MIRA
INFORM REPORT
|
Report Date : |
22.12.2008 |
IDENTIFICATION DETAILS
|
Name : |
SHARU STEELS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
B-48, Phase – VII, Focal Point, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2008 |
|
|
|
|
Date of Incorporation : |
23.03.1987 |
|
|
|
|
Com. Reg. No.: |
16-7370 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U18201PB1987PTC007370 |
|
|
|
|
IEC No.: |
3091003884 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
JLDS01581G |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAICS1296D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer and Importer of Steel Rounds, Steel Flats, Wire Rods and
Cast Roll |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 250000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having satisfactory track.
General financial position is satisfactory. Payments are reported as slow but
correct. However, the company can be considered normal for business dealings at
usual trade terms and conditions. |
INFORMATION PARTED BY
|
Name : |
Mr. Chetan Garg |
|
Designation : |
Chief Financial Officer |
|
Date : |
20.12.2008 |
LOCATIONS
|
Registered Office/Factory : |
B-48, Phase – VII, Focal Point, |
|
Tel. No.: |
91-161-2672347 / 5026192 / 5026193 / 91 |
|
Mobile No.: |
91-9815082559 / 9914523023 / 9814848082 |
|
Fax No.: |
91-161-5026193 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
3 Acre Plus Factory |
|
Location : |
Owned |
DIRECTORS
|
Name : |
Mr. Naresh Kumar Jain |
|
Designation : |
Director |
|
Address : |
560-561/B, Aggar Nagar, |
|
Date of Birth/Age : |
09.12.1962 |
|
Date of Appointment : |
15.02.1989 |
|
|
|
|
Name : |
Mr. Gaurav Jain |
|
Designation : |
Director |
|
Address : |
560-B, Aggar Nagar, |
|
Date of Birth/Age : |
23.11.1981 |
|
Date of Appointment : |
07.02.2002 |
|
|
|
|
Name : |
Mr. Kewal Krishnan |
|
Designation : |
Director |
|
Address : |
370, Baba Nand Singh Nagar, Near |
|
Date of Birth/Age : |
09.06.1966 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
10.07.1994 |
|
|
|
|
Name : |
Mr. Mahinder Kaur |
|
Designation : |
Director |
|
Address : |
H No. 55-B, |
|
Date of Birth/Age : |
09.12.1949 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
26.12.2000 |
|
|
|
|
Name : |
Mr. Sarup Singh |
|
Designation : |
Director |
|
Address : |
68-B, |
|
Date of Birth/Age : |
25.05.1937 |
|
Qualification : |
B.Sc. |
|
Date of Appointment : |
14.02.1990 |
|
|
|
|
Name : |
Mr. Narinder Kaur |
|
Designation : |
Director |
|
Address : |
349-A, |
|
Date of Birth/Age : |
07.02.1958 |
|
Qualification : |
B.A. |
|
Date of Appointment : |
12.01.2004 |
|
|
|
|
Name : |
Mr. Amarjit Singh |
|
Designation : |
Director |
|
Address : |
H. No. 298-A, |
|
Date of Birth/Age : |
02.06.1958 |
|
Qualification : |
S.S.C. |
|
Date of Appointment : |
30.09.2008 |
|
|
|
|
Name : |
Mr. Karanpal Singh |
|
Designation : |
Director |
|
Address : |
349 A, |
|
Date of Birth/Age : |
19.04.1987 |
|
Date of Appointment : |
30.09.2008 |
|
|
|
|
Name : |
Mr. Chetan Garg |
|
Designation : |
Director |
|
Address : |
1547, Urban Estate, Jamalpur, |
|
Date of Birth/Age : |
01.07.1987 |
|
Date of Appointment : |
30.09.2008 |
|
|
|
|
Name : |
Mr. Jagmeet Paul Singh |
|
Designation : |
Whole Time Director |
|
Address : |
55-B, |
|
Date of Birth/Age : |
09.12.1976 |
|
Date of Appointment : |
30.09.2008 |
|
|
|
|
Name : |
Mr. Kawaljeet Singh |
|
Designation : |
Director |
|
Address : |
68-B, |
|
Date of Birth/Age : |
05.06.1968 |
|
Date of Appointment : |
30.09.2008 |
|
|
|
|
Name : |
Mr. Manjit Singh Mundi |
|
Designation : |
Director |
|
Address : |
House No. 88-C, Moti Nagar, |
|
Date of Birth/Age : |
13.05.1943 |
|
Date of Appointment : |
30.09.2008 |
|
|
|
|
Name : |
