.450 |
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TOTAL BORROWING |
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66.763 |
30.528 |
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DEFERRED TAX LIABILITIES |
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4.630 |
4.149 |
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TOTAL |
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171.807 |
130.824 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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65.246 |
47.039 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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19.582 |
28.580 |
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Sundry Debtors |
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56.439 |
47.700 |
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Cash & Bank Balances |
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13.363 |
7.133 |
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Other Current Assets |
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1.806 |
1.302 |
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Loans & Advances |
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19.612 |
6.111 |
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Total
Current Assets |
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110.802 |
90.826 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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4.241 |
7.041 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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4.241 |
7.041 |
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Net Current Assets |
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106.561 |
83.785 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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171.807 |
130.824 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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242.955 |
218.269 |
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Other Income |
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7.773 |
5.939 |
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Total Income |
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250.728 |
224.208 |
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Profit/(Loss) Before Tax |
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7.491 |
16.216 |
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Provision for Taxation |
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3.224 |
5.010 |
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Profit/(Loss) After Tax |
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4.267 |
11.206 |
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Earnings in Foreign Currency : |
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Total Earnings |
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47.077 |
38.970 |
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Imports : |
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Total Imports |
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6.514 |
1.892 |
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Expenditures : |
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Financial Expenses |
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3.336 |
2.429 |
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Depreciation & Amortization |
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7.048 |
5.247 |
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Other Expenditure |
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213.686 |
192.657 |
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Total Expenditure |
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224.070 |
200.333 |
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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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PAT / Total Income |
(%) |
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1.70 |
4.99 |
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Net Profit Margin (PBT/Sales) |
(%) |
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3.08 |
7.42 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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4.25 |
11.76 |
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Return on Investment (ROI) (PBT/Networth) |
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0.07 |
0.16 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.70 |
0.39 |
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Current Ratio (Current Asset/Current Liability) |
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26.12 |
12.89 |
LOCAL AGENCY FURTHER INFORMATION
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Corporation identity number or foreign company registrations number of the company |
U74899DL1992PTC048248 |
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Name of the company |
RAMCO STEELS PRIVATE LIMITED |
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Address |
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This Form is for |
Creation of Charge |
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Type of Charges |
Movable Property (not being pledge), First Charge over plant and machinery |
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Particular of the charge holder |
Standard Chartered Bank 10, |
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Nature or description of the instrument creating charge |
Agreement of hypothecation of machinery |
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Date of the instrument creating charge |
12.03.2007 |
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Amount Secure by the charge |
Rs. 108.500 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
a) Rate of Interest: As per agreement b) Rate of Repayment: As per agreement c) Margin: As per agreement d) Extent and operation of the charge Extent and operation – 100% |
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Particulars of the Property charged |
First charge over plant and machinery of the company both present and future installed or to be installed at the borrower’s godowns or premises etc. |
As per website
details:
Subject is a composite unit
having a press-forge shop, proof machining facility & a CNC machine shop,
within the same premises. Their company serves the automotive,
mining,
hydraulics
& other light engineering
industries, both in
Subject enjoys a good reputation amongst its clients for the strong value
proposition that it offers, without fail, year after year. At Subject, they
take pride in constantly exhibiting the following:
Ø Flexibility To
Customers’ Changing Demands
Ø Commitment To
Quality & Delivery
Ø Faster Response
Time To Enquiries
Ø Lesser Lead Time
For Sample Development
Ø Quick Ramp Up For
New Projects
Ø Competitive
Pricing
Ø Cnfidence In Their
Team &
Ø Financial
Stability.
Over the years, they have developed a healthy relationship with their long-term
suppliers and other well managed, cutting-edge manufacturing companies of their
industry. With offices and plants in
Company Overview
Ø Year of
establishment: 1994
Ø Total Plant Area:
150,000 sq. feet.
Ø No. of permanent
employees: 300
Ø Materials processed:
Carbon & Alloy Steels
Ø Range: Half-pound
(0.250 kilo) to 11 lbs (5 kilos)
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
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Indian Rupees |
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US Dollar |
1 |
Rs. 40.91 |
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1 |
Rs.82.57 |
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Euro |
1 |
Rs.55.72 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
8 |
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--LEVERAGE |
1~10 |
8 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
YES |
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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 |
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60 |
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. |
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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