MIRA
INFORM REPORT
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Report Date : |
04.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
SALASAR ALLOY AND STEEL INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
Heera Plaza, 4th Floor, Near Telephone Exchange, Central
Avenue, Nagpur – 440 008, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
25.08.2004 |
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Com. Reg. No.: |
148222 |
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CIN No.: [Company
Identification No.] |
U27100MH2004PTC148222 |
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IEC No.: |
0304064629 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
NGPS05467A |
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PAN No.: [Permanent
Account No.] |
AAICS3313F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Steel Castings and Alloy |
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 120000 |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Trade
relations are fair. Business is active. Subject’s financial position is improving.
No complaints have been heard from market sources. The company can be considered for small to mediocre business dealings.
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INFORMATION PARTED
BY
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Name : |
Mr. Ravindra Gupta |
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Designation : |
Accountant |
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Date : |
01.12.2008 |
LOCATIONS
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Registered Office : |
Heera Plaza, 4th Floor, Near Telephone Exchange, Central
Avenue, Nagpur – 440 008, Maharashtra, India |
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Tel. No.: |
91-712-2731281 / 2760310 |
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Mobile No.: |
91-9822265548 |
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Fax No.: |
91-712-2731281 / 2760310 |
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E-Mail : |
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Area : |
500 Sq. ft. |
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Location : |
Owned |
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Factory : |
E-9, MIDC, Butibori Industrial Estate, Nagpur, Maharashtra, India |
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Tel. No.: |
91-7104-261614 |
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Fax No.: |
91-7104-261614 |
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Area : |
10 Acre |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Radheshyam Malu |
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Designation : |
Whole-Time Director |
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Address : |
Neelkamal 1249, Central Avenue, Gandhibag, Nagpur – 440 002,
Maharashtra, India |
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Date of Birth/Age : |
27.03.1986 |
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Qualification : |
MBA |
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Date of Appointment : |
01.04.2008 |
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Name : |
Mr. Gajendra Malu |
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Designation : |
Whole-Time Director |
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Address : |
251, Kamala Sadan, Dharaskar Road, Itwari, Nagpur – 440 002,
Maharashtra, India |
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Date of Birth/Age : |
11.04.1984 |
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Qualification : |
MBA |
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Date of Appointment : |
01.04.2008 |
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Name : |
Mr. Shravan K Malu |
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Designation : |
Director |
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Date of Birth/Age : |
48 Years |
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Name : |
Mr. Vasudev Malu |
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Designation : |
Director |
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Date of Birth/Age : |
48 Years |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
List of Allotment (As on 16.11.2006)
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Names of Allottees |
No. of Shares |
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Punamcjand Ramlal Malu |
50000 |
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Purushottam Ramlal Malu |
20000 |
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Radheshyam Malu |
10000 |
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Anita Shrawankumar Malu |
10000 |
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Pushpa Damodarlal Malu |
10000 |
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Kaushalya Punamchand Malu |
20000 |
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Sushila Purushottam Malu |
20000 |
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Manisha Banwarilal Malu |
140000 |
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Total |
280000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Steel Castings and Alloy |
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Products : |
·
Industrial Steel Castings ·
Carbon Steel Castings ·
Low Alloy Steel Castings ·
Cast Iron Castings ·
Industrial Patterns |
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Exports (Indirect Export) : |
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Products : |
Steel Castings and Alloy |
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Countries : |
England |
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Terms : |
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Selling : |
Credit (30 days / 45 days) |
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Purchasing : |
Credit (30 days / 60 days) |
PRODUCTION STATUS
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Installed
Capacity |
90 TPD. |
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Actual
Production |
3835.575 MT. |
GENERAL
INFORMATION
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Customers : |
·
Wholesalers ·
H.M.T. Machine Tools Limited, Bangalore (KA) ·
Bemco Hydraulic Limited, Belgaum (KA) ·
Puzzalona Machinery Fabricators Hyderabad (A.P.) ·
Boving Fouress Limited, Bangalore (K.A.) ·
Almeida Brothers, Mumbai ·
Electromag Devices Private Limited, Mumbai ·
SPM Controls, Belgaum ·
