MIRA
INFORM REPORT
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Report Date : |
21.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
B R STEEL PRODUCTS LIMITED |
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Registered Office : |
Plot No. C 39/B MIDC Area Turbhe Mahape Road, Before Electronic Zone, Pawne,
Navi Mumbai – 400 705, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
02.09.1960 |
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Com. Reg. No.: |
11-011799 |
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CIN No.: [Company
Identification No.] |
U99999MH1960PLC011799 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMB07552G |
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Legal Form : |
A closely held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Ceramics
Colours |
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 490000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Mr. Manoj Jena, Accounts Manager and Ms. Nikita Patel, Accounts
Executive confirmed the details. Subject is a well – established and reputed company in its field.
Trade relations are fair. Financial position is good. Payments are usually
correct and as commitments. The company is doing well. It can be considered good for any normal
business dealings at usual trade terms and conditions. The company can be regarded as a promising business partner in a
medium to long – run. |
INFORMATION PARTED
BY
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Name : |
Mrs. Nikita Patel |
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Designation : |
Accounts Executive |
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Date : |
21.05.2008 |
LOCATIONS
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Registered Office / Factory: |
Plot No. C 39/B MIDC Area Turbhe Mahape Road, Before electronic Zone,
Pawne, Navi Mumbai – 400 705, Maharashtra |
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Tel. No.: |
91-22-27631483 / 27626821-25 |
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Mobile No.: |
91-9819703699 |
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Fax No.: |
91-22-27684519 |
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E-Mail : |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Jagdish Kumudrai Dholakia |
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Designation : |
Director |
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Address : |
701, Hem Niketan, 5th Road, Juhu Scheme, Vile Parle (West),
Mumbai - 400 056, Maharashtra, India |
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Date of Birth/Age : |
11.12.1942 |
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Date of Appointment : |
03.02.2004 |
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Name : |
Mrs. Ila Jagdish Dholakia |
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Designation : |
Director |
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Address : |
701, Hem Niketan, 5th Road, Juhu Scheme, Vile Parle (West),
Mumbai - 400 056, Maharashtra, India |
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Date of Birth/Age : |
27.06.1944 |
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Date of Appointment : |
03.02.2004 |
KEY EXECUTIVES
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Name : |
Mr. Manoj Jena |
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Designation : |
Marketing Manager |
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Mobile No.: |
91-9819703699 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders (31.03.2007) |
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No. of Shares |
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Equity Shares |
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Ms. Vishakha Dholakia |
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1 |
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Ms. Sheetal Sabharwal |
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1 |
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Mr. Jegmeet Singh |
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1 |
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Ms. Ila Dholakia |
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108647 |
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Mr. Jagdish Dholakia |
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342650 |
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Total
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451300 |
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Preference
Shares |
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Ms. Ila Dholakia |
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2923 |
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Mr. Jagdish Dholakia |
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2927 |
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Total
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5850 |
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Grand
Total |
457150 |
Equity Shares Breakup (Percentage of Total Equity): (as on 31.03.2007):-
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Sr No. |
Category |
Percentage |
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1 |
Directors or relative of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Creamics Colours |
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Products : |
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Exports : |
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Countries : |
North America, South America, Western Europe, Eastern Europe, Eastern
Asia, Southeast Asia, Middle East, Africa |
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Imports : |
