MIRA
INFORM REPORT
|
Report Date : |
08.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
P P ROLLING MILLS
MANUFACTURING COMPANY PRIVATE LIMITED |
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Formerly Known As : |
P. P. Engineering Works |
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Registered Office : |
D - 820, New Friends Colony, New Delhi - 110065 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
07.04.1998 |
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Com. Reg. No.: |
55 – 093215 |
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CIN No.: [Company
Identification No.] |
U29223DL1998PTC093215 |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturer and Exporter of Hot Rolling Mills, TMT Equipments,
Cold Rolling Mills, TMT Bar and TMT Steel Bar. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 220000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established company having satisfactory track. Trade relations
are fair. Payments are usually
correct and as per commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Rajat Sinna |
|
Designation : |
Import Export Manager |
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Date : |
17.09.2008 |
LOCATIONS
|
Registered Office : |
D - 820, New Friends Colony, New Delhi - 110065, India |
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Tel. No.: |
91-11-2684 8885/ 2683 6340/ 2632 6325/ 4162 7515/ 4162 7516/ 26313774/ 26326325 |
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Mobile No.: |
91-9810076425/ 9810035999 |
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Fax No.: |
91-11-2683 6335 |
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E-Mail : |
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Website : |
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Area : |
1000 sq ft |
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Location : |
Owned |
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Factory : |
Bhaskar Street, Faridabad-121001, Haryana, India |
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Area : |
400 sq ft ( Owned) |
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Location : |
Owned |
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Branch Office : |
Works Plot No. 39, Sector- 27 C, Faridabad-121003, Haryana, India |
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Tel. No.: |
91-129-2271011/ 12 |
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Fax No.: |
91-129-2271012 |
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Area : |
+ 8100 sq ft |
|
Location : |
Owned |
DIRECTORS
|
Name : |
Mr Pankaj Khanna |
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Designation : |
Managing Director |
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Address : |
D-820, New Friends Colony, New Delhi – 110065, India |
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Date of Birth/Age : |
09.02.1968 |
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Qualification : |
M.B.A |
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Date of Appointment : |
25.03.2005 |
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Name : |
Mr. Praneet Khanna |
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Designation : |
Director [Operations] |
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Address : |
D - 820, New Friends Colony, New Delhi – 110065, India |
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Date of Birth/Age : |
17.06.1975 |
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Qualification : |
M.B.A |
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Date of Appointment : |
15.06.2006 |
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|
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Name : |
Ms. Renu Khanna |
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Designation : |
Whole Time Director |
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Address : |
D-820, New Friends Colony, New Delhi - 110065, India |
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Date of Birth/Age : |
09.05.1947 |
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Qualification : |
M.B.A |
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Date of Appointment : |
25.03.2005 |
KEY EXECUTIVES
|
Name : |
Mr. Rajat Sinna |
|
Designation : |
Import Export Manager |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
|
Names of Shareholders |
|
No. of Shares |
|
Renu Khanna |
|
650000 |
|
Pankaj Khanna |
|
450000 |
|
Prem Prakash Khanna |
|
50000 |
|
Praneet Khanna |
|
50000 |
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Total |
|
1200000 |
As on 09.06.2007
|
List of Allottees |
|
No. of Shares Allotted |
|
Taurus Iron and Steel Company (Private Limited) |
|
1000000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
|
Category |
|
Percentage |
|
Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Hot Rolling Mills, TMT
Equipments, Cold Rolling Mills, TMT Bar and TMT Steel Bar. |
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|
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Products : |
·
Mill Stand · Gear Boxes · Flying Shears · Hot Rolling Mills · TMT Equipments · Cold Rolling Mills · Gearboxes · TMT Bar · TMT Steel Bar · Hobbing Machines · Heavy Machine Building · Roughing Mill – Rolling Mill Equipment · Cooling Bed-Hot Rolling Mill Equipment · Pre-Stressed Mill Stands ·
Pinch Roll & High Speed Shears |
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Exports : |
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Countries : |
·
Abu Dhabi ·
Nepal ·
Dubai ·
Indonesia ·
Senegal ·
Sri Lanka ·
Pakistan ·
Germany ·
Austria ·
U.S.A ·
Spain ·
Bahrain |
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Imports : |
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Countries : |
·
Germany ·
UK |
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Terms : |
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Selling : |
Cash and Credit ( 30-60 Days) |
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Purchasing : |
