MIRA
INFORM REPORT
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Report Date : |
05.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
SWATI SPONGE AND IRON PRIVATE LIMITED |
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Formerly Known As : |
CHANDRABHANU VANIJAY & FINANCE PRIVATE LIMITED |
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Registered Office : |
1 and 2 Old Court House Corner, 3rd Floor, Tobacco House,
Kolkata-700001, 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 : |
03.05.1993 |
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Com. Reg. No.: |
21-58723 |
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CIN No.: [Company
Identification No.] |
U27102WB1993PTC058723 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALS20495G |
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PAN No.: [Permanent
Account No.] |
AABCC4730B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and trader of Pig Iran, Coal and iron Steel |
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 47000 |
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Status : |
Small Company |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a 14 years old company but does not seem to have had any
significant business till 31.03.2007. The company claims a turnover of Rs. 110.000
Millions in 2008 but this could not be confirmed in view of non-availability
of financials. Trade relations are fair. Payments are reported as slow but
correct. The company can be considered good for small to mediocre business
dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Sumit Kesriwal |
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Designation : |
Director |
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Contact No.: |
91-9830149367 |
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Date : |
04.08.2008 |
LOCATIONS
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Registered Office/ Corporate Office : |
1 and 2 Old Court House Corner, 3rd Floor, Tobacco House, Kolkata-700001,
West Bengal India |
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Tel. No.: |
91-33-30283232/ 36 |
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Mobile No.: |
91-9830149367 |
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Fax No.: |
91-33-22138854 |
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E-Mail : |
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Area : |
1100 sq. ft. ( Owned) |
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Factory : |
Located at :- Mohanpur, Tundi Road, Gridhih, Jharkhand |
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Area : |
13 acres (Owned) |
DIRECTORS
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Name : |
Mr. Raj Kumar Agarwal |
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Designation : |
Director |
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Address : |
36, Shibu Thakur Lane, Kolkata-700007, West Bengal, India |
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Date of Birth/Age : |
14.07.1960 |
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Date of Appointment : |
03.05.1993 |
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Name : |
Mr. Sumit Kejriwal |
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Designation : |
Director |
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Address : |
18, Madan Mohan Talla Street, Kolkata-700005, West Bengal, India |
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Date of Birth/Age : |
20.02.1980 |
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Date of Appointment : |
16.01.2004 |
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Name : |
Mr. Amit Kejriwal |
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Designation : |
Director |
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Address : |
18, Madan Mohan Talla Street, Kolkata-700005, West Bengal, India |
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Date of Birth/Age : |
30.12.1977 |
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Date of Appointment : |
24.11.2003 |
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Name : |
Mr. Chandra Prakash Sharma |
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Designation : |
Director |
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Address : |
8/5, Dr. H. K. Chatterjee Lane, Liluah, Howrah-711204, West Bengal,
India |
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Date of Appointment : |
03.05.1993 |
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Date of Ceasing : |
24.11.2003 |
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Name : |
Mr. Binod Kumar Joshi |
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Designation : |
Director |
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Address : |
74/1, Badal Para Lane, Howrah-711106, West Bengal, India |
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Date of Appointment : |
03.05.1993 |
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Date of Ceasing : |
24.11.2003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2004
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Names of Shareholders |
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No. of Shares |
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Kanahaiya Nirman Private Limited |
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15000 |
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Lectrodryer Marketing Private Limited |
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10000 |
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Bhumi Vyapaar Private Limited |
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12000 |
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Apex Goods Private Limited |
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16000 |
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Amit Kejriwal |
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125300 |
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Sumit Kejriwal |
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10500 |
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Swati International |
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22820 |
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Neha Kejriwal |
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10000 |
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Total |
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221620 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
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Category |
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Percentage |
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Bodies corporate (not mentioned above) |
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24.00 |
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Directors or relatives of directors |
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66.00 |
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Other top fifty (50) shareholders (Other than listed above) |
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10.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and trader of Pig Iran, Coal and iron Steel |
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Exports : |
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Countries : |
China and USA |
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Imports : |
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Countries : |
Indonesia and Australia |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
L/C |
GENERAL
INFORMATION
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No. of Employees : |
43 (Office 9, Factory 34) |
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Bankers : |
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Facilities : |
CC Rs. 140.000 Millions (From Oriental Bank of Commerce) |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Bajoria Sachin and Associates Chartered Accountant |
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Address : |
