MIRA
INFORM REPORT
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Report Date : |
12.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
ARORA IRON AND STEEL ROLLING MILLS PRIVATE LIMITED |
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Registered Office : |
Near Phase VII Focal Point, Dharndari Khurd, Ludhiana-141010, Punjab |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
25.08.1995 |
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Com. Reg. No.: |
16-16953 |
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CIN No.: [Company
Identification No.] |
U27109PB1995PTC016953 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JLDA00882A / JLDA01570C |
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PAN No.: [Permanent
Account No.] |
AABCA45111E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of a Comprehensive range of Iron and Steel Products like
Ingots, Rounds, Bars, Flats, Squares etc. |
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 84000 |
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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 well-established and reputed company having satisfactory
track. Trade relations are fair. Business is active. No complaints have been
heard. The company can considered good for normal business dealings. |
LOCATIONS
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Registered Office/ Factory : |
Near Phase VII Focal Point, Dharndari Khurd, Ludhiana-141010, Punjab,
India |
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Tel. No.: |
91-161-2674055/ 5085403 |
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Fax No.: |
91-161-2677454 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Raminder Pal Singh |
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Designation : |
Director |
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Address : |
26 A, Sant Fateh Singh Nagar, Ludhiana-141002, Punjab, India |
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Date of Birth/Age : |
17.03.1976 |
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Date of Appointment : |
02.11.2004 |
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Name : |
Mr. Amarjit Singh Chawla |
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Designation : |
Director |
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Address : |
249, Shaheed Udham Singh Nagar, Jalandhar-141002, Punjab, India |
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Date of Appointment : |
21.09.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 28.09.2007
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Names of Shareholders |
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No. of Shares |
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Amarjit Singh Chawla |
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25000 |
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Amarjit Singh ladn Sons (HUF) |
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20000 |
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Avtar Singh |
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10000 |
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Avtar Singh HUF |
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20000 |
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Ekjot Singh Chawla |
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20500 |
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Gurpreet Kaur |
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17500 |
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Ganganjot Singh Chawla |
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18700 |
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Harvinder Singh Chawla |
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25000 |
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Harminder Pal Singh |
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100000 |
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Kirpal Singh Chawla |
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20000 |
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Karan Preet Kaur |
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34000 |
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Mohindre Kaur Chawla |
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12500 |
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Mohinder Kaur |
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20000 |
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Mohinder Bir Singh |
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292500 |
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Pritpal Singh Chawla |
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30800 |
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Pritpal Singh and Sons (HUF) |
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20500 |
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Parmeet Kaur |
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10000 |
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Ramanpreet Singh Chawla |
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25000 |
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Raminder Pal Singh |
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17500 |
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Total |
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739500 |
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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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of a Comprehensive range of Iron and Steel Products like
Ingots, Rounds, Bars, Flats, Squares etc. |
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Products : |
Iron and Steel
Products ·
Ingots ·
Rounds ·
Bars ·
Flats ·
Squares |
GENERAL
INFORMATION
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Suppliers : |
·
Aarti Steels Limited ·
Adhunik Ispat (Private ) Limited ·
Sudarshan Forge (Private) Limited ·
Ankur International Limited ·
Adhunik Metaliks (Private) Limited ·
Sudarshan Enterprises ·
Bharat Petroleum Corporation Limited ·
A Tech Tele Systems ·
A.P.S Associates (Private) Limited ·
Aggarwal Petro Chem. ·
Bata Steels (Private) Limited ·
Bhawani Shankar Casting Limited ·
C.L. Engineering Limited ·
G.L. Khanna and Sons ·
Kew Industries Limited ·
B.D. Alloys |
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Customers : |
·
A.K. Engineering Company ·
Amrit Steels ·
Arora Steel ·
Arora Forging ·
Amarjit Singh and Sons ·
A.L.V Technologies (Private) Limited ·
Accurate Auto Products (Private) Limited ·
Ambika Forging ·
Ajay Forging ·
Anand Forging and Stampings, Amritsar ·
Allied Engineers ·
Amritsar Forgings ·
Anant Forgings and Stampings, Ludhiana ·
Adhunik Metaliks Limited ·
Auto Forgings ·
Bata Steel Private Limited ·
Bhushan Steel Corporation ·
Baba Gurmukh Singh Auto (Private) Limited ·
Balvinder Tools (Private) Limited ·
Bhupendera Steels (Private) Limited |
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No. of Employees : |
25 |
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Bankers : |
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Punjab National Bank, BMC Chowk, Jalandhar-144001, Punjab, India ·
ICICI Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M.S. Chandok and Company Chartered Accountant |
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Address : |
71, Guru Nanak Dev Market, Gill Road, Ludhiana-141003, Punjab, India |
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Tel. No.: |
91-161-2534082/ 2540179 |
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Residential No.: |
91-161-2402623 |
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Fax No.: |
91-161-2540178 |
CAPITAL STRUCTURE
As on 28.09.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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3000000 |
Equity Shares |
Rs. 10/- each |
Rs. 30.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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739500 |
Equity Shares |
Rs. 10/-
each |
Rs. 7.395
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 |
7.395 |
7.395 |
4.170 |
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2] Share Application Money |
2.040 |
0.000 |
4.300 |
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3] Reserves & Surplus |
7.525 |
4.208 |
1.342 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
16.960 |
11.603 |
9.812 |
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LOAN FUNDS |
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1] Secured Loans |
16.774 |
9.743 |
0.482 |
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2] Unsecured Loans |
14.993 |
5.250 |
0.000 |
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TOTAL BORROWING |
31.767 |
14.993 |
0.482 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.541 |
1.151 |
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TOTAL |
48.727 |
27.137 |
11.445 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
23.684 |
19.122 |
11.982 |
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Capital work-in-progress |
7.113 |
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 |
29.646
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49.197
