MIRA
INFORM REPORT
|
Report Date : |
29.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
PARIKH STEEL PRIVATE LIMITED |
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|
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Registered Office : |
Gujarat Centre, 4th Floor, 5, Lala Lajpatarai Sarani
(Formerly Elgin Road), Kolkata - 700020, West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
03.12.1971 |
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Com. Reg. No.: |
21-43848 |
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CIN No.: [Company
Identification No.] |
U99999WB1971PTC043848 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALP00688C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Importer, Trader and Agency House Dealing in Import-Export
of Mild Steel, Special Steel, Tubular Products and Oilfield Equipments. |
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 120000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen.
Trade relations are fair. Business is active. Payments are reported as
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
Gujarat Centre, 4th Floor, 5, Lala Lajpatarai Sarani
(Formerly Elgin Road), Kolkata - 700020, West Bengal, India |
|
Tel. No.: |
91-33-22814716/4021/4490/4791 |
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Fax No.: |
91-33-22814451 |
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E-Mail : |
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Website : |
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Administrative Office : |
703,
Galleria, DLF City IV, Gurgaon-122002, Haryana, India |
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Tel. No.: |
91-124-5050777-80 |
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Fax No.: |
91-124-5050781/82 |
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E-Mail : |
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Marketing Head Office : |
Orchid plaza, Sun City, Gurgaon – 122002, Haryana, India |
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Tel. No.: |
91-124-4353600 |
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Fax No.: |
91-124-4353602 |
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Warehouse : |
Steel stockyard, BL-5, Sumat, K
P Docks, S E Railway Colony, Kolkata-700043, West Bengal, India |
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Tel. No.: |
91-33-24392194 |
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Marketing Support Office : |
Located at
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DIRECTORS
|
Name : |
Mr. Rajen A. Parikh |
|
Designation : |
Managing Director |
|
Address : |
16 Mandi Hills Mandi Village,
New Delhi – 110047, India |
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Date of Birth/Age : |
19.01.1956 |
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Date of Appointment : |
26.07.1976 |
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Name : |
Mr. Rajendra V. Parikh |
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Designation : |
Director |
|
Address : |
Alaka Puri, 18 Niwas Colony, Baroda, Gujarat, India |
|
Date of Birth/Age : |
09.04.1955 |
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Date of Appointment : |
26.08.1988 |
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Name : |
Mr. Jawaharlal R. Joshi |
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Designation : |
Director |
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Address : |
P-3 / CIT Scheme VIM Narkeldanga Main Road, Kolkata – 700054, West
Bengal, India |
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Date of Birth/Age : |
02.07.1958 |
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Date of Appointment : |
05.04.1995 |
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|
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Name : |
Mr. Sushil Kapoor |
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Designation : |
Whole Time Director |
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Address : |
Flat No. 2450 Sector – D, Part – II, Vasant Kunj, New Delhi – 110048,
India |
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Date of Birth/Age : |
23.01.1939 |
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Date of Appointment : |
25.04.2000 |
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Name : |
Mr. Amritlal V. Parikh |
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Designation : |
Whole Time Director |
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Address : |
14/2A Lee Road, Kolkata-700020,
West Bengal, India |
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Date of Birth/Age : |
15.04.1922 |
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Date of Appointment : |
01.01.1971 |
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|
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Name : |
Mrs. Kalpana Parikh |
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Designation : |
Whole Time Director |
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Address : |
9/2, Lala Lajaptrai Sarani
(Formerly Elgin Road), Kolkata-700020, West Bengal, India |
|
Date of Birth/Age : |
15.02.1959 |
|
