MIRA
INFORM REPORT
|
Report Date : |
12.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
RISHABH SPONGE PRIVATE LIMITED |
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Registered Office : |
23A, N S Road, 7th Floor, Room No. 24, Kolkata – 700 001, 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 : |
09.09.2002 |
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Com. Reg. No.: |
21-95119 |
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CIN No.: [Company
Identification No.] |
U27109WB2002PTC095119 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALR04513F |
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PAN No.: [Permanent
Account No.] |
AACCR3749J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Sponge Iron |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 600000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Mr. Praveen Vaidh, Account Manager confirmed the details. Subject is a established company having moderate track. Financial position
is moderate. Payments are reported as slow and delayed. The company can be considered for moderate business dealings as normal
trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Praveen Vaidh |
|
Designation : |
Accounts Manager |
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Date : |
09.06.2008 |
LOCATIONS
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Registered Office : |
23A, N S Road, 7th Floor, Room No. 24, Kolkata – 700 001,
West Bengal, India |
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Tel. No.: |
91-33-22428633 |
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Fax No.: |
91-33-30228633 / 30228633 |
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E-Mail : |
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Area : |
400 Sq. ft. |
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Location : |
Rented |
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Factory : |
To located at Durgapur, Barjoda |
DIRECTORS
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Name : |
Mr. Anil Jain |
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Designation : |
Director |
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Address : |
18, Panna Lal Basakh Lane, Liluah, Howrah – 711 204, West Bengal,
India |
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Date of Birth/Age : |
04.05.1962 |
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Date of Appointment : |
09.09.2002 |
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Name : |
Mrs. Shanti Paul Bhanshali |
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Designation : |
Director |
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Address : |
43, Moti Lal Nehru Road, Kolkata – 700 029, West Bengal, India |
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Date of Birth/Age : |
09.11.1932 |
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Date of Appointment : |
09.09.2002 |
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Name : |
Mr. Vijayendra Jain |
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Designation : |
Director |
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Address : |
7/2A, Annada Neogi Lane, Kolkata – 700 003, West Bengal, India |
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Date of Birth/Age : |
01.01.1943 |
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Date of Appointment : |
10.04.2003 |
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Name : |
Mrs. Lata Goyal |
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Designation : |
Director |
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Address : |
9, Pritoria Street, Flat No. 16, Kolkata – 700 071, West Bengal, India |
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Date of Birth/Age : |
27.02.1957 |
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Date of Appointment : |
07.04.2003 |
KEY EXECUTIVES
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Name : |
Mr. R K Jain and Company |
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Designation : |
Company Secretary |
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Address : |
39B Kankurgachi, 2nd Lane, Kolkata – 700 054, West Bengal,
India |
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Name : |
Mr. Manoj Kumar Bhanshali |
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Designation : |
Director |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 29.09.2005)
|
Names of Shareholders |
No. of Shares |
|
Vardhaman Axles and Wheels Private Limited |
217000 |
|
Manoj Kumar Bhanshali |
56500 |
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Offshore Finvest Limited |
10000 |
|
Meltex Goods and Services Private Limited |
50000 |
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Lovneer Marketing Private Limited |
20000 |
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Zonex Exim and Fincon Private Limited |
10000 |
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Investwell Dealers Private Limited |
10000 |
|
Vijayendra Kumar Jain |
22500 |
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Tradelink Carrying Company Private Limited |
10000 |
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Ramir Commercial Private Limited |
10000 |
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Jai Bikana Viniyog Private Limited |
26000 |
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Sukhani Europhil Limited |
50000 |
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Gemus Merchants Private Limited |
10000 |
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Bircort Vincoun Private Limited |
50000 |
