MIRA
INFORM REPORT
|
Report Date : |
26.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
PENGG USHA MARTIN WIRES PRIVATE LIMITED |
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Registered
Office : |
2A, Shakespeare Srani, Kolkata-700071, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
31.05.2006 |
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Com. Reg. No.: |
21-109694 |
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CIN No.: [Company Identification
No.] |
U27106WB2006PTC109694 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CALP06744D |
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PAN No.: [Permanent Account No.] |
AADCP9007G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturers of Tempered round and shaped spring steel wires and all
other types of steel wires |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 1178000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a joint venture between Joh. Pengg AG, It is an established company having moderate track. Profitability of
the company appears to be under pressure. There appears some accumulated
losses recorded by the company. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution. |
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
|
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 |
|
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 |
LOCATIONS
|
Registered Office : |
2A, Shakespeare Srani, Kolkata-700071, |
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Tel. No.: |
91-033-39800300 |
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Fax No.: |
91-033-39800400 |
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E-Mail : |
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Website : |
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Factory : |
Tatisilwal, Ranchi-835 103, |
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Tel. No.: |
91-651-3053900 |
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Fax No.: |
91-651-3054180 |
DIRECTORS
As on 08.07.2010
|
Name : |
Mr. Alexander Phillipp |
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Designation : |
Director |
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Address : |
St. Veiterstrasse 11, |
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Date of Birth/Age : |
30.10.1966 |
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Date of Appointment : |
31.05.2006 |
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DIN No.: |
00698236 |
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Name : |
Mr. Ajay Jugran |
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Designation : |
Director |
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Address : |
L-3/33A, Ground Floor, DLF – II, Gurgaon – 122002, |
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Date of Birth/Age : |
12.08.1965 |
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Date of Appointment : |
01.06.2006 |
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DIN No.: |
00094941 |
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Name : |
Mr. Ashok Kumar Somani |
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Designation : |
Director |
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Address : |
11/ A-6, Aasha Co- operative Society Limited, 93, deshpran Sasmal
Road, Kolkata-700033, West Bengal, India |
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Date of Birth/Age : |
09.08.1954 |
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Date of Appointment : |
28.01.2010 |
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DIN No.: |
00357550 |
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Name : |
Mr. Somnath Guha |
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Designation : |
Director |
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Address : |
CD-147, 2nd floor, Sector – 1, Salt – |
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Date of Birth/Age : |
03.12.1957 |
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Date of Appointment : |
28.01.2009 |
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DIN No.: |
02583519 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 08.07.2010
|
Names of Shareholders |
|
No. of Shares |
|
Joh Pengg Ag, |
Equity |
16200000 |
|
Usha Martin Limited, West |
Equity |
10800000 |
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Total |
|
27000000 |
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|
|
|
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Joh Pengg Ag, |
Preference |
660000 |
|
Usha Martin Limited, West |
Preference |
440000 |
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Total |
|
1100000 |
Equity Share Break up (Percentage of total Equity)
As on 30.09.2010
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Tempered round and shaped spring steel wires and all
other types of steel wires |
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Products : |
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PRODUCTION STATUS AS ON
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Oil Tempered Wira |
MT |
NA |
3600 |
1808.533 |
|
CO2 Wire |
MT |
NA |
1800 |
108.534 |
GENERAL INFORMATION
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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 : |
U. Narain and Company Chartered Accountant |
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Address : |
301, |
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Tel. No.: |
91-651-2330305/2331814 |
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Mobile No.: |
91-651-2330305 |
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Fax No.: |
91-9431115338 |
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E-Mail : |
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PAN.: |
AAASU2548M |
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Holding Company: |
Usha Martin Limited, 2A, Shakespeare Sarani, Kolkata-700071 Joh Pengg AG |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
28000000 |
Equity Shares |
Rs.10/- each |
Rs. 280.000 Millions |
|
1200000 |
Preference Share |
Rs.100/- each |
Rs. 120.000 Millions |
|
|
Total |
|
Rs. 400.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
27000000 |
Equity Shares |
Rs.10/- each |
Rs. 270.000 Millions |
|
1100000 |
0.5% Redeemable Cumulative Preference Share |
