%20PRIVATE%20LIMITED%2008-Nov-2008_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
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Report Date : |
08.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
ISPAT INFRASTRUCTURE INDIA PRIVATE LIMITED |
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Registered Office : |
Plot No. E-28 TTC Industrial Area, MIDC, Thane – 400705, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
19.12.2000 |
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Com. Reg. No.: |
130118 |
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CIN No.: [Company
Identification No.] |
U45203MH2000PTC130118 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMI06704F |
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PAN No.: [Permanent
Account No.] |
AABCT0639P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of all types of measuring instrument and gauges |
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 80000 |
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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 : |
Subject is an 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. |
INFORMATION PARTED
BY
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Name : |
Mr. More |
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Designation : |
Accountant |
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Date : |
06.11.2008 |
LOCATIONS
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Registered Office : |
Plot No. E-28 TTC Industrial Area, MIDC, Thane – 400705, Maharashtra,
India |
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Tel. No.: |
91-20-65269063/ 67 |
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Fax No.: |
91-20-27682035 |
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E-Mail : |
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Website : |
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Area : |
11750 sq. ft. |
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Location : |
Owned |
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Corporate Office
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152, Central Facility Building, Sector 19, A. P. M. C. Market, Mumbai
– 400005, Maharashtra, India |
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Factory : |
A- 60, Near Koparkhana |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Kapil R. Ghai |
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Designation : |
Director |
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Address : |
Kapil Mansion, Plot No.13, Sector – 28, Vashi, Navi Mumbai – 400705,
Maharashtra, India |
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Date of Birth/Age : |
26.01.1964 |
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Qualification : |
Graduate |
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Date of Appointment : |
19.12.2000 |
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Name : |
Mr. Nikhil R. Ghai |
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Designation : |
Director |
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Address : |
Kapil Mansion, Plot No.13, Sector – 28, Vashi, Navi Mumbai – 400705, Maharashtra,
India |
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Date of Birth/Age : |
15.10.1965 |
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Qualification : |
Graduate |
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Date of Appointment : |
19.12.2000 |
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Name : |
Mr. Ashish R. Ghai |
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Designation : |
Director |
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Address : |
Kapil Mansion, Plot No.13, Sector – 28, Vashi, Navi Mumbai – 400705,
Maharashtra, India |
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Date of Birth/Age : |
01.02.1973 |
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Qualification : |
Graduate |
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Date of Appointment : |
19.12.2000 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2006)
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Category |
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Percentage
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of all types of measuring instrument and gauges |
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Exports : |
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Products : |
Construction Equipments |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
Advance (100%) |
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Purchasing : |
L/C, Cash and Credit (90 days) |
GENERAL
INFORMATION
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Customers : |
Manufacturer |
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No. of Employees : |
190 (Office – 115, Factory -60 and Branches – 15) |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Hemant Kumar Mehta Chartered Accountant |
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Address : |
30, Dimple Arcade, Thakur Complex, Kandivali (East), Mumbai – 400101,
Maharashtra, India |
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Associates/Subsidiaries : |
Anand
Manufacturer Address: Plot No. E-28 TTC Industrial Area, MIDC, Thane – 400705,
Maharashtra, India Activities: Manufacturer and Marketing of Construction Equipments |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Millions |
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Issued, Subscribed & Paid-up 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 |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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5.000 |
0.550 |
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2] Share Application Money |
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6.000 |
0.000 |
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3] Reserves & Surplus |
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4.027 |
0.794 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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15.027 |
1.344 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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11.516 |
6.924 |
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TOTAL BORROWING |
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11.516 |
6.924 |
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DEFERRED TAX LIABILITIES |
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18.682 |
0.000 |
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TOTAL |
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45.225 |
8.268 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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21.840 |
4.155 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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10.558 |
9.027 |
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Sundry Debtors |