Bainite Machines Private Limited, Mumbai ·
S.S. Engineers and Consultants., Mumbai |
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No. of Employees : |
308 (In Office 8 and In Factory 300) |
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Bankers : |
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The Akola Urban Co-Operative Bank Limited Aahilya Complex, Gandhibagh, Nagpur – 440
002, Maharashtra, India ·
IDBI Bank ·
HDFC Bank ·
Small
Industries Development Bank of India SIDBI Tower, 15, Ashok Marg, Lucknow – 226 001, Uttar Pradesh, India |
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Facilities : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Ashok Ramani Chartered Accountants |
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Address : |
M/S. Demble Ramani and Company, Adhyankar Road, Sitabuldi, Nagpur –
440 012, Maharashtra, India |
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Tel. No.: |
91-712-2521630 / 2521631 |
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Fax No.: |
91-712-2531783 |
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E-Mail : |
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Associates/Subsidiaries : |
·
Malu Paper Mills Limited (Listed) Address
:
Nagpur Line
of Business : New Paper ·
Malu Electrodes Private Limited Address
: Higna MIDC, Nagpur Line
of Business : Manufacturer of Weld Rod ·
Shri Sales Corporation, Nagpur
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1980000 |
Equity Shares |
Rs.10/- each |
Rs.19.800
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 |
19.800 |
17.000 |
17.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
5.041 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
(4.700) |
0.000 |
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NETWORTH |
24.841 |
12.300 |
17.000 |
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LOAN FUNDS |
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1] Secured Loans |
59.933 |
52.069 |
29.734 |
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2] Unsecured Loans |
21.376 |
24.767 |
10.800 |
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TOTAL BORROWING |
81.309 |
76.836 |
40.534 |
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DEFERRED TAX LIABILITIES |
2.100 |
0.000 |
0.000 |
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TOTAL |
108.250 |
89.136 |
57.534 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
65.683 |
66.348 |
35.361 |
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Capital work-in-progress |
3.637 |
0.000 |
0.000 |
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INVESTMENT |
0.883 |
0.628 |
0.002 |
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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 |
17.743
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15.841 |
11.257 |
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Sundry Debtors |
31.767
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14.787 |
6.493 |
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Cash & Bank Balances |
2.156
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0.188 |
2.045 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
8.789
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3.814 |
7.540 |
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Total
Current Assets |
60.455
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34.630 |
27.335 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
22.557
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12.669 |
9.014 |
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Provisions |
0.000
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0.000 |
0.000 |
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Total
Current Liabilities |
22.557
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12.669 |
9.014 |
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Net Current Assets |
37.898
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21.961 |
18.321 |
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MISCELLANEOUS EXPENSES |
0.149 |
0.199 |
3.850 |
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TOTAL |
108.250 |
89.136 |
57.534 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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144.301 |
182.407 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.18
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7.28 |
2.91 |
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Current Ratio (Current Asset/Current Liability) |
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2.68
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2.73 |
3.03 |
LOCAL AGENCY
FURTHER INFORMATION
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Additional
Requirement of Indiamart for Trust-Seal |
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Service Tax No. : -- |
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Excise Registration No.: AAICS3313F XM001 |
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VAT / TIN : 27650393556 |
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IEC Code : 0304064629 |
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PAN / TAN : AAICS3313F |
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Bank Name : The Akola Urban Co-Operative Bank Limited |
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Bank Address : Akola |
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Bank A/c. No.: HYP – 91 |
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Account Since : 4 Years |
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In case of any affiliations / memberships / certifications : |
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Name : -- |
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Type : -- |
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Expiry Date : -- |
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Trade References
·
Bovina Foures Limited – Bangalore
·
Electromag Device Private Limited - Vapi
Form No. 8
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Name of the company |
SALASAR ALLOY AND STEEL INDUSTRIES PRIVATE LIMITED |
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Presented By |
Mr. Vasudev
Bhawarlal Malu, Director (Name and Designation
of the Official of the Company) |
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1) Date and description of instrument creating the change |
On 6th
