MIRA
INFORM REPORT
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Report Date : |
05.06.2008 |
IDENTIFICATION
DETAILS
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Correct Name : |
TURAKHIA FERROMET PRIVATE LIMITED |
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Registered Office : |
2/3, Ashok Chambers, Devji Ratansey Marg, (Broach Street), Mumbai – 400 009, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
24.05.1994 |
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Com. Reg. No.: |
11-78585 |
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CIN No.: [Company
Identification No.] |
U27200MH1994PTC078585 |
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IEC No : |
0394047079 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMT09896F |
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PAN No.: [Permanent
Account No.] |
AAACT1424C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trader and Importer of Iron and Steel. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 1647120 |
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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 and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
2/3, Ashok Chambers, Devji Ratansey Marg, (Broach Street), Mumbai – 400 009, Maharashtra, India |
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Tel. No.: |
91-22-23771482/83/23770902 |
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Fax No.: |
91-22-23702648/23702807 |
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E-Mail : |
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Area : |
2,000 sq.fts (Owned) |
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Location : |
Owned |
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Branches : |
KL 5/10/42/3E, Kalamboli, Navi Mumbai – 410 213, Maharashtra, India |
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Area : |
1,500 sq.fts (Owned) |
DIRECTORS
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Name : |
Mr. Mansukhbhai R. Turakhia |
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Designation : |
Chairman-cum-Managing Director |
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Address : |
141, Shan Apartments, Kashinath Dhuru Road, Opposite Kirti College, Prabhadevi, Dadar (West), Mumbai – 400 025, Maharashtra, India |
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Date of Birth/Age : |
13.11.1933 |
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Qualification : |
M.A. |
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Experience : |
50 Years |
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Date of Appointment : |
24.11.1994 |
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Name : |
Mr. Manoj M. Turakhia |
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Designation : |
Whole time Director |
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Address : |
7/1, Tehmi Terrace, 805, Dr. B A Road, Dadar, Prabhadevi, Mumbai – 400 014, Maharashtra, India |
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Date of Birth/Age : |
29.03.1961 |
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Qualification : |
MBA |
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Experience : |
15 Years |
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Date of Appointment : |
24.05.1994 |
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Name : |
Mr. Nikunj M. Turakhia |
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Designation : |
Director |
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Address : |
1, Shan Apartments, Kashinath Dhuru Road, Opposite Kirti College, Prabhadevi, Dadar (West), Mumbai – 400 025, Maharashtra, India |
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Date of Birth/Age : |
18.02.1962 |
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Qualification : |
B. Tech. |
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Experience : |
12 Years |
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Date of Appointment : |
24.05.1994 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
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Names of Shareholders |
No. of Shares |
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Mr. Manoj M. Turakhia |
1 |
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Mr. Mansukhlal R. Turakhia |
1 |
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Mr. Nikunj Turakhia |
1 |
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Mr. Mansukhlal Raghunath Turakhia & Mrs. Nutanben Mansukhlal Turakhia |
550 |
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Mr. Manoj Mansukhlal Turakhia & Mrs. Smita Manoj Turakhia |
52990 |
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Mr. Nikunj Mansukhlal Turakhia & Mrs. Heena Nikunj Turakhia |
450 |
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Mrs. Nutanben Mansukhlal Turakhia & Mr. Mansukhlal Raghunath Turakhia |
550 |
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Mrs. Smita Manoj Turakhia & Mr. Manoj Mansukhlal Turakhia |
650 |
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Mansukhlal Raghunath Turakhia (HUF) |
8357 |
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Manoj Mansukhlal Turakhia (HUF) |
24500 |
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Mr. Anuj Manoj Turakhia (Minor) |
420 |
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Dytel Finance and Investments Private Limited |
14000 |
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Emeca Finance and Investments Private Limited |
15000 |
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Manhar Properties Private Limited |
15000 |
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Pratibha Finance and Investments Private Limited |
13000 |
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Rachana Finance and Investments Private Limited |
15000 |
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Repute Properties Private Limited |
16000 |
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Sajal Finance and Investments Private Limited |
12000 |