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18.315 |
5.812 |
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Cash & Bank Balances |
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0.394 |
0.000 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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7.284 |
3.008 |
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Total
Current Assets |
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36.551 |
17.847 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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11.623 |
13.432 |
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Provisions |
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1.560 |
0.320 |
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Total
Current Liabilities |
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13.183 |
13.752 |
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Net Current Assets |
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23.368 |
4.095 |
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MISCELLANEOUS EXPENSES |
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0.017 |
0.018 |
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TOTAL |
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45.225 |
8.268 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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86.464 |
44.326 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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86.464 |
44.326 |
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Profit/(Loss) Before Tax |
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4.473 |
0.803 |
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Provision for Taxation |
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1.240 |
0.220 |
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Profit/(Loss) After Tax |
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3.233 |
0.583 |
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Total Expenditure |
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81.991 |
43.523 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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3.74 |
1.32 |
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Net Profit Margin (PBT/Sales) |
(%) |
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5.17 |
1.81 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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7.66 |
3.65 |
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Return on Investment (ROI) (PBT/Networth) |
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0.30 |
0.60 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.64 |
15.38 |
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Current Ratio (Current Asset/Current Liability) |
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2.77 |
1.30 |
LOCAL AGENCY
FURTHER INFORMATION
FIXED ASSETS:
- Computer
- Air
Conditioner
- Telephone
Instrument
- Xerox Machine
- Mahape
Premises
- Machinery
- Construction
Equipment
- Dumper
- Inventor
- TMV
- Cycle
- Office
Premises
PRESS RELEASE
ISPAT
LEADS THE WAY IN EQUIPMENT
29 May
2006
Rahul Kamat
Indian construction and
engineering is passing through a dynamic phase of technology transformation
that requires a highly specialised technique in engineering field. The
construction groups have to attend various facets of technology to provide
quality, cost effectiveness and timely confirmation to international standards.
Ispat Infrastructure (India) Private Limited is one of the country's leading
importers of construction equipment, representing 15 Italian companies in
India. The company has established its market presence by achieving a
breakthrough in India's major construction companies by supplying construction
equipment to national and international projects.
"Among some notable contributions to national projects include supply of
construction equipment to Reliance Petroleum Ltd in Jamnagar. We started by
introducing international technology to Indian projects," said Kapil Ghai,
CMD.
The Enron Group-sponsored Dhabol project was the next outstanding project to
which the company supplied PIAT Rack and Pinion Hoist (men and material). The
hoist was installed under the expert supervision of Bechtal International USA.
According to Ghai foreign companies have been showing interest for the last 10
years, if appropriate handling of those groups had been different a lot more
infrastructure facilities would be available. Of course, with expanding
interest being shown within the Indian infrastructure scenario, competition
will increase.
Nikhil Ghai, Director, Overseas, remarks,"Countering foreign players, our
company is responsible for bringing 18 per cent equipment into the Indian
market. We are also responsible for bringing the bar bending cutting equipment
for the first time in the country. So I don't think there will be any hiccups.
"The technology and engineering skills of good construction companies are
on a par with western technology. Perhaps there is a problem with the actual
application of those skills relating to poor materials or the necessity to cut
corners to maintain the lowest possible price to obtain the job in the first
place."
Among the notable clients, the company has served Singapore Technologies
Infrastructures Private Limited providing PIAT Hoist for high-rise building
projects at Mumbai. The PIAT list of installation clientele consists of L&T
ECC, Shapoorji Pallonji & Company Kalpatraru Power Transmission Limited,
Mahindra Construction Limited, B.G.Shirke Co., Punj Llyod and Patron
Engineering.
Ashish Ghai, Director, Projects, states, "Ispat's
historical contribution includes PIAT work platforms for Oberoi Towers in
Mumbai. This is perhaps the first major project that introduced international
technology to Indian projects.'' He emphasised on the after-sales service which
he felt was necessary for the construction industry.
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
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Indian Rupees |
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US Dollar |
1 |
Rs.47.76 |
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UK Pound |
1 |
Rs.74.87 |
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Euro |
1 |
Rs.60.81 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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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 |
4 |
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--LIQUIDITY |
1~10 |
4 |
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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 |
NO |
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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 |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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43 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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