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A B I Trading Private Limited |
20000 |
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Cosmos Real Estate Private Limited |
25000 |
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DKS Homes Private Limited |
15000 |
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Rishabh Electro Electrical Private Limited |
40000 |
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Satyanarayan Holdings Private Limited |
55000 |
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Plus Jet Finvest Private Limited |
10000 |
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Sekhwell Tradingand Finance Private Limited |
22500 |
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Sarvamangla Builders Private Limited |
22500 |
|
Fun N Food Private Limited |
25000 |
Equity share breakup (percentage of total equity)
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As on 29.09.2007 |
Percentage |
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Bodies Corporate (not mentioned above) |
92.66 |
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Directors or relatives of directors |
5.66 |
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Other top fifty (50) shareholders (other than listed above) |
1.68 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Sponge Iron |
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Terms : |
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Selling : |
Advance |
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Purchasing : |
Advance |
GENERAL
INFORMATION
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Customers : |
Manufacturer |
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No. of Employees : |
2500 |
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Bankers : |
·
Bank of Baroda M. G. Road Branch, 172, Mahatma Gandhi Road,
Kolkata – 700 007, West Bengal, India. ·
Allahabad Bank Park Street Branch, 57, Park Street,
Kolkata – 700 016, West Bengal, India ·
ABN Amro Bank ·
Kotak Mahindra Bank Limited 36-38A, Nariman Bhavan, 227,D, Nariman Point, Mumbai – 400 021,
MMaharashtra, India |
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Facilities : |
Rs. 250.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
U. S. Agarwal and Associates Chartered Accountants 42/1 B B Ganguly Street, Kolkata – 700 012, West Bengal, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs. 10/- each |
Rs. 30.000 millions |
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Total |
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Rs. 30.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1247000 |
Equity Shares |
Rs. 10/-
each |
Rs. 12.470
millions |
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Total |
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Rs. 12.470 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
12.470 |
10.710 |
8.310 |
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2] Share Application Money |
22.000 |
15.000 |
12.500 |
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3] Reserves & Surplus |
111.240 |
95.400 |
74.049 |
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4] (Accumulated Losses) |
(24.736) |
(20.596) |
0.000 |
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NETWORTH |
120.974 |
100.514 |
94.859 |
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LOAN FUNDS |
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1] Secured Loans |
139.382 |
110.876 |
83.093 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
139.382 |
110.876 |
83.093 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
260.356 |
211.390 |
177.952 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
143.974 |
147.046 |
161.617 |
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Capital work-in-progress |
82.588 |
68.767 |
5.596 |
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INVESTMENT |
0.485 |
0.977 |
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 |
67.539
|
64.872 |
41.607 |
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Sundry Debtors |
26.172
|
71.893 |
76.982 |
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Cash & Bank Balances |
2.984
|
2.264 |
0.820 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
56.478
|
34.193 |
25.235 |
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Total
Current Assets |
153.173
|
173.222 |
144.644 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
119.747
|
178.562 |
133.990 |
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Provisions |
0.226
|
0.223 |
0.133 |
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Total
Current Liabilities |
119.973
|
178.785 |
134.123 |
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Net Current Assets |
33.200
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(5.563) |
10.521 |
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MISCELLANEOUS EXPENSES |
0.109 |
0.163 |
0.218 |
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TOTAL |
260.356 |
211.390 |
177.952 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover |
|
358.482 |
351.632 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
358.482 |
351.632 |
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Profit/(Loss) Before Tax |
|
(20.759) |
0.380 |
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Provision for Taxation |
|
0.000 |
0.131 |
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Profit/(Loss) After Tax |
|
(20.759) |
0.249 |
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Expenditures : |
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Depreciation & Amortization |
|
22.385 |
56.692 |
