MIRA
INFORM REPORT
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Report Date : |
08.09.2007 |
IDENTIFICATION DETAILS
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Name : |
NEELKANTH CONCAST PRIVATE LIMITED |
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Registered Office : |
Survey No.281 and 282, Gyanjj Wadi, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
21.08.2003 |
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Com. Reg. No.: |
04-42778 |
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CIN No.: [Company
Identification No.] |
U27106GJ2003PTC042778 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RKTN00799B |
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PAN No.: [Permanent
Account No.] |
AABCN8500A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Sponge Iron, MS Billets and TMT Bar |
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 880000 |
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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 records. Directors are reported as experienced and respectable businessmen.
Trade relations are 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 : |
Survey No.281 and 282, Gyanjj Wadi, |
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Tel. No.: |
91-2836-239148 |
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Fax No.: |
91-2838-283488 |
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E-Mail : |
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Website : |
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Head Office : |
21, 22, H Block, 2nd Floor, |
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Tel. No.: |
91-11-51023637/38 |
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Fax No.: |
91-11-51023640 |
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Factory 1 : |
Survey No.221, Village Vadalao, Mundra, Kutch-370410, |
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Tel. No.: |
91-2838-283494 |
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Fax No.: |
91-2838-283488 |
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E-Mail : |
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Factory 2 : |
88Z, North -66, Gandhidham-370201 |
DIRECTORS
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Name : |
Mr. Ravinder Koul |
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Designation : |
Director |
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Address : |
153, Sector 7, Gandhidham, |
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Date of Birth/Age : |
03.01.1952 |
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Date of Appointment : |
21.08.2003 |
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Name : |
Mr. Ramkrishnadas Bishansaroop Singhal |
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Designation : |
Director |
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Address : |
22/75, Shakthi Nagar, |
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Date of Birth/Age : |
26.07.1944 |
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Date of Appointment : |
22.08.2003 |
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Name : |
Mr. Ramchander Solanki |
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Designation : |
Director |
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Address : |
BH-13, East Shalimar Bagh, |
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Date of Birth/Age : |
10.06.1948 |
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Date of Appointment : |
27.01.2005 |
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Name : |
Mr. Rajpal Solanki |
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Designation : |
Director |
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Address : |
BH-13, Shalimar Bagh, |
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Date of Birth/Age : |
20.10.1956 |
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Date of Appointment : |
05.08.2005 |
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Name : |
Mrs. Girijaben Chandrashekhar Ayachi |
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Designation : |
Director |
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Address : |
Plot No.12, Ward No.12-B, Gandhidham, Kutch-370201, |
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Date of Birth/Age : |
01.07.1969 |
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Date of Appointment : |
05.08.2005 |
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Name : |
Mr. Virbhadra Rao |
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Designation : |
Director |
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Name : |
Mr. Chandrashekhar Ayachi |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Girish V Thakkar |
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Designation : |
Company Secretary |
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Address : |
309 Sarita Complex, Opposite Vallabha Dinning Hall, Near Girish Cold
Drings, C G Road, Ahmedabad – 380009, Gujarat, India |
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Tel No. : |
91-79-26562799 |
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Fax No. : |
91-9825263447 |
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Email : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
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Mr. Ravinder Koul |
5000 |
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Mr. Virabhadra Rao |
5000 |
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Mr. Ramkrishnadas Singhal |
750000 |
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Mr. Rajpal Solanki |
490000 |
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Mrs. Girija Ayachi |
1325000 |
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Total |
2575000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Sponge Iron, MS Billets and TMT Bar |
GENERAL INFORMATION
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Bankers : |
v
State Bank of v
Sundaram Finance Limited, No.21, v Indian Overseas Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
J C Ranpura and Company Chartered Accountants |
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Address : |
“Orbit”, 1st Floor, Moti Tanki Chowk, Near Moti Tanki
Chowk, |
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Associates/Subsidiaries : |
Bishan Saroop Ram Kishan |
CAPITAL STRUCTURE
As on 30.09.2006
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2575000 |
Equity Shares |
Rs.10/- each |
Rs.25.750
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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18.750 |
18.750 |
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2] Share Application Money |
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99.854 |
87.354 |
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3] Reserves & Surplus |
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103.694 |
99.651 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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222.298 |
205.755 |
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LOAN FUNDS |
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1] Secured Loans |
|
652.688 |
493.504 |
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2] Unsecured Loans |
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51.000 |
125.354 |
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TOTAL BORROWING |
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703.688 |
618.858 |
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DEFERRED TAX LIABILITIES |
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17.789 |
7.772 |
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TOTAL |
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973.775 |
832.385 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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653.194 |
574.733 |
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Capital work-in-progress |
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0.000 |
67.023 |
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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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337.564 |
248.150 |
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Sundry Debtors |
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49.148 |
25.932 |
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Cash & Bank Balances |
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65.919 |
60.689 |
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Other Current Assets |
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36.886 |
22.786 |
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Loans & Advances |
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60.632 |
54.099 |
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Total
Current Assets |
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550.149 |
411.656 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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258.225 |
219.736 |
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Provisions |
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1.393 |
1.347 |
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Total
Current Liabilities |
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259.618 |
221.083 |
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Net Current Assets |
