MIRA
INFORM REPORT
|
Report Date : |
19.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
STEEL MONT PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
3501/3502, Tower C Oberoi woods Mohan Gokhale Path, Off Western Express
Highway, Goregaon (East), Mumbai – 400063, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
05.06.2008 |
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Com. Reg. No.: |
11- 200754 |
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Capital Investment
/ Paid-up Capital : |
Rs.25.497 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27310MH2008PTC200754 |
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|
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject Engaged in the business of consultancy to Manufacturers,
Importers, Exporters, dealing in Iron and Steel. Stainless Steel tubes and
pipes of all dimensions and sizes. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 310000 |
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|
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively new company having satisfactory trade. The
company is progressing well. Trade relations are reported as fair. Business is
active. Payments are reported to be usually 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 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
3501/3502, Tower C Oberoi Woods Mohan Gokhale Path, Off Western
Express Highway, Goregaon (East) , Mumbai - 400063, Maharashtra, India |
|
Tel. No.: |
91-22-42185300 |
|
Fax No.: |
91-22-42185310 |
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E-Mail : |
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|
Website : |
DIRECTORS
|
Name : |
Mr. Nattha Ram |
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|
Designation : |
Director |
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|
Address : |
House E-5, S.R, MIG, Shankar Nagar, Bus Stop, 6 ˝, Bhopal-462016,
Madhya Pradesh, India |
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Date of Birth/Age : |
10.07.1939 |
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Date of Appointment : |
24.06.2008 |
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DIN No.: |
02233142 |
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Other Directorship :
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Name : |
Mr. Choudharv Prabhuram |
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Designation : |
Director |
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Address : |
District Hospital Campus, Raisen 464551, Madhya Pradesh |
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Date of Birth/Age : |
05.07.1958 |
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Date of Appointment : |
24.06.2008 |
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DIN No.: |
02233293 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 23.08.2011)
|
Names of Shareholders |
|
No. of Shares |
|
1) Smt. Kasturi Saraiya |
|
2,89,000 |
|
2) Shri. Rajesh Kumar Saraiya |
|
22,60,736 |
|
3) Mr. Nattha Kallu Ram |
|
1 |
|
4) Dr. Prabhuram Balmukund Choudhary |
|
1 |
|
Total |
|
25,49,738 |
(AS ON: 30.09.2011 )
|
Category |
|
Percentage |
|
Directors or relatives of directors |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject Engaged in the business of consultancy to Manufacturers,
Importers, Exporters, dealing in Iron and Steel. Stainless Steel tubes and
pipes of all dimensions and sizes. |
GENERAL INFORMATION
|
Bankers : |
·
State Bank of India Sakinaka Branch, 1st Floor,
Saki Vihar Road, Sakinaka, Andheri (East) – 4 00072, Mumbai, Maharashtra,
India ·
HSBC Bank ·
HDFC Bank ·
BNP Bank |
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|
|
|
Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
R. S. Negi and Company. Chartered Accountant |
|
Address : |
B-7, Ground Floor, Jadhav Nivas, S.N Road, Mulund (west)- 400080,
Mumbai, Maharashtra, India |
|
Tel. No.: |
91-22-32976131/25918203 |
|
Pan No: |
AARPN3232A |
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E-Mail : |
CAPITAL STRUCTURE
(AS ON 30.09.2011
)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10,000,000 |
Equity Share |
Rs.10/- each |
Rs.100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2,549,738 |
Equity Share |
Rs.10/- each |
Rs.25.497 Millions |
|
|
|
|
|
(AS ON 31.03.2011
)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,00,00,000 |
Equity Share |
Rs.10/- each |
Rs.100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
23,99,736 |
Equity Shares |
Rs.10/- each |
Rs.23.997 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
23.997 |
23.997 |
16.414 |
|
|
2] Share Application Money |
20.398 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
33.635 |
32.483 |
31.622 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
78.030 |
56.480 |
48.036 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.491 |
0.037 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
78.521 |
56.517 |
48.036 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
46.425 |
45.395 |
44.365 |
|
|
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 |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
9.023
|
7.341 |
0.000 |
|
|
Cash & Bank Balances |
21.899
|
3.955 |
3.044 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
2.786
|
0.094 |
0.266 |
|
Total
Current Assets |
33.708
|
11.390 |