Mr. Gurleen Singh |
|
Designation : |
Director |
|
Address : |
560-A, |
|
Date of Birth/Age : |
10.09.1987 |
|
Date of Appointment : |
30.09.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(As on 30.09.2008)
|
Names of Shareholders |
No. of Shares |
|
Saroop Singh |
455000 |
|
Paramjit Kaur |
45000 |
|
Karanpal Singh |
45000 |
|
Narinder Kaur |
455000 |
|
Jagmeet Paul Singh |
170100 |
|
Mohinder Kaur |
329900 |
|
Amarjit Singh |
175000 |
|
Kawaljeet Singh |
150000 |
|
Gurleen Singh |
134850 |
|
Rajinder Singh |
40150 |
|
Kewal Krishnan |
216600 |
|
Chetan Garg |
170600 |
|
Balaji Sharu Steels (Private) Limited |
80450 |
|
Baldev Krishnan |
2000 |
|
Sunita Garg |
11500 |
|
Anisha Garg |
16800 |
|
Manjit Singh Mundi |
2050 |
|
|
|
|
Total |
2500000 |
Equity share
breakup (percentage of total equity)
(As on
30.06.2008)
|
Category |
Percentage |
|
Bodies Corporate |
3.00 |
|
Directors and relatives of
directors |
97.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Importer of Steel Rounds, Steel Flats, Wire Rods and
Cast Roll |
|
|
|
|
Products : |
·
Billets and Ingots ·
Steel Rounds ·
Steel Flats ·
Wire Rods ·
Die Blocks ·
Hot Die Steel ·
High Speed Steel |
|
|
|
|
Brand Names : |
Sharu |
|
|
|
|
Imports : |
|
|
Countries : |
·
·
·
·
|
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit (60 days) |
|
|
|
|
Purchasing : |
L/C, Cash and Credit (30 days) |
GENERAL INFORMATION
|
Suppliers : |
·
A B Motors Private Limited ·
Adhunik Ispat Limited ·
Ajay Metallurical Works ·
Arjun Electrodes ·
·
Continental Engineers ·
Cronica Enterprises ·
Diana Product (Private) Limited ·
Diana Mining Equipmentg ·
Dynamic Forge ·
Electro Mech ( ·
Electrotherm ( ·
Essem Metaschem Industries (Private) Limited ·
Fairdeal Agencies |
|
|
|
|
Customers : |
·
End Users ·
Traders ·
Aditya Autos ·
Alfa Industries ·
Auto Forgings ·
B G Engineering Enterprises ·
Farm Parts Company ·
Indian Oil Corporation Limited, ·
JSW Iron and Steel Industries ·
Jai Parvati Forge (Private) Limited ·
Jain Paint and Hardware Store ·
JSK Bearings Limited ·
BOC India Limited ·
Deep Tools Private Limited ·
Atlas ·
GNA ·
Tata Motors |
|
|
|
|
No. of Employees : |
500 |
|
|
|
|
Bankers : |
Punjab National Bank Gill Road, |
|
|
|
|
Facilities : |
CC Rs.30.000 millions |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
R K Chadha and Company Chartered Accountant |
|
Address : |
6, Gian Market, Miller Ganj, |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2500000 |
Equity Shares |
Rs.10/- each |
Rs.25.000
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
25.000 |
25.000 |
25.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
25.452 |
21.256 |
18.578 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
50.452 |
46.256 |
43.578 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
36.826 |
30.972 |
41.581 |
|
|
2] Unsecured Loans |
11.394 |
10.999 |
11.590 |
|
|
TOTAL BORROWING |
48.220 |
41.971 |
53.171 |
|
|
DEFERRED TAX LIABILITIES |
1.812 |
1.997 |
2.282 |
|
|
|
|
|
|
|
|
TOTAL |
100.484 |
90.224 |
99.031 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
21.045 |
23.521 |
24.584 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
81.439
|
88.610 |
104.384 |
|
|
Sundry Debtors |
93.230
|
102.355 |
97.788 |
|
|
Cash & Bank Balances |
26.888
|
14.043 |
32.768 |
|
|
Other Current Assets |
9.372
|
12.348 |
4.662 |
|
|
Loans & Advances |
0.499
|
2.144 |
13.922 |
|
Total
Current Assets |
211.428
|
219.500 |
253.524 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
131.989
|
152.797 |
172.677 |
|
|
Provisions |
0.000
|
0.000 |
6.400 |
|
Total
Current Liabilities |
131.989
|
152.797 |
179.077 |
|
|
Net Current Assets |
79.439
|
66.703 |
74.447 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
