MIRA
INFORM REPORT
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Report Date : |
27.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
TIRUPATI STEEL TRADERS – OWNED BY MAHAMAYA MINES PRIVATE LIMITED |
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Registered Office : |
27/2. 68 – Jawahar Nagar, Raipur – 492001, Chattisgarh |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
15.03.2000 |
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Com. Reg. No.: |
10 – 14111 |
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CIN No.: [Company
Identification No.] |
U13201CT2000PTC014111 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trader and Exporter of Iron and Steel. |
RATING &
COMMENTS
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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 159600 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow But Correct |
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Litigation : |
Clear |
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Comments : |
Mr. Kaushik, Accountant confirmed the partial details. Subject is a well-established company having satisfactory track. Trade
relations are fair. General financial position is satisfactory. Payments are
reported as slow. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Kaushik |
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Designation : |
Accountant |
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Date : |
21.06.2008 |
LOCATIONS
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Registered Office : |
27/2. 68 – Jawahar Nagar, Raipur – 492001, Chattisgarh, India |
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Tel. No.: |
91-771-2227501 |
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E-Mail : |
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Location : |
Owned |
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Factory : |
5/7, Nehru Nagar East, Bhilai – 490020, Chhatisgarh, India |
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Tel. No.: |
91-788-2292645/ 2392435 |
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Mobile No.: |
91-9329000581/ 9827124401 |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Anand Agarwal |
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Designation : |
Managing Director |
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Address : |
Ravi House, 5/7, Nehru Nagar East, Bhilai – 490020, Chhatisgarh, India |
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Date of Birth/Age : |
10.09.1961 |
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Qualification : |
B.Com |
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Date of Appointment : |
15.03.2000 |
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Name : |
Mrs. Asha Agarwal |
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Designation : |
Director |
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Address : |
Ravi House, 5/7, Nehru Nagar East, Bhilai – 490020, Chhatisgarh, India |
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Date of Birth/Age : |
07.08.1966 |
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Qualification : |
B.A. |
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Date of Appointment : |
30.11.2000 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
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Names of Shareholders |
No. of Shares |
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Mr. Rajesh Agarwal |
300 |
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Mr. Anand Agarwal |
30900 |
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Mrs. Asha Agarwal |
62000 |
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Mr. Ravi Agarwal |
1000 |
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Mr. Nitini Agarwal |
1000 |
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Ms. Neha Agarwal |
1000 |
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Ms. Nikita Agarwal |
1000 |
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Mr. Anand Agarwal HUF |
50 |
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) |
67.23 |
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2. |
Directors or relatives of directors. |
32.77 |
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Total |
100.00 |
LIST OF ALLOTTIES
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Name of
Allottees |
No. of Shares
Applied |
No. of Shares
Allotted |
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White Line
Shares Private Limited |
25000 |
25000 |
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Deqdrops Agro
Private Limited |
10000 |
10000 |
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Singdha Trexim
Private Limited |
15000 |
15000 |
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Tuticorin Trexim
Private Limited |
15000 |
15000 |
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Taral Vincom
Private Limited |
10000 |
10000 |
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Klapp Vyapaar
Private Limited |
10000 |
10000 |
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Bhatinda Tracom
Private Limited |
5000 |
5000 |
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Vairavi
Electrical Private Limited |
10000 |
10000 |
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Total |
100000 |
100000 |
BUSINESS DETAILS
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Line of Business : |
Trader and Exporter of Iron and Steel. |
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Products : |
v Chemical
Resistance v Corrosion
Resistance v Excellent
Materials Strength v Operationally
Excellent v Durable and Long
Lasting v Dimensionally
Accurate v Good Flexibility |
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Exports : |
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Products : |
v Iron and Steel |
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Countries : |
v Nigeria |
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Terms : |
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Selling : |
Credit ( 30 days) |
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Purchasing : |
Credit ( 30 days) |
GENERAL
INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
12 |
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Bankers : |
v IDBI Bank,
Bhilai v Union Bank of
India Thakkar Chamber, G E Road, Power House, Bhilai – 490011, Chattisgarh,
India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Agarwal Gupta and Company Chartered Accountants |
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Address : |
Ghadi Chowk, G E Road, Akash Ganga Supela, Bhilai – 490023,
Chattisgarh, India. |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity shares |
Rs. 10/- each |
