MIRA
INFORM REPORT
|
Report Date : |
09.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
NYKA STEEL
PRIVATE LIMITED |
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Registered Office : |
Plot No. C 17 – 6,
MIDC Industrial Area, Taloja District, Raigad – 410206, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2003 |
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Date of Incorporation : |
27.07.1995 |
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Com. Reg. No.: |
11-91072 |
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CIN No.: [Company
Identification No.] |
U27109MH1995PTC091072 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEN04417A/MUMN11631E |
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PAN No.: [Permanent
Account No.] |
AACFN7647L |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturer of
Black Pipes, G I Pipes, Metals and alloys and Sheet Metals |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 29000 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company, but nothing much could be
said about the subject. Company’s latest financials are missing from the Government
Registry and the management so far remained non-cooperative. As per last
available financials, the company was faring well, but its current status is
unknown. We suggest fully safe and secured business dealings with the subject
only. We are continuing our efforts for latest financials and if are
successful in obtaining the same, we will supplement our report. The company’s financials are missing from the Government Departments.
The management parted general details but declined to part with financials |
INFORMATION PARTED
BY
|
Name : |
Mr. Arif Patel |
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Designation : |
Finance Assistant |
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Contact No.: |
91-9819336934 |
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Date : |
09.06.2008 |
LOCATIONS
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Registered
Office : |
Plot No. C 17 – 6,
MIDC Industrial Area, Taloja District, Raigad – 410206, Maharashtra, India |
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Tel. No. : |
91-22-23780358 |
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Email : |
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Websites: |
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Location: |
Rented |
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Corporate
Office : |
Ginrab, Ground
Floor, 73 Sant Tukaram Road, Carnac Bunder, Mumbai – 400009, Maharashtra,
India |
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Tel. No.: |
91-22-23723173/3743038/74 |
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Fax No.: |
91-22-23713457 |
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Factory 1 : |
13/14/15 Piru
Lane, Mumbai – 400009 , Maharashtra, India |
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Tel. No.: |
91-22-23780358 /
372 3173 |
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Fax No.: |
91-22-23713457 |
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Factory 2 /
Branches : |
Taloja District,
Raigad-410 206, Maharashtra, India |
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Location: |
Owned |
DIRECTORS
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Name : |
Mr. Suhail A.
Siddqui |
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Designation : |
Director |
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Address : |
86 – 90, Dilkush
Mahal, Block No. 2, Shaheeda Marg, Dongri Street, Mumbai – 400009,
Maharashtra, India |
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Date of Birth
: |
03.04.1960 |
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Date of
Appointment : |
03.12.1998 |
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Name : |
Mr. Asif A.
Siddqui |
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Designation : |
Director |
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Address : |
86 – 90, Dilkush Mahal,
Block No. 2, Shaheeda Marg, Dongri Street, Mumbai – 400009, Maharashtra,
India |
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Date of Birth
: |
22.11.1969 |
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Date of
Appointment : |
03.12.1998 |
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Name : |
Mr. Sarfraz A.
Siddqui |
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Designation : |
Director |
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Address : |
86 – 90, Dilkush
Mahal, Block No. 2, Shaheeda Marg, Dongri Street, Mumbai – 400009,
Maharashtra, India |
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Date of Birth
: |
12.09.1965 |
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Date of
Appointment : |
03.12.1998 |
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Name : |
Mr. Nizambuddin N
Siddqui |
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Designation : |
Director |
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Address : |
86 – 90, Dilkush
Mahal, Block No. 2, Shaheeda Marg, Dongri Street, Mumbai – 400009,
Maharashtra, India |
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Date of Birth
: |
03.11.1929 |
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Date of
Appointment : |
03.12.1998 |
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Name : |
Mr. Shakeel A.
Siddiqui |
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Designation : |
Director |
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Address : |
86 – 90, Dilkush
Mahal, Block No. 2, Shaheeda Marg, Dongri Street, Mumbai – 400009,
Maharashtra, India |
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Date of Birth
: |
05.05.1958 |
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Date of
Appointment : |
03.12.1998 |
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PAN No.: |
AMCPS3227P |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders (As on
30.09.2006):- |
|
No. of Shares |
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Mr. Nizamudin A.
Siddiqui |
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20000 |
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Mr. Suhail A.
Siddiqui |
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20000 |
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Mr. Sarfaraz A.
Siddiqui |
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20000 |
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Mr. Shakeel A.
Siddiqui |
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20000 |
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Mr. Asif A.