Date of Appointment : |
01.07.2003 |
KEY EXECUTIVE
|
Name : |
Mr. Debasish
Mukhopadhyay |
|
Designation : |
Company Secretary |
|
Address : |
73/1, N S C Bose Road, Kolkata – 700040 |
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|
Name : |
Mr. S. Pathak |
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Designation : |
General Manager - Steel Import Division |
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E-Mail : |
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Name : |
Mr. Arunabha Dutt |
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Designation : |
General Manager - Pipe & Tube Marketing |
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E-Mail : |
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Name : |
Mr. Amitava Datta |
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Designation : |
Territory Head - Bangladesh & Nepal |
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E-Mail : |
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Name : |
Mr. R. Shankar Raman |
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Designation : |
Area Manager - Mumbai |
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E-Mail : |
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Name : |
Mr. M. A. Ravi |
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Designation : |
Marketing Manager - Special Steels |
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E-Mail : |
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Name : |
Mr. G. Ragothaman |
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Designation : |
Area Manager-South |
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E-Mail : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Rajen A. Parikh |
|
43950 |
|
Padma A. Parikh |
|
8796 |
|
Hamantika Parikh |
|
500 |
|
Rajendra V. Parikh |
|
86 |
|
Kalpana Parikh |
|
16666 |
|
Dharika Parikh |
|
10000 |
|
Nayantara Parikh |
|
10000 |
|
Karuna Parikh |
|
10000 |
|
J Joshi |
|
1 |
|
Sushil Kapoor |
|
1 |
|
Total |
|
100000 |
|
|
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|
|
Equity Share
Breakup |
Percentage of
Holding |
|
|
Directors or relatives of directors |
100.00 |
|
BUSINESS DETAILS
|
Line of Business : |
Importer, Trader and Agency House Dealing in Import-Export
of Mild Steel, Special Steel, Tubular Products and Oilfield Equipments. |
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Agencies Held : |
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Imports : |
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Countries : |
Germany |
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Terms : |
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Selling : |
Cash, Contract, L/C or Credit terms |
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Purchasing : |
Cash, Contract, L/C or Credit terms |
GENERAL
INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
50 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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|
Name : |
Sankar Mitra and Mitra Chartered Accountants |
|
Address : |
29, Strand Road, Kolkata-700001, West Bengal, India |
|
Tel No.: |
91-33-22432171 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2,00,000 |
Equity Shares |
Rs.
100/- each |
Rs. 20.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1,00,000 |
Equity Shares |
Rs.
100/- each |
Rs.
10.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
10.000 |
10.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
19.767 |
15.162 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
29.767 |
25.162 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
69.616 |
52.261 |
|
|
2] Unsecured Loans |
|
7.256 |
6.656 |
|
|
TOTAL BORROWING |
|
76.872 |
58.917 |
|
|
DEFERRED TAX LIABILITIES |
|
0.676 |
0.676 |
|
|
|
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|
|
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TOTAL |
|
107.315 |
84.755 |
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|
|
|
|
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APPLICATION OF FUNDS |
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|
|
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|
FIXED ASSETS [Net Block] |
|
81.689 |
85.939 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
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|
|
INVESTMENT |
|
12.200 |
13.920 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
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|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
0.248 |
59.972 |
|
|
Sundry Debtors |
|
0.444 |
13.803 |
|
|
Cash & Bank Balances |
|
1.888 |
14.768 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
25.145 |
12.034 |
|
Total
Current Assets |
|
27.725 |
100.577 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
6.337 |
110.312 |
|
|
Provisions |
|
7.962 |
5.369 |
|
Total
Current Liabilities |
|
14.299 |
115.681 |
|
|
Net Current Assets |
|
13.426 |
[15.104] |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
107.315 |
84.755 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
Sales Turnover |
|
NA |
157.006 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
NA |
9.443 |
|