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Other Expenditure |
|
356.856 |
294.560 |
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Total Expenditure |
|
379.241 |
351.252 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
NA
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(5.79) |
0.07 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
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(5.79) |
0.11 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
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(6.48) |
0.12 |
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Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.21 |
0.00 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.14
|
2.88 |
2.29 |
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Current Ratio (Current Asset/Current Liability) |
|
1.28
|
0.97 |
1.08 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
· Biddicasting
· Pamsarup India Limited
Form No. 8
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Name of the company |
RISHABH SPONGE PRIVATE LIMITED |
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Presented By |
Allahabad Bank Park Street Branch, 57, Park Street, Kolkata – 700 016, West Bengal,
India |
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1) Date and description of instrument creating the change |
General letter of
Hypothecation dated 10.09.2003 for Rs. 50.000 millions |
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2) Amount secured by the charge/amount owing on the securities of charge |
Term Loan –
50.000 millions (Rupees Fifty Millions Only) Subsequently
modifies on : 19.02.2004 for Rs. 81.400 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 |
The borrower hereby
charges and hypothecates by way of FIRST charge in favour of the Bank all the
present and future stocks of raw Material i.e. Iron Ore, Coal etc. Stock in
Process, goods in Transit, Finished Goods i.e. Sponge Iron, Store items and /
or in any form including all gooda and movable property of any kind stored or
to be stored at the Durgapur – Bankura Main Road. Barjora. Bankura
– 722 202 or where else and also present and future Current Assets like book
debts. Outstanding, receivables claims, bills, contracts engagements,
securities, investments, cash in hand and cash at bank and all fixed Assets
of the company i.e. Plant and Machinery, Equipments, Furniture and Fixtures,
Fittings, Vehicles etc as security. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The Hypothecated
goods shall be brought and kept in good condition at borrower’s premises and
fully insured against fire risk and against such other risk as may be
required by the Bank under Bank clause. All Hypothecated
good and sales. Realizations thereof and insurances proceeds thereof and all
other documents relating to this security ahall be held as the Bank’s
exclusive property and the Borrower will not create any mortgage. chargelien
or encumbrance affecting the same of any part thereof. All the items and
conditions remains same and als contained in this Cash Credit Hypothecation
Agreement are applicable. Interest - @12.5%
p.a. to be paid monthly. Margin – 25% on
fully paid stock and book debts (upto 30 days) cash credit and bank guarantee |
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5) Name and Address and description of the person entitled to the charge. |
Allahabad Bank Park Street Branch, 57, Park Street, Kolkata – 700 016, West Bengal,
India |
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6) Date and brief description of instrument modifying the charge |
General Letter of
Hypothecation dated 04.06.2005 |
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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 this
modification the overall limit has been enhance from Rs. 81.400 millions to
Rs. 10331.200 millions Consisting of :
By this
modification the borrower created first charge over entire stock, book debts
and all other current assets, fixed assets, equitable mortgage of factory, Land
and Building and Plant and Machinery. Interest - @12.5%
p.a. to be paid monthly. Margin – 25% on
fully paid stock and book debts (upto 30 days) cash credit and bank
guarantee. 100% in Letter of Credit Commission – as
per Bank rules. All terms and conditions
remain unaltered |
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Corporate
identity number (CIN) Foreign company registration number |
U27109WB2002PTC095119 |
|
Name of the
Company |
RISHABH SPONGE PRIVATE LIMITED |
|
Address |
23A, N S Road, 7th Floor, Room No. 24, Kolkata – 700 001,
West Bengal , India |
|
This form is for |
Creation of
charge |
|
Type of Charge |
Movable property
(not being pledge) |
|
Particulars of
the charge holder |
Kotak Mahindra
Bank Limited 36-38A, Nariman Bhavan,
227,D, Nariman Point, Mumbai – 400 021, MMaharashtra, India |
|
Nature or
description of the instrument(s) creating or modifying the charge |
Deed of
Hypothecation dated 16.12.2007 |
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Date of the
instrument creating or modifying the charge |
16.12.2007 |
|
Amount secured by
the charge |
Rs. 10.347
millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
·
Rate of
Interest On Rs. 3200000/- @4.84% per annum On Rs. 7147341/- @5.52% per annum ·
Terms of
repayment Repayable in 35 monthly installment. ·
Margin NIL ·
Extent and
operation of the charge By way of the first charge on the asset financed |
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 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
34 |
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 |
|