MIRA INFORM REPORT
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Report Date : |
21.04.2011 |
IDENTIFICATION DETAILS
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Name : |
THAKUR PRASAD SAO AND SONS PRIVATE LIMITED |
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Registered
Office : |
Avani Signature, 2nd Floor, 91-A/1, Park Street,
Kolkata-700016, West Bengal |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
16.12.1986 |
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Com. Reg. No.: |
21-041629 |
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CIN No.: [Company Identification
No.] |
U10200WB1986PTC041629 |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturer and Exporter of Crushed Iron Ore. |
RATING & COMMENTS
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MIRA’s Rating : |
A (64) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 25000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having fine track. Financial
position of the company appears to be sound. Trade relations are fair.
Business is active. Payments are reported to be regular and as per
commitments. The company can be considered normal for good business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Ms. Nivedita |
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Designation : |
Accountant |
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Contact No.: |
91-33-400716322 |
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Date : |
18.04.2011 |
LOCATIONS
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Registered Office : |
Avani Signature, 2nd Floor, 91-A/1, Park Street, Kolkata-700016,
West Bengal, India |
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Tel. No.: |
91-33-40071632 |
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Fax No.: |
91-33-40071638 |
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E-Mail : |
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Website : |
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Area : |
20000 sq. ft. |
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Location : |
Owned |
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Administrative Office : |
334, Kumar Joda, Near T. V. Tower, Joda – 758034, Dist – Keonjhar,
Orissa, India |
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Tel. No.: |
91-6767 – 272363 / 272503 |
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Corporate Office : |
European Quarters, Near Gandhi Maidan, Chaibasa – 833 201,District
Singhbhum West, Jharkhand, India |
DIRECTORS
As On : 30.09.2010
|
Name : |
Mr. Abhishek Sao |
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Designation : |
Director |
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Address : |
European Quarters, Near Gandhi Maidan, Chaibasa – 833 201,District
Singhbhum West, Jharkhand, India |
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Date of Birth/Age : |
26.08.1980 |
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Date of Appointment : |
20.08.2000 |
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DIN No : |
00021283 |
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Name : |
Mr. Bijan Sen |
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Designation : |
Chairman |
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Address : |
B-8, Pratabhgarh, BD Memorial School Camps, P O Narendrapur,
Kolkata-700013, West Bengal, India |
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Date of Birth/Age : |
31.03.1984 |
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Date of Appointment : |
01.01.2009 |
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DIN No : |
02485347 |
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Name : |
Ms. Jayasree Sao |
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Designation : |
Director |
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Address : |
At European Quarters, Near Gandhi Maidan, Chaibasa – 833 201,District
Singhbhum West, Jharkhand, India |
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Date of Birth/Age : |
01.04.1949 |
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Date of Appointment : |
16.12.1986 |
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DIN No : |
01199277 |
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Name : |
Mr. Ramesh Prasad Sao |
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Designation : |
Managing Director |
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Address : |
Ward No.10, Near Gandhi Maidan, Jamshedpur – 833 201, Jharkhand, India
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Date of Birth/Age : |
24.06.1942 |
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Date of Appointment : |
16.12.1986 |
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DIN No : |
00021254 |
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Name : |
Mr. Rohit Sao |
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Designation : |
Director |
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Address : |
European Quarters, Near Gandhi Maidan, Chaibasa – 833 201,District
Singhbhum West, Jharkhand, India |
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Date of Birth/Age : |
31.07.1986 |
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Date of Appointment : |
15.12.2004 |
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DIN No : |
01199384 |
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Name : |
Mr. Romi Sao |
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Designation : |
Director |
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Address : |
European Quarters, Near Gandhi Maidan, Chaibasa – 833 201,District
Singhbhum West, Jharkhand, India |
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Date of Birth/Age : |
20.02.1984 |
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Date of Appointment : |
12.08.2003 |
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DIN No : |
00021307 |
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Name : |
Mr. Sajjan Kumar Naredi |
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Designation : |
Director |
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Address : |
Virdi Niwas, M-Road, Bistupur, Jamshedpur – 831 001, Jharkhand, India |
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Date of Birth/Age : |
13.02.1961 |
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Date of Appointment : |
30.08.2005 |
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DIN No : |
00004337 |
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Name : |
Mr. Sanjay Panjiyar |
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Designation : |
Director |
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Address : |
Q No.414, B, Sector,Vishakapatnam Viag, Vizag-530031, Arunachal
Pradesh, India |
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Date of Birth/Age : |
21.06.1964 |
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Date of Appointment : |
02.02.2010 |
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DIN No : |
