MIRA
INFORM REPORT
|
Report Date : |
04.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
TEAM FERRO ALLOYS PRIVATE LIMITED |
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Registered Office : |
Survey No. 357/2/2/1 and 357/2/3/2, Village Darda, Dadra and Nagar
Havelli – 396230 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
28.01.1998 |
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Com. Reg. No.: |
54-000257 |
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CIN No.: [Company
Identification No.] |
U27100DN1998PTC000257 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
SRTT00650G |
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PAN No.: [Permanent
Account No.] |
AAACT8925A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Importer and Exporter of Ferro Alloys products. |
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 135568 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory track. Directors are reported as experienced and respectable businessmen. Trade relations are fair. Business is active. Payments are reported as usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office/ Factory : |
Survey No. 357/2/2/1 and 357/2/3/2, Village Darda, Dadra and Nagar
Havelli – 396230, India |
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Tel. No.: |
91-260-3290663 |
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Fax No.: |
91-260-2669699 |
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E-Mail : |
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Corporate Office : |
204/205, Panchartna Building, Char Rasta, GIDC, Vapi, Valsad - 396195, Gujarat, India |
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Tel. No.: |
91-260-2669699/ 3090663 |
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Fax No.: |
91-260-2669699 |
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E-Mail : |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Anoop Kumar Gutgutia |
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Designation : |
Director |
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Address : |
801, Balaji Tower, Daman Road, Chpla, Vapi, Valsad, Gujarat, India |
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Date of Birth/Age : |
11.01.1961 |
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Date of Appointment : |
28.01.1998 |
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Name : |
Mr. Ramjanam Singh |
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Designation : |
Director |
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Address : |
A/203, Ankur Complex, Koparli Road, Vapi, Valsad, Gujarat, India |
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Date of Appointment : |
28.01.1998 |
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Name : |
Mr. Rajesh Kumar Singh |
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Designation : |
Director |
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Address : |
204/205, Pancharatna Building, Char Rasta, GIDC, Vapi, Valsad, Gujarat, India |
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Date of Appointment : |
28.01.1998 |
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Name : |
Mr. Rama Ramjanam Singh |
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Designation : |
Director |
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Address : |
C-401, Nishi Gandha Apartment, Royal Gadern, Chala, Vapi – 396191, Gujarat |
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Date of Appointment : |
31.03.2005 |
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Name : |
Mrs. Asha Anoop Kumar Gutgutia |
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Designation : |
Director |
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Address : |
801, Balaji Tower, Daman Road, Chpla, Vapi, Valsad, Gujarat, India |
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Date of Appointment : |
31.03.2005 |
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Name : |
Mr. Suresh Kumar Bapna |
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Designation : |
Director |
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Address : |
A-32, Sangam Building, Near Century Bazar, Prabhadevi, Mumbai – 400025, Maharashtra, India |
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Name : |
Mr. Anil Kumar Malhotra |
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Designation : |
Director |
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Name : |
Mr. Sandeep Rameshkumar Goenka |
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Designation : |
Director |
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Name : |
Mr. Manoj Kumar Agrwal |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Jignesh A Shah |
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Designation : |
Company Secretary |
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Address : |
B-101, Sahaj Baug Apartments, Opp. Shital Baug Apartments, Near
Parimal Crossing, Paldi, Ahmedabad – 380007, India |
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Tel No.: |
91-79-26574533 |
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Mobile : |
91-9825393623 |
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Email : |
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Name : |
Tank and Associates |
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Designation : |
Company Secretary |
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Address : |
Sitarams Chawl, Iranl Wadi Road No. 3, Kandivli (West), Mumbai, Maharashtra, India |
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Tel. No.: |
91-22-28022545 |
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Mobile No.: |
91-9819860445 |
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E-mail : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
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No. of Shares |
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Mr. Anoop Kumar Gutgutia |
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11450 |
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Mr. Rajesh Kumar Singh |
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9710 |
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Mr. Ramjanam Singh |
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11500 |
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Mr. Suresh Kumar Bapna |
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279 |
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Mrs. Asha Anoop Kumar Gutgutia |
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5050 |
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Mrs. Premshila Q. Singh |
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1 |
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Mr. Rama Ramjanam Singh |
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1000 |
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Mr. Anup Burman |
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4010 |
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Total |
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43000 |
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Category |
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Percentage |
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Directors or relatives of directors |
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99.99 |
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Other top fifty (50) shareholders (other than listed above) |
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0.01 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Importer and Exporter of Ferro Alloys products. |
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Products : |
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PRODUCTION STATUS
31.03.2007 - 10055.85 MT
31.03.2006 - 2524.977 MT
GENERAL INFORMATION
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Bankers : |
Rozy Empire Building, Vapi – Valsad Road, Vapi, Valsad, Gujarat, India
Gunjan Road, Near
Hotel Galaxy, GIDC Char Rasta, Vapi – 396195, Gujarat, India
Vapi Branch, Char
Rasta, Vapi – 369195
