MIRA
INFORM REPORT
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Report Date : |
17.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
D S ALLOYS PRIVATE LIMITED |
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Registered Office : |
AN-2, Shalimar Bagh, Delhi-110 088 |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
20.06.2002 |
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Com. Reg. No.: |
55-115885 |
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CIN No.: [Company
Identification No.] |
U27109DL2002PTC115885 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELD05467A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Ferrous and Non-ferrous Metals. |
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 383000 |
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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. No complaints have been heard. The company can be considered good for normal business dealings. |
INFORMATION
DECLINED BY
|
Name : |
Mr. Suresh Sharma |
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Designation : |
Manager |
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Date : |
16.12.2008 |
LOCATIONS
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Registered Office : |
AN-2, Shalimar Bagh, Delhi-110 088, India |
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Tel. No.: |
91-11-27472680/ 27478234 |
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Fax No.: |
91-11-27472680 |
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E-Mail : |
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Factory : |
C – 235, MIDC Industrial Area, Butibori, Nagpur – 441 108, Maharashtra, India |
DIRECTORS
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Name : |
Mr. Raj Kumar Goel |
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Designation : |
Director |
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Address : |
BN 12, Shalimar Bagh, Delhi-110 088, India |
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Date of Birth/Age : |
03.04.1966 |
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Date of Appointment : |
20.06.2002 |
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Name : |
Mr. Ashwani Jindal |
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Designation : |
Director |
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Address : |
185, M P Enclave, Pitampura, Delhi – 110 034, India |
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Date of Birth/Age : |
12.07.1968 |
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Date of Appointment : |
29.04.2006 |
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Name : |
Mr. Hanuman Prasad Mittal |
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Designation : |
Director |
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Address : |
Flat No.723, Neelkanth Apartments, Sector – 13, Rohini, Delhi – 110
085, India |
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Date of Birth/Age : |
28.02.1961 |
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Date of Resignation : |
18.06.2007 |
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Name : |
Mr. Manan Shyam Murarka |
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Designation : |
Additional Director |
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Address : |
101, Royal Court, Canal Road, Ramdas Peth, Nagpur – 440 010,
Maharashtra, India |
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Date of Birth/Age : |
11.08.1983 |
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Date of Resignation : |
18.06.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 20.09.2008
|
Names of Shareholders |
No. of Shares |
|
Raj Kumar Goel |
712000 |
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MPG International Private Limited |
203500 |
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M.P. Goel |
50000 |
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R.K. Goel (HUF) |
32000 |
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Meenakshi Goel |
58000 |
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Jindal Nickle and Alloys Limited |
723000 |
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Ashwani Jindal |
24000 |
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Jindal Capfin Private Limited |
200000 |
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Ujala Jindal |
105000 |
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Total |
2107500 |
As on 22.09.2008
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Names of Allottees |
No. of Shares |
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MPG International Private Limited |
248500 |
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Jindal Capfin Private Limited |
230000 |
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RMI Metal Private Limited |
414000 |
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Total |
892500 |
As on 20.09.2008
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Bodies
corporate |
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53.45 |
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Directors
or relatives of directors |
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46.55 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Ferrous and Non-ferrous Metals. |
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Products : |
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GENERAL
INFORMATION
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Bankers : |
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Facilities : |
Secured Loans :
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
M.K. Nagpal and Associates Chartered Accountants |
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Address : |
14, M C Market, Sonepat – 131 001, Haryana, India |
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Associates/Subsidiaries : |
R.M.I. Metal (Private) Limited |
CAPITAL STRUCTURE
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 |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2107500 |
Equity Shares |
Rs.10/- each |
Rs.21.075
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 |
21.075 |
17.075 |
14.975 |
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2] Share Application Money |
29.200 |
5.500 |
9.350 |
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3] Reserves & Surplus |
26.240 |
9.762 |
1.358 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
76.515 |
32.337 |
25.683 |
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LOAN FUNDS |
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1] Secured Loans |
38.449 |
1.268 |
8.856 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
38.449 |
1.268 |
8.856 |
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DEFERRED TAX LIABILITIES |
0.249 |
0.333 |
0.333 |
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TOTAL |
115.213 |
33.938 |
34.872 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
10.697 |
8.064 |
7.843 |
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Capital work-in-progress |
26.584 |
0.000 |
1.652 |
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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 |
22.565
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0.000 |
1.198 |
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Sundry Debtors |
33.679
|
0.844 |
27.923 |
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Cash & Bank Balances |
8.354
|
1.917 |
0.276 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
27.016
|
22.874 |
2.164 |
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Total
Current Assets |
91.614
|
25.635 |
31.561 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
15.865
|
0.140 |
5.699 |
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Provisions |
0.477
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0.441 |
0.580 |
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Total
Current Liabilities |
16.342
|
0.581 |
6.279 |
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Net Current Assets |
75.272
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25.054 |
25.282 |
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MISCELLANEOUS EXPENSES |
2.660 |
0.820 |
0.095 |
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TOTAL |
115.213 |
33.938 |
34.872 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
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Sales Turnover & Other Income |
|
252.242 |
9.219 |
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Total Income |
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252.242 |
9.219 |
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Profit/(Loss) Before Tax |
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0.871 |
0.097 |
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Provision for Taxation |
|
0.393 |
0.111 |
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Profit/(Loss) After Tax |
|
0.478 |
(0.014) |
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Total Expenditure |
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251.371 |
9.122 |
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 |
(%) |
0.19
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(0.15) |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
0.35
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1.05 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.68
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0.29 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.01
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0.00 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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0.72
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0.06 |
0.59 |
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Current Ratio (Current Asset/Current Liability) |
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5.61
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44.12 |
5.03 |
LOCAL AGENCY
FURTHER INFORMATION
Note:
The registered office of the company has been shifted from M-10, Munish Plaza,
20, Ansari Road, Darya Ganj, Delhi – 110 002 to the present address w.e.f.