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Products : |
Raw materials |
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Countries : |
China |
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Terms : |
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Selling : |
Credit (30-90 days), D/A, D/P |
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Purchasing : |
Credit (30-45 days) |
PRODUCTION STATUS
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Particulars |
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Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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As on 31.03.2005 |
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Ceramics Colours |
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3000 Tonnes p.a. |
2000 Tonnes p.a. |
100000 Kgs |
GENERAL
INFORMATION
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Customers : |
End users
˜ Pearl Global Limited ˜ Sinclair Exports Limited ˜ Blue Star Enterprises ˜ Inter Star Financial Services ˜ Vispute Electricals ˜ Pearl Agencies |
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No. of Employees : |
70 |
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Bankers : |
˜ Bank of Madura, Delhi ˜ Vysya Bank Limited ˜ HDFC Bank ˜ Bank of Madura, Mumbai ˜ Punjab & Sind Bank ˜ The Saraswat Co-operative Bank Limited, Madhushree, Plot No. 85, District Business Centre, Sector 17, Vashi, Navi Mumbai – 400 703, Maharashtra, India |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Mr. M V Krishnamoorthy Chartered Accountants |
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Address: |
15, Srivali, Rifle Range, Ghatkopar (West), Mumbai – 400 086, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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487000 |
Equity Shares |
Rs. 100/- each |
Rs. 48.700 millions |
|
6000 |
Preference Shares |
Rs. 100/- each |
Rs. 0.600 million |
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7000 |
Unclassified Shares |
Rs. 100/- each |
Rs. 0.700 million |
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Total |
Rs.50.000
millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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451300 |
Equity Shares |
Rs. 100/-
each |
Rs.45.130
millions |
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5850 |
Preference Shares |
Rs. 100/-
each |
Rs. 0.585
million |
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Total |
Rs.45.715 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 |
45.715 |
45.715 |
45.715 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
75.940 |
31.539 |
13.640 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
121.655 |
77.254 |
59.355 |
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LOAN FUNDS |
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1] Secured Loans |
80.880 |
64.637 |
42.873 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
80.880 |
64.637 |
42.873 |
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DEFERRED TAX LIABILITIES |
1.413 |
0.767 |
0.303 |
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TOTAL |
203.948 |
142.658 |
102.531 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
41.777 |
31.983 |
25.364 |
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Capital work-in-progress |
8.563 |
1.637 |
2.504 |
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INVESTMENT |
3.625 |
0.025 |
0.025 |
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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 |
69.715
|
63.931 |
16.888 |
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Sundry Debtors |
77.160
|
46.798 |
20.941 |
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Cash & Bank Balances |
6.053
|
2.375 |
6.528 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
22.132
|
16.317 |
11.772 |
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Total
Current Assets |
175.060
|
129.421 |
56.129 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
15.394
|
16.025 |
10.434 |
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Provisions |
9.683
|
4.383 |
3.359 |
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Total
Current Liabilities |
25.077
|
20.408 |
13.793 |
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Net Current Assets |
149.983
|
109.013 |
42.336 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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PROFIT & LOSS ACCOUNT |
0.000 |
0.000 |
32.302 |
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TOTAL |
203.948 |
142.658 |
102.531 |
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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 |
219.492 |
117.731 |
21.417 |
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Other Income |
9.214 |
4.291 |
0.052 |
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Total Income |
228.706 |
122.022 |
21.469 |
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Profit/(Loss) Before Tax |
63.804 |
51.988 |
7.363 |
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Provision for Taxation |
59.624 |
1.322 |
0.303 |
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Profit/(Loss) After Tax |
4.180 |
50.666 |
7.060 |
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Export Value |
194.758 |
117.171 |
21.417 |
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Import Value |
NA |
NA |
23.150 |
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Expenditures : |
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Raw Material Consumed |
118.720 |
81.112 |
12.438 |
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Consumption of stores and spares parts |
0.985 |
0.203 |
0.019 |
