MIRA
INFORM REPORT
|
Report Date : |
05.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
DELTA IRON AND STEEL COMPANY PRIVATE LIMITED |
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Registered Office : |
210, Sant Tukaram Road Carnac Bunder,Masjid Bunder (E), Mumbai-400009, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
07.02.1996 |
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Com. Reg. No.: |
11-97025 |
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CIN No.: [Company
Identification No.] |
U27100MH1996PTC097025 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMD09960G |
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PAN No.: [Permanent
Account No.] |
AAACD8450 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trader of Iron and Steel Products |
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 309360 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track records.
Directors are reported as experienced, respectable and resourceful
businessmen. Their trade relations are fair. Payments are usually correct and
as per commitment. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
210, Sant Tukaram Road Carnac Bunder,Masjid Buinder (E), Mumbai-400009, Maharashtra |
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Tel. No.: |
91-22-23412101 |
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E-Mail : |
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Branches1: |
103, Steel Center, 66 F, Ahmedabad Street, Sant Tukaram Road, Masjid
(E), Mumbai-400009 |
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Tel. No.: |
91-22-66314800/30297541 |
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Fax No.: |
91-22-66332141 |
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E-Mail : |
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Branches 2: |
Plot No.295-300 Chandkhed Road, Dhamane Village, Near Tata Motors
Limited, Maval Taluka, Pune-410508, Maharashtra, India |
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Mob. No.: |
91-9226685170 |
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Braches 3 : |
37, Rupal Palace, First Floor, Ghaziabad |
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Tel. No.: |
91-260-3552280 |
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Branches 4: |
205,75, Link Road, Lajpat Nagar No.3, Delhi-110024, India |
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Tel. No.: |
91-11-29836318 |
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E-Mail : |
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Branches 5 : |
33, Government Industrial Estate, Khadoli, Silvasa |
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Tel. No.: |
91-260-3252280 |
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Branches 6 : |
RAK Free Trade Zone, P.O Box 10559, Ras Al Khaimah, United Arab
Emirates |
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Tel. No.: |
91-9715-08547281 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Akshay Rajendraprasad Jain |
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Designation : |
Director |
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Address : |
101, Venus Apartments, Cuffee parade , Mumbai-400005, Maharashtra,
India |
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Date of Birth/Age : |
16.09.1959 |
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Date of Appointment : |
07.02.1996 |
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Name : |
Mr. Rajnesh Inderchand Jain |
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Designation : |
Director |
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Address : |
K-83, Maker Tower, Cuffee Parade, Mumbai-400005, Maharashtra, India |
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Date of Birth/Age : |
31.01.1967 |
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Date of Appointment : |
10.01.1998 |
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Name : |
Mr. Mayur Kalyanji Ganatra |
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Designation : |
Director |
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Address : |
C-24/25, Mirani Nagar C G Road, Mulund-(W) , Mumbai-400080,
Maharashtra, India |
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Date of Birth/Age : |
27.10.1959 |
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Date of Appointment : |
10.01.1997 |
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Date of Ceasing: |
28.09.2000 |
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Name : |
Mr. Dhanesh Jayantilal Mehta |
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Designation : |
Director |
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Address : |
301-A, Varsha Apartment, Navyug Society, JVPD Scheme Road No.5, North South, Vile
Parle-(W), Mumbai-400056, Maharashtra, India |
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Date of Birth/Age : |
24.10.1960 |
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Date of Appointment : |
24.12.1999 |
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Name : |
Mrs. Hema Haresh Joshi |
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Designation : |
Director |
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Address : |
501, Shyam Sadan, Bajaj Road, Vile Parle-(W), Mumbai-400056,
Maharashtra, India |
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Date of Birth/Age : |
13.03.1965 |
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Date of Appointment : |
07.02.1996 |
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Date of Ceasing: |
15.01.1998 |
KEY EXECUTIVES
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Name : |
Mr. Mishra |
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Designation : |
Account Manager |
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Name : |
Ms. Reema |
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Designation : |
Junior Manager |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 29.09.2005
|
Names of Shareholders |
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No. of Shares |
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Mr. Akshay Rajendra Jain |
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253020 |
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Mrs. Hema Haresh Joshi |
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100 |
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Ms. Maya Mirchandani |
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200000 |
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Hindustan Ispat |
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10 |
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Mr. Inderchand Jain |
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10 |
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D. Jayantilal and Sons |
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10 |
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Ms. Jyoti Tanna |
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10 |
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Ms. Manju Mundra |
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10 |
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R.M Gupta HUF |
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10 |
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Shreeji Sales Corporation |
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10 |
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Mr. Rajnesh Inderchand Jain |
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250000 |
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Mr. Dhanesh Mehta |
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200000 |
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Mr. Ajay Gupta |
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10 |
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Total |
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903200 |
Equity Share Break Up As on 30.09.2007
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Particulars |
Percentage |
