MIRA
INFORM REPORT
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Report Date : |
05.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
PUSHPANJALI STEEL ALLOYS PRIVATE LIMITED |
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Registered Office : |
G T Road, Mandi Gobind Garh, Fatehgarh Sahib – 147 301, Punjab |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
28.11.1988 |
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Com. Reg. No.: |
16-8857 |
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CIN No.: [Company
Identification No.] |
U27106PB1988PTC008857 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PTLP11331F PTLP10103C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Steel Ingots |
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 115000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Trade relations are fair. Business is active. No complaints have been
heard. The company can be considered good for normal business dealings. |
INFORMATION
DECLINED BY
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Name : |
Mr. Surendra Singh |
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Designation : |
Accounts Manager |
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Date : |
03.12.2008 |
LOCATIONS
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Registered Office/ Factory : |
G T Road, Mandi Gobind Garh, Fatehgarh Sahib – 147 301, Punjab, India |
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Mobile No.: |
91-9814015520 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Ajay Goyal |
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Designation : |
Director |
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Address : |
Nabha House, Shastri Nagar, Mandi Gobindgarh – 147 301, Punjab, India |
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Date of Birth/Age : |
13.03.1966 |
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Date of Appointment : |
24.09.1997 |
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DIN or Income-tax PAN : |
00417216 |
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Name : |
Mr. Sanjay Goyal |
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Designation : |
Director |
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Address : |
Nabha House, Shastri Nagar, Mandi Gobindgarh – 147 301, Punjab, India |
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Date of Birth/Age : |
29.03.1970 |
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Date of Appointment : |
24.09.1997 |
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DIN or Income-tax PAN : |
00417116 |
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Name : |
Mr. Om Prakash Goyal |
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Designation : |
Director |
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Address : |
Nabha House, Shastri Nagar, Mandi Gobindgarh – 147 301, Punjab, India |
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Date of Birth/Age : |
25.06.1937 |
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Date of Appointment : |
18.01.2000 |
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DIN or Income-tax PAN : |
00417178 |
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Name : |
Mr. Laven Goyal |
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Designation : |
Director |
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Address : |
Nabha House, Shastri Nagar, Mandi Gobindgarh – 147 301, Punjab, India |
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Date of Birth/Age : |
04.08.1968 |
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Date of Appointment : |
18.01.2000 |
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DIN or Income-tax PAN : |
00417240 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 29.09.2007
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Names of Shareholders |
No. of Shares |
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Ajay Goyal |
17890 |
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Laven Goyal |
14890 |
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Sanjay Goyal |
14900 |
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Om Prakash Goyal |
13990 |
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Sita Devi Goyal |
13000 |
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Madhu Goyal |
100 |
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Jenis Goyal |
100 |
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Sonali Goyal |
100 |
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Ajay Goyal HUF |
10 |
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Laven Goyal HUF |
10 |
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Om Prakash Goyal HUF |
10 |
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Total |
75000 |
As on 29.09.2007
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Steel Ingots |
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Products : |
Steel Ingots |
PRODUCTION STATUS As on 31.03.2008
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Particulars |
Licensed
Capacity |
Installed
Capacity |
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Non-Alloy Steel Ingots |
25000 |
25000 |
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GENERAL
INFORMATION
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Suppliers : |
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Customers : |
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Bankers : |
Punjab and Sind Bank,
Kukar Majra, ISpat Square, G.T. Road, Mandi Gobindgarh, Punjab, India |
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Facilities : |
(Rs. in millions)
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
Rajiv Goyal Chartered Accountants |
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Address : |
SCO – 50, 1st Floor, Leela Bhawan Complex, Patiala – 147
001, Punjab, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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75000 |
Equity Shares |
Rs.100/- each |
Rs.7.500 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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75000 |
Equity Shares |
Rs.100/- each |
Rs.7.500 millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
7.500 |
7.500 |
7.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
15.558 |
7.412 |
7.083 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
23.058 |
14.912 |
14.583 |
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LOAN FUNDS |
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1] Secured Loans |
23.727 |
12.062 |
7.980 |
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2] Unsecured Loans |
23.678 |
17.204 |
11.592 |
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TOTAL BORROWING |
47.405 |
29.266 |
19.572 |
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DEFERRED TAX LIABILITIES |
1.015 |
1.241 |
1.332 |
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TOTAL |
71.478 |
45.419 |
35.487 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
25.060 |
25.798 |
22.286 |
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Capital work-in-progress |
0.368 |
0.368 |
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 |
30.995
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19.289 |
16.822 |
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Sundry Debtors |
19.899
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11.198 |
12.759 |
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Cash & Bank Balances |
7.515
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0.549 |
1.250 |
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Other Current Assets |
3.087
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3.087 |
0.000 |
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Loans & Advances |
17.864
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14.636 |
11.377 |
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Total
Current Assets |
79.360
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48.759 |
42.208 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
33.012
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27.854 |
26.943 |
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Provisions |
0.298
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1.652 |
2.064 |
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Total
Current Liabilities |
33.310
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29.506 |
29.007 |
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Net Current Assets |
46.050
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19.253 |
13.201 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
71.478 |
45.419 |
35.487 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2008 |
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Sales Turnover & Other Income |
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365.541 |
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Total Income |
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365.541 |
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Profit/(Loss) Before Tax |
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14.975 |
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Provision for Taxation |
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5.074 |
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Profit/(Loss) After Tax |
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9.901 |
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Total Imports |
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35.144 |
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Total Expenditure |
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350.566 |
KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
2.71
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NA |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
4.10
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NA |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
14.29
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NA |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.65
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NA |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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3.50
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3.94 |
3.33 |
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Current Ratio (Current Asset/Current Liability) |
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2.38
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1.65 |
1.46 |
LOCAL AGENCY
FURTHER INFORMATION
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Name of the company |
PUSHPANJALI STEEL ALLOYS PRIVATE LIMITED |
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Presented By |
Mr. Ajay Goyal, Director |
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1) Date and description of instrument creating the change |
Hypothecation Agreement
dated 29.09.2000 for Rs.5.000 millions for Cash Credit |
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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 |
Hypothecation of
Sponge Iron, Scrap, Steel Ingots and other consumable spares stored at
premises at Mandi Gobingarh. 1. Land vide
Vasika No.2599 for 14 Kanal 11.5 Malas Land situated village Harbanspura. 2. Land vide
Vasika No.2609 for 14 Kanal 11.5 Malas Land situated village Harbanspura |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest @
7.25% over the RBI Rate with a minimum of 15.25% p.a. Margin 25%, Extent of
operation 100% |
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5) Name and Address and description of the person entitled to the charge. |
Punjab and Sind Bank,
Kukar Majra, ISpat Square, G.T. Road, Mandi Gobindgarh, Punjab, India |
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6) Date and brief description of instrument modifying the charge |
Hypothecation
agreement dated 07.02.2005 |
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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. |
Limit enhanced
for Rs.5.500 millions to Rs.7.000 millions. Margin 25%, Rate of interest at
PLR. Other term and conditions will remain the same. |
FIXED ASSETS:
- Land and Site Development
- Factory Building
- Plant and Machinery
- Furniture and Fixture
- Office Equipment
- Car
- Scooter
- Vehicle
- Miscellaneous Fixed Assets
- Air Conditioner
- Computer
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.79 |
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UK Pound |
1 |
Rs.73.37 |
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Euro |
1 |
Rs.63.08 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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48 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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