MIRA
INFORM REPORT
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Report Date : |
26.12.2008 |
IDENTIFICATION DETAILS
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Name : |
DHAMM STEEL SERVICES PRIVATE LIMITED |
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Formerly Known As : |
DHAMM INFOTECH PRIVATE LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
22.02.2000 |
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Com. Reg. No.: |
124398 |
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CIN No.: [Company
Identification No.] |
U72200MH2000PTC124398 |
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IEC No.: |
0306031973 |
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PAN No.: [Permanent
Account No.] |
AABCD0558L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Trader, Exporter
and Importer of Wire Rod and Hot Rolled products |
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 280000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established reputed company meeting its normal commitments timeously. Trade relations are fair. Business is active.
The company can be considered good for normal business dealings |
INFORMATION PARTED BY
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Name : |
Mr. Mani |
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Designation : |
Import Manager |
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Contact No.: |
91-9867667601 |
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Date : |
24.12.2008 |
LOCATIONS
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Registered Office : |
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Tel. No.: |
91-22-40696111 / 40696131 / 40696222 |
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Mobile No.: |
91-9867667601 / 9967547745 |
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Fax No.: |
91-22-40696199 / 40696299 |
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E-Mail : |
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Website : |
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Location : |
Rented |
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Sales Office: |
Khaitan Chambers, 3rd Floor, 143/145, Mody Street, Fort,
Mumbai 400001, |
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Tel. No.: |
91-22-40696111 |
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Fax No.: |
91-22-40696199 |
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Location : |
Rented |
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Warehouse 1 : |
Plot No. A-7/1, MIDC, Taleja, Thane – 410
208, |
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Warehouse 2 : |
Plot No. 1450, Kalamboli Raigadh – 401 208, |
DIRECTORS
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Name : |
Mr. Dewrat Sriratan Moondhra |
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Designation : |
Director |
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Address : |
121, Laxmi Vilas, 87, |
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Date of Birth/Age : |
18.12.1984 |
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Date of Appointment : |
01.04.2006 |
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Name : |
Mr. Ratan Devkishan Moondhra |
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Designation : |
Director |
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Address : |
121, Laxmi Vilas, 87, |
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Date of Birth/Age : |
09.05.1953 |
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Qualification : |
Bachelor of Science |
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Date of Appointment : |
01.04.2006 |
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Name : |
Mr. Dhruv Moondhra |
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Designation : |
Director
[Administrative/Purchasing/ Human Resources] |
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Address : |
121, Laxmi Vilas, 87, |
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Date of Birth/Age : |
17.02.1977 |
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Qualification : |
Bachelor of Arts [Economics] |
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Previous Employment: |
Bain Capital |
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Date of Appointment : |
22.02.2000 |
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Name : |
Mrs. Kusum Moondhra |
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Designation : |
Director |
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Address : |
121, Laxmi Vilas, 87, |
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Date of Birth/Age : |
20.02.1953 |
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Qualification : |
Bachelor of Arts |
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Date of Appointment : |
22.02.2000 |
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Directorship held in other companies: |
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KEY EXECUTIVES
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Name : |
Mr. Rajeev Gandhi |
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Designation : |
General Manager – Finance |
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Name : |
Mr. Haren Negandhi |
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Designation : |
Vice President – Alloys and Special Steel |
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Name : |
Mr. Rajneesh |
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Designation : |
General Manager – Plates and Processing |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
[As on 31.03.2007]
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Names of Shareholders |
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No. of Shares |
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Dhruv Moondhra |
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193884 |
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Kusum Moondhra |
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93885 |
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Chaitanya Kejriwal |
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1 |
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Total |
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287770 |
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Equity Share
Break-up [As on 31.03.2007] |
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Percentage of
Holding |
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Directors or relatives of the Directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Trader, Exporter
and Importer of Wire Rod and Hot Rolled products |
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Products : |
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Agencies Held : |
Arcelor Mittal |
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Exports : |
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Products |
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Wire Rods ·
Hot rolled products |
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Countries : |
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Imports : |
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Products |
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Wire Rods ·
Hot rolled products |
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Countries : |
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Kazakhastan ·
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US ·
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Terms : |
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Selling : |
L/C, Cash and Credit (30 days / 60 days / 90 days) |
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Purchasing : |
L/C, Cash and Credit (30 days / 60 days / 90 days) |
GENERAL INFORMATION
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Suppliers : |
·
Mittal Steel Galati SA ·
Mittal Steel Termitau ·
Ziangtan ·
Hariyana International Private Limited ·
Guardian Steels Private Limited |
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Customers : |
·
Manufacturing Unit ·
Shah Brothers ·
Bharat Heavy Electrical Limited ·
Jindal Saw Limited ·
Welspun Gujarat Stahl Rohren Limited ·
Thermax Limited ·
Alstom Projects India Limited ·
Shradha Steel Industries |
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No. of Employees : |
Above 100 |
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Bankers : |
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ICICI Bank Limited ICICI Centre, 163, H. T. Parekh Marg,
Backbay Reclamation, Churchgate, Mumbai
400020, ·
HDFC Bank ·
Bank of ·
State Bank of |
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Facilities : |
Total Bank Facilities Loan Amount Rs. 360.000 Millions
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Banking
Relations : |
Satisfactory |
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Financial
Institution : |
3i Infotech
Trusteeship Services Limited 3rd to
6th Floor, International Infotech Park, Tower No. 5, Vashi Railway
Station Complex, Vashi, Navi Mumbai 400703, Maharashtra, India |
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Auditors : |
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Name : |
Swapnil Modi Chartered Accountants |
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Address : |
G. R. Modi and Company, 12, Laxminarayan Shopping Centre, Poddar Marg,
Malad [East], Mumbai 400097, Maharashtra, India |
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Memberships : |
·
Engineering Export Promotion Council |
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Sister Concerns : |
· Kusum International Private Limited ·
Troika Estates Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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300000 |
Equity Shares |
Rs. 10/- each |