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Directors or Relatives of Directors |
100.00 |
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Total: |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader of Iron and Steel Products |
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Products : |
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GENERAL
INFORMATION
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Bankers : |
Canara Bank, Tamarind Lane Branch, 8/10 Calcot House, Mumbai-400023,
Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. Haresh R Joshi (Chartered Accountant) |
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Address : |
1st Floor, Ganesh Bhuvan, 43/45, 2nd Marine
Street, Mumbai-400002, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
903200 |
Equity Shares |
Rs.10/- each |
Rs.9.032
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 |
9..032 |
9.032 |
9.032 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
52.840 |
35.877 |
32.281 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
61.872 |
44.909 |
41.313 |
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LOAN FUNDS |
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1] Secured Loans |
77.293 |
27.430 |
24.372 |
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2] Unsecured Loans |
10.677 |
34.668 |
29.174 |
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TOTAL BORROWING |
87.970 |
62.098 |
53.546 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
149.842 |
107.007 |
94.859 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
8.978 |
8.888 |
10.972 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
3.500 |
0.100 |
0.100 |
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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 |
132.102
|
17.058 |
29.809 |
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Sundry Debtors |
78.807
|
239.492 |
26.385 |
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Cash & Bank Balances |
24.060
|
5.082 |
22.487 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
17.442
|
64.041 |
48.440 |
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Total
Current Assets |
252.411
|
325.673 |
127.121 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
115.047
|
223.350 |
41.903 |
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Provisions |
0.000
|
4.304 |
1.432 |
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Total
Current Liabilities |
115.047
|
227.654 |
43.335 |
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Net Current Assets |
137.364
|
98.019 |
83.786 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.001 |
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TOTAL |
149.842 |
107.007 |
94.859 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
1994.476 |
529.996 |
254.800 |
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Other Income |
0.000 |
0.000 |
0.400 |
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Total Income |
1994.476 |
529.996 |
255.200 |
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Profit/(Loss) Before Tax |
17.268 |
6.523 |
4.500 |
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Provision for Taxation |
-- |
-- |
1.400 |
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Profit/(Loss) After Tax |
17.268 |
6.523 |
3.100 |
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Expenditures : |
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Administrative Expenses |
NA |
NA |
11.400 |
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Raw Material Consumed |
NA |
NA |
211.800 |
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Increase/(Decrease) in Finished Goods |
NA |
NA |
(17.700) |
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Salaries, Wages, Bonus, etc. |
NA |
NA |
2.400 |
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Interest |
13.141 |
6.315 |
6.100 |
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Power & Fuel |
NA |
NA |
30.000 |
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Depreciation & Amortization |
0.965 |
0.496 |
0.500 |
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Other Expenditure |
1963.102 |
516.382 |
6.200 |
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Total Expenditure |
1977.208 |
523.473 |
250.700 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
0.87
|
1.23 |
1.21 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.87
|
1.23 |
1.77 |
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Return on Total Assets (PBT/Total Assets) |
(%) |
6.61
|
1.95 |
3.26 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.15 |
0.11 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.28
|
6.45 |
2.34 |
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Current Ratio (Current Asset/Current Liability) |
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2.19
|
1.43 |
2.93 |
LOCAL AGENCY
FURTHER INFORMATION
Form No. 8:
Bankers Charges
Report as per Registry
|
Name of the company |
DELTA IRON AND
STEEL COMPANY PRIVATE LIMITED |
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Presented By |
Mr. Dhanesh Mehta |
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1) Date and description of instrument creating the change |
Agreement for
hypothecation of book debts dated 10.02.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 5.000
millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All outstanding
book debts, money receivables, claims and approved book debts |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @16.00%
p.a with quarterly rest on 31st march, 30th June, 30
September and 31st December |
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5) Name and Address and description of the person entitled to the charge. |
The Kapol Co-
Operative Bank Limited 53 S.T Road,
Carnac Bunder, 2nd Floor, Giriraj Building, Masjid Bunder,
Mumbai-400009, Maharashtra, India |
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This form is for |
Creation of charge
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Charge
identification number of the modified
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Corporate
identity number of the company |
U27100MH1996PTC097025 |
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Name of the
company |
DELTA IRON AND
STEEL COMPANY PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
210, Sant Tukaram
Road Carnac Bunder, Mumbai-400009, Maharashtra, India |
|
Type of charge |
Book Debts Movable Property
(Not Being Pledge) Others |
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Particular of charge
holder |
Canara Bank,
Tamarind Lane Branch, 8/10 Calcot House, Mumbai-400023, Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Common
hypothecation agreement dated 18.06.2007 |
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Date of instrument
Creating the charge |
18.06.2007 |
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Amount secured by
the charge |
Rs.130.000
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of interest: Interest @3.5% above
on going PLR with a minimum 16.75% p.a compounded monthly. Terms of
repayment: On demand Margin: 30% on stock and
40% on book debts Extent and
operation of the charge: Assets given to
secure credit facilities granted by bank viz Cash credit,
overdraft- book debts and letter of credit- Rs.30.000 millions Inland LC’s-
Rs.100.000 millions Des in Schedule 4
to Agreement |
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Short particulars
of the property charged |
Hypothecation of
present and future stock of RM, GIP, FG and other items of Stocks in trade,
machinery and all other movable goods and properties situated at company’s
factories, places of business, godowns or in transit and all book debts,
outstanding moneys, bills receivable, claims, contracts, securities,
investments, cash, gold, silver, Jewellery, rights and assets. |
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.42.40 |
|
UK Pound |
1 |
Rs.83.57 |
|
Euro |
1 |
Rs.66.02 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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 |
|