MIRA
INFORM REPORT
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Report Date : |
06.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
MADHUBAN TRADE STEEL PRIVATE LIMITED |
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Registered Office : |
Gate -90, Survey No 56, Jyothibanagar, Nigdi Tal Haveli, Talwade, Pune
-412 114, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
11.07.1997 |
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Com. Reg. No.: |
109372 |
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CIN No.: [Company
Identification No.] |
U99999PN1997PTC109372 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEM07376F |
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PAN No.: [Permanent
Account No.] |
AABCM8512H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Dealers in all types of Ferous and Non Ferous Scrap like
CRC Punching Scrap, C.R. Trimming Scrap H.R. Coil, M.S.Sheet Metal Scrap,
Casting Scrap. |
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 260000 |
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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. Sangle Accountant of the company who seats at Chakan denied
business and financial details. Subject is a well established company having satisfactory track. Trade
relations are fair. Payments are reported as slow but correct. However, The company can be considered normal for business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
Gate -90, Survey No 56, Jyothibanagar, Nigdi Tal Haveli, Talwade, Pune
-412 114, Maharashtra, India |
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Tel. No.: |
020-7691914/7691272 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Vimal Gisulal Jain |
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Designation : |
Director |
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Address : |
Plot No.82/84, Sector 24, Apurva Gardens 1st, Flat No.106,
NIGDI, Pune – 411 044, Maharashtra, India |
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Date of Birth/Age : |
23.07.1961 |
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E- Mail : |
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Date of Appointment : |
01.08.2007 |
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Name : |
Mr. Lalit Indrachand Baliya |
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Designation : |
Director |
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Address : |
C-302, 3rd Floor, Gajlaxmi Apartments, Kolsawala Compound, Old
Nagardas Cross Road, Andheri (East), Mumbai – 400 069, Maharashtra, India |
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Date of Birth/Age : |
26.10.1967 |
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E- Mail : |
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Name : |
Mr. Manoj Gaganlal Mehta |
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Designation : |
Director |
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Address : |
502-111/2, Jaishankar Krupa Apartment, Old Nagardas Road, Andheri
(East), Mumbai – 400 069, Maharashtra, India |
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Date of Birth/Age : |
05.05.1971 |
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E- Mail : |
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Date of Appointment : |
12.02.2003 |
BUSINESS DETAILS
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Line of Business : |
Dealers in all types of Ferous and Non Ferous Scrap like
CRC Punching Scrap, C.R. Trimming Scrap H.R. Coil, M.S.Sheet Metal Scrap,
Casting Scrap. |
GENERAL
INFORMATION
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Suppliers : |
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No. of Employees : |
6 |
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Bankers : |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Khandelwal Jain and Associates Chartered Accountant |
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Address : |
1st Floor, Alankar Cinema Building, Pune – 411 001,
Maharashtra, India |
CAPITAL STRUCTURE
(As On 31.03.2007)
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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472000 |
Equity Shares |
Rs.10/- each |
Rs.4.722
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 |
4.722 |
4.722 |
4.722 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
47.438 |
32.993 |
18.897 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
52.160 |
37.715 |
23.619 |
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LOAN FUNDS |
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1] Secured Loans |
124.538 |
65.490 |
20.871 |
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2] Unsecured Loans |
39.014 |
29.594 |
14.167 |
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TOTAL BORROWING |
163.552 |
95.084 |
35.038 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
215.712 |
132.799 |
58.657 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
31.837 |
22.859 |
11.924 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.524 |
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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 |
35.316
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37.743 |
30.061 |
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Sundry Debtors |
169.529
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116.845 |
110.386 |
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Cash & Bank Balances |
0.160
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1.409 |
4.313 |
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Other Current Assets |
17.036
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18.142 |
11.002 |
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Loans & Advances |
10.904
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8.087 |
6.211 |
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Total
Current Assets |
232.945
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182.226 |
161.973 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
35.911
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61.675 |
110.963 |
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Provisions |
13.159
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10.611 |
4.801 |
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Total
Current Liabilities |
49.070
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72.286 |
115.764 |
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Net Current Assets |
183.875
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109.940 |
46.209 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
215.712 |
132.799 |
58.657 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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1049.137 |
909.106 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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1049.137 |
909.106 |
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Profit/(Loss) Before Tax |
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14.444 |
14.096 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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14.444 |
14.096 |
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Imports : |
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4.441 |
69.557 |
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Expenditures : |
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Other Expenditure |
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1034.693 |
895.010 |
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Total Expenditure |
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1034.693 |
895.010 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
1.37
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1.55 |
N.A |
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Net Profit Margin (PBT/Sales) |