12.07.2006.
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Name of the company |
D S ALLOYS PRIVATE LIMITED |
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Presented By |
State Bank of India, Wazirpur Industrial Estate, Delhi |
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1) Date and description of instrument creating the change |
Form – Form “B”
Guarantee agreement for small industrial advances dated 15.01.2004
(registered on 05.04.2004) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.35.000
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 |
EM of Commercial
peoperty at Khetwat No.59, Khatoni No.88, rectangle No. 20/ 12 (8-0), 19
(5-16) total measuring 13K – 16M village Liwaspur District Sonepat and
corporate guarantee of the company for securing working capital facilities
provided by the bank to RMI Metal Private Limited. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Payable on demand
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5) Name and Address and description of the person entitled to the charge. |
State Bank of India, Wazirpur Industrial Estate, New Delhi – 110 052,
India |
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6) Date and brief description of instrument modifying the charge |
Guarantee
agreement and Form B for equitable mortgage of property in the name of
company dated 16.08.2005 |
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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 increased
from Rs.35.000 millions to Rs.54.500 millions EM of Commercial property at
Khetwat No.59, Khatoni No.88, rectangle No. 20/ 12 (8-0), 19 (5-16) total
measuring 13K – 16M village Liwaspur District Sonepat Haryana which is
already mortgaged with the bank. Other terms and conditions remain unchanged. |
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This form is for |
Modification of
charge |
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Charge identification
number of the modified |
10068798 |
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Corporate
identity number of the company |
U27109DL2002PTC115885 |
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Name of the
company |
D S ALLOYS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
AN-2, Shalimar Bagh, Delhi-110 088, India |
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Type of charge |
Immovable
Property Book Debts Others (Stocks) |
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Particular of
charge holder |
State Bank of India, Wazirpur Industrial Estate, New Delhi – 110 052,
India E-Mail: ashok.singh2@sbi.co.in |
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Nature of
description of the instrument creating or modifying the charge |
Letter of
Confirmation of Creation of Mortgage by Deposit of title deeds (SME-6) |
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Date of instrument
Creating the charge |
22.10.2008 |
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Amount secured by
the charge |
Rs.132.000
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
As per agreement Terms of Repayment:
As per agreement Margin: As per
agreement Extent and
Operation of the charge: 100% Others: Cash Credit
(Hypothecation) – Rs.60.000 millions Term Loan (Fresh)
– Rs.32.000 millions Letter of Credit
(Inland/ Foreign) – Rs.40.000 millions Total = Rs.132.000 millions |
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Short particulars
of the property charged |
Primary: W/C:
Hypothecation of stocks and book debts both present and future of the
company. TL: Equitable
Mortgage of factory’s Land and Building situated at Plot C-235, MIDC
Industrial Area, Butibori Nagpur. 1st
charge on fixed assets of the company. Collateral: EMT
of factory’s land and building situated at Village Liwaspur P.O. Bahalgarh
District Sonepat (Haryana) admeasuring 6526 sq yards. |
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Date of latest modification
prior to the present modification |
12.09.2008 |
FINANCIAL RESULTS:
During the year company’s achieved a turnover and Other Income of
Rs.252.242 millions (Previous year Rs.9.219 millions). The Company earned net profit
of Rs.0.871 million (Previous year Rs.0.097 million) after charging
depreciation of Rs.1.296 millions (Previous year Rs. NIL) during the year.
After making provision for taxation and FBT of Rs.0.477 million (Previous year
Rs.0.111 million) and deferred Tax Liability (Assets) Rs.0.084 million
(Previous year Rs. NIL) respectively, and brought forward Profit of Rs.1.362
millions of earlier years balance surplus of Rs.1.840 millions be carried
forward to Balance Sheet.
FIXED ASSETS:
- Land
- Factory
Building
- Office
Building
- Plant and
Machinery
- Furniture and
Fixture
- Air
Conditioner
- Electric
Fitting
- Generators
- Weight and
Measurements
- Car
- Computer
- Scooter
- Office
Appliances
- Fire Fighting
Equipment
- Land
(Leasehold)
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.47.82 |
|
UK Pound |
1 |
Rs.73.08 |
|
Euro |
1 |
Rs.65.56 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
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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 |
5 |
|
--LEVERAGE |
1~10 |
5 |
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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 |
YES |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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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 |
|