71, B.R. B.B. Road, 5th Floor, Room No. A-525,
Kolkata-700001, West Bengal, India |
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Tel No.: |
91-33-32977702 |
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Mobile No.: |
91-9830021979 |
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Name : |
D. D. Jajodia Chartered Accountant |
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Address : |
862, Jessore Road, Block-H, 1st Floor, Kolkata-700055, West
Bengal, India |
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Group Companies : |
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CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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221620 |
Equity Shares |
Rs. 10/-
each |
Rs. 2.216
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
2.216 |
1.458 |
1.358 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
7.305 |
0.594 |
0.193 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
9.521 |
2.052 |
1.551 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.130 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.130 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
9.521 |
2.052 |
1.681 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.005 |
0.006 |
0.007 |
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Capital work-in-progress |
7.641 |
0.000 |
0.000 |
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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
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0.000 |
0.000 |
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Sundry Debtors |
0.000
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0.000 |
0.000 |
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Cash & Bank Balances |
0.862
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1.038 |
0.666 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
1.072
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1.060 |
1.060 |
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Total
Current Assets |
1.934
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2.098 |
1.726 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
0.058
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0.052 |
0.052 |
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Provisions |
0.001
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0.000 |
0.000 |
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Total
Current Liabilities |
0.059
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0.052 |
0.052 |
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Net Current Assets |
1.875
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2.046 |
1.674 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
9.521 |
2.052 |
1.681 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
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Sales Turnover |
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0.000 |
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Other Income |
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0.000 |
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Total Income |
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0.000 |
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Profit/(Loss) Before Tax |
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[0.112] |
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Provision for Taxation |
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0.000 |
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Profit/(Loss) After Tax |
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[0.112] |
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Total Expenditure |
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0.112 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
[5.78]
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NA |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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[0.01]
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NA |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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0.01
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0.03 |
0.03 |
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Current Ratio (Current Asset/Current Liability) |
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32.78
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40.34 |
33.19 |
LOCAL AGENCY
FURTHER INFORMATION
Subject was originally incorporated on 3rd May 1993 under the
name of Chandrabhanu Vanijya & Finance Private Limited. However, the name
of the company was changed to present w.e.f. 19-12-2003.
The registered office of the company has been shifted from 18 Madan
Mohan Talla Street, Jorasanko, Kolkata-700005, West Bengal, India to present
address w.e.f. 13.07.2007
Trade References:
- Sundaram
Ferro Tech Private Limited, Gridih
- OMDC
Bankers Charges
Report as per Registry
|
This form is for |
Creation of charge
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Corporate
identity number of the company |
U27102WB1993PTC058723 |
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Name of the
company |
SWATI SPONGE AND IRON PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
18, Madan Mohan
Talla Street, Jorasanko, Kolkata-700005, West Bengal, India |
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Type of charge |
Book Debts Movable Property Immovable
Property |
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Particular of
charge holder |
Oriental Bank of Commerce, Chowringhee Branch, 32, Chowringhee Road, Kolkata-700071,
West Bengal, 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 |
09.08.2007 |
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Amount secured by
the charge |
Rs. 83.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest on both
CC and TL will be charged @13.25% p.a. at present with monthly rests.
Interest may be changed in future if decided by RBI / bank. Penal interest @
2% p.a. over and above the normal rate will be charged on the irregular
portion if the account becomes irregular. Terms of
Repayment As per terms
sanction Margin As per terms of
Sanction Extent and
Operation of the charge The Extent and
operation of the charge will be for the amount advanced by he bank on the
security furnished by the borrowing company. |
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Short particulars
of the property charged |
1st
charge by way of hypothecation of RM, SIP, FG, receivables, CA and FA present
and future of the company. E.M if 4 acres 67
decimals at plot 1661 khata 107, 2 acres 13.5 decimals, more or less 1 acres
76.5 decimals land out of 2 acres 10 decimals at plot no. 1662 under khata 80, 37 decimals land
out of 39 decimals of plot 1664 under khata no, 27 total khata 2 land at
Mouza-Mohanpur, Giridh Thana no. 271, Touzi No. 10, Khewat No. 5, Halla no 10
by depositing original title deeds. |
AS PER WEBSITE:
Group Activities:
- Mining
- Export of Iron Ore
- International Trading of Coal, Mangan4ese Ore, Rock Phosphate and
Allied Products
- Manufacturing of Calibrated Lump Ore
- Manufacturing of Pig Iron and Coke
- Manufacturing of PPC and PSC Cement
- Manufacturing of Iron Ore Pellets
The Future Plans:
Swati Group is committed to consolidate its
cement activities through modernization and up gradation of technology, cost
reduction, quality control and eco-friendly operations to remain competitive.
Swati is looking to increase the trade of its
current business by fabulous market support and demand. They expect to double
their production due to various infrastructure developments and induction of
new leases to their existing tally.
The company is undertaking Research an
investigative work on diversification in the field of Steel and Cement, Iron
Ore, Pig Iron and Coke.
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.42.40 |
|
UK Pound |
1 |
Rs.83.57 |
|
Euro |
1 |
Rs.66.02 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
33 |
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 |
|