MIRA
INFORM REPORT
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Report Date : |
11.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
SAI NATH ISPAT PRIVATE LIMITED |
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Registered Office : |
C-265, Koel Nagar, Rourkela-769014, Orissa |
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Country : |
India |
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Date of Incorporation : |
02.09.2004 |
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Com. Reg. No.: |
15-7756 |
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CIN No.: [Company
Identification No.] |
U271020R2004PTC007756 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Importer of Steel ingots, Sponge iron,
Special Steel Carbon steel, Tool alloy Steel, Mild Steel and any other kind
and grades of Steel. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
New Company |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject appears to be in initial stage of production. The company has been successful in getting term loan of Rs. 26.500
Millions form Vijaya Bank. No trade relation or payment record details are available. Further, in absence of
financials, it would be difficult to assess company’s performance and
financial status. Hence, initially it would be advisable to deal with the company on
safe and secured trade terms ad conditions, only. |
LOCATIONS
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Registered Office : |
C-265, Koel Nagar, Rourkela-769014, Orissa, India |
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E-Mail : |
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Factory : |
Plot No. 380, Kirel Industrial Estate, Sundargarh, Orissa, India |
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Mobile No.: |
91-9437023159/ 9938977866 |
DIRECTORS
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Name : |
Mr. Sanghamitra Goud |
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Designation : |
Director |
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Address : |
C-265, Koel Nagar, Rourkela-769014, Orissa, India |
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Date of Birth/Age : |
20.06.1977 |
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Date of Appointment : |
01.03.2008 |
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Name : |
Mr. Deepak Kumar Gaud |
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Designation : |
Director |
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Address : |
C-265, Koel Nagar, Rourkela-769014, Orissa, India |
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Date of Birth/Age : |
12.04.1971 |
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Date of Appointment : |
01.03.2008 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Steel ingots, Sponge iron,
Special Steel Carbon steel, Tool alloy Steel, Mild Steel and any other kind
and grades of Steel. |
GENERAL
INFORMATION
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Bankers : |
Vijaya Bank, Rourkela Branch, 408, Bisra Road, Rourkela-769001,
Orissa, India |
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Banking
Relations : |
Unknown |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2500000 |
Equity Shares |
Rs. 10/- each |
Rs. 25.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 10/-
each |
Rs. 0.100
Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
No financials are yet available from any of the sources.
No direct Contact with management could be possible as given numbers are
incorrect.
LOCAL AGENCY
FURTHER INFORMATION
The Registered office of the Company has been shifted from M-76, Chhend
Colony, Rourkela-769015, Orissa, India to present address w.e.f 20.03.2008.
Bankers Charges
Report as per Registry
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U271020R2004PTC007756 |
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Name of the
company |
SAINATH ISPAT PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
C-265, Koel Nagar, Rourkela, Orissa-769014, India |
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Type of charge |
Book Debts Movable Property Immovable
Property Others |
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Particular of
charge holder |
Vijaya Bank, Rourkela Branch, 408, Bisra Road, Rourkela-769001,
Orissa, India |
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Nature of
description of the instrument creating or modifying the charge |
Articles of
Agreement Hypothecation
Agreement Memorandum for
Creation of Equitable Mortgage by way of deposit of Title Deeds. |
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Date of
instrument Creating the charge |
28.09.2006 |
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Amount secured by
the charge |
Rs. 26.500
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest BPLR + 1% =
12.50% p.a. subject to charge from time to time. Terms of
Repayment To be repaid in
60 EMI’s starting from 27.09.2007 Margin 25% - on Raw Material 35 – Book Debts Extent and
Operation of the charge First Charge Others Penal interest
@2% p.a. in case of default. |
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Short particulars
of the property charged |
The Borrower
Company has secured the entire Credit Limit of Rs. 26.500 Millions by way of
First charge in favour of Vijaya Bank by hypothecating it following
securities as under: See Annexure –
“A” |
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 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.16 |
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UK Pound |
1 |
Rs.85.51 |
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Euro |
1 |
Rs.67.95 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
-- |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
-- |
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--PROFITABILIRY |
1~10 |
-- |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
-- |
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--CREDIT LINES |
1~10 |
2 |
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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 |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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14 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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