MIRA
INFORM REPORT
|
Report Date : |
10.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SANVIJAY ROLLING AND ENGINEERING LIMITED |
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Registered Office : |
9, Imambada Road, Nagpur 440016, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
26.11.1919 |
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Com. Reg. No.: |
11-45013 |
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CIN No.: [Company
Identification No.] |
U27100MH1919PLC045013 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
NGPS00313F |
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PAN No.: [Permanent
Account No.] |
AACCS0217 |
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Legal Form : |
A Closely Held
Public Limited Liability Company. |
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Line of Business : |
Company is in engaged in Steel Re Rolling and Traded Goods. |
RATING &
COMMENTS
|
MIRAs Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 6000000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade relations are fair. General financial position is satisfactory. Payments are 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 : |
9, Imambada Road, Nagpur 440016, Maharashtra, India |
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Tel. No.: |
91-7104-237961 |
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Mobile No.: |
91- 9822221500 |
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Fax No.: |
91-7104-236475 |
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E-Mail : |
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Website : |
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Head Office : |
Unit H - 1, Plot No. F 16 MIDC, Hingna Road, Nagpur 16, Maharashtra |
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Tel. No.: |
91-7104-237961, 7104-236476, 7104-236782 |
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Fax No.: |
91-7104-236475 |
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Area : |
16480sq. mtr. |
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Location : |
Leased |
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Corporate Office : |
Unit H 2,, Plot No. S 88, MIDC, Hingna Road, Nagpur 440016. Maharashtra |
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Tel. No.: |
91-7104-234949, 7104-235942, 7104- 236942 |
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Fax No.: |
91-7104- 234848 |
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Area : |
15625 sq. mtr. |
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Location : |
Leased |
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Factory 1 : |
Unit H 3, Plot No. 41 & 43, MIDC, Hingna Road, Nagpur 440028, Maharashtra |
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Tel. No.: |
91-7104-235064, 7104-235697, 7104-235713 |
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Fax No.: |
91-7104-235713 |
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Area : |
32775 sq. mtr. |
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Location : |
Leased |
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Factory 2 : |
Unit H 4, Plot No. F 11 / 12, MIDC, Hingna Road, Nagpur 440016, Maharashtra |
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Tel. No.: |
91-7104-236472, 7104-236473, 7104- 236761 |
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Fax No.: |
91-7104- 236471 |
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Area : |
24084 sq. mtr. |
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Location : |
Leased |
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Branches : |
Unit B 1, Plot No. B 202 Butibori, MIDC, Nagpur 441 108, Maharashtra |
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Tel. No.: |
91-7104-265159, 7104-265160, 7104-265161, 7104-265162 |
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Fax No.: |
91-7104-265409 |
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Area : |
79750sq.mtr. |
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Location : |
Leased |
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Branches : |
Unit B 2, Plot No. B 203 206, Butibori, MIDC, Nagpur 441 108, Maharashtra |
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Tel. No.: |
91-9993010476, 7104- 2101246 |
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Fax No.: |
91-7104-265685, 7104-265286 |
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Area : |
189868 sq. mtr. |
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Location : |
Leased |
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Branches : |
Unit Ryp 1, Khasra No. 273/2, Industrial Growth Center, Munrethi Road, Siltara, Phase II, Raipur 493 111 (Chhatisgarh) |
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Tel. No.: |
91-771-2101246, 91-9993010476 |
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Fax No.: |
91-771-2101245 |
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Area : |
3472.222 sq. mtr. |
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Location : |
Leased |
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Branches : |
Plot No. J 14, MIDC, Hingna Road, Nagpur 440016, Maharashtra |
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Tel. No.: |
91-7104-234208 |
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Area : |
7520 sq. mtr. |
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Location : |
Leased |
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Branch : |
Plot No. G 180, Old RCS Compound, Jhotwara Industrial Area, Jaipur 302 012 (Rajasthan) |
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Tel No : |
91-141-2173117, 91-9928506000, 91-9829977444 |
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Area : |
12108 Sq.ft. |
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Location : |
Leased |
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Branches : |