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290.531 |
190.573 |
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MISCELLANEOUS EXPENSES |
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0.050 |
0.056 |
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TOTAL |
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973.775 |
832.385 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover |
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1844.148 |
564.592 |
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Other Income |
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8.315 |
2.503 |
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Total Income |
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1852.463 |
567.095 |
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Profit/(Loss) Before Tax |
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16.387 |
15.520 |
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Provision for Taxation |
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12.344 |
9.119 |
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Profit/(Loss) After Tax |
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4.043 |
6.401 |
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Imports : |
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Raw Materials |
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659.498 |
NA |
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Stores & Spares |
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1.958 |
NA |
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Others |
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19.226 |
NA |
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Total Imports |
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680.682 |
NA |
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Expenditures : |
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Material Consumed |
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958.263 |
304.911 |
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Manufacturing Expenses |
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590.453 |
176.614 |
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Personnel Expenses |
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52.653 |
18.620 |
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Administrative Expenses |
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26.755 |
10.366 |
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Selling and Distribution Expenses |
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121.525 |
41.456 |
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Interest |
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71.012 |
33.761 |
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Depreciation & Amortization |
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60.938 |
29.122 |
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Total Expenditure |
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1881.599 |
614.850 |
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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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0.22 |
1.13 |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.89 |
2.75 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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1.36 |
1.57 |
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Return on Investment (ROI) (PBT/Networth) |
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0.07 |
0.08 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.33 |
4.08 |
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Current Ratio (Current Asset/Current Liability) |
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2.12 |
1.86 |
LOCAL AGENCY FURTHER INFORMATION
Business
To carry on and undertake in India and elsewhere, with or without collaboration,
the business to manufacture, produce, process, treat, alter, convert, shape,
fabricate, improve, manipulate, press, hammer, cut, sit, trim, design, edge,
grind, melt, machine, buy, sell, trade, import, export and act as
manufacturer’s representative, agent, broker, importer, exporter, buyer,
seller, trader, wholesaler, foundryman, consultant, engineer, metallurgist,
stockist, distributor, job worker, convertor of all shapes, sizes, varieties,
specifications, dimensions, descriptions and strength of iron and steel,
alloys, ferrous and non ferrous metals, mild steel, stainless steel, ingot,
rolling steel, special steel, carbon steel, tool alloys steel and electrical
steel and their products such as steel pipes of all grades, steel wires, billets,
sections, angles, joints, channels, flats, plates, bars, roads, structures,
profiles, grinders, torsteels, their products, by-products and other allied
materials made thereof.
Form 8 Particular for creation or modification of charges
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Name of the company |
NILKANTH CONCAST PRIVATE LIMITED |
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Presented By |
STATE
BANK OF |
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1) Date and description of instrument creating the change |
Agreement form No.20- Articles of Agreement Term loan against hypothecation of movable machinery and agreement of hypothecation of movable assets dated 18.07.2005. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.150.000 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 |
Pari passu charge on fixed/block assets both present and future more specifically mentioned in the agreement ow on hereafter from time to time during the continuance of the agreement shall be brought in stores or to be in or about therein premises or godown, house property on any other godown or be in course of transit. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The
above is to secure term loan of Rs.150.000 millions sanctioned for acquiring
machinery. Interest shall be charge d@ 11.75% p.a. and loan shall be
repayable in 24 quarterly installment of Rs.6.250 millions. Interest shall be
payable as and when due. The charge shall be on pari passu basis with Indian
Overseas Bank, Defence Colony, |
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5) Name and Address and description of the person entitled to the charge. |
State
Bank of Naya Bazar Branch, New Delhi-6 |
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6) Date and brief description of instrument modifying the charge |
6 to 7 Not Applicable |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
-- |
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Name of the company |
NILKANTH CONCAST PRIVATE LIMITED |
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Presented By |
Sundaram
Finance Limited, No.21, |
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1) Date and description of instrument creating the change |
Loan agreement dated 16.08.2004 bearing loan cont. No.WD-0171 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.2.100 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 |
On the security of 1 No. Hindustan 2021 Z Bar Front End Loader with all accessories bearing Unit Sl. No. L2Z00481, E. No.NWEM-059128, Ch. No.EE0383F as mentioned in the 1st Schedule of the enclosed copy of the loan agreement. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The total loan amount of Rs.2.313 millions. The rate of interest is 7.15% per annum, and is recoverable in 35 installment which is inclusive of principal of Rs.2.100 millions and the interest of Rs.0.213 millions. The 1st to 34 monthly installments of Rs.0.066 millions each, the last installment of Rs.0.062 millions. The 1st loan installment falls due on 16.08.2004. |
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5) Name and Address and description of the person entitled to the charge. |
Sundaram Finance Limited No.21,
Chennai-600002 |
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6) Date and brief description of instrument modifying the charge |
N.A. |
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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. |
N.A. |
Website Details :
Since the last few years, Nilkanth TMT Bars has become one
of the most trusted names in steel bars among
It is the largest integrated manufacturer of quality Sponge Iron & TMT bars
in
The company is run under technical guidance of Directors Mr. Ravindra Koul and
Mr. Ramchandraji.
They at Nilkanth Concast aim to achieve the customer satisfaction by providing
excellent quality products
Products
:
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Chemical Composition is : |
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Carbon |
: 0.15-0.25% |
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: 0.06% max |
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Phosphorus |
: 0.06% max |
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S & P |
: 0.11% max |
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Carbon Equivalent |
: 0.42% maxnt: |
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.40.71 |
|
|
1 |
Rs.82.26 |
|
Euro |
1 |
Rs.55.66 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
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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 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
43 |
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 |
|