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Increase/(Decrease) in Finished Goods |
5.101 |
[30.986] |
[1.410] |
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Salaries, Wages, Bonus, etc. |
7.645 |
1.343 |
0.057 |
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Payment to Auditors |
0.015 |
0.010 |
0.011 |
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Interest |
5.168 |
4.206 |
0.405 |
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Insurance Expenses |
0.460 |
0.388 |
0.032 |
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Power & Fuel |
2.976 |
1.131 |
0.190 |
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Depreciation & Amortization |
1.195 |
0.798 |
0.210 |
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Other Expenditure |
22.637 |
11.829 |
2.154 |
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Total Expenditure |
164.902 |
101.020 |
14.106 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
1.82
|
41.52 |
32.88 |
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Net Profit Margin (PBT/Sales) |
(%) |
29.06
|
44.15 |
34.38 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
27.85
|
31.88 |
8.76 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.52
|
0.67 |
0.12 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.87
|
1.10 |
0.95 |
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Current Ratio (Current Asset/Current Liability) |
|
6.98
|
6.34 |
4.07 |
LOCAL AGENCY
FURTHER INFORMATION
TRADE REFERENCES:
· Johnson and Johnson Limited, Mumbai
· H and R Johnson (India), Limited, Mumbai
· Sai Sagar Enterprises
· Vistat Electrical
· Pearl Polymers Limited
· B. D. Universal Traders
· Universal Trade
· Amit Appartment Limited
· Multoweld Wire Company
· Gama Investments (Private) Limited
· Madhuri Sales Corporation
· National Steel and Wire Company
· Pacific Pearl Finance and Leasing Limited
· Premium Estates (Private) Limited
· West Lake Packaging Innovation (Private) Limited
FIXED ASSETS:
- Leasehold
Land
- Roads
- Factory
Building
- Furniture and
Fixtures
- Electrical
Fittings
- Laboratory
Equipments
- Plant and
Machineries
- Reserve and
Water Work
- Air –
Conditioners
- Computers
- Fire
Extinguishers
- Mobile
Instruments
- Tea / Coffee Wending
Machine
- Water Cooler
- Motor Car
FORM 8:-
|
Name of the company |
M/S. B R STEEL PRODUCTS PRIVATE LIMITED |
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Presented By |
M/S. B R STEEL PRODUCTS PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
Agreement of Hypothecation
of Movable Property, dated 29.12.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 9.000
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 |
(1) Hypothecation
of all the plant and machinery, furniture and fixtures, tangible movable
property, both present and future, belonging to the Borrower place of business
at Plot No. C- 39, MIDC, TTC Industrial Area, Village Pawne, Turbhe-Mahape
Road, Navi Mumbai, or at any time hereafter during the continuance of this
security be kept at Borrowers place of business / works or in transit. (2) Hypothecation
of Book Debts, monies receivables, claims and bills which are now due and
owing or which may become due and owing by any person firm, company, or by
Government, any local or public body or authority. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
1. Interest @
10.5% p.a. or at such rate as may be fixed by the Bank, payable at Quarterly
rests. 2. At any time on
demand or by 29.12.2009. 3. Security to
cover the principal amount or the balance due to the bank at the foot of the
said Overdraft / Loan Account with interest, penal interest, all costs,
charges, and expenses incurred by the bank. |
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5) Name and Address and description of the person entitled to the charge. |
The Saraswat
Co-operative bank Limited Madhushree, Plot No.
85, Sector – 17, Vashi, Navi Mumbai – 400 703 |
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Corporate
identity number (CIN) Foreign company registration number |
U99999MH1960PLC011799 |
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Name of the
Company |
M/S. B R STEEL PRODUCTS PRIVATE LIMITED |
|
Address |
Plot No. C 39/B MIDC Area Turbhe Mahape Road, Before electronic Zone,
Pawne, Navi Mumbai – 400 705, Maharashtra, India |
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This form is for |
Creation of
charge |
|
Type of Charge |
Others |
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Particulars of
the charge holder |
The Saraswat Co-operative
bank Limited Vashi Branch,
Madhushree, Vashi , Navi Mumbai – 400 703, Maharashtra, India e-mail ID: njbhatia@rediffmail.com |
|
Amount secured by
the charge |
Rs. 1.740
millions |
|
Nature or description
of the instrument(s) creating or modifying the charge |
Agreement of
Hypothecation of Vehicle |
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Date of the
instrument creating charge |
07.01.2008 |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of Interest 10.5% p.a or at
such rate as may be determined by the bank from time to time. Terms of payments: On demand and if
not demanded earlier, by 60 installments of Rs. 0.037 million Margin: As determined by
the bank from time to time Extent and Operation of the Charge: This is term loan
facility |
|
Short Particulars
of the property charged (including location of the property) |
Hypothecation of
vehicle to be purchased (Honda City 2.4 Accord M/T) and to be registered with
regional transport office Thane. |
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 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.42.67 |
|
UK Pound |
1 |
Rs.83.41 |
|
Euro |
1 |
Rs.66.39 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
|