MIRA
INFORM REPORT
|
Report Date : |
31.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
DEO ISPAT ALLOYS LIMITED |
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Registered Office : |
Room No. 503, Block Akrishna Tower, Nayapalli, Bhubaneswar Orissa, Khurda-751012,
Orissa |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
17.08.2001 |
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Com. Reg. No.: |
15-6574 |
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CIN No.: [Company
Identification No.] |
U271040R2001PLC006574 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALDO5094F |
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PAN No.: [Permanent
Account No.] |
AACCD0436E |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Silico Manganer Products. |
RATING &
COMMENTS
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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. |
Small |
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Maximum Credit Limit : |
USD 2500 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Though the Company was started in 2001, it commenced Commercial
activities only in the year. The company has incurred some pre-operative
expenses. Payments are reported as slow but correct. The company can be considered for small to mediocre business dealings,
initially. |
INFORMATION PARTED
BY
|
Name : |
Mr. Chandrakant |
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Designation : |
Manager |
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Contact No.: |
91-9831722105 |
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Date : |
26.07.2008 |
LOCATIONS
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Registered Office : |
Room No. 503, Block Akrishna Tower, Nayapalli, Bhubaneswar Orissa,
Khurda-751012, Orissa, India |
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E-Mail : |
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Corporate Office : |
6, Church Lane, Kolkata-700001, West Bengal, India |
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Tel. No.: |
91-33-22307643 |
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Fax No.: |
91-9830086378 |
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Mobile No. : |
91-9830086378/ 9831722105 |
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E-Mail : |
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Area : |
3300 sq ft ( Leased) |
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Factory : |
Plot No. 200/ 1/ 1/ 202/ 1173/ Bhavanipur Po Sankiara Sundergarh,
Orisa-770001, India |
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Tel. No.: |
91-22-22307642 |
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E-Mail : |
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Area : |
4.5 Acres (Leased) |
DIRECTORS
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Name : |
Mr. Jagdeep Pratap Deo |
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Designation : |
Whole Time Director |
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Address : |
Room No. 503, Block –A, Krishna Towers, Natlapally, Bhubaneswar,
Khurda, Orissa, India |
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Date of Birth/Age : |
26.06.1959 |
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Date of Appointment : |
07.08.2007 |
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Name : |
Mr. Jitendra Prasad Shukla |
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Designation : |
Chairman and Director |
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Address : |
07, Kings Road, Howrah (N)- 700101, West Bengal India |
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Date of Birth/Age : |
38 Years |
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Qualification : |
Graduate |
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Date of Appointment : |
17.07.2004 |
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Name : |
Mr. Anjani Kumar Mishra |
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Designation : |
Director |
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Address : |
CG-82 Salt Lake City, Sector II, Biohan Nagar, Kolkata- 711191, West
Bengal, India |
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Date of Birth/Age : |
57 Years |
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Qualification : |
B.Com |
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Date of Appointment : |
17.07.2004 |
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Name : |
Mr. Sajjan Kumar Agarwal |
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Designation : |
Director |
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Date of Birth/Age : |
43 Years |
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Qualification : |
Graduage |
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Name : |
Mr. Shashikant Mishra |
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Designation : |
Director |
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Date of Birth/Age : |
53 Years |
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Qualification : |
Engineer |
KEY EXECUTIVES
|
Name : |
Mr. Chandrakant |
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Designation : |
Manager |
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Mobile No. : |
91-9831722105 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 28.01.2008
|
Names of Shareholders |
|
No. of Shares |
|
Norfiox Vincon Private Limited |
|
156250 |
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Tarang Builders Private Limited |
|
156250 |
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Shashikant Mishra |
|
125000 |
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Sharam Housing Finance Limited |
|
125000 |
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Mishra Estate Private Limited |
|
73125 |
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Devarshi Abasan Private Limited |
|
50625 |
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Total |
|
686250 |
Equity Share Breakup (Percentage of Total Equity)
As on 29.09.2007
|
Category |
|
Percentage |
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Silico Manganer Products. |
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Terms : |
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Selling : |
P. D. C ( 5 Days Limits) |
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Purchasing : |
Advance Payment |
GENERAL
INFORMATION