L/C and Credit ( 30-60 Days) |
GENERAL INFORMATION
|
Customers : |
·
SMS, Germany · VAI, Australia · United Engineering, USA · Paul-Wurth, India · Sulzer Hydro · Larsen & Toubro Limited · Tata Growth Shop · Steel Authority of India Liminted · Al-Ittefaq Steels Dammam, Saudi Arabia · MID India Engineering, Kutch, Gujrat · Bangladesh Steel Rolling Mills, Bangladesh · Sheema Steels ·
AMK Steels |
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No. of Employees : |
200 |
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Bankers : |
Corporation Bank Overseas Branch, H. T. House, K. G. Marg, New Delhi – 110001, India ICICI Bank Limited |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
K N Barry and Company Chartered Accountants |
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Address : |
Soni Mansion, 1687, Arya Samaj Road, Karol Bagh, New Delhi -110005,
India |
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Phone No.: |
91-11- 28752713 |
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|
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Memberships : |
·
EEPC ·
FEII ·
DCC |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs. 10/- each |
Rs. 20.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1200000 |
Equity Shares |
Rs. 10/-
each |
Rs. 12.000
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
|
Particulars |
|
|
31.03.2008 |
|
Sales Turnover |
|
|
400.000 |
|
|
|
|
|
Expected Sales
(2008-09) :Around Rs. Above 400.000
Millions
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
12.000 |
10.000 |
1.040 |
|
|
2] Share Application Money |
2.500 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
30.584 |
9.174 |
1.165 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
45.084 |
19.174 |
2.205 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
22.884 |
18.532 |
0.000 |
|
|
2] Unsecured Loans |
0.842 |
0.438 |
0.000 |
|
|
TOTAL BORROWING |
23.726 |
18.970 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
68.810 |
38.143 |
2.205 |
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|
|
|
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APPLICATION OF FUNDS |
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|
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|
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FIXED ASSETS [Net Block] |
106.920 |
57.924 |
3.773 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
37.473
|
21.878
|
0.000 |
|
|
Sundry Debtors |
8.201
|
4.646
|
0.000 |
|
|
Cash & Bank Balances |
87.179
|
52.102
|
8.686 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
49.206
|
46.657
|
3.619 |
|
Total
Current Assets |
182.059
|
125.283 |
12.305 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
207.509
|
139.188
|
13.329 |
|
|
Provisions |
12.785
|
5.968
|
0.549 |
|
Total
Current Liabilities |
220.294
|
145.156 |
13.878 |
|
|
Net Current Assets |
(38.235)
|
(19.873) |
(1.573) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.125 |
0.092 |
0.005 |
|
|
|
|
|
|
|
|
TOTAL |
68.810 |
38.143 |
2.205 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
374.585 |
300.000 |
|
|
Other Income |
|
7.670 |
0.000 |
|
|
Total Income |
|
382.255 |
300.000 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
29.279 |
12.472 |
|
|
Provision for Taxation |
|
3.495 |
4.462 |
|
|
Profit/(Loss) After Tax |
|
25.784 |
9.173 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Administrative Expenses |
|
1.594 |
16.860 |
|
|
Raw Material Consumed |
|
0.000 |
188.208 |
|
|
Salaries, Wages, Bonus, etc. |
|
0.000 |
1.372 |
|
|
Interest |
|
0.000 |
0.147 |
|
|
Power & Fuel |
|
0.000 |
2.935 |
|
|
Depreciation & Amortization |
|
5.574 |
3.665 |
|
|
Other Expenditure |
|
345.808 |
32.647 |
|
Total Expenditure |
|
352.976 |
245.834 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
06.74
|
3.05
|
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
07.81
|
4.15
|
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.13
|
6.80
|
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.64
|
0.65
|
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
5.41
|
8.56
|
6.29 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.83
|
0.86
|
0.89 |
LOCAL AGENCY FURTHER
INFORMATION
Trade References:
·
Tunisia Manufacturing Company, Middle East
·
K and T
·
Amic Steels, Lahore, Pakistan
Bankers Charges
Report as per Registry
|
Name of the company |
P P ROLLING MILLS
MANUFACTURING COMPANY PRIVATE LIMITED |
|
Presented By |
Corporation Bank,
Overseas Branch and Company |
|
1) Date and description of instrument creating the change |
Common Deed of
Hypothecation of Movables/ Assets dated 06.06.2005 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 40.000
Millions |
|
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 |
Hypothecation of all
the equipment and plant and machinery for setting up project to manufacturing
Rolling Mills Machines. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest shall
be 13% p.a.being 2.50% over BPLR which is 10.50% p.a. |
|
5) Name and Address and description of the person entitled to the charge. |
Corporation Bank Overseas Branch, H. T. House, K. G. Marg, New Delhi –
110001, India |
|
6) Date and brief description of instrument modifying the charge |
N.A |
|
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. |
N.A |
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U29223DL1998PTC093215 |
|
Name of the
company |
P P ROLLING MILLS
MANUFACTURING COMPANY PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
D - 820, New Friends Colony, New Delhi - 110065, India |
|
Type of charge |
Book Debts Movable Property Others |
|
Particular of
charge holder |
Corporation Bank Overseas Branch, H. T. House, K. G. Marg, New Delhi – 110001,
India |
|
Nature of
description of the instrument creating or modifying the charge |
Common Deed of
Hypothecation of Movables/ Assets/Debts Agreement for
Term Loan |
|
Date of
instrument Creating the charge |
02.02.2008 |
|
Amount secured by
the charge |
Rs. 256.200
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest PCL : 10% p.a FDBN : 10% p.a.