Rs. 5.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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297250 |
Equity shares |
Rs. 10/-
each |
Rs. 2.972
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 |
2.973 |
2.973 |
0.973 |
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2] Share Application Money |
10.000 |
10.000 |
2.000 |
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3] Reserves & Surplus |
18.947 |
18.735 |
18.548 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
31.920 |
31.708 |
21.521 |
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LOAN FUNDS |
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1] Secured Loans |
16.399 |
5.064 |
0.943 |
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2] Unsecured Loans |
11.099 |
5.704 |
6.297 |
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TOTAL BORROWING |
27.498 |
10.768 |
7.240 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
59.418 |
42.476 |
28.761 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.473 |
0.491 |
0.632 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
9.649 |
5.133 |
0.005 |
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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 |
15.891
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0.223 |
6.200 |
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Sundry Debtors |
38.018
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56.637 |
21.776 |
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Cash & Bank Balances |
7.593
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4.307 |
1.092 |
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Other Current Assets |
0.108
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0.108 |
0.120 |
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Loans & Advances |
0.000
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0.000 |
0.000 |
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Total
Current Assets |
61.610
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61.275 |
29.188 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
13.356
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24.325 |
0.998 |
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Provisions |
0.171
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0.147 |
0.074 |
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Total
Current Liabilities |
13.527
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24.472 |
1.072 |
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Net Current Assets |
48.083
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36.803 |
28.116 |
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MISCELLANEOUS EXPENSES |
1.213 |
0.049 |
0.008 |
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TOTAL |
59.418 |
42.476 |
28.761 |
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KEY RATIOS
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
0.42
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0.77 |
0.04 |
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Current Ratio (Current Asset/Current Liability) |
4.55
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2.50 |
27.22 |
LOCAL AGENCY FURTHER
INFORMATION
Form 8
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This form is for |
Modification of charge |
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Charge Identification (ID) number of the charge to be modified |
90209126 |
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Corporation identity number (CIN) or foreign company registrations number of the company |
U13201CT2000PTC0141 |
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Name of the company |
TIRUPATI STEEL TRADERS – OWNED BY MAHAMAYA MINES PRIVATE LIMITED |
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Address |
27/2. 68 – Jawahar Nagar, Raipur – 492001, Chattisgarh, India |
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Type of Charges |
v Immovable property v Book debts v Movable property (not being pledge) |
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Particular of the charge holder |
Name : Union Bank of India Address: Thakkar Chamber, G E Road, Power House City : Bhilai State : Chattisgarh ISO country code: IN Pin code: 490011 e-mail ID: cbsbhilai@unionbankofindia.com |
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Nature or description of the instrument creating or modifying the charge |
Hypothecation Agreement of Goods and Debts Memorandum of Entry of Title Deeds. |
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Date of the instrument creating charge |
27.03.2008 |
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Amount Secure by the charge |
Rs. 37.000 millions |
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Brief particulars of the principal terms and conditions and extent and operation of the charge |
Rate of Interest: 10% on BD 12.75% on Cash Credit Terms of Repayment Repayment On Demand Margin 25% on stock 40% on BD Extent and operation of the charge 100% |
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Short particulars of the Property charged |
Iron and Steel Plates and Structures etc and all stocks and Book Debts. |
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Particulars of the present modification |
Limit has been Increased from Rs. 1.000 million to Rs. 37.000 millions. |
Form 8
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Name of the company |
TIRUPATI STEEL TRADERS – OWNED BY MAHAMAYA MINES PRIVATE LIMITED |
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Presented By |
Mr. Anand Agarwal, Managing Director |
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1) Date and description of instrument creating the change |
23.10.2002 Hypothecation Agreement of goods and debts. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.000 million |
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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 |
Iron and Steel Plates, and Book Debts. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest @14.75% p.a. monthly rest. Margin 25% |
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5) Name and Address and description of the person entitled to the charge. |
Union Bank of India G E Road, Power House, Bhilai Branch, Chattisgarh, 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 42.73 |
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UK Pound |
1 |
Rs. 84.38 |
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Euro |
1 |
Rs. 66.97 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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46 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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