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Customers : |
Wholesalers and End Users |
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No. of Employees : |
29 (Office 4, Factory 25) |
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Bankers : |
Bank of India, Bhuvneshwar Branch, Janpath, Ashok Nagar,
Bhubaneswar-751009, Orissa, India |
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Facilities : |
CC Rs. 30.000 Millions and Term Loan Rs. 30.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Braj Bhushan and Company Chartered Accountant |
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Address : |
22, Strand Rod, 2nd Floor, Kolkata-700001, West Bengal,
India |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs. 10/-
each |
Rs. 0.500
Million |
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 |
0.500 |
0.500 |
0.500 |
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2] Share Application Money |
0.000 |
0.000 |
17.876 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
0.500 |
0.500 |
18.376 |
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LOAN FUNDS |
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1] Secured Loans |
29.985 |
1.684 |
2.741 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
29.985 |
1.684 |
2.741 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
30.485 |
2.184 |
21.117 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
5.120 |
5.795 |
6.842 |
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Capital work-in-progress |
52.138 |
22.888 |
14.118 |
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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 |
0.000
|
0.000 |
0.000 |
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Sundry Debtors |
0.000
|
0.000 |
0.000 |
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Cash & Bank Balances |
0.273
|
0.146 |
2.519 |
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Other Current Assets |
4.746
|
1.737 |
0.662 |
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Loans & Advances |
20.703
|
6.559 |
5.204 |
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Total
Current Assets |
25.722
|
8.442 |
8.385 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
65.885
|
41.292 |
10.706 |
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Provisions |
0.000
|
0.000 |
0.000 |
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Total
Current Liabilities |
65.885
|
41.292 |
10.706 |
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|
Net Current Assets |
[40.163]
|
[32.850] |
[2.321] |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
2.478 |
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Pre- Operative Expenses |
13.390 |
6.350 |
0.000 |
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TOTAL |
30.485 |
2.184 |
21.117 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
191.74
|
85.95 |
0.73 |
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Current Ratio (Current Asset/Current Liability) |
|
0.39
|
0.20 |
0.78 |
LOCAL AGENCY
FURTHER INFORMATION
TRUSTSEAL ACCEPTANCE CHART
|
Parameters |
Details |
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Existence Verification |
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Name |
Deo Ispat Alloys Limited |
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Statutory Approvals |
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Income Tax Registration |
AACCD0436E |
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VAT/ TIN Registration |
21852004812 |
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Name of Bank |
Bank of India |
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Current Account Number |
555030116204 |
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Credibility Factors |
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IndiaMART Client Since |
2 Months |
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Years of Establishment |
2001 |
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Turn Over |
Rs. 115.000 Millions |
|
Turn Over Year |
Rs. 270 Millions |
Trade References:
- Orissa Iron and Steel Limited, Orissa
- Instant Steel and Power Limited, Orissa
- Vraj Steel, Orrissa
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U271040R2001PLC006574 |
|
Name of the
company |
DEO ISPAT ALLOYS LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Room No. 503, Block Akrishna Tower, Nayapalli, Bhubaneswar Orissa,
Khurda-751012, Orissa, India |
|
Type of charge |
Book Debts Movable Property Others |
|
Particular of
charge holder |
Bank of India, Bhuvneshwar Branch, Janpath, Ashok Nagar,
Bhubaneswar-751009, Orissa, India |
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Nature of
description of the instrument creating or modifying the charge |
|
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Date of
instrument Creating the charge |
25.09.2006 |
|
Amount secured by
the charge |
Rs. 95.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 1.
Interest
Chargeable @1% above BOIPLR, Minimum 12.50% Terms of Repayment Term Loan of Rs.
65.000 Millions is repayable in 24 quarterly installments of Rs. 2.700
Millions each for 23 installments and last installment being Rs. 2.900
Million w.e.f. October 2007 Margin
Extent and Operation of the charge Bank of India
Holds first Charge |
|
Short particulars
of the property charged |
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AS PER WEBSITE
Profile:
Incepted in the year 2000, “Deo Ispat Alloys Limited “is a
private limited company engaged in the manufacturing, exporting and supplying of
various alloys. Their alloys are characterized for distinctive properties such
as resistance to corrosion and oxidizing nature. Their state-of-the-art
manufacturing unit boasted with cutting edge technology they are able to cater
to various markets especially to the steel manufacturing industry. The turnover
of the company has touch to Rs 400.000 Millions owing to latest technology
installed in the manufacturing unit and professional and skilled team.
Mr. Sajjan Agarwal, mentor of the company Deo Ispat Alloys Limited, has broad
knowledge about the ferro alloys and stainless steel production. An influential
figure, he has been the real reason behind the over-whelming success of the
company. His innovative approach to inculcate new ideas in the manufacturing
and supplying of the range of alloys has fetched us global clients. Under his
guidance they are able to create a niche for themselves in the alloy
manufacturing industry.
