MIRA INFORM
REPORT
|
Report Date : |
18.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MODERN INDIA CONCAST LIMITED |
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Registered Office : |
18 D Everest, 46C, Jawaharlal Nehru Road, Kolkata – 700071, West
Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
08.04.1987 |
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Com. Reg. No.: |
21-42166 |
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CIN No.: [Company
Identification No.] |
U27106WB1987PLC042166 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALM104349C |
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PAN No.: [Permanent
Account No.] |
AADCM3091K |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Silicon Manganese, Ferro Manganese, Ferro Silicon |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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/normal. |
Small |
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Maximum Credit Limit : |
USD 480000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company which has wiped out accumulated
losses, last year. Thus, company has
improved its performance. General financial position is satisfactory. Payments are reported as
slow but correct. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
LOCATIONS
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Registered/ Administrative Office : |
18 D Everest, 46C, Jawaharlal Nehru Road, Kolkata – 700071, West
Bengal |
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Tel. No.: |
91-33-30521112/1114/1115 |
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Fax No.: |
91-33-22889247/1121 |
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E-Mail.: |
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Website : |
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Factory 1 : |
Plot Nos. L-11 To L-15 Bishnupur Industrial Growth Center, P.S. Dwarika
, |
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Tel. No.: |
91-3244-251250, 251251 |
DIRECTORS
|
Name : |
Mr. Bakhshish Singh |
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Designation : |
Director |
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Address : |
3/1 Mandeville Gardens, Kolkata – 700019, West Bengal |
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Date of Birth/Age : |
20.06.1932 |
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Date of Appointment : |
08.04.1987 |
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Name : |
Mr. Bhupinder Singh Saini |
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Designation : |
Director |
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Address : |
3/1 Mandeville Gardens, Kolkata – 700019, West Bengal |
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Date of Birth/Age : |
20.07.1941 |
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Date of Appointment : |
08.04.1987 |
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Name : |
Mr. Amardeep Singh |
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Designation : |
Director |
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Address : |
3/1 Mandeville Gardens, Kolkata – 700019, West Bengal |
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Date of Birth/Age : |
25.08.1960 |
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Date of Appointment : |
02.04.2004 |
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Name : |
Mr. Chetan Aggarwala |
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Designation : |
Director |
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Address : |
1/1 D, Asha Cooperative Housing, 93 Deshapran Sasmal Road, Kolkata –
700033, West Bengal |
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Date of Birth/Age : |
07.05.1975 |
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Date of Appointment : |
02.04.2004 |
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Name : |
Mr. Salil Aggarwala |
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Designation : |
Director |
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Address : |
1/1 D, Asha Cooperative Housing, 93 Deshapran Sasmal Road, Kolkata –
700033, West Bengal |
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Date of Birth/Age : |
31.07.1980 |
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Date of Appointment : |
02.04.2004 |
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Name : |
Mr. Tejinder Singh Saini |
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Designation : |
Director |
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Address : |
3/1 Mandeville Gardens, Kolkata – 700019, West Bengal |
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Date of Birth/Age : |
16.03.1971 |
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Date of Appointment : |
02.04.2004 |
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Name : |
Ms. Preeti Kedia |
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Designation : |
Director |
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Address : |
3R – 29 Hind Colony, Hind Motor, Hooghly – 712233, West Bengal |
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Date of Appointment : |
01.12.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
|
Mr. Bakhshish Singh |
50 |
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Mr. Bhupinder Singh |
50 |
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Mr. Inder Mohan Aggarwala |
50 |
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Mr. Gurvinder |
50 |
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Mr. Amar |
50 |
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Mr. Amardeep Singh |
50 |
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Mr. A Singh |
50 |
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Equity Share
Break-up [As on 31.03.2007] |
Percentage
of Holding |
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Bodies Corporate |
92.65 |
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Directors or relatives of the Directors |
6.45 |
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Other top fifty shareholders |
0.90 |
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Total |
100 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Silicon Manganese, Ferro Manganese, Ferro Silicon |
GENERAL
INFORMATION
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Bankers : |
