MIRA
INFORM REPORT
|
Report Date : |
29.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
CONCAST EXIM LIMITED |
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Registered
Office : |
21 Hemant Basu Sarani, 5th Floor, Room No. 511 # 512,
Kolkata 700001, |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of
Incorporation : |
15.01.2009 |
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Com. Reg. No.: |
08-132009 |
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CIN No.: [Company Identification
No.] |
U51101WB2009PLC132009 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CALC06722C |
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PAN No.: [Permanent Account No.] |
AADCC5575G |
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Legal Form : |
Public Limited Liability Company |
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Line of Business
: |
Provider of TMT Bars and Allied Steel Products |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (12) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 2000 |
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Status : |
New Company |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a new company and had not commenced commercial operations as
per its first financials for 3 months ended 31st March, 2009. The
company had incurred some initially pre-operative losses. No further details
or payment could be made available. The company can be considered for business dealings on safe and secured
terms, initially. |
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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
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 : |
21 Hemant Basu Sarani, 5th Floor, Room No. 511 # 512,
Kolkata 700001, West |
|
Tel. No.: |
91-33-22130481-87 |
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Fax No.: |
91-33-22130488 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Mr. Sanjay Kumar Sureka |
|
Designation : |
Director |
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Date of Birth/Age : |
22.01.1971 |
|
Date of Appointment : |
15.01.2009 |
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|
|
|
Name : |
Mrs. Sapna Sureka |
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Designation : |
Director |
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Date of Birth/Age : |
21.10.1974 |
|
Date of Appointment : |
15.01.2009 |
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|
|
|
Name : |
Mr. Anil Kumar Kedia |
|
Designation : |
Director |
|
Date of Birth/Age : |
14.04.1973 |
|
Date of Appointment : |
15.01.2009 |
|
|
|
|
Name : |
Mr. Chetan Kumar Jain |
|
Designation : |
Director |
|
Date of Birth/Age : |
30.01.1974 |
|
Date of Appointment : |
14.01.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 24.09.2009
|
Names of
Shareholders |
No. of Shares |
|
Mr. Sanjay Kumar Sureka |
20000 |
|
Mrs. Sapna Sureka |
15000 |
|
Mr. Anil Kumar Kedia |
1000 |
|
Mrs. Bimla Devi Sureka |
15000 |
|
Akkal Papermills Private Limited |
16500 |
|
Alex polymers Private Limited |
22500 |
|
Ambition Tradelimk Private Limited |
30000 |
|
Bajrangbali Barter Private Limited |
60000 |
|
Exclusive Vinimay Private Limited |
65000 |
|
Maa Ambey Tradlink Private Limited |
247500 |
|
Pashupati Dealcom Private Limited |
200000 |
|
Sambhu Constructions Limited |
27500 |
|
Shree Vishnu Print O Art Private Limited |
68500 |
|
Tobu Toys Limited |
57500 |
|
Ujjwal Jute and Fibre Private Limited |
60000 |
|
Vishwamitra Vanijya Private Limited |
27500 |
|
Others |
920500 |
|
Total
|
1854000 |
AS ON 24.09.2009
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Bodies corporate |
|
97.09 |
|
Directors or relatives of directors |
|
2.75 |
|
Other top fifty shareholders |
|
0.16 |
|
|
Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Provider of TMT Bars and Allied Steel Products |
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Products : |
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Terms : |
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Selling : |
Cash, Credit |
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Purchasing : |
Cash, Credit |
GENERAL INFORMATION
|
Customers : |
Government
& Semi-government departments :
Public
Sector Undertakings :
Private
Sector Turnkey Operators :
Real
Estate Promoters :
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Bankers : |
UCO Bank (Leas Bank), MIDC Branch, 2, India Exchange Place, Kolkata
700001, west Bengal, India |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
M Jain and Associates Chartered Accountant |
|
Address : |
Mercantile Building, 9/12, Lal Bazar Street, Block – B, 4th
Floor, Kolkata 700001, west Bengal, India |
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Group
Companies: |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
12000000 |
Equity Shares |
Rs. 10 each |
Rs.120.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1854000 |
Equity Shares |
Rs. 10 each |
Rs.18.540
millions |
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|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
0.540 |
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|
2] Share Application Money |
|
|
0.000 |
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3] Reserves & Surplus |
|
|
0.000 |
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4] (Accumulated Losses) |
|
|
(0.006) |
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NETWORTH |
|
|
0.534 |
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|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
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2] Unsecured Loans |
|
|
0.000 |
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TOTAL BORROWING |
|
|
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
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TOTAL |
|
|
0.534 |
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|
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APPLICATION OF FUNDS |
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|
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FIXED ASSETS [Net Block] |
|
|
0.000 |