(%) |
1.37
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1.55 |
N.A |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.45
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6.87 |
N.A |
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Return on Investment (ROI) (PBT/Networth) |
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0.27
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0.37 |
N.A |
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Debt Equity Ratio (Total Liability/Networth) |
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4.07
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5.43 |
6.38 |
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Current Ratio (Current Asset/Current Liability) |
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4.74
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5.43 |
1.39 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
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Name of the company |
MADHUBAN TRADE STEEL PRIVATE LIMITED |
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Presented By |
Mr. Manoj Mehta |
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1) Date and description of instrument creating the change |
Deed of
Hypothecation dated the 11th day of March 2005 executed Madhuban
trade steels Private Limited (there in and here in after referred to as the
Borrower) in favour of ICICI Bank Limited (ICICI). |
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2) Amount secured by the charge/amount owing on the securities of charge |
Secured working
capital facilities not exceeding Rs.90.000 Millions (Rupees Ninety Millions)
(the aforesaid working capital facilities as renewed / modified / amended
from time to time are here in after collectively referred to as the
Facilities) granted to the Borrower. |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
The properties
more particularly described in Annexure / here to (here in after collectively
referred to as the Assets ) |
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4) Gist of the terms and conditions and extent and operation of the charge. |
In consideration of
ICICI having granted / agreed to grant to the Borrower the Facilities,
agreement and declaration by the Borrower, inter alia, as follows : 1. Convenant by
the Borrower to comply /to ensure compliance with all the terms and
conditions set out in the Master Facility Agreement dated 11.03.2005 entered
between the Borrower and ICICI, as renewed / modified / amended /
supplemented from time to time (her in after collectively referred to as
Agreement) 2. The borrower
shall pay/repay all amount in respect of the Facilities and pay interest and
all other monies in the manner set out in the and pay interest and all other
monies in the manner set out in the Agreement and the other Transaction
Documents (as defined in the Agreement) 3. The Assets
were thereby hypothecated inter alia to ICICI as and by way of exclusive /
first /second /first and exclusive charge, as specified in Annexure / hereto,
as security for and be charged with the repayment of the facilities, all
interest and other monies payable by the Borrower to ICICI as specified in
the Agreement and the other Transaction Documents. 4. The Borrower
to keep the Assets in marketable and good condition and also insured as
provided in the Deed of Hypothecation / the Agreement. 5. Power of
Entry, power to take charge and / or possession of, seize, recover, receive,
appoint receivers, of and remove and / or sale by auction or private
contract, dispatch for realization or otherwise dispose of or deal with all
or any part of the Assets etc. as provided in the Deed of Hypothecation. 6. All other
terms and conditions as contained in the Deed of Hypothecation (copy of which
is attached hereto) |
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5) Name and Address and description of the person entitled to the charge. |
ICICI Bank Limited, 215, Free Press House, Nariman Point, Mumbai – 400
021 |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified
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10024025 |
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Corporate
identity number of the company |
U99999PN1997PTC109372 |
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Name of the
company |
MADHUBAN TRADE STEEL PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Gate -90, Sr, T/1/1120, Jyothibanagar, Nigdi Tal Haveli, Talwade, Pune
– 412 114, Maharashtra, India |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
Indian Bank, Deccan Gymkhana Branch – 759/62, Prabhat Road, Deccan
Gymkhana, Pune – 411 004, Maharashtra, India |
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Nature of description
of the instrument creating or modifying the charge |
01 Letter from
party to the bank confirming extension of equitable mortgage 02 Letter from
party to the bank for extension of equitable mortgage Both letters are
dated 08.07.2008 and constitute singe charge |
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Date of
instrument Creating the charge |
08.07.2008 |
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Amount secured by
the charge |
Rs.300.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest OCC and WCDL both
at Interest at BPLR+0.50% Terms of
Repayment Renewal after one
year Margin For both OCC and
WCDL 25% in favour of Bank Extent and
Operation of the charge Charge on
immovable property belonging to company and the third party to continue still
entire loan and interest thereon are repaid Others Facilities:
Existing Revised Rs. Millions OCC- 30.000 60.000 WCDL- 120.00 240.000 L.C 10.000 00.00 |
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Short particulars
of the property charged |
01.Godown at Gat
No.291/92/93/94/95 and 98 Nanekarwadi, Chakan, Pune belonging to company and 02. Godown at Jyothibanagar,
Nigdi Tal Haveli, Talwade, Pune -412 114, Lease hold property in the name of
the promoters. Namely Mr. Manoj Mehta, Sanjay Mehta, Maganlal Mehta and Lalit
Baliya |
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Date of latest
modification prior to the present modification |
07.07.2008 |
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Particulars of
the present modification |
Revised
facilities of Rs OCC- Rs.60.000 Millions, and WCDL of Rs.240.000 Millions are
further secured by first charge by way of equitable mortgage on property at
Gat No 291/ 92,93/94/95 and 98, Nanekarwadi, Chakan, Pune belonging to the
Company and Godown at Jyotibanagar, Nigdi Tal Haveli, Talwade, Pune belonging
to the promoters namely Mr. Manoj Mehta, Narendra Mehta, Maganlal Mehta and
Lalit Baliya and by hypothecation of plant and machinery of the company. |
Working Results:
The company has achieved a sales turnover of Rs.1049.137 Millions as compared
to Rs.909.106 Millions as achieved in the previous year. The Company has made
net profit Rs.14.444 Millions during the year as against profit of Rs.14.096
Millions in last year.
Fixed Assets
- Factory
Premises
- Office
Premises
- Machinery-
Talwade
- Machinery-
Nashik
- Machinery at
Chakan
- Crane at
Chakan
- Magnet at
Chakan
- Generator at Chakan
- Weighbridge
- Transformer at Chakan
- Computer
- Office Equipment-Talwade
- Office Equipment-Nashik
- Office Equipment-Chakan
- Scooter
- Car
- Truck-TATA 1613
- Cycle
- Furniture and Fixture
- Godown Shed-Talewade
- Godown Shed-WIP-Chakan
- WIP Furniture and Fixtures
- WIP Electric Installation
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.47.18 |
|
UK Pound |
1 |
Rs.75.05 |
|
Euro |
1 |
Rs.60.89 |
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 |
|
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
|
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 |
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