v Industrial
Development Bank of India Limited, IDBI Tower, WTC Complex, Cuffe Parade,
Mumbai – 400005, Maharashtra, India v Axis Bank Limited,
Kolkata Main Branch, 7, Shakespear Sarani, Kolkata – 700071 |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Ghose & Pande Chartered Accountant |
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Address : |
Mercantile Building, Block A, Room No. 59, 9, Lalbazar Street, 2nd
Floor, Kolkata – 700001, West Bengal, India |
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Memberships : |
Nil |
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Holding Company: |
CIN No.: U29199WB1963PTC025860 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2500000 |
Equity Shares |
Rs. 100/- Each |
Rs. 250.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
793746 |
Equity Shares |
Rs. 100/- Each |
Rs. 79.374 Millions |
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 |
79.375 |
59.374 |
59.108 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
41.139 |
0.000 |
6.927 |
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4] (Accumulated Losses) |
0.000 |
(21.675) |
0.000 |
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NETWORTH |
120.514 |
37.699 |
66.035 |
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LOAN FUNDS |
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1] Secured Loans |
202.068 |
187.324 |
140.860 |
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2] Unsecured Loans |
22.791 |
63.503 |
31.187 |
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TOTAL BORROWING |
224.859 |
250.827 |
172.047 |
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DEFERRED TAX LIABILITIES |
12.770 |
6.050 |
7.200 |
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TOTAL |
358.143 |
294.576 |
245.282 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
240.090 |
139.320 |
155.622 |
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Capital work-in-progress |
18.384 |
16.091 |
1.775 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
98.308
|
44.568 |
62.977 |
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Sundry Debtors |
22.998
|
15.705 |
33.134 |
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Cash & Bank Balances |
13.845
|
65.771 |
4.637 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
126.700
|
81.171 |
70.685 |
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Total
Current Assets |
261.851
|
207.215 |
171.433 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
151.837
|
67.766 |
83.039 |
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Provisions |
10.465
|
0.465 |
0.750 |
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Total
Current Liabilities |
162.302
|
68.231 |
83.789 |
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Net Current Assets |
99.549
|
138.984 |
87.644 |
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MISCELLANEOUS EXPENSES |
0.120 |
0.181 |
0.241 |
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TOTAL |
358.143 |
294.576 |
245.282 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
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Sales Turnover |
615.306 |
410.556 |
359.030 |
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Other Income |
3.062 |
3.640 |
1.462 |
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Total Income |
618.368 |
414.196 |
360.493 |
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Profit/(Loss) Before Tax |
79.716 |
(29.317) |
15.992 |
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Provision for Taxation |
0.000 |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
79.716 |
(29.317) |
15.992 |
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Expenditures : |
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Raw material Consumed |
241.691 |
175.060 |
134.213 |
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Salaries, Wages, Bonus, etc. |
4.848 |
4.576 |
2.063 |
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Managerial Remuneration |
0.930 |
0.840 |
0.405 |
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Payment to Auditors |
0.102 |
0.067 |
0.072 |
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Interest |
21.009 |
21.501 |
12.929 |
|
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Insurance Expenses |
0.555 |
0.139 |
0.042 |
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Power & Fuel |
120.234 |
124.549 |
94.038 |
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Depreciation & Amortization |
16.290 |
21.018 |
16.799 |
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Other Expenditure |
132.993 |
95.763 |
83.936 |
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Total Expenditure |
538.652 |
443.513 |
344.497 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
12.89
|
(7.07) |
4.45 |
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Net Profit Margin (PBT/Sales) |
(%) |
12.95
|
(7.14) |
4.45 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
15.88
|
(8.46) |
4.88 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.66
|
(0.77) |
0.24 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.21
|
8.46 |
3.87 |
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Current Ratio (Current Asset/Current Liability) |
|
1.61
|
3.03 |
2.04 |
LOCAL AGENCY
FURTHER INFORMATION
Business:
To carry on the business as Manufacturer of Dealers in Exports and
Imports of all Verities of Steel, Special Steel, Carbon Steel, Tool Alloy Steel,
Mild Steel and any other kind and Grades of Steel and to carry on and executed
the work of Steel Engineers including Manufacturing and Dealing in Steel
Billets, Steel Rods, Steel Ingots, Steel Sheets, Steel Wires and in all kinds
of Steel products whether Forged, Rolled or Drawn and Consequently to
Manufacture, Sell and Deal in all or any of the by – product which will be
obtained in the process of Manufacturing these Steel products
|
Name of the company |
MODERN INDIA
CONCAST LIMITED |
|
Presented By |
UTI Bank Limited, Kolkata Main Branch, 7, Shakespear Sarani, Kolkata –
700071 |
|
1) Date and description of instrument creating the change |
Agreement for
hypothecation of current assets dated 17.11.2005 |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Facilities Cash Credit/WCDL
Limit – 70.000 Millions Bill
Discounting/Cheque – Rs. 20.000 Millions Bank Guarantee –
Rs. 27.000 Millions Total – Rs.