Rs. 3.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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287770 |
Equity Shares |
Rs. 10/-
each |
Rs. 2.878
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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2.878 |
2.878 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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53.307 |
33.921 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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56.185 |
36.799 |
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LOAN FUNDS |
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1] Secured Loans |
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21.161 |
1.171 |
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2] Unsecured Loans |
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0.949 |
4.332 |
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TOTAL BORROWING |
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22.110 |
5.503 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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78.295 |
42.302 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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2.341 |
2.168 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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9.205 |
11.550 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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35.791
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0.000 |
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Sundry Debtors |
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73.747
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12.191 |
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Cash & Bank Balances |
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0.081
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0.039 |
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Other Current Assets |
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0.000
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0.000 |
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Loans & Advances |
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91.671
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50.308 |
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Total
Current Assets |
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201.290 |
62.538 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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111.860
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19.720 |
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Provisions |
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22.681
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14.234 |
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Total
Current Liabilities |
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134.541 |
33.954 |
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Net Current Assets |
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66.749
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28.584 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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78.295 |
42.302 |
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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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250.526 |
67.382 |
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Other Income |
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2.590 |
0.730 |
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Total Income |
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253.116 |
68.112 |
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Profit/(Loss) Before Tax |
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35.895 |
32.855 |
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Provision for Taxation |
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11.377 |
11.421 |
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Profit/(Loss) After Tax |
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24.518 |
21.434 |
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Expenditures : |
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Purchases |
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211.771 |
0.000 |
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Direct Expenses |
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24.488 |
28.337 |
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Office and Administration |
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7.836 |
3.670 |
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Sales and Marketing |
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3.593 |
2.230 |
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Financial Expenses |
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5.083 |
0.880 |
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Depreciation |
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0.240 |
0.140 |
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Increase/(Decrease) in Finished Goods |
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[35.790] |
0.000 |
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Total Expenditure |
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217.221 |
35.257 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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9.68 |
31.47 |
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Net Profit Margin (PBT/Sales) |
(%) |
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14.32 |
48.75 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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17.62 |
50.77 |
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Return on Investment (ROI) (PBT/Networth) |
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0.64 |
0.89 |
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Debt Equity Ratio (Total Liability/Networth) |
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5.98 |
1.08 |
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Current Ratio (Current Asset/Current Liability) |
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1.50 |
1.84 |
LOCAL AGENCY FURTHER INFORMATION
Trade References
·
Supreme Heat Reactors Private Limited, Mumbai
·
New Heaven Steel Private Limited, Mumbai
Fixed Assets
·
Computers
·
Motor Car
·
Furniture and Fixtures
·
Office Equipments
·
Electrical Installations
·
Plant and Machinery
Web Details
Profile
Subject is a steel distribution and indenting firm. It is promoted by
the Moondhra family who have been in past manufacturers and have been in the
Steel distribution and sourcing business for more than 50 years.
Today Subject
represents ArcelorMittal in
Form No. 8
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This form is for |
Creation of charge
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Corporate
identity number of the company |
U72200MH2000PTC124398 |
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Name of the
company |
DHAMM STEEL
SERVICES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
Simplex Mills, Compound, 1st Floor, K.K. Marg, Mumbai
400011, |
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Type of charge |
Others |
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Particular of
charge holder |
3i Infotech
Trusteeship Services Limited 3rd to
6th Floor, International Infotech Park, Tower No. 5, Vashi Railway
Station Complex, Vashi, Navi Mumbai 400703, Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Deed of
hypothecation |
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Date of
instrument Creating the charge |
05.10.2007 |
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Amount secured by
the charge |
Rs. 140.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a[ Rate of
interest The interest shall
be 3.25% p.a. below the sum of I-BAR and the Cash Credit Risk Premium
prevailing on each day, plus applicable interest tax. I-BAR as on date
is at 15.75% p.a, cash credit premia is 0.5% p.a. [b] Margin Inventory –
Uniform margin of 25% against all components of inventory Book Debts –
Cover period of 90 days and margin 25% [c] Extent and
operation of the charge Exclusive charge
on the entire stocks of raw materials, goods in process, semi finished and
finished goods, consumable stores and spares and such other movables,
including book debts, bills, whether documentary or clean, outstanding
monies, receivables both present and future of the company. |
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Short particulars
of the property charged |
The whole of the company’s
stocks of raw materials, goods in process, semi finished and finished goods,
consumable stores and spares and such other movables, including book debts,
bills, whether documentary or clean, outstanding monies, receivables both
present and future. |
OTHER
INFORMATION:-
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PARAMETER |
DETAIL |
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Statutory
Approval |
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Income Tax Registration |
AABCD0558L |
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Central Sales Tax Registration |
27730552301C |
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Import Export Code |
0306031973 |
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 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 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.48.99 |
|
|
1 |
Rs.72.49 |
|
Euro |
1 |
Rs.68.44 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
54 |
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 |
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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 |
|
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 |
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