Product
Profile
They deal in different types of alloys that consist of a variety
of metals such as silicon, manganese and others. Manufactured using high grade
of metals their gamut of alloys includes Silicon Manganese, Ferro Manganese,
Ferrous Silicon Manganese, Manganese Metal, Ingots and Brass Sheets.
Their wide range of alloys exhibits various properties that are essential for
manufacturing process other metals such as steel. Some of the striking features
include:
- Corrosion resistance
- Durable
- Highly oxidization property
- Hard & least brittle
- Non-malleable
Owing to such properties it is used to increase the hardenability and
counteract brittleness from sulphur in the manufacturing of steel. The alloys
can also be processed as per the specific requirements of their clients
Infrastructure
Their state-of-the-art manufacturing unit is spread across a
sprawling area of 1, 05,000 square feet and has a decent installed capacity.
Within this huge establishment are geared to meet the bulk demands of their
clients. They have installed various sophisticated machinery essential for
smooth production of alloys. Their manufacturing unit comprises of the
following facilities:
Ref: http://www.assmang.co.za/o/manganese/cato_ridge_alloys.asp
- Convertor
- Heating furnaces
- Ladle
- Metal Beds
- Grinders and crushers
- Filtration system
Their infrastructure also boasts of sophisticated laboratory for testing of
various alloys to meet the international standard. The in-house design unit
enhanced with latest software allows the personnel to determine the percentage
of metals in the alloy as per the requirement in various industries.
Quality
Assurance
Their commitment to maintain quality in their gamut of alloys
is fulfilled through stringent quality checking at various stages of production
phase. To ensure international standard in their alloys, they procure raw
materials from renowned manufacturers. Raw materials sourced are also subjected
to quality checking at their premise to verify the required parameters.
Their pool of quality analysts strive meticulously for continual improvement of
the alloys through cutting edge technology. Their alloy range undergoes several
testing to check their quality on different parameters such as:
- Tensile strength
- Annealing process
- Ductility
- Hardness
- Impact strength
- Percentage of alloy
- Metallurgical properties
- Mechanical and chemical properties
They are also concerned about environmental hazards and pollution caused due to
the processing of metal and therefore has set up effective pollution control
measures. Their core objective is bringing about continual improvement in the
effectiveness of their process and up-gradation of the technology as a whole,
to increase the manufacturing of alloys.
Research
& Development
Their separate research and development unit that is
established for the purpose of keeping theirselves ahead of time is handled by
proficient research personnel. Their R&D experts are well-versed with the
industrial requirement of different alloys. Their continuous approach in
developing alloys with various percentage of metals to meet the specific
requirements of their clients. They remain in close proximity of the
technicians and chemical analysts suggesting them on improving the alloy
features. Capitalizing on the advance technology in the R&D section they
keep themselves abreast with the latest developments in the industry.
Team
They are backed by a pool of highly experienced
professionals who employ their entire virtue in assuring effective and
qualitative alloys. Their team boasts of technicians, engineers, chemical
analyzers, metallurgical and processing experts and sales personnel team up to
enhance the production in real time. Their technicians and engineers have
thorough knowledge about the machinery used in the unit and other processes
used for processing of quality alloys.
The chemical analyzers and metallurgical experts determine the composition of
both raw materials and finished products. Sales and marketing professionals
have extensive knowledge about various industries and markets across the globe
that is ideal for their alloys. Accordingly, they strategize the plans to
escalate their business and adding new global clients. They provide regular
training to their entire team to enhance their skill and keep them up dated
with the latest industrial happenings.
Customer
Satisfaction
Their endeavor directed towards providing qualitative ferro
alloys has garnered us high level of customer satisfaction. Rich with metals
their fine quality alloys receives continuous admiration from their customers.
Repetitive orders they acquire from their domestic as well as global clients is
a sign of their premium range of alloys. They ensure total customer
satisfaction through:
- Proper processing of alloys
- Comprehending the industry requirements
- Effective communication with clients
Moreover, their adherence to fast and timely delivery of alloys to clients, and
easy payment options draws client satisfaction.
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.42.47 |
|
UK Pound |
1 |
Rs.84.00 |
|
Euro |
1 |
Rs.66.14 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
-- |
|
--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 |
|
26 |
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 |
|