MIRA
INFORM REPORT
|
Report Date : |
11.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
IMPEX METAL AND FERRO ALLOYS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
35, Chittaranjan Avenue, Kolkata-700012, West Bengal |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Year of Establishment : |
31.05.1991 |
|
|
|
|
Com. Reg. No.: |
21-51901 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U27101WB1991PLC051901 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
CALI01081D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Dealer of all Metal and Ferro Alloys
|
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 490000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well – established company having satisfactory track records. Directors are reported as experienced, respectable and resourceful businessmen. Their trade relations are fair. Payments are correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. H. K. Deb |
|
Designation : |
Senior Accountant |
|
Date : |
07.06.2008 |
LOCATIONS
|
Registered Office : |
35, Chittaranjan Avenue, 4th Floor, Kolkata-700012, West
Bengal, India |
|
Tel. No.: |
91-33-2256143 |
|
Fax No.: |
91-33-22119805 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
Kulti Branch, Budge Budge Trunk Road, PS Makeshtala, South 24 Parganas |
|
|
|
|
Godown: |
v 1165, Main Meerat Road, Ghajiabad – 201003 Uttar Pradesh v Area – 20,000 Sq. ft v AMBEYMAHICH, Mandi Govindgarh – 147301, Punjab v Area – 15000 Sq. ft v EE/14 B NIT, Faridabad – 121001, Haryana v Area – 18000 Sq. ft v Ring Road, No. 2, Raipur – 492001, Chhatisgarh v Area – 16000 Sq. ft |
|
|
|
|
Branches : |
All over India (8 Branches) |
DIRECTORS
|
Name : |
Mr. Rohit Patni |
|
Designation : |
Additional Director |
|
Address : |
15, Burdwan Road, Kolkata-700027, West Begal, India |
|
Date of Birth/Age : |
11.01.1984 |
|
Date of Appointment : |
31.03.2007 |
|
Other Directorship : |
Greetmax Estate Private Limited U70101WB1991PTC050921 Nutech Multimax Private Limited U70101WB1991PTC051200 Pioneer Multimax Private Limited U70101WB1991PTC050914 Divine Trading Company Private Limited U51909WB1995PTC073417 SBM Steels Private Limited U51420WB1996PTC080960 |
|
|
|
|
Name : |
Mr. Suresh Kumar |
|
Designation : |
Director |
|
Address : |
15, Burduan Road, Kolkata-700027, West Bengal, India |
|
Date of Birth/Age : |
44 Years |
|
Qualification : |
B.Com |
|
|
|
|
Name : |
Mrs. Sarita Patni |
|
Designation : |
Director |
|
Address : |
15, Burduan Road, Kolkata-700027, West Bengal, India |
|
Date of Birth/Age : |
12.07.1965 |
|
|
|
|
Name : |
Mr. Amit Patni |
|
Designation : |
Director |
|
Date of Birth/Age : |
22 Years |
|
|
|
|
Name : |
Mr. Rohit Patni |
|
Designation : |
Directors |
|
Date of Birth/Age : |
23 Years |
KEY EXECUTIVES
|
Name : |
Mr. H. K. Deb |
|
Designation : |
Senior Accountant |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
|
Names of Shareholders |
|
No. of Shares |
|
Suresh Kumar Patni |
|
37880 |
|
Pramlata Patni |
|
1020 |
|
Sarita Patni |
|
9640 |
|
Virendra Kumar Jain |
|
180 |
|
Naresh Kumar Jain |
|
180 |
|
Dhodwala Entr. Private Limited |
|
8000 |
|
Amit Jain |
|
500 |
|
Gauranga Das |
|
500 |
|
Shambhoo Jain |
|
500 |
|
Invesco Finance Private Limited |
|
7000 |
|
Shilpa Devi Jain |
|
1000 |
|
Nikhar Vypaar Private Limited |
|
2000 |
|
Rajendra Kumar Jain |
|
4500 |
|
Lochan Agro Private Limited |
|
10000 |
|
Siddha Domicile Company Private Limited |
|
10000 |
|
Drishti Mercandise Private Limited |
|
1000 |
|
Radico Tradecom Private Limited |
|
1000 |
|
Dindayal Pandya |
|
2000 |
|
Zenytech Private Limited |
|
6000 |
|
Rotomac Vinimay Private Limited |
|
2000 |
|
Enerzier Commerce Private Limited |
|
6000 |
|
Paramount Trade Private Limited |
|
5500 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
|
Category |
|
Percentage |
|
Bodies corporate (not mentioned above) |
|
61.61 |
|
Directors or relatives of directors |
|
27.72 |
|
Other top fifty (50) shareholders (other than Listed above) |
|
10.67 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Dealer of all Metal and Ferro Alloys
|
|
|
|
|
Products : |
Ferro Alloys - 7202 |
|
|
|
|
Exports : |
|
|
Countries : |
|
|
|
|
|
Imports : |
|
|
Countries : |
China and Australia |
|
|
|
|
Terms : |
|
|
Selling : |
L/C, Cheques |
|
|
|
|
Purchasing : |
L/C and Cash |
GENERAL
INFORMATION
|
Customers : |