3.310 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
0.782
|
0.703 |
0.000 |
|
|
Other Current Liabilities |
1.342
|
0.438 |
1.102 |
|
|
Provisions |
0.366
|
0.298 |
0.000 |
|
Total
Current Liabilities |
2.490
|
1.439 |
1.102 |
|
|
Net Current Assets |
31.218
|
9.951 |
2.208 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.878 |
1.171 |
1.463 |
|
|
|
|
|
|
|
|
TOTAL |
78.521 |
56.517 |
48.036 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
GROSS REVENUE |
18.489 |
9.100 |
|
|
|
|
|
|
|
|
|
|
EXPENSES FOR THE
YEAR |
15.291 |
7.501 |
|
|
|
|
|
|
|
|
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
3.381 |
1.599 |
NA |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1.408 |
0.353 |
|
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|
|
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|
|
|
|
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|
PROFIT BEFORE
TAX |
1.973 |
1.246 |
|
|
|
|
|
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|
|
|
|
Less |
PROVISION FOR
TAX |
0.366 |
0.349 |
|
|
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
|
1.607 |
0.897 |
|
|
|
|
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|
EARNINGS IN
FOREIGN CURRENCY |
18.490 |
9.100 |
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.67 |
0.44 |
|
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.46 |
2.19 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03 |
0.02 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.03 |
0.03 |
0.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
13.54 |
7.92 |
3.00 |
LOCAL AGENCY FURTHER INFORMATION
Note: The Company Changed its registered office from S-13, St, Soldier
Tower, G- Block Commercial Complex, Vikas Puri, New Delhi-110018, Delhi, India
to Flat No. 3502/3501, 35th Floor, Oberoi Woods, Oberoi Garden
City, Opp. Western Express Highway,
Goregaon East – 400063, Mumbai City, Maharashtra, India. On 29.05.2009
The registered office has again shifted from Flat No. 3502/3501, 35th
Floor, Oberoi Woods, Oberoi Garden City, Opp. Western Express highway, Goregaon
East- 400063, Maharashtra, India to 3501/3502, Tower C Oberoi Woods Mohan
Gokhale Path, Off Western Express Highway, Goregaon (East) 400063, Mumbai City,
Maharashtra, India, w.e.f 05.07.2010
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U27310MH2008PTC200754 |
|
Name of the
company |
STEEL MONT PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
3501/3502, Tower C Oberoi Woods Mohan Gokhale Path, Off Western Express
Highway, Goregaon (East) 400063, Mumbai City, Maharashtra, India |
|
This form is for |
Creation of
Charge |
|
Type of charge |
·
Immovable
property ·
Book
debts ·
Movable
property ·
Plant
and Machinery ·
Stocks ·
Furniture
and Fixtures |
|
Particular of charge
holder |
State Bank of India Sakinaka Branch, 1st Floor, Saki Vihar Road, Sakinaka,
Andheri (East) – 4 00072, Mumbai, Maharashtra, India |
|
Nature of
instrument creating charge |
Agreement of loan
cum hypothecation – SME 2 Memorandum of deposit
for creation of first charges by Steel Mont Private Limited the borrower and
other guarantors in favour of State Bank of India |
|
Date of
instrument Creating the charge |
24.11.2011 |
|
Amount secured by
the charge |
Rs. 200.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Interest at the rate of 5.75% margin above the Base Rate which is
presently 10.00% p.a. Present effective rate 15.75% p.a. Terms of repayment Repayable on demand. Margin Finished Goods - 25%, Domestic Receivables (Cover 75 days) - 40%,
Letter of Credit - 20%, Bank Guarantees - 20% Extent and operation of the charge Security to cover principal amount together with interest, costs,
charges and expenses etc. Others DCC (Stock and Book Debts) - Rs. 50.000 Millions, EPC (Within CC
above) - (Rs. 35.000 Millions), EBN/EBD (Within CC above) - (Rs. 35.000
Millions), LC - Rs. 150.000 Millions, BG (Within LC above) - (Rs. 50.000
Millions), Total - Rs. 200.000 Millions. All other terms and conditions as per the sanctioned letter and loan
agreement. |
|
Short Particular
of the property charged |
Hypothecation of
entire stocks of goods, Book Debts and other current assets of the Company. Flat No. 3501
with Car Parking nos. PIIC 37 and PIIC 38 and Flat No. 3502 with Car Parking
nos PIIB 124 and PIIB 125, Tower C, a portion of CTS No. 590A/E (part) and
592/A/58, Village Pahadi, Goregaon (East), Mumbai suburban - in the name of
Steel Mont Private Limited. Flat No. 3505
with Car Parking nos. PIIC 135 and PIC 04 and Flat No. 3506 with Car Parking
nos PIIB 13 and PIC 05, Tower C, a portion of CTS No. 590A/E (part) and
592/A/58, Village Pahadi, Goregaon (East), Mumbai suburban - in the name of
Rajeshkumar Sariya. Flat No. 3504 with two Car Parking PIC 08
and PIC 09,Tower C, a portion of CTS No. 590A/E (part) and 592/A/58, Village
Pahadi, Goregaon (East), Mumbai suburban - in the name of Natha Ram. |
Fixed Assets:
·
Air Conditioner
·
Computer
·
Fridge
·
Furniture and Fixtures
·
Office Equipments
·
Office Property 3501
·
Office Property 3502
·
Philips Home Theatre Systems
·
Television
·
Washing Machine
·
EPBX and Telephones
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.52.81 |
|
|
1 |
Rs.82.00 |
|
Euro |
1 |
Rs.68.80 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
44 |
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.