97.000 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 |
The borrower
hereby hypothecation to the bank on pari – passu basis, all the stock in
trade both present and future consisting stock including raw material to the
borrower or at their disposal and now or at time and from time to time. The
borrower in the course of its business by any person, firm company or body
corporate or by the Government Department or office or any municipal
authority or any body corporate or undertaking or project whatever in the
public sector |
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4) Gist of the terms and conditions and extent and operation of the
charge. |
Interest will be
charged at the rates specified by bank from time to time |
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5) Name and Address and description of the person entitled to the
charge. |
UTI Bank Limited, Kolkata Main Branch, 7, Shakespear Sarani, Kolkata –
700071 |
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6) Date and brief description
of instrument modifying the charge |
Not Available |
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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. |
Not Available |
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This Form is for |
Creation of charge |
|
Charge
identification number of the charge to be modified |
NA |
|
Corporate
identity number of the company |
U27106WB1987PLC042166 |
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Name of the
company |
MODERN INDIA
CONCAST LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
18 D Everest, 46C, Jawaharlal Nehru Road, Kolkata – 700071, West
Bengal, India |
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Type of charge |
|
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Particular of
charge holder |
Industrial
Development Bank of India Limited IDBI House, 44,
Shakespeare Sarani, Kolkata 700017, West Bengal, India |
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Nature of
description of the instrument creating or modifying the charge |
Agreement of
hypothecation of goods and assets dated 06.06.2007 executed by Company in
favour of IDBI |
|
Date of instrument
Creating the charge |
06.06.2007 |
|
Amount secured by
the charge |
Rs. 83.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of
interest BPLR payable
monthly [b] Terms of repayment
Repayable on
demand. However, the facilities are
available for a period of 12 months, subject to review at periodical
intervals wherein the facilities may be continued/reduced. [c] Margin CC – Uniform
Margin of 25% against all components of inventory BG – 10% Cash
Margin LC –
Hypothecation of Goods procured on credit 10% cash margin [d] Extent and
operation of the charge The charge
operates as security interalia, to secure the due repayment by the Company to
IDBI of its loan of Rs. 83.000 Millions together with interest and other
charges payable by the company under the loan agreement which will be
continuing security. |
|
Short particulars
of the property charged |
The whole of the
movable properties of borrower including its movable plant and machinery,
spare tools and accessories and other movables both present and future
whether installed or not and whether now lying loose or in cases or which are
now lying or stored in or about or shall hereafter from time to time during
the continuance of the security of the presents be brought into or upon or be
in or about all the borrowers factories etc. |
|
Date of latest
modification prior to the present modification |
NA |
|
Particulars of
the present modification |
NA |
As per Website
Details
The Modern Group of companies have established a bulk ferro alloy producing unit by the name of MODERN INDIA CON-CAST LIMITED at Bishnupur, West Bengal, India. The plant has been installed with state of the art technology and has an installed production capacity of 22,000 tonnes of Ferro Alloys annually
Profile
The Modern Group of companies have established a bulk ferro alloy producing unit by the name of MODERN INDIA CON-CAST LIMITED at Bishnupur, West Bengal, India. The plant has been installed with state of the art technology and has an installed production capacity of 22,000 tonnes of Ferro Alloys annually.
Environment protection is also their priority, their pollution control system includes a closed circuit bag filter for exhaust gas treatment. The process ensures that the health of the environment is nurtured.
This has helped us build relationships as preferred supplier of ferro alloys to all leading integrated steel plants in India, like TATA STEEL. They have also attracted users in the international markets, to whom service is provided by their export house GAYSON & COMPANY PVT. LTD. an ISO 9001 Company.
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 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. 39.96 |
|
UK Pound |
1 |
Rs. 78.66 |
|
Euro |
1 |
Rs. 63.31 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
37 |
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 |
|