MIRA
INFORM REPORT
|
Report Date : |
14.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SOVA ISPAT ALLOYS
LIMITED |
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Registered Office : |
Room No. 59, Martin Burn House, 5th Floor, 1 R N Mukherji
Road, Kolkata – 700001, West Bengal , India |
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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. |
LOCATIONS
|
Registered
Office: |
Room No. 59, Martin Burn House, 5th Floor, 1 R N Mukherji
Road, Kolkata – 700001, 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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Corporate 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
|
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
|
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) (31.03.2007):
|
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 |
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Total |
100.00 |
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 : |
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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, India · 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 and 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 :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
15000000 |
Equity shares |
Rs.10/- each |
Rs.150.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
13788432 |
Equity shares |
Rs.10/- each |
Rs.137.884
millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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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|
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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
|
131.559 |
107.917 |
|
|
Sundry Debtors |
37.135
|
26.457 |
61.657 |
|
|
Cash & Bank Balances |
16.045
|
29.820 |
22.885 |
|
|
Other Current Assets |
198.517
|
181.092 |
66.677 |
|
|
Loans & Advances |
25.535
|
38.823 |
62.109 |
|
Total
Current Assets |
498.772
|
407.751 |
321.245 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
86.292
|
105.719 |
130.004 |
|
|
Provisions |
45.096
|
0.000 |
0.000 |
|
Total
Current Liabilities |
131.388
|
105.719 |
130.004 |
|
|
Net Current Assets |
367.384
|
302.032 |
191.241 |
|
|
|
|
|
|
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
445.690 |
397.936 |
307.964 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
|
|
|
|
|
|
Sales Turnover |
1023.115 |
686.368 |
1234.911 |
|
|
Other Income |
53.834 |
125.709 |
2.992 |
|
|
Total Income |
1076.949 |
812.077 |
1237.903 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
54.741 |
7.065 |
54.653 |
|
|
Provision for Taxation |
16.952 |
4.951 |
19.877 |
|
|
Profit/(Loss) After Tax |
37.789 |
2.114 |
34.776 |
|
|
|
|
|
|
|
|
Export Value |
258.007 |
160.780 |
0.000 |
|
|
|
|
|
|
|
|
Import Value |
106.310 |
3.753 |
0.000 |
|
|
|
|
|
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Expenditures : |
|
|
|
|
|
|
Manufacturing Expenses |
551.143 |
448.738 |
470.996 |
|
|
Administrative and Selling Expenses |
56.183 |
37.264 |
121.732 |
|
|
Preliminary Expenses |
0.000 |
0.000 |
0.075 |
|
|
Raw Material Consumed |
397.024 |
256.756 |
538.406 |
|
|
Personnel Expenses |
4.127 |
4.318 |
2.395 |
|
|
Financial charge |
21.437 |
18.065 |
15.041 |
|
|
Depreciation |
18.326 |
23.830 |
30.741 |
|
|
Other Expenditure |
(39.763) |
(41.895) |
(45.707) |
|
Total Expenditure |
1008.477 |
747.076 |
1133.604 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total
Income |
(%) |
3.50
|
0.26 |
2.80 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.35
|
1.02 |
4.42 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.52
|
1.41 |
12.54 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.03 |
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.45
|
0.49 |
0.70 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.79
|
3.85 |
2.47 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Corporation identity number or foreign company registrations number of
the company |
U99999WB1998PTC058051 |
|
Name of the company |
SOVA ISAPT ALLOYS LIMITED |
|
Address |
Room No. 59
Martin Burn House, 5th Floor, 1, R. N. Mukherjee Road, Kolkata -
700 012, West Bengal, India |
|
This Form is for |
Modification of charge |
|
Type of Charges |
Book debts Movable property |
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Particular of the charge holder
|
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 document -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 |
|
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. |
|
Shorts particulars of the Property charged |
Book debts and movable goods located any
where in India |
|
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 |
|
Name of the
company |
SOVA ISPAT
ALLOYS LIMITED |
||||||||||||
|
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% |
||||||||||||
|
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) |
||||||||||||
|
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. |
||||||||||||
|
5) Name and
Address and description of the person entitled to the charge. |
Indian Overseas Bank Address: Nachan road, Durgapur -713213, Burdwan, West
Bengal |
||||||||||||
|
6) Date and brief description of instrument
modifying the charge |
12.04.2003 Letter of
hypothecation 110F /110E dated 12.04.2003 |
||||||||||||
|
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:
|
||||||||||||
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:
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.
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.39.94 |
|
UK Pound |
1 |
Rs.78.81 |
|
Euro |
1 |
Rs.63.05 |
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 |
|