MIRA
INFORM REPORT
|
Report Date : |
06.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SHRI SALASAR ISPAT PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Gate No. 201, Plot No. 20 To 24 Post Lakhmapur Taluka Dindori,
Lakhmapur, Nashik – 422 002, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
03.04.1996 |
|
|
|
|
Com. Reg. No.: |
11-98629 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U27109MH1996PTC098629 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
NSKS06733G |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AACCS4973P |
|
|
|
|
Legal Form : |
Private Limited Liability Company
|
|
|
|
|
Line of Business : |
Manufacturer of Ms Steel, Rounds, Bars, Flats Angles and Square |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 63000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well – established company having satisfactory track.
Directors are reported as experienced, respectable and resourceful
businessmen. Their payments are reported as slow but correct. However, the company can be considered normal for business dealings at
usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
Gate No. 201, Plot No. 20 To 24 Post Lakhmapur Taluka Dindori, Lakhmapur,
Nashik – 422 002, Maharashtra , India |
|
Tel. No.: |
91-253-2500244/2222206/2222205 |
|
E-Mail : |
|
|
|
|
|
Factory : |
21, Kharbhawa Park, Dwarka Point, Nashik-422 004, Maharashtra, India |
|
Tel. No.: |
91-253-2500144 |
DIRECTORS
|
Name : |
Mr. Pravin Roshanlal Gautam |
|
Designation : |
Director |
|
Date of Birth/Age : |
04.07.1977 |
|
Date of Appointment : |
13.04.1996 |
|
|
|
|
Name : |
Mr. Murtidev Roshanlal Gautam |
|
Designation : |
Director |
|
Date of Appointment : |
19.07.1999 |
KEY EXECUTIVES
|
Name : |
Mr. Ashok Surana |
|
Designation : |
Company Secretary |
|
Address : |
F -7, Utility Centre, 1st Floor, Sharanpur Road, Nashik –
422 002, Maharashtra, India |
|
Tel No.: |
91-22-6610646 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Pravin Roshanlal Gautam |
|
214999 |
|
Mr. Murtidev Roshanlal Gautam |
|
1 |
|
|
Total
|
215000 |
Equity Share Breakup (Percentage of Total Equity):-
|
Category (As on 30.09.2007) |
Percentage |
|
Directors or relative of directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Ms Steel, Rounds, Bars, Flats, Angles and Square |
|
|
|
|
Products : |
· Ms Steel · Rounds · Bars · Flats · Angles · Square |
GENERAL
INFORMATION
|
Suppliers : |
· Ishu Super Steel Private Limited · Bhavshakti Steelmines Private Limited · Shri Naina Devi Steel Casting Private Limited |
|
|
|
|
Customers : |
· Supreme Infrastructure India Private Limited · Best Paper Mills Private Limited · Nasik Strips Private Limited · Zishal Steel · Durga Steel Nashik · Vision Housing Infrastructure Private Limited · Mahavir Steel Corporation |
|
|
|
|
No. of Employees : |
Around 150 |
|
|
|
|
Bankers : |
Bank of Maharashtra, Dwarka Branch, Nashik Road – 422 001,
Maharashtra, India |
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
Mr. Omprakash Jaju Chartered Accountants |
|
Address : |
8, Tejashree Apartment, Sharanpur Road, Nashik – 422 002, Maharashtra,
India |
|
|
|
|
Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
(As on 30.09.2007):-
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs. 10/-
each |
Rs. 5.000
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
5.000 |
5.000 |
5.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
7.401 |
6.174 |
7.201 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
12.401 |
11.174 |
12.201 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
10.517 |
9.580 |
0.000 |
|
|
2] Unsecured Loans |
0.580 |
1.105 |
10.412 |
|
|
TOTAL BORROWING |
11.097 |
10.685 |
10.412 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
5.961 |
|
|
|
|
|
|
|
|
TOTAL |
23.498 |
21.859 |
28.754 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
7.371 |
6.921 |
6.663 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
1.362 |
1.355 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
8.690 |
|
|
Sundry Debtors |
9.970
|
7.413 |
6.464 |
|
|
Cash & Bank Balances |
0.861
|
0.156 |
0.042 |
|
|
Other Current Assets |
16.359
|
16.743 |
13.610 |
|
|
Loans & Advances |
0.000
|
0.000 |
1.355 |
|
Total
Current Assets |
27.190
|
24.312 |
30.161 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
12.425
|
10.729 |
8.254 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
12.425
|
10.729 |
8.254 |
|
|
Net Current Assets |
14.765
|
13.583 |
21.907 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.004 |
|
|
|
|
|
|
|
|
TOTAL |
23.498 |
21.859 |
28.754 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
Sales Turnover |
|
135.600 |
94.400 |
|
Other Income |
|
0.000 |
0.000 |
|
Total Income |
|
135.600 |
94.400 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
2.300 |
[1.000] |
|
Provision for Taxation |
|
1.100 |
0.000 |
|
Profit/(Loss) After Tax |
|
1.200 |
[1.000] |
|
|
|
|
|
|
Total Expenditure |
|
133.300 |
95.400 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
0.88
|
[1.06] |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.70
|
[1.06] |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.40
|
[3.07] |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
[0.09] |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.90
|
1.92 |
1.53 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.19
|
2.27 |
3.65 |
LOCAL AGENCY
FURTHER INFORMATION
form 8:-
|
Name of the company |
SHRI SALASAR
ISPAT PRIVATE LIMITED |
||||||
|
Presented By |
SHRI SALASAR ISPAT
PRIVATE LIMITED |
||||||
|
1) Date and description of instrument creating the change |
23.10.2000 Memorandum of
record of Equitable mortgage Deed (Regd. at Sr. No.