Provision for Taxation |
|
NA |
1.900 |
|
Profit/(Loss) After Tax |
|
4.606 |
7.543 |
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
NA |
59.440 |
|
|
|
|
|
|
Imports : |
|
NA |
92.315 |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
NA |
4.80 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
NA |
6.01 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
NA |
5.06 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
NA |
0.38 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
3.06 |
6.94 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.94 |
0.87 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U99999WB1971PTC043848 |
|
Name of the
company |
PARIKH STEEL PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Gujarat Centre, 4th Floor, 5, Lala Lajpatarai
Sarani (Formerly Elgin Road), Kolkata - 700020, West Bengal |
|
This form is for |
Creation of
charge |
|
Type of charge |
Hypothecation |
|
Particular of
charge holder |
Standard
Chartered Bank 10, Sansad Marg,
Delhi – 110001, India |
|
Nature of
instrument creating charge |
Agreement of
hypothecation of stocks and book debts |
|
Date of instrument
Creating the charge |
28.08.2006 |
|
Amount secured by
the charge |
Rs. 15.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
The above is to
secure OD facility |
|
Description of the
property charged indicating whether it is a charged on |
|
|
Particulars of
the property charged |
First charge over
stocks and book debts of the company |
AS PER WEBSITE
Steel
Products Import
|
Item |
Quality |
Range |
Sources |
|
Billets |
3SP/PS or 5SP/PS |
100x100 to 150x150 mm |
C.I.S. / Ukraine |
|
Angles |
3SP/PS |
20x20x3 mm to 100x100x10mm |
Ukraine, Turkey |
|
Plates |
All carbon, |
5 mm to 800 mm thick |
Belgium, France, China, Brazil
& Ukraine |
|
HR Coils |
Low Carbon, Commercial |
1.6 to 20 mm thick |
C.I.S., Europe & South
America |
|
CR Coils |
D, DD and EDD |
0.50 to 3.00 mm thick |
C.I.S., Europe & South
America |
Steel
Products Export
|
Item |
Quality |
Range |
Mill |
|
Billets |
ST 37.2 |
100 x 100 and 125 x 125 mm |
SAIL |
|
Wire rods |
SAE 1008 up to 1012 |
5.5 to 12 mm |
VSP & |
|
Plates |
All carbon steel qualities |
8 to 65 mm thick |
SAIL |
|
HR Coils |
All qualities |
1.6 to 20 mm thick |
Essar Steel |
|
CR Coils |
Full Hard |
0.20 to 2.00 mm thick |
AIL Bokaro |
|
Hot Dipped Galvanized Coils |
Soft quality |
0.23 to 1.50 mm thick |
JISCO |
Special
Steel Products - Import
|
Stahlwerk
Ergste Westig GmbH, Germany |
|
|
Products |
Application |
|
Cold Rolled Precision Strip |
Textile, Automobile,
Electronics, Medical, Watches etc |
|
Precision Wire |
Textile, Surgical, Electronic,
Fasteners, Ball pen tips etc |
|
Leaded Steel Rods |
Watch, Automobiles etc |
|
Special Profiles |
Electronics, Valves, Pistons,
Watch, Textile etc |
|
Cold Drawn Precision Bars |
Textile, Electronics, Watch,
Automobiles, Valves etc |
|
|
|
|
Robert
Zapp Werkstofftechnik GmbH, Germany |
|
|
Tool Steels |
High Speed Steels, Die Steels
& Powder Metals etc |
|
Stainless Steels |
Including Wear Resistant etc |
|
Nickel Alloys |
Hastealloys, Inconel, Monel
etc |
|
Special Tubes |
Stainless – straight, coiled
& multi tube etc |
|
Welding Materials |
Filler Materials etc |
|
Metals |
Titanium & other reactive
metals etc |
Indian
Business Associates
|
Steel
Mill / Trading House |
Location |
Items |
|
Essar Steel Limited |
Hazira |
HR, API, Corten |
|
Jindal Iron & Steel
Limited |
Mumbai |
Hot Rolled Coils, CR Coils,
Hot Dipped Galvanized Coils |
|
Steel Authority of India
Limited |
Bhilai |
Billets, Wire rods,
Structural, Plates, HR Coils, CR Coils, Hot Dipped Galvanized Coils |
|
Tata Iron & Steel Company
Limited |
Jamshedpur |
Billets, WRC, HR, CR, HDG, |
|
Rashtriya Ispat Nigam Limited |
Vizag |
Billets, WRC, Structural, HR,
CR, HDG, |
|
Steelco Gujarat Limited |
Baroda |
CR, HDG |
|
Ispat Industries Limited |
Dolvi |
CR, HDG |
|
Uttam Steel Limited |
|
CR, HDG |
|
ISI Bars Limited |
|
|
Foreign
Business Associates
|
Voest Alpine Intertrading AG |
Austria |
Slabs, Billets, Debars, Wire
Rods, Structurals, Plates, HRC, CRC, HDG |
|
Grosvenor House Trading
Limited |
UK |
Billets, Debars, Wire Rods,
Structurals, Plates, HRC, CRC |
|
Hudson Corporation AG |
Switzerland |
HRC, Billets, Wire Rods |
|
Pekari AG |
Switzerland |
Plates, HDG |
|
Multi Era Commodities |
Ukraine |
Billets, Debars, Wire Rods,
Structurals, Plates, HRC |
|
The Zapp Group AG |
Germany |
Specialty & Precision
Steel Strips, Wires and Bars, SS Tubes & Braided Tubes, Tool Steels, Nickel
alloys, Special Tubes |
|
Arcelor Group - Industeel |
France |
Hot Rolled Pressure vessel,
H.I.C. tested, Wear Resistant, Stainless, Duplex & Clad Steel Plates,
Thick & Heavy Steel Plates |
|
Tenaris Group |
Argentina |
Seamless Casing and Tubing for
Oil Exploration and Production, |
|
Moto Mecanica SA |
Argentina |
Well Heads and Xmas Trees for
oil fields |
|
Metal Mecanica SA |
Argentina |
Sucker Rods for oil wells |
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.39.47 |
|
UK Pound |
1 |
Rs.77.98 |
|
Euro |
1 |
Rs.57.92 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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 |
|