MIRA
INFORM REPORT
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Report Date : |
23.04.2011 |
IDENTIFICATION DETAILS
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Name : |
OMKAMAL STEEL PRIVATE LIMITED w.e.f. 12.11.2008 |
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Formerly Known
As : |
SAUDAGAR AND SONS STEEL PRIVATE LIMITED |
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Registered
Office : |
16-G, Heavy Industrial Area, Hathkhoj, Bhilai – 490026, Chhattisgarh |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of Incorporation
: |
29.04.2005 |
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Com. Reg. No.: |
017552 |
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CIN No.: [Company Identification
No.] |
U27101CT2005PTC017552 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Exporter and Importer of Wire. |
RATING & COMMENTS
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MIRA’s Rating : |
B (28) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 21808 |
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Status : |
Moderate |
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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 moderate track. Profitability
of the company appears to be low. However, trade relations are fair. Business
is active. Payments are reported to be correct. The company can be considered for business dealings with some
cautions. |
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 : |
Mr. Mahesh |
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Designation : |
Manager |
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Contact No.: |
91-9993535000 |
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Date : |
22.04.2011 |
LOCATIONS
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Registered Office/Factory : |
16-G, Heavy Industrial Area, Hathkhoj, Bhilai – 490026, Chhattisgarh,
India |
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Tel. No.: |
91-788-3222331 |
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Mobile No.: |
91-9993535000 (Mr. Mahesh) |
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Fax No.: |
91-788-4701331 |
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E-Mail : |
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Location : |
Owned |
DIRECTORS
AS ON 30.09.2010
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Name : |
Mr. Balbir Singh Padda |
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Designation : |
Director |
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Name : |
Mr. Tajinder Singh Padda |
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Designation : |
Director |
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Date of Birth/Age : |
06.06.1984 |
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Name : |
Mr. Trishla Bansal |
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Designation : |
Director |
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Address : |
Gurunanak Chowk, New Khursipar, Bhilai, Durg - 491001, Chhattisgarh,
India |
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Name : |
Mr. Sunder Lal Bansal |
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Designation : |
Director |
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Address : |
New Khursipar, Bhilai - 491001, Chhattisgarh, India |
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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Mr. Sunder Lal Bansal |
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1000 |
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Mr. Trishla Bansal |
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1000 |
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Mahesh Investments, Bhilai |
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5000 |
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Total |
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7000 |
AS ON 30.09.2010
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Category |
Percentage |
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Directors or relatives of Directors |
28.57 |
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Other top fifty shareholders |
71.43 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Wire. |
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Terms : |
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Selling : |
L/C, Cash |
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Purchasing : |
L/C, Cash |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
20 (in office + in factory) |
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Bankers : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Bobby Mathai and Associates Chartered Accountant |
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Address : |
Near Christian Hospital, Main Road, Dalli Rajhara, Durg – 491001,
Chhattisgarh, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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25000 |
Equity Shares |
Rs.100/- each |
Rs.2.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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7000 |
Equity Shares |
Rs.100/- each |
Rs. 0.700 Million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
0.700 |
0.700 |
0.200 |
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2] Share Application Money |
0.145 |
0.145 |
0.110 |
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3] Reserves & Surplus |
4.607 |
4.500 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
(0.013) |
(0.013) |
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NETWORTH |
5.452 |
5.332 |
0.297 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
5.452 |
5.332 |
0.297 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
5.806 |
0.239 |
0.223 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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SECURITY DEPOSITS |
0.795 |
0.006 |
0.006 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
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0.000 |
0.000 |
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Sundry Debtors |
1.971
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0.000 |
0.000 |
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Cash & Bank Balances |
0.112
|
5.012 |
0.001 |
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Other Current Assets |