Manufacturers, Wholesalers and Government Bodies. Its major customers are as under: v Bharat Heavy Electricals Limited v Steel Authority of India Limited |
|
|
|
|
No. of Employees : |
29 (Office-29) |
|
|
|
|
Bankers : |
|
|
|
|
|
Facilities : |
CC Rs. 625.200 Millions (For Bank of Baroda) |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
S. Jaykishan Chartered Accountant |
|
Address : |
12, HO-Chi Minth Sarani, Kolkata-700071, West Bengal, India |
|
|
|
|
Associates/Subsidiaries : |
v Impex Infotech Limited v Kalyaneswary Metals Private Limited v Rohit Ferro – Tech Private Limited v Vikas Metal and Power Limited v Ankit Metal and Power Limited v Nikita Metal Private Limited v Impex Ferro Tech Limited v Impex Industries v Impex Mineral and Chemical Company |
|
|
|
|
Parent Company : |
An Impex Group Company |
|
|
|
|
Group Companies : |
GREETAMAX ESTATES PRIVATE LIMITED U70101WB1991PTC050921 NUTECH MULTIMAX PRIVATE LIMITED U70101WB1991PTC051200 PIONEER MULTIMAX PRIVATE LIMITED U70101WB1991PTC050914 DIVINE TRADING COMPANY PRIVATE LIMITED U51909WB1995PTC073417 SBM STEELS PRIVATE LIMITED U51420WB1996PTC080960 IMPEX METAL AND FERRO ALLOYS LIMITED |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs. 100/- each |
Rs. 20.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
176400 |
Equity Shares |
Rs. 100/-
each |
Rs. 17.640
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
17.640 |
17.640 |
17.640 |
|
|
2] Share Application Money |
35.250 |
12.500 |
7.500 |
|
|
3] Reserves & Surplus |
47.037 |
35.205 |
28.632 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
99.927 |
65.345 |
53.772 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
93.547 |
79.187 |
77.984 |
|
|
2] Unsecured Loans |
11.039 |
7.683 |
9.687 |
|
|
TOTAL BORROWING |
104.586 |
86.870 |
87.671 |
|
|
DEFERRED TAX LIABILITIES |
0.315 |
0.354 |
0.263 |
|
|
|
|
|
|
|
|
TOTAL |
204.828 |
152.569 |
141.706 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
11.639 |
10.405 |
6.112 |
|
|
Capital work-in-progress |
7.721 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.401 |
0.400 |
0.400 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
144.946
|
63.867 |
108.069 |
|
|
Sundry Debtors |
106.090
|
152.075 |
53.769 |
|
|
Cash & Bank Balances |
46.495
|
12.414 |
12.014 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
25.277
|
6.021 |
11.709 |
|
Total
Current Assets |
322.808
|
234.377 |
185.561 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
132.258
|
92.523 |
49.663 |
|
|
Provisions |
5.483
|
0.090 |
0.704 |
|
Total
Current Liabilities |
137.741
|
92.613 |
50.367 |
|
|
Net Current Assets |
185.067
|
141.764 |
135.194 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
204.828 |
152.569 |
141.706 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
1504.317 |
819.846 |
|
|
|
Other Income |
12.718 |
2.778 |
641.828 |
|
|
Total Income |
1517.035 |
822.624 |
641.828 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
23.886 |
10.427 |
9.675 |
|
|
Provision for Taxation |
0.315 |
0.000 |
6.097 |
|
|
Profit/(Loss) After Tax |
23.571 |
10.427 |
3.578 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Purchases made for re-sale |
1483.253 |
732.450 |
|
|
|
Increase/(Decrease) in Finished Goods |
[81.080] |
44.127 |
|
|
|
Salaries, Wages, Bonus, etc. |
2.950 |
2.059 |
|
|
|
Payment to Auditors |
0.051 |
0.030 |
632.153 |
|
|
Interest |
17.924 |
11.998 |
|
|
|
Insurance Expenses |
0.412 |
1.395 |
|
|
|
Power & Fuel |
0.842 |
0.568 |
|
|
|
Depreciation & Amortization |
1.437 |
1.297 |
|
|
|
Other Expenditure |
67.360 |
18.273 |
|
|
Total Expenditure |
1493.149 |
812.197 |
632.153 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
1.56
|
1.26 |
0.56 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.59
|
1.27 |
1.51 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.14
|
4.26 |
5.05 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.16 |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.43
|
2.75 |
2.57 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.34
|
2.53 |
3.68 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
- SAIL
- BHEL
- Electro Steel
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified
|
10031537 |
|
Corporate
identity number of the company |
U27101WB1991PLC051901 |
|
Name of the
company |
IMPEX METAL AND
FERRO ALLOYS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
35, C R Avenue,
Kolkata-700012, West Bengal, India |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