Siddiqui |
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20000 |
Equity Shares Breakup (Percentage of Total Equity): (As on 30.09.2006):-
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Sr No. |
Category |
Percentage |
|
1 |
Directors or relative of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of
Black Pipes, G I Pipes, Metals and alloys and Sheet Metals |
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Exports : |
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Countries : |
Middle East |
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Imports : |
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Products : |
Steel Coil |
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Countries : |
China, Japan,
Middle East, Russia |
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Terms : |
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Selling : |
L/C, Cash, Credit
(30 days) |
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Purchasing : |
L/C, Cash, Credit
(30 days) |
GENERAL
INFORMATION
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Customers : |
Consumers |
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No. of Employees : |
50 |
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Bankers : |
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Facilities: |
CC limit – Rs. 100.000
millions (UCO Bank) |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name 1: |
Ehtesham &
Company Chartered
Accountant |
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Name 2: |
Mr. Amit kothari Chartered
Accountants |
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Associates : |
Moon Ispat Industries
Limited Factory : Kapoli
– 591 301, Karnataka, India Activity:
Manufacturer of Steel Products. |
CAPITAL STRUCTURE
(As on
30.09.2006):-
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300000 |
Equity Shares |
Rs. 100/- Each |
Rs. 30.000 millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs. 100/- Each |
Rs. 10.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2003 |
31.03.2002 |
31.03.2001 |
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SHAREHOLDERS
FUNDS |
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1] Share Capital |
0.200 |
0.200 |
0.200 |
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2] Share
Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves &
Surplus |
5.486 |
3.108 |
0.745 |
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4] (Accumulated
Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH
|
5.686 |
3.308 |
0.945 |
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LOAN FUNDS |
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1] Secured Loans |
0.460 |
0.196 |
0.850 |
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2] Unsecured
Loans |
13.229 |
10.330 |
11.334 |
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TOTAL BORROWING
|
13.689 |
10.526 |
12.184 |
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DEFERRED TAX
LIABILITIES |
1.457 |
2.784 |
0.000 |
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TOTAL
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20.832 |
16.618 |
13.129 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
15.594 |
11.797 |
10.047 |
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Capital work-in-progress
|
0.000 |
0.000 |
0.000 |
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INVESTMENT
|
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS &
ADVANCES
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Inventories
|
37.152
|
17.340 |
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Sundry Debtors
|
63.480
|
33.625 |
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Cash & Bank Balances
|
0.623
|
0.220 |
47.748 |
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Other Current Assets
|
0.000
|
0.000 |
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Loans & Advances
|
6.245
|
1.554 |
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Total Current Assets
|
107.500
|
52.739 |
47.748 |
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Less :
CURRENT LIABILITIES & PROVISIONS
|
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Current Liabilities
|
100.635
|
46.421 |
44.674 |
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Provisions
|
1.632
|
1.503 |
0.000 |
Total Current Liabilities
|
102.267
|
47.924 |
44.674 |
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Net Current Assets
|
5.233
|
4.815 |
3.074 |
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MISCELLANEOUS EXPENSES
|
0.005 |
0.006 |
0.008 |
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TOTAL
|
20.832 |
16.618 |
13.129 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2003 |
31.03.2002 |
Sales Turnover [including other
income]
|
|
202.029 |
144.208 |
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Profit/(Loss) Before Tax
|
|
3.438 |
2.469 |
Provision for Taxation
|
|
1.061 |
0.560 |
Profit/(Loss) After Tax
|
|
2.377 |
1.909 |
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Export Value
|
|
76.608 |
NA |
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Total Expenditure
|
|
200.128 |
145.227 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2003 |
31.03.2002 |
31.03.2001 |
|
PAT / Total Income |
(%) |
1.17
|
1.32 |
N.A. |
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Net Profit Margin (PBT/Sales) |
(%) |
1.70
|
1.71 |
N.A. |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.79
|
3.82 |
N.A. |
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Return on Investment (ROI) (PBT/Networth) |
|
0.60
|
0.74 |
N.A. |
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Debt Equity Ratio (Total Liability/Networth) |
|
20.39
|
17.66 |
60.16 |
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Current Ratio (Current Asset/Current Liability) |
|
1.05
|
1.10 |
1.06 |
LOCAL AGENCY FURTHER
INFORMATION
Fixed Assets:
v
Land
v
Building
v
Plant &
Machinery
v
Computer
v
Air
Conditioners
v
Furniture
& Fixture
v
Motor Car
FORM 8:-
|
Corporation identity number or foreign company registrations number of
the company |
U27109MH1995PTC091072 |
