MIRA
INFORM REPORT
|
Report Date : |
26.09.2007 |
IDENTIFICATION DETAILS
|
Name : |
CONCAST INDIA LIMITED |
|
|
|
|
Registered Office : |
47 – 48, Jolly Maker Chamber II, 4th Floor, Nariman Point,
Mumbai 400 021, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
23.03.1973 |
|
|
|
|
Com. Reg. No.: |
16413 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U29290MH1973PLC016413 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC10638F |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACC1759M |
|
|
|
|
Legal Form : |
Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturing of continuous casting machines, material handling
items, pollution control systems, vibration monitors and dynamic balancing
machines |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 235936 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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
|
Registered Office : |
47 – 48, Jolly Maker Chamber II, 4th Floor, Nariman Point,
Mumbai 400 021, |
|
Tel. No.: |
91-22-22027430 / 22020414 |
|
Fax No.: |
91-22-22850480 / 22027576 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Corporate Office / Factory: |
Concast House, 1/5, Marol Co-Op. Industrial Estate, Off Sir M Vasanji
Road, Marol, Andheri (East), Mumbai 400 059, Maharashtra, India |
|
Tel. No.: |
91-22-28501789 / 6845 |
|
Fax No.: |
91-22-28515145 / 28521714 |
|
E-Mail : |
|
|
Location : |
leased |
|
|
|
|
Branches : |
Ř
Ř Kolkata Ř Chennai Ř
|
DIRECTORS
|
Name : |
Mr. Narendra Kumar Nayar |
|
Designation : |
Director |
|
Address : |
9 – 10, Fair Haven, 29, |
|
Date of Birth/Age : |
24.08.1936 |
|
Date of Appointment : |
05.04.1973 |
|
|
|
|
Name : |
Mr. Hari Bhushan |
|
Designation : |
Director |
|
Address : |
B – 296, Yojana Vihar, |
|
Date of Birth/Age : |
06.09.1923 |
|
Date of Appointment : |
17.01.1990 |
|
|
|
|
Name : |
Mr. Kadapuram John Mathai |
|
Designation : |
Whole Time Director |
|
Address : |
Flat No. 12, New Narmada, Plot 24 – A, Sector – 14, Vashi, Navi Mumbai
400 705, |
|
Date of Birth/Age : |
07.03.19946 |
|
Date of Appointment : |
08.08.1995 |
|
|
|
|
Name : |
Mr. Shapoor Dinshaw Toorkey |
|
Designation : |
Director |
|
Address : |
62, |
|
Date of Birth/Age : |
06.06.1942 |
|
Date of Appointment : |
08.08.1995 |
|
|
|
|
Name : |
Mr. Narotamdas M Desai |
|
Designation : |
Director |
|
Address : |
9 – A, Brighton No. 2, 68, L J A G Mohandas Marg, Mumbai 400 026, |
|
Date of Birth/Age : |
25.03.1924 |
|
Date of Appointment : |
08.08.1995 |
|
|
|
|
Name : |
Mr. Peter William Hills |
|
Designation : |
Director |
|
Address : |
62, |
|
Date of Birth/Age : |
31.05.1944 |
|
Date of Appointment : |
07.12.2004 |
|
|
|
|
Name : |
Mrs. Dina Narinder Nayar |
|
Designation : |
Director |
|
Address : |
9 – 10, Fair Haven, 29, |
|
Date of Birth/Age : |
22.02.1939 |
|
Date of Appointment : |
07.12.2004 |
|
|
|
|
Name : |
Mrs. Shireen Kaikobad Mistry |
|
Designation : |
Director |
|
Address : |
Uzunkemer Mevkii, Kemer Country, Lale Kasri, Kemerburggaz 24077, |
|
Date of Birth/Age : |
28.06.1966 |
|
Date of Appointment : |
07.12.2004 |
|
|
|
|
Name : |
Mrs. Din Santook Nayar |
|
Designation : |
Whole Time Director |
|
Address : |
4th Floor, Fair Heaven, 29, |
|
Date of Appointment : |
01.04.2006 |
|
Other Directorship: |
Janus Consultants Private Limited |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Rustom Hilla Suntook |
|
4 |
|
Mr. Narinder Kumar Nayar |
|
6 |
|
Mr. Narinder Kumar Nayar |
|
3040 |
|
Mrs. Sarosh Nayar |
|
330 |
|
Mrs. Shireen Mistry |
|
660 |
|
Mrs. Dina Nayar |
|
72 |
|
Concast Holding AG |
|
926 |
|
Accomold AG |
|
500 |
|
Janus Consultants Private
Limited |
|
1600 |
Equity share breakup (percentage of total equity)
|
S. No. |
Category |
Percentage |
|
1 |
Foreign Holdings (Foreign institutional
investor(s), Foreign COmpanie(s), Foreign financial institutions(s),
Non-resident Indian(s) or Overseas cororate bodies or Others |
20.00 |
|
2 |
Bodies corporate (not mentioned above) |
22.41 |
|
3 |
Directors ore relatives of directors |
57.59 |
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of continuous casting machines, material handling
items, pollution control systems, vibration monitors and dynamic balancing
machines |
|
|
|
|
Products : |
Ř Contracts Completed/Supplies Ř Designs and Drawings Ř Service Charges Ř Billet Caster Ř Bloom Casters Ř Slab Casters Ř Round Casters |
PRODUCTION STATUS
A)
Licensed Capacity: Not Applicable
B)
Installed Capacity: No installed capacity has yet been established as it is difficutlt to
assess until the jobs on hand are completed. (This has not been verified by the
auditors as this is a technical matter)
C)
Sales and Production: Since the company is accounting contract revenue on proportionate
completion method the quantitative details with respect to sales and production
have not been furnished.