day of January, 2005 Deed of Hypothecation executed by the Company in favour
of Small Industries Development Bank of India (hereafter referred to as
“SIDBI”). |
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2) Amount secured by the charge/amount owing on the securities of charge |
Term Loan of
Rs.29.500 millions sanctioned to the Company together with interest, further
interest, liquidated damages, costs, charges, expenses and all other moneys
payable by the Company to SIDBI in terms of the Loan Agreement dated
06.01.2005 / Terms of sanction as amended/modified/renewed from time to time. |
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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 |
The whole of the
movable properties of the Company including its movables, plant, machinery,
spares, tools and accessories, office equipments, computers, furniture and
fixtures, and all 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 be brought into or upon or be stored or be in or
about the Company’s premises, factory, showrooms and godowns at Plot No. E-9,
in the Butibori Industrial Area, MIDC, Tehsil Hingna, District Nagpur
(Maharashtra) or at Butibori or at Nagpur or wherever else the same may be or
be held by any party to the order or disposition of the Company or in the
course of transit or on high seas or on order, or delivery, howsoever and
wheresoever in the possession of the Company and either by way of
substitution or addition. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
·
The charge
operates as first charge to secure the due repayment and discharge by the
Company to SIDBI of its term loan of Rs.29.500 millions together with interest,
further interest, liquidated damages, costs, charges, expenses and all other
monies payable by the Company to SIDBI under the Loan Agreement dated
06.01.2005 / Terms of sanction as amended / modified / renewed form time to
time. ·
The Company
has undertaken to keep hypothecated goods and mortgaged properties in
marketable and good condition at its own costs and to insure the same in the
joint manes of the Company and SIDBI. ·
All the
goods hypothecated and all realizations and insurance proceeds thereof and
all documents in respect of the said security are to be kept distinguishable
and held as the exclusive property of SIDBI. ·
The security
created under the said Deed of Hypothecation and mortgage is to be a
continuing security. ·
The charge
in favour of SIDBI under the said Deed of Hypothecation is subject to the
charge(s) created and /or to be created by the Company in favour of its
bankers on the Company’s stock of consumable stores and book debts and such
other movables as may be specifically permitted to secure its working capital
requirements in the ordinary course of business. |
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5) Name and Address and description of the person entitled to the charge. |
Small Industries
Development Bank of India SIDBI Tower, 15, Ashok
Marg, Lucknow – 226 001, Uttar Pradesh, India |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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 Applicable |
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Corporate
identity number of the company |
U27100MH2004PTC148222 |
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Name of the
company |
SALASAR ALLOY AND STEEL INDUSTRIES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Heera Plaza, 4th Floor, Near Telephone Exchange, Central
Avenue, Nagpur – 440 008, Maharashtra, India |
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This form is for |
Modification of
charge |
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Type of charge |
·
Book debts ·
Movable
property (not being pledge) |
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Particular of
charge holder |
The Akola Urban Co-Operative Bank Limited Aahilya Complex, Gandhibagh, Nagpur – 440 002, Maharashtra, India |
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Nature of
instrument creating charge |
Deed of
Hypothecation, Agreement of Hypothecation of Book Debts, Agreement for Cash
Credit / Hypothecation |
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Date of
instrument Creating the charge |
03.11.2007 |
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Amount secured by
the charge |
Rs.50.000
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
interest 14.25% p.a. with monthly rest (Subject to charge from time to time) ·
Terms of
repayment The loan is repayable on demand ·
Margin 30% of stock in trade and 45% of debtors upto 90 days ·
Extent and
operation of the charge Stock of any type, any value lying any where with any body, all
present and future stock, all outstanding book debts, monies receivables,
claims, and approved book debts, bills
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Particulars of
the property charged |
Stock of any
type, any value lying any where with any body, all present and future stock,
all outstanding book debts, monies receivables, claims, and approved book
debts, bills |
Fixed Assets
·
Electrical Installation
·
Plant and Machinery
·
Furniture and Fixtures
·
Computer and Fax
Web Details
Profile
Started with a motto to acquire a leadership position in the industry,
Subject, has committed itself in developing, fabricating and supplying an innovative
range of Alloys and Castings that include Sand Castings, Green Sand Mouldings,
CO2 Process Castings, Non-Baked Sand Castings, C.I. Castings and Alloy Grades
as per the requirements of the buyers.
Inaugurated in 2005, Subject promoters are aptly blessed with a strong
professional background in castings manufacturing. Backed by a skilled and
technically proficient manpower, we meet every requirement of the customers,
developing and maintaining various standards of quality.
Adhering to the strong quality commitment, Subject has initialized a
state-of-the-art facility. The facility provides a technologically advanced and
a professional environment that aims to serve its clients to their satisfaction
in both qualitative and quantitative manner.
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.49.90 |
|
UK Pound |
1 |
Rs.74.30 |
|
Euro |
1 |
Rs.63.42 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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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 |
YES |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
35 |
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 |
|