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Name of the company |
NYKA STEEL PRIVATE LIMITED |
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Address |
Plot
No. C – 17/6, MIDC Industrial Area, Taloja, District Raigad, Mumbai – 410
206, Maharashtra,India |
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This Form is for |
`Modification of charge |
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Type of Charges |
·
Book Debts ·
Movable Property ·
Others |
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Particular of the charge holder
|
UCO Bank Address: MID Corporate Branch, UCO Bank building, 359, D N road,
Mumbai – 400 023, Maharashtra, India |
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Nature or description of the instrument creating charge |
Supplemental Deed of hypothecation of goods. |
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Date of the instrument creating charge |
26.03.2008 |
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Amount Secure by the charge |
Rs. 150.000 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of Interest : Cash credit – BPLR +1.50 % p.a Letter of credit : As per extent guidelines in case of development of
LC Terms of repayment: The terms of repayments are as per the applicable terms and conditions
which are described in more details in the deed of hypothecation. Margin: 25 % on both the facilities Extent and operation of the charge: The extent and operation of charge is as per the applicable terms and
conditions which are described in more details in the deed of hypothecation. |
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Short Particulars of the Property charged |
As per Annexure A |
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Particulars of the present modification |
By this modification bank has extended its fund based and non fund
based facilities from Rs. 70.000 millions to Rs. 150.000 millions. |
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Name of the company |
NYKA STEELS PRIVATE LIMITED |
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Presented By |
UCO BANK, D. N. Road, Mumbai-400 023 |
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1) Date and
description of instrument creating the change |
Dated :
22.09.2003 1. Deed of hypothecation
of moveable plant and machinery to secure a Term Loan/ Non Fund Based Limits 2. Agreement for
extension of charge by way of hypothecation over current assets to secure non
fund based facilities [Both the
agreements dated 22.09.2003 and constitute the single charge] |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 17.500
millions |
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3) Short
particular of the property charged. If the property acquired is subject to charge,
date of the acquired of the property should be given |
All present and
future stocks of raw materials such as steel bars, finished goods, raw
materials, work-in-progress, finished goods, stores and spares stored and /
or to be stored / brought in or situated at C – 17/6 MIDC Taloja or anywhere
else or in course of transit |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
Interest as may
be notified by bank from time to time |
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5) Name and
Address and description of the person entitled to the charge. |
UCO BANK D. N. Road
Branch, UCO Bank Building, Mumbai-400 023, Maharashtra,India |
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6) Date and brief description of instrument
modifying the charge |
Dated 30.03.2005 1. Hypothecation
& Book Debts to secure demand cash credit 2. Hypothecation
of goods to secured a demand cash credit 3. Hypothecation
of plant & machinery as additional security 4. Agreement for
extension of charge by way of hypothecation over current assets to secure non
fund based facilities All dated 30.03.2005
and relate to single modification. |
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7) Particulars of
modifications specifying the terms and conditions or the extent of operations
of the charge in which modification is made and the details of the
modification. |
By the present
modification the credit facility granted by the bank to the company has been enhanced from Rs.
25.000 millions to Rs. 70.000
millions . The break –up of the credit facilities is as follows:-
The enhanced credit
facilities of Rs. 70.000 millions shall be
secured by the hypothecation of :- Goods and movable
property of any kind including II R Coil and slit Ms Black pipes , Galvanised pipes, steel strips, steel pipes
work in progress , finished goods etc belonging to the company which
now or hereinafter from time
to time during this security shall be brought in , stored or to be in
or about the company premises or godowns at taloja , district Raigad,
Maharashtra or wherever else the same may be. Book Debts,
outstanding moneys, receivables, bills, claims and all other moneys which are
/ may become due and owing to the company. Plant and
machinery , machinery spares, equipments, tools and accessories and other
movables, both present and future (save and except book debts) whether
installed or not or which shall hereinafter from time to time during the
continuance of the security of these presents be brought into or upon or
about the company factories premises and
godowns or wherever else the same may be. Interest,
commission, margin, etc as per sanction letter dated 19.02.2005. All other terms
and conditions remain unchanged. |
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TRADE REFERENCES:
· Tata Motors Limited (All over India )
· HVA India Private Limited, Mumbai, Maharashtra, India and Bangalore-560 001, Karnataka, India
· Kirby Building Systems India Limited , Uttaranchal and Hyderabad -500 001, Andhra Pradesh, India
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.42.79 |
|
UK Pound |
1 |
Rs.83.77 |
|
Euro |
1 |
Rs.66.71 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
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/normal. |
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 |
|