GENERAL INFORMATION
|
No. of Employees : |
210 |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
Canara Bank, Tamarind
Lane Branch, 8 / 10, Calcot House, |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
SECURED LOAN
|
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
A F Ferguson and Company Chartered Accountants |
|
Address : |
|
|
|
|
|
Associates/Subsidiaries : |
Ř
Janus Consultants Private Limited CIN No.: U74210MH1985PTC036109 Ř
Mechanalysis ( CIN No. U67120MH1962PLC012283 Ř
Mechanalysis ( Ř
Ř Conin Engineering Limited Ř
|
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity shares |
Rs. 10/- each |
Rs. 1.000 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
71400 |
Equity shares |
Rs. 10/-
each |
Rs. 0.714
million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.714 |
0.714 |
0.714 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
58.270 |
40.230 |
21.230 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
58.984 |
40.944 |
21.944 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
6.769 |
10.107 |
3.833 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
1.063 |
|
|
TOTAL BORROWING |
6.769 |
10.107 |
4.896 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.367 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
65.753 |
51.418 |
26.840 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
18.286 |
14.480 |
11.991 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
34.883 |
18.056 |
12.258 |
|
|
DEFERREX TAX ASSETS |
4.022 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
59.341
|
35.418 |
|
|
|
Sundry Debtors |
92.616
|
63.799 |
|
|
|
Cash & Bank Balances |
129.175
|
97.272 |
245.055 |
|
|
Other Current Assets |
20.998
|
8.694 |
|
|
|
Loans & Advances |
43.290
|
61.930 |
|
|
Total
Current Assets |
345.420
|
267.113 |
245.055 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
297.742
|
244.404 |
242.464 |
|
|
Provisions |
39.116
|
3.827 |
0.000 |
|
Total
Current Liabilities |
336.858
|
248.231 |
242.464 |
|
|
Net Current Assets |
8.562
|
18.882 |
2.591 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
65.753 |
51.418 |
26.840 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
841.101 |
551.873 |
208.522 |
|
|
Other Income |
47.153 |
20.109 |
33.390 |
|
|
Total Income |
888.254 |
571.982 |
241.912 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
54.301 |
26.284 |
1.323 |
|
|
Provision for Taxation |
36.261 |
7.283 |
1.012 |
|
|
Profit/(Loss) After Tax |
18.040 |
19.001 |
0.311 |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
|
Total Earnings |
NA |
98.960 |
45.093 |
|
|
|
|
|
|
|
|
Imports : |
|
|
|
|
|
|
Raw Materials |
NA |
6.525 |
1.919 |
|
Total Imports |
NA |
6.525 |
1.919 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Administrative Expenses |
0.000 |
0.000 |
71.271 |
|
|
Raw Material Consumed |
620.335 |
317.278 |
161.743 |
|
|
Purchases made for re-sale |
82.816 |
41.022 |
0.000 |
|
|
Stock of designs and drawings written off |
0.000 |
0.000 |
4.717 |
|
|
Increase/(Decrease) in Finished Goods |
1.541 |
110.544 |
0.000 |
|
|
Salaries, Wages, Bonus, etc. |
38.261 |
22.124 |
0.000 |
|
|
Managerial Remuneration |
4.466 |
2.453 |
0.000 |
|
|
Payment to Auditors |
0.159 |
0.156 |
0.000 |
|
|
Interest |
0.445 |
0.976 |
0.828 |
|
|
Insurance Expenses |
0.845 |
0.504 |
0.000 |
|
|
Power & Fuel |
10.501 |
0.948 |
0.000 |
|
|
Depreciation & Amortization |
3.741 |
2.308 |
2.029 |
|
|
Other Expenditure |
79.843 |
47.385 |
0.000 |
|
Total Expenditure |
833.953 |
545.698 |
240.589 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
2.03
|
3.32 |
0.12 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.45
|
4.76 |
0.63 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.92
|
9.33 |
0.51 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.92
|
0.64 |
0.60 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
5.82
|
6.30 |
11.27 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.72
|
1.07 |
0.01 |
LOCAL AGENCY FURTHER INFORMATION
History:
The company was incorporated on 23rd March, 1973
at Mumbai in
Business:
The company is engaged in manufacturing of continuous casting machines, material handling items, pollution control systems, vibration monitors and dynamic balancing machines.