Plot No. 83, 84, 84A Surat Dhulia Road, Mouza Kamalchood (Bajipura), Tahsil Walod, Distric Tapi (Gujarat) |
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Tel. No.: |
91-2625-290648 |
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Fax No.: |
91-2625-290648 |
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Area : |
345.06 sq. mtr. |
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Location : |
Owned |
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Branches : |
C/O Rajkumar Jaiswal, Plot No. 104, Nagpur Jabalpur Road, Khawasa, District Seoni (M. P.) |
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Tel. No.: |
91-9424364606 |
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Fax No.: |
91-7695-232488 |
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Area : |
4000 Sq.ft. |
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Location : |
Rented |
DIRECTORS
|
Name : |
Mr. Ramesh Kumar Pachisia |
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Designation : |
Director |
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Name : |
Mr. Sanjay Agarwal |
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Designation : |
Director |
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Address : |
26, Bhagwaghar Layout, Dharampeth, Nagpur 440010. |
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Date of Birth/Age : |
41 Years |
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Qualification : |
B.com |
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Experience : |
19 Years |
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Name : |
Mr. Puranlal
Agarwal |
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Designation : |
Director |
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Address : |
26, Bhagwaghar Layout, Dharampeth, Nagpur 440010. |
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Date of Birth/Age : |
69 Years |
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Qualification : |
B.com |
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Experience : |
45 Years |
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Name : |
Mr. Ajay Agarwal |
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Designation : |
Director |
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Address : |
26, Bhagwaghar Layout, Dharampeth, Nagpur 440010. |
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Date of Birth/Age : |
29 Years |
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Qualification : |
B.E. (Industrial) |
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Experience : |
7 Years |
BUSINESS DETAILS
|
Line of Business : |
Company is in engaged in Steel Re Rolling and Traded Goods. |
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Products With Brand Names : |
·
Ms/HT Angles
(Sanvijay) ·
Channels
(Sanvijay) ·
Broad/
Flange Beams (Sanvijay) ·
Joists/ Beams
(Sanvijay) |
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Exports : |
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Products : |
·
MS/HT/Angles ·
Channels ·
Beams |
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Countries : |
Middle East |
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Terms : |
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Selling : |
L/C, Cash |
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Purchasing : |
L/C, Cash |
PRODUCTION STATUS
|
Particulars |
Major Share Holders |
No. Of Shares Hold |
Actual Production |
|
Rolled Steel |
Individual |
500000 |
169025.091 M. T. |
|
Steel Semis |
|
|
16051.885M.T. |
GENERAL
INFORMATION
|
Customers : |
·
Wholesalers ·
Retailers ·
End Users ·
OEMs ·
Others Transmission line Tower (TLT) -
KEC International Limited -
RPG -
Bajaj Electricals Limited -
Hyundai Unitech -
L &T -
KPTL -
JSL -
TATA Projects -
Richardson& Cruddas -
ATSL Wind Mill Manufacturers -
Suzlon Energy -
Pioneer Wincon
Engineering & Construction Sector -
ACC -
Godrej Industries Limited -
ABB -
TISCO -
Raymond -
Reliance Industries Limited -
Reliance Infocomm Limited |
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No. of Employees : |
Total : 520 ( Office : 118, Factory : 390, Branches : 12) |
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Bankers : |
Nagpur Nagrik Sahakari Limited, Sitabuldi Branch, Nagpur |
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Facilities : |
CC Limits Rs. 2.500 millions. |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Gupta Sarda & Bagdia Chartered Accountant |
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Group Companies : |
· Sanvijay Steels Private Limited · Sanvijay Alloys Private Limited · Prakash Ispat Udyog · Sanvijay Industries Private Limited |
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Associates/Subsidiaries : |
Prakash Traders 9, Imambada Road, Nagpur 440 018. |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5,00,000 |
Equity Shares |
Rs. 100/- Each |
Rs. 50.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5,00,000 |
Equity Shares |
Rs. 100/- Each |
Rs. 50.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 (9 months) |
30.06.2006 |
30.06.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
50.000 |
14.614 |
14.594 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
1446.287 |
1219.201 |
905.017 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
1496.287 |
1233.815 |
919.611 |
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|
LOAN FUNDS |
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1] Secured Loans |
1699.248 |
1308.811 |
524.546 |
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2] Unsecured Loans |
424.456 |
599.048 |
676.050 |
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TOTAL BORROWING |
2123.704 |
1907.859 |
1200.596 |
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DEFERRED TAX LIABILITIES |
118.453 |
98.806 |
69.345 |
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|
|
|
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TOTAL |
3738.443 |
3240.481 |
2189.552 |