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Capital work-in-progress |
|
|
0.000 |
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|
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|
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INVESTMENT |
|
|
0.000 |
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DEFERREX TAX ASSETS |
|
|
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
|
0.000 |
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Sundry Debtors |
|
|
0.000 |
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Cash & Bank Balances |
|
|
0.420 |
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Other Current Assets |
|
|
0.000 |
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Loans & Advances |
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|
0.000 |
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Total
Current Assets |
|
|
0.420 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
|
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Current Liabilities |
|
|
0.604 |
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|
Provisions |
|
|
0.000 |
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Total
Current Liabilities |
|
|
0.604 |
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Net Current Assets |
|
|
(0.184) |
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|
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MISCELLANEOUS EXPENSES |
|
|
0.718 |
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|
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TOTAL |
|
|
0.534 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2009 |
|
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|
SALES |
|
|
|
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Income |
|
|
0.000 |
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Other Income |
|
|
0.000 |
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TOTAL (A) |
|
|
0.000 |
|
Less |
EXPENSES |
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|
|
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Miscellaneous Expenses |
|
|
0.003 |
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Audit Fees |
|
|
0.003 |
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TOTAL (B) |
|
|
0.006 |
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|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
(0.006) |
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|
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Less |
FINANCIAL
EXPENSES (D) |
|
|
0.000 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
(0.006) |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
0.000 |
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PROFIT BEFORE
TAX (E-F) (G) |
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|
(0.006) |
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Less |
TAX (H) |
|
|
0.000 |
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PROFIT AFTER TAX
(G-I) (I) |
|
|
(0.006) |
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Earnings Per
Share (Rs.) |
|
|
--- |
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KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2009 |
|
PAT / Total Income |
(%) |
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NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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(1.43) |
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Return on Investment (ROI) (PBT/Networth) |
|
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|
(0.01) |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
|
1.13 |
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Current Ratio (Current Asset/Current Liability) |
|
|
|
0.70 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS :
The Company has not yet started any commercial operations.
FORM 8
|
Corporate
identity number of the company |
U51101WB2009PLC132009 |
|
Name of the
company |
CONCAST EXIM LIMITED |
|
Address of the
registered office or of the principal place of business in |
21 Hemant Basu Sarani, 5th Floor, Room No. 511 # 512,
Kolkata 700001, West |
|
This form is for |
Modification of
charge |
|
Type of charge |
|
|
Particular of
charge holder |
UCO Bank (Leas Bank) Address: MIDC Branch, 2, Email: bo.mcciep@ucobank.co.in |
|
Nature of
instrument creating charge |
(1) Deed of
hypothecation of goods. (2) Deed of
hypothecation of book debts. (3) Agreement for
extension of charge by way of hypothecation over current assets to secure
non-fund based facilities. |
|
Date of
instrument Creating the charge |
30.12.2009 |
|
Amount secured by
the charge |
Rs. 3750.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest At BPLR which is
at present 12.25% p.a. with monthly rests subject to change by the bank/RBI
from time to time. Terms of repayment Repayable on
demand Margin 25% on stocks and
30% on book debts. Extent and operation of the charge First charge in
favour of UCO bank, MCB, 2, Other The hypothecated
assets shall be insured against loss or damage under bank clause. |
|
Short particulars
of the property charged (Including location of the property) |
Hypothecation of
stocks of coal, coke, iron and steel products etc. stores and other movable
stored or to be stored at the co's premises situated at Hypothecation of
all present and future book debts, outstanding moneys, receivables, claims
etc. of the borrower. |
|
Particulars of
the present modification |
By this modification
the overall working capital limit has been enhanced from Rs. 1750.000
millions to Rs. 3750.000 millions comprising of : working capital
(fund based) : 750.000 millions. working capital
non-fund based : 3000.000 millions. ILC/FLC (one time
LC of Rs. 2000 millions) all other terms,
conditions and properties charged as security remain unaltered. |
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.53.21 |
|
|
1 |
Rs.83.32 |
|
Euro |
1 |
Rs.69.51 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
-- |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
-- |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
12 |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.