100.484 |
90.224 |
99.031 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover and Other Income |
|
647.207 |
637.036 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
22.976 |
21.302 |
|
|
Provision for Taxation |
|
1.720 |
2.725 |
|
|
Profit/(Loss) After Tax |
|
21.256 |
18.577 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Depreciation & Amortization |
|
4.110 |
4.622 |
|
|
Other Expenditure |
|
620.121 |
611.112 |
|
Total Expenditure |
|
624.231 |
615.734 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
NA
|
3.28
|
2.92 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
3.55
|
3.34 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
9.45 |
7.66 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.50 |
0.49 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.57
|
4.21 |
5.33 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.60
|
1.44 |
1.42 |
LOCAL AGENCY FURTHER INFORMATION
Note
The Registered Office of the company has been shifted from 2368
Industrial Area A,
|
Additional
Requirement of Indiamart for Trust-Seal |
|
|
|
|
|
Service Tax No. : AAICS1296D
ST001 |
|
|
Excise Registration No.: -- |
|
|
VAT / TIN : 03841100929 |
|
|
IEC Code : 3091003884 |
|
|
|
|
|
PAN / TAN : AAICS1296D |
|
|
|
|
|
Bank Name : Punjab National Bank |
|
|
Bank Address : |
|
|
Bank A/c. No.: 0763008700006814 |
|
|
Account Since : 10 Years |
|
|
|
|
|
In case of any affiliations / memberships / certifications : |
|
|
Name : ISO |
|
|
Type : 9001:2000 |
|
|
Expiry Date : 15th May, 2009 |
|
Trade References
·
Hindi Techno Force Private Limited,
·
SPM Auto Private Limited,
Form No. 8
|
Name of the company |
SHARU STEELS PRIVATE LIMITED |
|
Presented By |
Naresh Kumar
Jain, Managing Director |
|
1) Date and description of instrument creating the change |
Oral consent for
creating of equitable Mortgage of company’s factory land and building accompanied
by HYP Agreement of Plant and Machinery also Agreement of chargeable Assets
dated 22.09.1992 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.8.500 millions
|
|
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 |
Plant and
Machinery installed and to be installed. Chargeable Assets
(Including Book Debts) Operation of
Charge 100% Sublimit FLC/ILC
Rs.8.000 millions LG Rs.0.500
million Total Rs.8.500
millions |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
- |
|
5) Name and Address and description of the person entitled to the charge. |
Punjab National Bank Gill Road, |
|
6) Date and brief description of instrument modifying the charge |
21.09.2005 Deed
of Hypothecation to source L/C on D/A basis and General Counter Indemnity. Hypothecation
of Moveable Assets forming part of Fixed Assets / Block Assets / Title Deed
of Register Agreement of
Guarantee |
|
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. |
Original Charges
Regd. on dated 15.10.1992 for Rs.8.500 millions, modified to Rs.20.000
millions on 28.02.2000 modification regd. on 29.03.2000 further modified to
Rs.30.000 millions on 31.05.2004 modification Regd. on 23.06.204 Further
modified regd. on 27.04.05./ Further modified to Rs.62.500 millions on
21.09.05 Rest all the terms and conditions remaining the same. |
Fixed Assets
·
Land
·
Building
·
Air Pollution Plant
·
Car
·
Electric Fitting
·
Electric Fitting (Power
Factor)
·
Furniture and Fixture
·
Plant and Machinery
·
Tools and Dies
·
Transformer
·
Truck and Tipper
·
Tractor
·
·
Computer
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.47.08 |
|
|
1 |
Rs.71.17 |
|
Euro |
1 |
Rs.66.98 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
|
|
|
--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 |
|
46 |
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 |
|