0.178
|
0.002 |
0.000 |
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Loans & Advances |
0.000
|
0.000 |
0.002 |
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Total
Current Assets |
2.261
|
5.014 |
0.003 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
3.080
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0.000 |
0.000 |
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Other Current Liabilities |
0.000
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0.000 |
0.000 |
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Provisions |
0.391
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0.004 |
0.004 |
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Total
Current Liabilities |
3.471
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0.004 |
0.004 |
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Net Current Assets |
(1.210)
|
5.010 |
(0.001) |
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MISCELLANEOUS EXPENSES |
0.061 |
0.077 |
0.069 |
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TOTAL |
5.452 |
5.332 |
0.297 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2010 |
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SALES |
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Turnover |
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21.771 |
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Less |
EXPENSES |
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TOTAL |
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21.596 |
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PROFIT BEFORE
TAX |
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0.175 |
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Less |
TAX |
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0.054 |
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PROFIT AFTER TAX
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0.121 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.80
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-- |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.16
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-- |
-- |
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Return on Investment (ROI) (PBT/Networth) |
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0.03
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-- |
-- |
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Debt Equity Ratio (Total Liability/Networth) |
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0.63
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0.00 |
0.01 |
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Current Ratio (Current Asset/Current Liability) |
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0.65
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1253.50 |
0.75 |
LOCAL AGENCY FURTHER INFORMATION
Note – The registered
office address of the company has been shifted from Hotel Padda Ge Road,
Khursipar Bhilai, Durg, Chhattisgarh, India, to present address w.e.f.
13.12.2008
Form 8
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Corporate identity
number of the company |
U27101CT2005PTC017552 |
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Name of the
company |
OMKAMAL STEEL PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
16-G, Heavy Industrial Area, Hathkhoj, Bhilai – 490026, Chhattisgarh,
India |
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This form is for |
Creation of
charge |
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Type of charge |
Immovable
property Book debts Movable property Floating charge |
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Particular of
charge holder |
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Nature of
instrument creating charge |
1. Letter
evidencing deposit of Title Deeds. 2. Common
Hypothecation Agreement 3. Pronote. |
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Date of
instrument Creating the charge |
30.06.2010 |
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Amount secured by
the charge |
Rs. 18.500
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest @ 1.25 %
P.a. above the ongoing PLR with a minimum of 13.25% per annum (compounded
half yearly or quarterly rests) Terms of
Repayment For Term loan: 60
equal monthly instalments of Rs.0.150
million Monthly interest to be paid as and when due. First of such instalment
to commence from 30.09.2010. For Cash Credit
Limit : Repayable on demand Margin For Term
Loan : 25 % For Cash Credit
: Stock & Book Debt : 25% Extent and
Operation of the charge 100 % For Term
Loan the Charge covers Equitable Mortgage of Factory Land & Building valued
Rs.3.500 millions & Plant & Machineries valued Rs.9.550 millions. For Cash Credit
Limit : The Charge covers Hypothecation of Stock & Book Debts. Others The amount
secured by charge consists of : Cash Credit : Rs.9.500 Millions. Term Loan : Rs.9.000 Millions.
------------------------ Total : Rs 18.500 Millions ----------------------- |
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Particulars of
the property charged |
Hypothecation of
stock & book debts 2) Equitable
Mortagage of Factory Land & Building & Hypothecation of Plant &
Machinery of the company situated at Plot No. 16G Heavy Industrial Area
Hathkhoj Bhilai. Equitable
Mortgage of Factory Land & Building & Hypothecation of Plant &
Machinery of M/s Bansal Traders situated at Plot No.96B Light Industrial Area
Bhilai. Equitable
Mortgage of Factory Land & Building & Hypothecation of Plant &
Machinery of M/s OM Wires situated at Plot No.96C Light Industrail Area
Bhilai. Equitable
Mortgage of residential house in the name of Sri Sunder lal Bansal Situated
at survey no.9 New Khursipar Bhilai. |
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.44.30 |
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|
1 |
Rs.72.92 |
|
Euro |
1 |
Rs.64.69 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
2 |
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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 |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
28 |
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 |
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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 |
|
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.