02846267 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Ramesh Prasad Sao |
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220192 |
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Jayasree Sao |
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95524 |
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Abhishek Sao |
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41324 |
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Romi Sao |
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33120 |
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Rohit Sao |
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24540 |
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Sajjan Kumar Naredi |
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8 |
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Total |
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414708 |
As On : 14.03.2011
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Names of Allottees Shareholders |
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No. of Shares |
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Abhishek Sao |
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275 |
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Jaysree Sao |
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66 |
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Ramesh Prasad Sao |
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110 |
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Rohit Sao |
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30 |
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Roni Sao |
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30 |
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Saijan Kumar Naredi |
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30 |
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Total |
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541 |
AS ON 30.09.2010
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
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Total
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Crushed Iron Ore. |
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Products : |
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Exports : |
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Countries : |
China |
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Terms : |
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Selling : |
Cash, Credit |
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Purchasing : |
Cash, Credit |
GENERAL INFORMATION
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Customers : |
Retailers |
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No. of Employees : |
60 (In Office) (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Manav and Company Chartered Accountant |
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Address : |
Centre Point Building, Suite No.204, 21, Hemant Basu Sarani,
Kolkata-700001, West Bengal, India |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As On : 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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6500000 |
Equity Shares |
Rs. 100/- each |
Rs. 650.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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414708 |
Equity Shares |
Rs. 100/- each |
Rs. 41.471
millions |
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As On : 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs. 100/- each |
Rs. 1000.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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415249 |
Equity Shares |
Rs. 100/- each |
Rs. 41.525
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
41.471 |
41.471 |
10.368 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
6428.630 |
4896.301 |
2905.663 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
6470.101 |
4937.772 |
2916.031 |
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LOAN FUNDS |
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1] Secured Loans |
642.277 |
935.385 |
100.409 |
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2] Unsecured Loans |
0.000 |
0.000 |
11.312 |
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TOTAL BORROWING |
642.277 |
935.385 |
111.721 |
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DEFERRED TAX LIABILITIES |
136.819 |
40.375 |
35.579 |
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EQUITY SHARES SUSPENSE ACCOUNT |
0.054 |
0.000 |
0.000 |
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TOTAL |
7249.251 |
5913.532 |
3063.331 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2717.133 |
681.635 |
480.937 |
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Capital work-in-progress |
548.474 |
46.607 |
35.959 |
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INVESTMENT |
150.013 |
2138.864 |
383.192 |
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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 |
595.689
|
161.833 |
324.307 |
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Sundry Debtors |
254.561
|
414.031 |
347.360 |
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Cash & Bank Balances |
5784.670
|
3052.635 |
2976.584 |
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Other Current Assets |
0.000
|
0.000 |
1267.392 |
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Loans & Advances |
1271.719
|
1604.506 |
417.797 |
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Total
Current Assets |
7906.639
|
5233.005 |
5333.440 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
213.782
|
261.010 |
270.134 |
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Other Current Liabilities |
3302.797
|
860.150 |
1769.484 |
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Provisions |
556.429
|
1065.419 |
1130.579 |
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Total
Current Liabilities |
4073.008
|
2186.579 |
3170.197 |
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Net Current Assets |
3833.631
|
3046.426 |
2163.243 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
7249.251 |
5913.532 |
3063.331 |
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PROFIT & LOSS ACCOUNT
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|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
6252.125 |
7946.581 |
7596.277 |
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Other Income |
610.711 |
330.546 |
157.741 |
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TOTAL (A) |
6862.836 |
8277.127 |
7754.018 |
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Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing Expenses |
3759.189 |
4503.719 |
4258.616 |
|
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Employees Remuneration |
130.735 |
57.623 |
38.465 |
|
|
|
Increase/(Decrease) in Finished Goods |
(47.922) |
131.109 |
(191.466) |
|
|
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Selling and Distribution Expenses |
119.632 |
119.596 |
84.355 |
|
|
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Directors Remuneration |