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APPLICATION OF FUNDS |
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|
|
|
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FIXED ASSETS [Net Block] |
834.903 |
754.252 |
413.083 |
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Capital work-in-progress |
362.370 |
298.109 |
339.707 |
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|
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INVESTMENT |
0.015 |
0.015 |
0.015 |
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|
DEFERREX TAX ASSETS |
1.100 |
0.000 |
0.000 |
|
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|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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Inventories |
1566.312 |
1254.701 |
1361.968 |
|
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Sundry Debtors |
1096.477 |
1073.403 |
674.865 |
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Cash & Bank Balances |
52.586 |
18.903 |
21.073 |
|
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Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
563.007 |
655.073 |
542.399 |
|
Total
Current Assets |
3278.382 |
3002.080 |
2600.305 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
738.366 |
814.034 |
1163.686 |
|
|
Provisions |
0.000 |
0.000 |
0.000 |
|
Total
Current Liabilities |
738.366 |
814.034 |
1163.686 |
|
|
Net Current Assets |
2540.016 |
2188.046 |
1436.619 |
|
|
|
|
|
|
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|
MISCELLANEOUS EXPENSES |
0.039 |
0.060 |
0.128 |
|
|
|
|
|
|
|
|
TOTAL |
3738.443 |
3240.481 |
2189.552 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 (9
months) |
30.06.2006 |
30.06.2005 |
|
|
Sales Turnover [including other income] |
4567.327 |
5848.512 |
6237.017 |
|
|
Other Earnings |
10.608 |
14.466 |
1.070 |
|
|
Conversion Receipts |
47.331 |
47.489 |
77.131 |
|
|
Total |
4625.266 |
5910.467 |
6315.219 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
400.271 |
474.691 |
594.783 |
|
|
Provision for Taxation |
166.720 |
137.587 |
171.161 |
|
|
Profit/(Loss) After Tax |
233.551 |
337.104 |
423.622 |
|
|
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Expenditures : |
|
|
|
|
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|
Raw Material Consumed |
3671.081 |
4673.171 |
4727.151 |
|
|
Purchases made for re-sale |
115.165 |
224.147 |
378.441 |
|
|
Direst Expenses |
293.607 |
328.487 |
211.033 |
|
|
Employee Expenses |
38.357 |
66.664 |
39.217 |
|
|
Administrative & Selling Expenses |
110.747 |
178.462 |
289.638 |
|
|
Financial Expenses |
109.368 |
142.518 |
53.579 |
|
|
Depreciation & Amortization |
76.773 |
89.092 |
85.907 |
|
|
Preliminary Exp. Written Off |
0.000 |
0.001 |
0.001 |
|
|
Amalgamation Expenses Written Off. |
0.022 |
0.067 |
0.037 |
|
|
Increase (Decrease) In Closing Stock |
(190.124) |
(266.836) |
(64.568) |
|
Total
Expenditure |
4224.996 |
5435.773 |
5720.436 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 (9 months) |
30.06.2006 |
30.06.2005 |
|
PAT / Total Income |
(%) |
5.05
|
5.70 |
6.71 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.76
|
8.12 |
9.54 |
|
|
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|
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.65
|
8.03 |
9.42 |
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|
|
|
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
0.38 |
0.65 |
|
|
|
|
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|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.49
|
0.66 |
1.26 |
|
|
|
|
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|
|
Current Ratio (Current Asset/Current Liability) |
|
4.44
|
1.37 |
2.23 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
Shri Puranlal Agarwal
Director
9, Imambada Road, Nagpur 440 018
Shri Sanjaylal Agarwal
Director
9, Imambada Road, Nagpur 440 018
Shri Ajay Agarwal
Director
9, Imambada Road, Nagpur 440 018
COMPANY PROFILE:
SANVIJAY, the name itself has over the years
become synonymous with quality structural steel in Central India. Subject set up in 1971 by their
pioneer Mr. Puranlal Agrawal has grown from a modest trading firm to a major
multi-product steel player in India.
After having set up
their first Rolling Mill in 1991,
Sanvijay, by virtue of
sheer grit, hard-work and foresight has surged ahead in the steel circuit and
now boasts of five rolling mills with a capacity of .26 million MT and the broadest
product portfolio under one roof. It has earned its name due to its strict
adherence to stringent quality norms, immaculate delivery schedule and
unmatched customer relations.
The group is a leading caterer to the demands of Transmission Line Tower (TLT)
giants, accounting to 90% of black steel required by Power Grid / Power link
Projects Steel. Other reputed buyers of steel include Wind Mill manufacturers,
Engineering & Construction sectors, & Communication Tower
Manufacturers.
It is also reputed as the authorised conversion agent of SAIL for their structural
requirement and has also been recently appointed the conversion agent of Jindal
Steel & Power Limited It is already in agreement with TISCO for rolling their TMT brand
known as TISCON .
The group had a turnover of Rs 2450 Millions in 2002-03,
over Rs 6000 Millions in 04-05 & is likely to cross Rs 7500 Millions during
05-06. Because of the demand of our rolling mills & other rolling mills
around Nagpur, a mini steel plant at Butobori, Nagpur with production capacity
of .25 MT per annum is being set.
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 Intl
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 companys 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. 40.10 |
|
UK Pound |
1 |
Rs. 80.40 |
|
Euro |
1 |
Rs. 63.31 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--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 |
|
76 |
This score serves as a reference to assess SCs 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 |
|