upto 90 days : 12% beyond 90
Days Term Loan: 12.75%
p.a. Terms of Repayment
Repayable in 12
quarterly installments of Rs. 1.350 Million
( Last installments end being Rs. 1.150 Million ) With repayment
holiday upto 31.12.2008 1st Installments to Fall due on 31.03.2009 Margin The company has to
bring 44% margin in the project out of this own resources. Extent and
Operation of the charge PCL: Rs. 10.000
Millions FDBN : Rs. 30.000
Millions IMPORT / inland:
Rs. 175.000 Millions LC Cum- BG Term Loan – I :
Rs. 25.200 Millions Term Loan –II :
Rs. 16.000 Millions |
|
Short particulars
of the property charged |
Hypothecation of
Inventory, Book Debts, All Current Assets, Movable fixed assets, plant and
machinery and fixed assets of the compahy To Purchase land and
construction of Building AT I-42, DLF Industrial Area Faridabad |
AS PER WEBSITE
Profile:
WORLD CLASS MANUFACTURING IN INDIA WITH EUROPEAN TECHNOLOGY
PARTNERS
Excellence is never an accident. It is an act of deliberate
design.
Over the past 25 years PPRM has developed experience and
expertise in heavy machine building specially in Steel Rolling Mills for
long products and sections.
Working closely with global equipment builders like SMS,
VAI, Sulzer Hydro and with top Indian Companies like Larsen and Tubro Limited,
Tata Growth Shop, SAIL, MECON and M.N. Dastur has made PPRM conversant with
their best practices in design, manufacturing and stringent quality standards.
By giving meticulous attention to detail in every aspect of
business, they at PPRM through continuous improvement have benchmarked with the
best in the industry to ensure Customer Satisfaction, in terms of Product
Quality, Reliability and Service.
A mission to excel that is inspired by the companys
corporate philosophy of building enduring partnerships with every customer.
Cementing relationships, that grow stronger with mutual success and growth.
The Core Competencies:
·
Turnkey Hot and Cold Rolling Mill Projects
·
Heavy Equipment Fabrication and Machining
The Technical Collaborators include:
·
JPM Steels, Italy (licensee of EURO PLANT) for the design
and engineering of projects and equipment for Rolling Mills upto 500,000 TPA
·
Herbert Rothe Consulting Engineers, for marketing TMT system
for the production of high strength re-bars in India and around.
·
They are also associated with Tempcore brand, which is
widely used and is popular in Europe. They have received the necessary
permissions from CRM Belgium, the controlling authority for Tempcore.
·
They also have an agreement with Badschie Sthal Engineering,
Germany for vetting of the proposals of projects for the customers. BSE,
Germany is among the leading consulting companies in this field from Europe.
QUALITY
POLICY
They the Management, Staff and Employees of P.P.ROLLING
MILLS MFG. CO. Private LIMITED strive to Continuously improve the effectiveness
of The Quality Management System.
They are also committed to fulfill the needs of The Customers with the highest degree
of commitment to ensure total Customer satisfaction.
Quality Objectives
Top Line Growth through Growth in export sales:
Establish at least one technology partner in related field.
Customer Satisfaction:
Respond to customer complaints within 72 hours and record
customer response.
Operational Excellence:
Establish benchmark and targets for rework and machine
downtime hours: December 2005
Culture Change:
·
Establish leadership-training programs for front line
supervisors and functional areas: December 2005.
·
Organization Wide Brainstorming Session: At least two
sessions in a year.
Capital Management:
Establish process to document justification of new capital
purchases.
Clients:
They mention with great pride that they been associated with
M/s Al-Ittefaq Steels Dammam, Saudi Arabia, where the production has increased
from 50,000 tons per annum to more than 500,000 tons per annum. They have
supplied the Mill Stands, Gear Boxes, Flying Shears etc. to them.
In the recent times, they have successfully carried out
various jobs in the field of Rolling Mills. They have just finished the project
of Complete Mill Equipment supply for M/s MID India Engineering Kutch, Gujrat.
In Bangladesh they are continuously working with M/s Bangladesh Steel Rolling
Mills, M/s Sheema Steels and M/s AMK Steels.
Apart from this, they are closely working with Rolling Mills
in Abu Dhabi, Nepal, Dubai, Indonesia, Senegal, Sri Lanka and Pakistan.
In the past they have worked on various projects with renowned
consultants of India like MECON and M.N.Dastur.
They have also had the privilege of working with various
leading manufacturers of Mill Equipment like SMS-Germany, VAI-Austria, United
Engineering-USA and Paul-Wurth India.
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.48.01 |
|
UK Pound |
1 |
Rs.84.16 |
|
Euro |
1 |
Rs.65.20 |
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 |
|