188.308 |
192.687 |
143.882 |
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Exceptional Items |
24.262 |
(85.554) |
0.000 |
|
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Prior Period Adjustment |
0.000 |
0.000 |
0.722 |
|
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TOTAL (B) |
4174.204 |
4919.180 |
4334.574 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2688.632 |
3357.947 |
3419.444 |
|
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|
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Less |
FINANCIAL
EXPENSES (D) |
114.347 |
38.077 |
5.506 |
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|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2574.285 |
3319.870 |
3413.938 |
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Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
328.262 |
83.036 |
58.857 |
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PROFIT BEFORE
TAX (E-F) (G) |
2246.023 |
3236.834 |
3355.081 |
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Less |
TAX (H) |
652.874 |
1070.215 |
1138.929 |
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PROFIT AFTER TAX
(G-H) (I) |
1593.149 |
2166.619 |
2216.152 |
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|
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Less |
Provision for
Diminution in value of Investment |
(103.596) |
80.403 |
32.333 |
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|
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3987.641 |
2247.002 |
662.060 |
|
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|
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|
|
Less |
Income / Wealth
Tax for earlier year |
67.380 |
28.085 |
23.312 |
|
|
|
|
|
|
|
|
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
125.000 |
250.000 |
432.000 |
|
|
|
Capitalization of Profit for Bonus Issue |
0.000 |
31.103 |
0.000 |
|
|
|
Interim Dividend |
82.942 |
31.103 |
122.710 |
|
|
|
Tax on Dividend |
14.096 |
5.286 |
20.855 |
|
|
BALANCE CARRIED
TO THE B/S |
5394.968 |
3987.641 |
2247.002 |
|
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|
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|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
123.168 |
869.200 |
0.000 |
|
|
|
Export Sales |
125.437 |
842.904 |
995.100 |
|
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TOTAL EARNINGS |
248.605 |
1712.104 |
995.100 |
|
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|
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|
|
|
|
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Earnings Per
Share (Rs.) |
3.93 |
19.53 |
14.84 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
23.21
|
26.18 |
28.58 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
35.92
|
40.73 |
44.17 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
21.14
|
54.73 |
57.70 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.35
|
0.66 |
1.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.75
|
0.64 |
1.14 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.94
|
2.39 |
1.68 |
LOCAL AGENCY FURTHER INFORMATION
Note : Registered Office
of the company has been shifted from 220, Prince Anwar Shah Road, P S Lake
Garden, Kolkata, West Bengal, India to the present address w.e.f. 05.05.2008
OPERATIONS, TURNOVER AND PROFIT
Results of year 2009-10 show that the turnover of the Company is almost decreased by 21 %, Profit before Interest, Depreciation and Tax was decreased by 17% and Profit after Tax was decreased by 26% over previous year. As a consequence of worldwide recession your company was also impacted during the year 2009-10.The previous years should not be marked as benchmark as there was boom in the Iron & steel sector. The Board feels that continuous expansion by investment in new areas and acquisition of new industries to captively consume the minerals ores is necessary for sustaining high growth rate and to increase the capacity to fulfill the demand.
FORM 8
|
Corporate
identity number of the company |
U10200WB1986PTC041629 |
|
Name of the
company |
THAKUR
PRASAD SAO AND SONS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Avani Signature, 2nd Floor, 91-A/1, Park Street,
Kolkata-700016, West Bengal, India |
|
This form is for |
Creation of charge |
|
Type of charge |
Movable property (not being pledge) |
|
Particular of
charge holder |
Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227, D, Nariman
Point, Mumbai-400021, Maharashtra, India |
|
Nature of
instrument creating charge |
Deed of hypothecation. |
|
Date of
instrument Creating the charge |
22.09.2009 |
|
Amount secured by
the charge |
Rs. 24.750 millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest 10.115% p.a. Terms of
repayment Tenure of 18 months Extent and
operation of the charge First
and exclusive charge by way of Hypothecation in favour of Kotak Mahindra Bank
on the assets/ machineries financed by Kotak Mahindra Bank, vide agreement
dated 22.09.2009. |
|
Short particulars
of the property charged (Including location of the property) |
1.No.of
Terex Powerscreen Chieftain 2100X3D SL No. - PID00124E87D10155 1.No.of
Terex Pegson Track Crusher. SL No. 100781FJ |
FIXED ASSETS
- Land
- Plantation
- Factory Shed
and Buildings
- Building
Mines
- Residential
Flat at Ranchi
- Register
office at Kolkata
- Plant and
Machinery
- Pollution
Control Equipment
- Electrical
Installation
- Diesel
Generator
- Furniture and
Fixture
- Office
Equipments
- Material
Handling Equipments
- Vehicle
- Motor Cycle
- Computer
WEB SIDE DETAILS
Company Profile
Shri
R P Sao a Visionary from Chaibasa incorporated the conglomerate TPSL Group with
a mission to prosper as mining company. Today the group's principal activities encompass
mining of minerals like Iron Ore, Manganese Ore and production of intermediates
like Pig Iron a principal raw material for making steel. TPSL aspires to be a
major player in the field of mining and export of iron ore, fines and steel
making. To strengthen profitability and achieve sustainable growth we pursue
continuous development initiatives to thrive in challenging business
environment and create values to satisfy our customers and stakeholders.
Financial
Highlights
The
company achieved a turnover of Rs. 7590.000 millions. in the current financial
year 2007-08 and net worth reached a new high of Rs. 2930.000 millions. as on
31.03.08 (provisional).
TPSL
proposes to invest substantial amount in its upcoming ventures of Ore washing
facilities, Pelletisation plant, captive coal mines and power plant facilities.
With forward and backward integration process they propose to be the most cost
effective producer of Sponge Iron in the country. Their constant endeavor will
be to enrich their stake holders interest.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.44.38 |
|
|
1 |
Rs.72.57 |
|
Euro |
1 |
Rs.63.92 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
64 |
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 |
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 |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.