State Bank of Hyderabad,
Park Street Branch, 113, Park Street Branch, Kolkata-700016, West Bengal,
India |
|
Nature of
description of the instrument creating or modifying the charge |
Memorandum of
Deposit of Title Deeds for creation of mortgage on immovable properties of
the Company for Term Loan – Overall Limit Dated 08.01.2007 |
|
Date of
instrument Creating the charge |
08.01.2007 |
|
Amount secured by
the charge |
Rs. 220.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest @11.50%
p.a. (Floating) i.e. SBHPLR on (Cash Credit) Terms of
Repayment On Demand Margin Raw Materials :
25% Stock-in-process
: 25% Finished Goods : 25% LC/BG : 15% Cash Margin to be kept as FDR Book
Debts/Receivable (Covering 60 Days) 40% Extent and
Operation of the charge Exclusive first
charge in favour of the bank Others Collateral security
provided by way of deposit of title deeds of immovable properties of Divine
Trading Company Private Limited of its property situated at 33 C.R. Avenue, 1st
Floor, Kolkata |
|
Short particulars
of the property charged |
All that dividend
and demarcated portion of the first floor measuring 79.50 sq . mtrs. Together
with a builts measuring 1.50 sq. mtrs. Together or 872 sq ft built up area
(more or less) in the building situated at Municiapal premises No-33,
Chittaranjan Avenue, Kolkata-700013 |
|
Particulars of
the present modification |
By this
modification additional security has been created by mortgage by depositing
title deeds of the Office property situated at Kolkata, more particularly,
all that divided and demarcated portion of the first floor measuring 79.50 sq
mtr together with a built up measuing 1.50 sq. mtrs. Together or 872 sq ft.
built up area (more or less) in the building situated at Municipal premises
No.-33, Chittaranjan Avenue, Kolkata-700013. Over all limits remain Rs.
220.000 Millions |
AS PER WEBSTIE
Group Companies:
Impex Metal and Ferro Alloys Limited
Promoted by Mr. S. K. Patni in 1991, this is the flagship Company of the group
with a motive to Import and Export of Ferro Alloy, Metals and Minerals. Presently,
the Company specializes in the import of various kinds of Ferro Alloys from
Bhutan, China and other parts of the world and supplying to all over India with
it’s own sales depots located in different parts of the Country, a best known
source for supplying of different kinds of ferro alloys under one umbrella to
the steel producers.
Impex Ferro Tech Limited
With over a decade-long presence in the Ferro Alloys manufacturing space, Impex
Ferro Tech Limited, the flagship company of the Impex Group had its inception
way back in June 1995. The company never looked back since then and has grown
in to a highly valued vendor to the Iron and Steel maker.
The Company is producing nearly 43200 tonnes of Manganese based ferro alloys
annually. Today Impex Ferro Tech is one of the fastest growing companies in the
Ferro alloy sector in eastern India with consistent profit-making since
inception.
Rohit Ferro-Tech Limited
A well-differentiated player in the Ferro Alloy manufacturing sector, Rohit Ferro-Tech
Limited (RFTL) operates with a vision that inspires, and a business strategy
that sustains.
An active player in both domestic and international market, RFTL’s product mix
is aimed at catering to the high demand globally as well as maximizing on
returns. The Company manufactures High Carbon Ferro Chrome (H.C.FeCr), Ferro
Manganese (FeMn) and Silico Manganese (SiMn) through Submerged Arc Furnace
(SAF) route.
RFTL had started it’s operations in October’03 with a Ferro Alloy plant with a
meagre capacity of 24,000 mtpa. Presently, within a short span of only 4 years,
the total capacity of the plant increased to 180,000 mtpa, the largest merchant
producer of High Carbon Ferro Chrome in India.
Rohit Ferro-Tech Limited was incorporated in April 2000 under the aegis of
Impex Group having interest in manufacturing, trading, import and export of
various kinds of Ferro Alloys. Since then, the Company has come a long way to
position itself as a leading producer of High Carbon Ferro Chrome. Being
accredited ISO 9001:2000 in August 2004 and receiving Two Star Export House
Status are some of the notable milestones in it’s journey.
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.42.89 |
|
UK Pound |
1 |
Rs.83.80 |
|
Euro |
1 |
Rs.66.45 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
|