Equity share breakup (Percentage of total equity)
As on 31.03.2007
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Sr. No. |
Category |
Percentage |
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1. |
Bodies corporate
(not mentioned above) |
71.11 |
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2. |
Directors or
relatives of directors |
20.63 |
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3. |
Other top fifty
(50) shareholders (other than listed above) |
8.26 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader and Importer of Iron and Steel. |
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Products : |
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Exports : |
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Countries : |
v Singapore v Hong Kong |
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Imports : |
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Products : |
v CR Coils v HR Coils v Slabs |
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Countries : |
v Europe v U.S.A. v Far East v UK v Iran v Romania v Belgium v Canada v Dubai |
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Terms : |
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Selling : |
30 days |
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Purchasing : |
L/C |
GENERAL
INFORMATION
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Customers : |
v Wholesalers v Retailers |
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No. of Employees : |
5 |
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Bankers : |
Ř Bank of Baroda, Mandvi Branch, Kanmoor House, Narsi Natha Street, Mumbai – 400 009, Maharashtra, India Ř Bank of India, Mandvi, Kanmoor House, 281/287, Narsi Natha Street, Mumbai – 400009, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
A. C. Kamdar & Company Chartered Accountants |
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Address : |
Jolly Maker Chambers III, Nariman Point, Mumbai-400021, Maharashtra,
India |
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Sister Concerns : |
v Turakhia Enterprises Address : 2/3, Ashok Chambers, Devji Ratansy Marg, Mumbai – 400009, Maharashtra, India Line of Business : Exporter of Iron and Steel Items v Manoj Enterprises Address : 2/3, Ashok Chambers, Devji Ratansy Marg, Mumbai – 400 009, Maharashtra Line of Business : Exporter of Granite and Marble Slabs/Tiles v Standard Conduits Limited Address : 2/3, Ashok Chambers, Devji Ratansy Marg, Mumbai – 400 009, Maharashtra Line of Business: Importer, Dealers of Iron and Steel, Plastic Part of Lighting and Panel Fittings v Megha Polymers Private Limited Address : 2/3, Ashok Chambers, Devji Ratansy Marg, Mumbai – 400 009, Maharashtra Line of Business : Traders |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500,000 |
Equity Shares |
Rs.100/- each |
Rs. 50.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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398,000 |
Equity Shares |
Rs.100/- each |
Rs. 39.800 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
39.800 |
30.000 |
21.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
289.624 |
176.305 |
74.812 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
329.424 |
206.305 |
96.312 |
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LOAN FUNDS |
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1] Secured Loans |
50.225 |
4.808 |
8.869 |
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2] Unsecured Loans |
12.043 |
11.290 |
53.869 |
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TOTAL BORROWING |
62.268 |
16.098 |
62.738 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
391.692 |
222.403 |
159.050 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.632 |
0.693 |
0.821 |
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Capital work-in-progress |
0.286 |
0.000 |
0.000 |
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INVESTMENT |
0.005 |
0.005 |
0.005 |
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DEFERREX TAX ASSETS |
0.000 |
0.411 |
0.072 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
315.615
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172.290 |
43.032 |
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Sundry Debtors |
217.110
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183.474 |
198.165 |
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Cash & Bank Balances |
105.177
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53.447 |
56.122 |
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Other Current Assets |
0.004
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66.684 |
0.000 |
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Loans & Advances |
47.899
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50.059 |
51.551 |
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Total
Current Assets |
685.805
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525.954 |
348.870 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
262.740
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285.163 |
184.991 |
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Provisions |
32.297
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19.497 |
5.727 |
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Total
Current Liabilities |
295.037
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304.660 |
190.718 |
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Net Current Assets |
390.768
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221.294 |
158.152 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
391.692 |
222.403 |
159.050 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
1446.899 |
1079.766 |
991.779 |
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Other Income |
5.209 |
0.000 |
0.000 |
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Total Income |
1452.108 |
1079.766 |
991.779 |
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Profit/(Loss) Before Tax |
37.932 |
38.676 |
15.150 |
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Provision for Taxation |