Rs.100/- each |
Rs. 110.000 Millions |
|
|
Total |
|
Rs. 380.000 Millions |
Note:
During the year Authorised Capital has been
increased by Rs. 80.000 Millions/- (8000000 Equity Share of Rs. 10/- Each)
During the year 9000000 Equity Share of Rs. 10/- each have been issued to Joh Pengg Ag,
Austria and Usha Martin Limited, West Bengal, India as under:
|
Joh Pengg Ag, |
5400000 |
|
Usha Martin Limited, |
3600000 |
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Total |
9000000 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
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|
|
|
|
1] Share Capital |
380.000 |
290.000 |
180.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(85.339) |
(65.513) |
(9.925) |
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NETWORTH |
294.661 |
224.487 |
170.075 |
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LOAN FUNDS |
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|
1] Secured Loans |
191.071 |
202.594 |
90.846 |
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2] Unsecured Loans |
0.000 |
9.735 |
120.039 |
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TOTAL BORROWING |
191.071 |
212.329 |
210.885 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
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TOTAL |
485.732 |
436.816 |
380.960 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
378.081 |
381.908 |
385.624 |
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Capital work-in-progress |
3.594 |
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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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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|
Inventories |
47.241
|
42.310
|
29.349 |
|
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Sundry Debtors |
32.577
|
22.149
|
7.560 |
|
|
Cash & Bank Balances |
1.702
|
0.867
|
13.721 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.104 |
|
|
Loans & Advances |
39.908
|
41.570
|
35.884 |
|
Total
Current Assets |
121.428
|
106.896 |
86.618 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Sundry Creditors |
9.636
|
39.225 |
81.186 |
|
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Other Current Liabilities |
7.277
|
12.305
|
9.713 |
|
|
Provisions |
0.458
|
0.458
|
0.383 |
|
Total
Current Liabilities |
17.371
|
51.988 |
91.282 |
|
|
Net Current Assets |
104.057
|
54.908 |
(4.664) |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
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|
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|
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TOTAL |
485.732 |
436.816 |
380.960 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
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SALES |
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Income |
155.362 |
56.216 |
|
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Other Income |
1.599 |
0.824 |
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|
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TOTAL (A) |
156.961 |
57.040 |
12.074 |
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Less |
EXPENSES |
|
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(Including
Depreciation and Financial) |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
176.787 |
112.553 |
22.551 |
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PROFIT BEFORE
TAX (E-F) (G) |
(19.826) |
(55.513) |
(10.477) |
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Less |
TAX (I) |
-- |
0.074 |
0.068 |
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PROFIT AFTER TAX
(G-I) (J) |
(19.826) |
(55.587) |
(10.545) |
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(65.513) |
(9.926) |
0.620 |
|
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|
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|
BALANCE CARRIED
TO THE B/S |
(85.339)
|
(65.513) |
(9.926) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
-- |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(12.63)
|
(97.45) |
(87.34) |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
(12.76)
|
(98.75) |
NA |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
(3.97)
|
(11.36) |
(2.21) |
|
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|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.070
|
(0.25) |
(0.06) |
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
0.71
|
1.18 |
1.78 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
6.99
|
2.06 |
0.95 |
LOCAL AGENCY FURTHER INFORMATION
Review of
operations:
During the year under review the company achieved net turnover of Rs. 155.362
Millions as compared to Rs. 56.216 Millions for the previous Year. The Company
during the year under review achieved production of 1806.53 MT as against
672.34 MT of Oil Tempered Wire and
108.53 MT of CO2 Wire.
Form 8
|
Corporate
identity number of the company |
U27106WB2006PTC109694 |
|
Name of the
company |
PENGG USHA MARTIN WIRES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
2A, Shakespeare Srani, Kolkata-700071, |
|
This form is for |
Creation of Charge |
|
Type of charge |
|
|
Particular of
charge holder |
Yes Bank Limited,
9th Floor, Nehru Centre Discovery of India, Dr. Annie Besant Road,
Worli, Mumbai – 400018, Maharasahtra, India |
|
Nature of
instrument creating charge |
Deed of
Hypothecation dated 28th July, 2010 executed by the Company in
favour of the Bank. |
|
Date of instrument
Creating the charge |
28.07.2010 |
|
Amount secured by
the charge |
Rs. 162.500
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate Of Interest:
Terms of
Repayment: Term Loan
Facility is repayable in 23 structured quarterly installments commencing from
30.09.2010 Margin: Nil Extent and
Operation of the charge: Exclusive charge
on all current and movable fixed assets of the borrower (Both present and
future) |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
|
Fixed Assets:
Tangible Assets:
- Building
- Plant and
Machinery
- Electrical
Installation
- Office
Equipment
- Furniture and
Fixture
- Vehicles
Intangible Assets:
- Computer
Software
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.44.45 |
|
|
1 |
Rs.73.35 |
|
Euro |
1 |
Rs.64.78 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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.