MIRA
INFORM REPORT
|
Report Date : |
02.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
SHREE BHIMESHWARI ISPAT PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Office No. 3, 4th Floor, The Metropole Building, Next to Inox
Theater, Bund Garden Road, Pune-411001, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
08.02.2005 |
|
|
|
|
Com. Reg. No.: |
11-020267 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.60.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27109PN2005PTC020267 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing and Trading in Steel and Other Allied Products. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 440000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. Trade
relations are reported as fair. Business is active. Payments are reported to
be slow but correct. The company can be considered for small 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Office No. 3, 4th Floor, The Metropole Building, Next to
Inox Theater, Bund Garden Road, Pune-411001, Maharashtra, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
|
|
|
Factory: |
J-18, Addl , MIDC, Satara-415004, Maharashtra, India |
|
Tel No.: |
91-2162-240323 |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Ashokkumar Sanwarlal Jindal |
||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||
|
Address : |
706/707, Lavender Wing, Raheja Garden, Wanwadi, Pune-411040,
Maharashtra, India |
||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
05.09.1964 |
||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
08.02.2005 |
||||||||||||||||||||||||||||||||||||||||
|
Din No.: |
02598054 |
||||||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mrs. Jyoti Ashok Jindal |
||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||
|
Address : |
706/707, Lavender Wing, Raheja Garden, Wanwadi, Pune-411040,
Maharashtra, India |
||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
10.11.1966 |
||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
08.02.2005 |
||||||||||||||||||||||||||||||||||||||||
|
Din No.: |
01775041 |
||||||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Rohit Ashok Jindal |
||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||
|
Address : |
706/707, Lavender Wing, Raheja Garden, Wanwadi, Pune-411040,
Maharashtra, India |
||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
11.03.1987 |
||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
01.04.2008 |
||||||||||||||||||||||||||||||||||||||||
|
Din No.: |
01655009 |
||||||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||||||||||||||||||
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Rohit Ashok Jindal |
|
75000 |
|
Jyoti Ashok Jindal |
|
87500 |
|
Ashokkumar Sanwarlal Jindal |
|
1697500 |
|
Ruchi Ashok Jindal |
|
30000 |
|
Sneha Ashok Jindal |
|
10000 |
|
Shree Siddhivinayak Ispat Private Limited, India |
|
2450000 |
|
Jai Mata International Private Limited, India |
|
2525000 |
|
|
|
|
|
Total |
|
6875000 |
As on 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
72.36 |
|
Directors
or relatives of directors |
|
27.64 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Trading in Steel and Other Allied Products. |
GENERAL INFORMATION
|
Bankers : |
Andhra Bank, 598 and 598 A, Sachapir Street Camp, Pune-411001,
Maharashtra, India |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Ranbeersingh Saluja Chartered Accountant |
|
Address : |
376/377, Navi Peth, Pune-411030, Maharashtra, India |
|
Tel. No.: |
91-20-24347861 |
|
Mobile No.: |
91-9822197865 |
|
E-Mail : |
|
|
Pan No.: |
APMPS8637Q |
|
|
|
|
Sister Concern: |
·
Jai Mata Int. Private Limited ·
Jindal Ispat ·
SSIPL |
CAPITAL STRUCTURE
As on 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6875000 |
Equity Shares |
Rs.10/- each |
Rs.68.750
Millions |
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7000000 |
Equity Shares |
Rs.10/- each |
Rs.70.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6000000 |
Equity Shares |
Rs.10/- each |
Rs.60.000
Millions |
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 |
|
|
|
|
|
1] Share Capital |
60.000 |
50.000 |
27.500 |
|
|
2] Share Application Money |
0.000 |
10.000 |
0.000 |
|
|
3] Reserves & Surplus |
50.598 |
10.440 |
3.728 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
110.598 |
70.440 |
31.228 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
155.251 |
130.944 |
76.220 |
|
|
2] Unsecured Loans |
44.529 |
37.003 |
24.230 |
|
|
TOTAL BORROWING |
199.780 |
167.947 |
100.450 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
310.378 |
238.387 |
131.678 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
73.425 |
67.287 |
36.640 |
|
|
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 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
259.555
|
131.674 |
65.678 |
|
|
Sundry Debtors |
102.173
|
104.315 |
42.836 |
|
|
Cash & Bank Balances |
0.116
|
0.163 |
0.100 |
|
|
Other Current Assets |
40.731
|
21.000 |
0.000 |
|
|
Loans & Advances |
17.621
|
8.357 |
8.866 |
|
Total
Current Assets |
420.196
|
265.509 |
117.480 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
170.472
|
87.124 |
19.041 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
12.776
|
7.295 |
3.416 |
|
Total
Current Liabilities |
183.248
|
94.419 |
22.457 |
|
|
Net Current Assets |
236.948
|
171.090 |
95.023 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.005 |
0.010 |
0.015 |
|
|
|
|
|
|
|
|
TOTAL |
310.378 |
238.387 |
131.678 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1041.666 |
716.728 |
|
|
|
|
Other Income |
3.813 |
0.739 |
|
|
|
|
TOTAL |
1045.479 |
717.467 |
304.200 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
1029.287 |
707.456 |
298.209 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
1029.287 |
707.456 |
298.209 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
16.192 |
10.011 |
5.991 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
6.035 |
3.299 |
2.480 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
10.157 |
6.712 |
3.511 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.69 |
1.34 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.97
|
0.94 |
1.15 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.55
|
1.40 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.28
|
3.00 |
3.89 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.14 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.46
|
3.72 |
3.94 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.29
|
2.81 |
5.23 |
LOCAL AGENCY FURTHER INFORMATION
Note: The registered office of the company has been shifted from B-314, Kalpataru Plaza, Bhavani Peth, Pune-411042, Maharashtra, India to the present address w.e.f. 21.09.2010.