Operations:
During the year under report the company’s sales turnover was Rs. 105.262 millions as against Rs. 75.785 millions in the previous year. The profit of Rs. 2.421 millions as against Rs. 2.401 millions in the previous year.
Fixed Assets:
Ř
Building
Ř
Furniture and Fixture
Ř
Office Equipments
Ř
Computer
Ř
Motor Car and Cycle
Ř
Plant and Machinery
|
Corporation identity number or foreign company registrations number of the company |
U29290MH1973PLC016413 |
|
Name of the company |
CONCAST INDIA LIMITED |
|
Address |
47 – 48, Jolly Maker Chamber II, 4th
Floor, Nariman Point, Mumbai 400 021, |
|
This Form is for |
Modification of charge |
|
Type of Charges |
Book Debts, Movable Property (not being pledge), Stocks Received under credit facilities |
|
Particular of the charge holder |
Canara Bank, Tamarind
Lane Branch, 8 / 10, Calcot House, |
|
Nature or description of the instrument creating charge |
Supplemental Agreement dated 8th May 2007 |
|
Date of the instrument creating charge |
08.05.2007 |
|
Amount Secure by the charge |
Rs. 302.500 millions |
|
Brief of the principal terms and conditions and extent and operation of the charge |
a) Rate of Interest: 5.50% p. a. above on going BPLR with a min of 18% p. a. b) Terms of Repayement: On Demand c) Margin: Margin: 10% d) Extent and operation of the charge Security of stocks, book debts given earlier shall extended to secure the enhanced limit from Rs. 122.500 millions to Rs. 302.500 millions |
|
Particulars of the Property charged |
Hypothecation of all present and future i) Goods and commodities viz. parts of continuous casting machines purchased, acquired, received under credit facilites, lying or stored at the Godown, premises at Morol or else where or in respect of which company can make or effect or purport to make deposit, hypothecation or charge or in course of transit and ii) B/Ds, O/s moneys, bills etc. arising out of sale, disposal of goods received under said facilities |
|
Particulars of the present modification |
Now vide this modification ILC/Guarantee limit granted by the Bank enhanced from Rs. 122.500 millions to Rs. 302.500 millions. The security of stocks, book debts etc. given earlier shall continue to secure the enhanced limit. |
|
Name of the company |
CONCAST INDIA LIMITED |
|
Presented
By |
CANARA
BANK, |
|
1) Date and description of instrument creating the change |
Hypothecation agreement of goods and book debts dated 20.09.2005 in respect of guarantee limit |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 66.620 millions |
|
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 all present and future i) Goods and commodities purchased, acquired, received under the Guarantee facilities lying or stored at the godowns yards and premises or with various processors or elsewhere or in respect of which the company can make or charge whether the goods are in the course of transit and whether in the possession, control or power of the company or of the Bank. ii) Book debts, outstanding moneys receivables, claims, bills, arising out of the sale, disposal of the Goods, received under the said credit facilities which are due and owing to the company in the course of its business. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
In case of default interest @ 16.25% (including penal interest) |
|
5) Name and Address and description of the person entitled to the charge. |
Canara Bank, Tamarind
Lane Branch, 8 / 10, Calcot House, |
As Per Web Details:
Their
To provide the latest
state-of-the-art Conticasting solutions to customers in
Company
Profile
Leaders in
continuous casting technology in
Products:
They design and
supply the most efficient continuous casting machines to work in conjunction
with BOF convertors, Electric Arc Furnaces, Energy Optimisation Furnaces and
Induction Furnaces.
Latest Generation of
Billet Casters with two or more strands
Machines built
ruggedly for reliable and trouble-free operation to cast blooms in various
demanding steel grades for engineering and auto industry
Versatile casters
for slab widths from 450mm to 1550mm
Casters for rounds
from 160mm dia to 300mm dia
Services:
They have been
servicing the Indian Steel Industry for over forty years. They provide
pre-contract, post-contract and post-commissioning services within the shortest
lead time. Customer satisfaction is their GOAL.
Caster Erection and Commissioning
They provide
skilled personnel to erect and commission billet, bloom, slab and rounds
casters.
They have extensive
knowledge and experience to cater to the problems associated with caster
metallurgy.
They undertake caster
surveys and caster revamps to provide cost-effective solutions to the steel
industry.
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.39.75 |
|
|
1 |
Rs.80.33 |
|
Euro |
1 |
Rs.56.29 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
63 |
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. |
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 |
|