10 dated 22.11.2000) |
||||||
|
2) Amount secured by the charge/amount owing on the securities of charge |
|
||||||
|
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 |
· Mortgage by deposit of title deed in respect of Residential Flat No. 4 Mangal Varsha Society, Kathe Gali, Nashik · Shop No. 21, Kharbanda Park, Dwarka Circle Nashik · Plot No. 20-24, Lakhmapur, Taluka Dindori, Nashik |
||||||
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of interest
as per credit rating |
||||||
|
5) Name and Address and description of the person entitled to the charge. |
Bank of
Maharashtra, Dwarka Branch, Nashik |
||||||
|
6) Date and brief description of instrument modifying the charge |
Mortgage
declaration for proposed additional equitable mortgage dated 21.03.2005 |
||||||
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
A) On 24.10.2000
modified and additional security of stock, book debts was offered for cash
credit (Regd. at Sr. No. 11 dated 13.12.2000) B) By this
modification CC Limit Enhanced from Rs. 8.000 millions to Rs. 10.000 millions
and equitable mortgage extended on properties as stated at sr. No. 3 Thus total charge
is extended to Rs. 10.000 millions cash credit only. |
|
Corporate
identity number of the company |
U27109MH1996PTC098629 |
|
Name of the
company |
SHRI SALASAR
ISPAT PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Gate No. 201, Plot No. 20 To 24 Post Lakhmapur Taluka Dindori,
Lakhmapur, Nashik – 422 002, Maharashtra , India |
|
This form is for |
Modification of
charge |
|
Type of charge |
· Immovable Property · Movable Property |
|
Particular of
charge holder |
Bank of
Maharashtra Dwarka Branch,
Nashik Road-422 001, Maharashtra, India E-Mail: bom590@mahabank.co.in |
|
Nature of
instrument creating charge |
· Memorandum of records of additional equitable mortgage · Composite deed of hypothecation for all facilities. |
|
Date of
instrument Creating the charge |
21.03.2007 |
|
Amount secured by
the charge |
Rs. 14.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest : 13.50% per annum
monthly rest Terms of Repayment : · Cash Credit Repayable on demand · Term Loan repayable as per repayment schedule Margin : Not Applicable Extent and Operation of the charge : First Charge in favour
of bank of Maharashtra |
|
Short Particulars
of the property charged |
· Plot No. 20-24, at and Post – Lakhmapur, Tal Dindori, District Nashik · Shop No. 21, Situated at Kharbandha Park, Near Dwarka Circle Nashik · Residential Flat No. 4, Situated at Mangal Varsha, Co-op housing Society, Kathe Galli, Nashik – 422 001 · Hypothecation of movable plants, machineries, goods, stocks of raw materials, stocks in progress, finished goods, stores and spares not relating to plant and machinery, stock in trade, goods in process, movables, bills receivables, and book debts. |
|
Particulars of
the present modification |
Earlier charge of
Rs. 12.000 millions consists of Term Loan of Rs. 4.000 millions and cash
credit of Rs. 8.000 millions. The said cash credit limit has been enhanced
from Rs. 8.000 millions to Rs. 10.000 millions. Thus total charge extended
from Rs. 12.000 millions to Rs. 14.000 millions. |
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.47.46 |
|
UK Pound |
1 |
Rs.83.37 |
|
Euro |
1 |
Rs.64.46 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
|