OPERATING REVIEW:
This year the
Directors has achieved a good and also achieved a good profit margin though the
price hike was there for the material cost, labour and other which inflate the
expenses at high, but the directors are hopeful for the better profit margin
and expecting a good business in the next coming years.
The Directors are
confident that the Company will continue to maintain its good quality of
product and Directors are optimistic for a bright future of the Company.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Creation of charge |
|
Corporate identity number of the company |
U27109PN2005PTC020267 |
|
Name of the company |
SHREE BHIMESHWARI ISPAT PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
Office No. 3, 4th Floor, The Metropole Building, Next to
Inox Theater, Bund Garden Road, Pune-411001, Maharashtra, India |
|
Type of charge |
Immovable Property Others |
|
Particular of charge holder |
Andhra Bank, 598 and 598 A, Sachapir Street Camp, Pune-411001, Maharashtra,
India |
|
Email |
|
|
Nature of description of the instrument
creating or modifying the charge |
General Agreement for DUBD and Deposit of Title Deeds. (Both these documents create a single
charge). |
|
Date of instrument Creating the charge |
28.02.2011 |
|
Amount secured by the charge |
Rs.75.000 Millions |
|
Brief particulars of the principal terms
an conditions and extent and operation of the charge |
Rate of Interest As per Agreement Terms of Repayment As per Agreement Margin As per Agreement from time to time. Extent and Operation of the charge Type of Facility: Discount of Documentary
Usance Bills (DUBD) of Rs. 75.000 Millions. Charge on Usance Bills of Exchange
accompanied by invoices, documents of title to goods and charge on by way of
mortgage on Immovable Property of the Company situate at P No. J-18, P No.
J-19 at Addn MIDC, Kodoli, Plot No 1012 at Shirwal, Pune and the charge shall
continue till full repayment of the loan amount. Others All other terms and conditions are as per
the agreement |
|
Short particulars of the property charged |
Charge on Usance Bills of Exchange
accompanied by invoices, documents of title to goods. Mortgage of properties of the Company viz. Land and Building situate at Plot No. J-18
adm. 4373 Sq. Mts. and Plot No. J-19 adm. 3960 Sq. Mts, both at Additional
MIDC, Vill Kodoli, Dist Satara. Land and Building situate at Gat No 1012, adm.
56R at Pune-Kolhapur National NH4 Highway, Opposite Tube Investment of India
Limited, Mouje Shirwal Tal Khandala Dist Satara. Mortgage of immovable properties owned by
Mrs. Jyoti Jindal viz. 1. Office No. B-314, Plot No. 224, adm.
263 Sq. fts. (Built up area) at 3rd Floor, Kalpataru Plaza, Bhavani Peth,
Pune. 2. Shop No.10 Ground floor, adm. 269 Sq. fts., in Paras
Industrial Premises Co-operative Society Limited, at Plot No. 71/1B/13,
General T Block, Telco Raod, MIDC Bhosari, Pune. Mortgage of immovable properties owned by
Mr. Ashok Jindal viz. 1. Office No. B-313, Plot No. 224, adm.
263 Sq. fts. (Built up area) at 3rd Floor, Kalpataru Plaza, Bhavani Peth,
Pune. Mortgage of immovable properties owned by
Mr. Ashok Jindal and Mrs. Jyoti Jindal viz. 1. Open Plot No. C-17, adm. 537.44 Sq.
Mtrs., at S. No. 33/2 to 19, S. No. 36/5+8 to 11, Clover Pinnacle Ridge, NIBM
Road, Kondhwa (Kh), Pune. |
FIXED ASSETS:
·
Factory Building
·
Land
·
Plot at Shirwal
·
Plant and Machinery
·
Furniture and Fixtures
·
Electrical Installation
·
Motor Cycle
·
Computer
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.51.65 |
|
|
1 |
Rs.81.05 |
|
Euro |
1 |
Rs.69.50 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
29 |
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.