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18.936 |
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Sundry Debtors |
149.571
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64.932
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45.692 |
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Cash & Bank Balances |
0.559
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14.171
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6.639 |
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Other Current Assets |
0.000
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0.000
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0.000 |
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Loans & Advances |
10.942
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10.972
|
4.402 |
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Total
Current Assets |
190.718
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139.272
|
75.669 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
167.935
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127.958
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74.538 |
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Provisions |
4.855
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3.302
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1.673 |
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Total
Current Liabilities |
172.790
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131.260
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76.211 |
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Net Current Assets |
17.928
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8.012
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[0.542] |
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MISCELLANEOUS EXPENSES |
0.002 |
0.003 |
0.005 |
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TOTAL |
48.727 |
27.137 |
11.445 |
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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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986.048 |
517.144 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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986.048 |
517.144 |
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Profit/(Loss) Before Tax |
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4.846 |
3.359 |
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Provision for Taxation |
|
1.529 |
0.496 |
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Profit/(Loss) After Tax |
|
3.317 |
2.866 |
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Expenditures : |
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Depreciation & Amortization |
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1.075 |
0.753 |
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Other Expenditure |
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980.127 |
513.032 |
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Total Expenditure |
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981.202 |
513.785 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
0.34
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0.55 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
0.49
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0.65 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.26
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2.12 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.29
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0.29 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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12.06
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12.60 |
7.82 |
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Current Ratio (Current Asset/Current Liability) |
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1.10
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1.06 |
0.99 |
LOCAL AGENCY
FURTHER INFORMATION
During the year 2006-07 the directors achieved a new milestone by making
a turnover of Rs. 986.0.48 Millions as against Rs. 817.144 Millions, this means
an increase of 90.67% over the previous year. This could be possible due to
hard work and sincere efforts of the directors. Also company shifted its
operations from Diesel Enginer to Power and it got sanctioned a further power
load as per its requirements. Now the directors are optimistic for even more
fine results in the coming years. Target for the year 2007-08 is for a turnover
of Rs. 1200.000 Millions. Due to the guidance and back up the profits of the
company jumped form Rs. 3.359 Millions to R.s 4.845 Millions in the year under
report. After charging depreciation of R.s 1.075 Millions, profits before tax
amounted to Rs. 3.770 Millions against Rs. 2.606 Millions in the corresponding
previous year. After making provision for taxes etc, net profit after tax of
the company for the year ended 31.03.2007 is Rs. 3.317 Millions against Rs.
2.866 Millions.
The directors assure the good results provided price of raw material and
power rate don’t affect much in the coming years.
Bankers Charges
Report as per Registry
|
Name of the company |
ARORA IRON AND STEEL ROLLING MILLS PRIVATE LIMITED |
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Presented By |
Amarjit Singh
Chawla Director |
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1) Date and description of instrument creating the change |
Agreement of
Hypothecation of Cash Credit used 14.05.2005 and Agreement of Hypothecation
of Book debts dated 14.05.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 9.000
Millions as per details given below. CC (Book Debts)
Rs. 3.000 Millions CC
(Hypothecation) Rs. 6.000 Millions Total Rs. 9.000
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
all types of stocks of raw material work in process, semi finished goods etc.
whether kept in factory, godown or in transit or elsewhere and book debts. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of interest
minimum of 10.50% p.a. Repayable on Demand Extent of Operation 100% Margin: Stock 25% Book debts 40% |
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5) Name and Address and description of the person entitled to the charge. |
Bank of Punjab,
Miller Ganj, Ludhiana |
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6) Date and brief description of instrument modifying the charge |
N.A |
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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. |
N.A |
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This form is for |
Creation of
charge |
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Corporate identity
number of the company |
U27109PB1995PTC016953 |
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Name of the
company |
ARORA IRON AND STEEL ROLLING MILLS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Near Phase VI Focal Point, Dharndari Khurd, Ludhiana-141010, Punjab,
India |
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Type of charge |
Movable Property |
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Particular of
charge holder |
Punjab National Bank, BMC Chowk, Jalandhar-144001, Punjab, India |
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Nature of description
of the instrument creating or modifying the charge |
Letter of
Hypothecation dated 27.09.2008 for Rs. 1.200 Millions |
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Date of
instrument Creating the charge |
27.09.2008 |
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Amount secured by
the charge |
Rs. 1.200 Million |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 11.75 p.a. with
monthly rests. Terms of
Repayment Repayable in 84
installments fo Rs. 0.021 Million each Margin 25% Extent and Operation
of the charge 100% |
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Short particulars
of the property charged |
CAR |
Fixed Assets:
·
Land
·
Machinery
·
Weigh Bridge
·
Electric Fittings
·
Factory Building
·
Computer
·
Generator
·
Tempo
·
Furniture and Fixtures
·
Mobile Phone
·
Scooter
·
A.P.C.D.
·
Car
·
Measuring/ Testing Equipments
·
Fax
AS PER WEBSITE
Profile:
Perfection drives them from the word go, and they continuously aim to
reach the pinnacle of success. Hard work, honest trade practices, quality and
long lasting products are some factors that have played a key role shaping the
company. Established in the year 1997, Arora Iron & Steel Rolling Mills Private Limited,
has emerged as a market leader in a span of just 10 years.
They are now acknowledged as a reputed manufacturer of a comprehensive range of Iron and Steel Products like Steel Ingots, Rounds,
Bars, Flats, Squares, etc. These products find wide application
in a number of industries, where they are extensively used. They are highly
durable and long lasting and are fabricated using A-grade raw materials.
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.48.52 |
|
UK Pound |
1 |
Rs.72.62 |
|
Euro |
1 |
Rs.63.76 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
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 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
|