12.800 |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
25.132 |
38.676 |
15.150 |
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Imports : |
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Raw Materials |
989.186 |
0.000 |
0.000 |
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Total |
989.186 |
0.000 |
0.000 |
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Expenditures : |
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Interest |
1380.818 |
3.677 |
6.003 |
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Depreciation & Amortization |
33.231 |
0.164 |
0.094 |
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Other Expenditure |
0.127 |
1037.249 |
970.532 |
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Total Expenditure |
1414.176 |
1041.090 |
976.629 |
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RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
1.73
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3.58 |
1.53 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.62
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3.58 |
1.53 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.61
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7.34 |
4.33 |
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Return on Investment (ROI) (PBT/Networth) |
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0.11
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0.19 |
0.16 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.89
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1.55 |
2.63 |
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Current Ratio (Current Asset/Current Liability) |
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2.32
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1.73 |
1.83 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
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Corporation identity number or foreign company registrations number of the company |
U27200MH1994PTC078585 |
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Name of the company |
TURAKHIA FERROMET PRIVATE LIMITED |
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Address |
2/3, Ashok Chambers, Devji Ratansey Marg, (Broach Street), Mumbai – 400 009, Maharashtra, India |
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This Form is for |
Modification of charge |
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Type of Charges |
v Book debts v Movable property
(not being pledge) |
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Particular of the charge holder |
Name : Bank of India Address : Mandvi Branch, Kanmoor House, 281/287, Narsi Natha Street City : Mumbai State : Maharashtra ISO country code : IN Pin code : 400009 e-mail ID: mandvi@bankofindia.co.in |
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Nature or description of the instrument creating charge |
Supplemental deed of hypothecation of plant and machinery, stocks and book debts. |
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Date of the instrument creating charge |
06.03.2007 |
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Amount Secure by the charge |
Rs. 460.000 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
Rate of interest : CC: 2% over BPLR minimum 14.50% p.a. or as notified by Bank form time to time. L/C: as per guidelines. Terms of repayment On demand Margin As per stipulated by Bank from time to time Extent and operation of the charge Security in favour of Bank as first charge fro payment of all monies including the principal sums/ interest/ commission, costs, charges and expenses and all other moneys, whatsoever due owing of or in connection with or in anywise concerning or relating to the said facilities agreed to be granted and/ or granted by the Bank of the borrower as aforesaid and also for due repayment of all present and future continued in : Others Others Indebtedness and liabilities of the borrower to the Bank of any kind in any manner whether solely or jointly, primary or collateral, accrued or accruing with all relative interest/ commission, charges, costs (between Advocate and client) and expenses. Revised facilities and limits : 1 C/C Hypothecation Stocks Rs. 10.000 millions, 2 L/C DA 180 days Rs. 400.000 millions, 3 L/C (DP Adhoc) Rs. 50.000 millions, Aggregate Rs. 460.000 millions. |
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Date of instrument modifying the charge |
09.03.2006 |
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Particulars of the Property charged |
All tangible movable machineries and plant both present and future All tangible movable properties and assets of whatsoever nature (both present and future) at borrower’s premises/ elsewhere in transit or wherever else All present and future book debts, outstanding, money receivables, claims, bills which are now due and owing or which may any time hereafter during the continuance of this security become due and owing to the Borrower. |
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Particulars of the present modification |
5th modification. The charge on the hypothecated assets is increased from Rs.410.000 millions to Rs. 460.000 millions. |
Trade References
v
AM International Steel Force
Fixed Assets
v Furniture and Fixtures
v Office Equipments
v Computers
v Printers
v Air-conditioners.
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 |
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US Dollar |
1 |
Rs. 42.63 |
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UK Pound |
1 |
Rs. 83.40 |
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Euro |
1 |
Rs. 65.80 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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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 |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
63 |
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 |
|
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/normal. |
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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