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Facilities : |
Credit Limit: Rs. 9.500 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
Shailendra Jain and Associates Chartered Accountants |
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Name : |
207, 2nd Floor, Royal Arcade, Near GIDC, Char
Rasta, Vapi, Valsad, Gujarat, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
300000 |
Equity Shares |
Rs. 100/- |
Rs. 30.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
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|
50000 |
Equity Shares |
Rs. 100/- |
Rs.5.000 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 |
5.000 |
4.300 |
4.300 |
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2] Share Application Money |
5.100 |
3.000 |
0.000 |
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3] Reserves & Surplus |
23.792 |
14.080 |
11.659 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
33.892 |
21.380 |
15.959 |
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LOAN FUNDS |
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1] Secured Loans |
37.158 |
22.431 |
17.237 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
37.158 |
22.431 |
17.237 |
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DEFERRED TAX LIABILITIES |
1.415 |
0.930 |
0.613 |
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TOTAL |
72.465 |
44.741 |
33.809 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
24.734 |
19.909 |
13.814 |
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Capital work-in-progress |
0.232 |
0.792 |
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 |
49.257
|
18.095 |
15.072 |
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Sundry Debtors |
28.996
|
7.626 |
8.886 |
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Cash & Bank Balances |
0.317
|
0.618 |
3.972 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
26.847
|
6.470 |
4.615 |
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Total
Current Assets |
105.417
|
32.809 |
32.545 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
56.762
|
7.557 |
12.561 |
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Provisions |
1.160
|
1.220 |
0.000 |
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Total
Current Liabilities |
57.922
|
8.777 |
12.561 |
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Net Current Assets |
47.495
|
24.032 |
19.984 |
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MISCELLANEOUS EXPENSES |
0.004 |
0.008 |
0.011 |
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TOTAL |
72.465 |
44.741 |
33.809 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
NA |
NA |
NA |
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Other Income |
NA |
NA |
NA |
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Total Income |
NA |
NA |
NA |
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Profit/(Loss) Before Tax |
6.217 |
3.120 |
10.552 |
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Provision for Taxation |
0.000 |
0.687 |
1.228 |
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Profit/(Loss) After Tax |
6.217 |
2.433 |
9.324 |
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Export Value |
23.004 |
NA |
NA |
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Import Value |
87.928 |
17.752 |
3.054 |
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Total Expenditure |
NA |
NA |
NA |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
NA
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NA |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
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NA |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.78
|
5.92 |
22.76 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.14 |
0.66 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.80
|
1.46 |
1.87 |
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Current Ratio (Current Asset/Current Liability) |
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1.82
|
3.74 |
2.59 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Corporate
identity number (CIN) Foreign company registration number |
U27100DN1998PTC000257 |
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Name of the
Company |
TEAM FERRO ALLOYS PRIVATE LIMITED |
|
Address |
Survey No. 357/2/2/1 and 357/2/3/2, Village Darda, Dadra and Nagar
Havelli – 396230, India |
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This form is for |
Creation of
Charges |
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Type of Charge |
Movable Property (not being pledge) |
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Particulars of
the charge holder |
Punjab National
Bank Gunjan Road, Near
Hotel Galaxy, GIDC Char Rasta, Vapi – 396195, Gujarat, India |
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Nature or
description of the instrument(s) creating or modifying the charge |
Letter of
Hypothecation (for car loan) |
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Date of the
instrument creating or modifying the charge |
17.07.2007 |
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Amount secured by
the charge |
Rs.1.050 Million |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of
Interests: 11.25% Terms of
repayments: Installments of
Rs.0.018 Million each Margin: Nil Extent and
operation of the charge: The property Hypothecation
is secured until the loan and interests are fully repaid |
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Short particulars
of the property charged (including location of the property) |
Honda Civic Car
at the factory 357/2/2/1 and 357/2/3/2, behind Dadra Gardenm, Village: Dadra
(Dadra and Nagar Haveli) – 396230 |
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Particular of the
present modification |
NA |
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Name of the company |
TEAM FERRO
ALLOYS PRIVATE LIMITED |
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Presented By |
Mr. Anupkumar Gutguia, Director |
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1) Date and description of instrument creating the change |
Hypothecation of
Stocks, Book debts, other current Assets and plant and machinery dated
15.05.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.8.500 Millions Cash Credit Rs.5.000 Millions Term Loan Rs.1.000 Millions Letter of
Credit Rs.30.000 Millions Bills
Discounting Rs.44.500 Millions Total |
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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 |
Hypothecation of
the entire current assets of the company comprising of stock of raw
materials, work in process, finished goods, book debts and other current
assets situated at Sr. No. 357/2/2/1 and 357/2/3/2 at Village Dadra, UT of
Dadra and Nagar Haveli – 396230 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Margin : Raw Materials
WIP, Finished Goods 25% Book debts 50% Interests –
Minimum – 10.5% |
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5) Name and Address and description of the person entitled to the charge. |
Indusind Bank
Limited Vapi Branch, Char
Rasta, Vapi - 369195 |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
Profile:
In the year 1996, it was the beginning
of their industry in the name Boon Metal and Alloys Corporation, with an aim to
manufacture Low Carbon and Medium Carbon Ferro Manganese at a small place
called Sarigam near Vapi in Gujarat. The motto was to cater to the needs of two
giants in steel industry namely Essar Steel and Ispat Industries Limited who
were located at a convenient and in close proximity of their plant. Today, Boon
has become Team and the humble thinking of ferroalloys manufacturing has not
only succeeded but has expanded to the level that it can offer complete
alloying solutions to steel industry by way of not only specialized ferroalloys
but specialty in the form of Cored Wire and wire feeding equipments.
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.40.26 |
|
UK Pound |
1 |
Rs.79.88 |
|
Euro |
1 |
Rs.61.26 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
44 |
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 |
|