MIRA
INFORM REPORT
|
Report Date : |
05.01.2011 |
IDENTIFICATION DETAILS
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Name : |
ANJANI STEELS PRIVATE LIMITED |
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Registered
Office : |
255, Harihar Niwas, 3rd Khetwadi Lane, Mumbai – 400004, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
11.07.1985 |
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Com. Reg. No.: |
11-36833 |
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CIN No.: [Company Identification
No.] |
U27100MH1985PTC036833 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA21137E |
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PAN No.: [Permanent Account No.] |
AAACA0980E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trading in Stainless Steel Coils, Sheets and Plates. |
RATING & COMMENTS
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MIRA’s Rating : |
B (29) |
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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 30000 |
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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 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 – 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 |
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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
|
Name : |
Mr. Anbu |
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Designation : |
Accountant |
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Contact No.: |
91-9833408578 |
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Date : |
04.01.2011 |
LOCATIONS
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Registered Office : |
255, Harihar Niwas, 3rd |
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Tel. No.: |
91-22-66393918/ 23864030 |
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Mobile No.: |
91-9833408578 (Mr. Anbu – Accountant) |
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Fax No.: |
91-22-23884816/ 23884186 |
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E-Mail : |
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Area : |
200 sq ft |
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Location : |
Rented |
DIRECTORS
(AS ON 30.09.2010)
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Name : |
Mr. Binod B. Bhagat |
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Designation : |
Whole Time Director |
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Address : |
255, Harihar Niwas, 3rd |
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Date of Birth/Age : |
09.12.1971 |
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Qualification : |
MBA |
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Date of Appointment : |
18.02.1995 |
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Name : |
Mr. Taramani B. Bhagat |
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Designation : |
Director |
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Address : |
255, Harihar Niwas, 3rd |
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Date of Birth/Age : |
12.08.1946 |
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Date of Appointment : |
11.07.1985 |
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Ate of Ceasing : |
11.10.2010 |
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Name : |
Mrs. Anita Bhagat |
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Designation : |
Director |
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Address : |
255, Harihar Niwas, 3rd |
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Date of Birth/Age : |
03.08.1972 |
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Qualification : |
Graduate |
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Date of Appointment : |
31.12.2008 |
KEY EXECUTIVES
|
Name : |
Mr. Anbu |
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Designation : |
Accountant |
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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Taramani B. Bhagat |
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67100 |
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Binod B. Bhagat |
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11300 |
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Babulal Bhagat (HUF) |
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10400 |
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Rani Agarwal NEE Bhagat |
|
100 |
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Ankit Garg |
|
100 |
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Nirmala Kochar |
|
100 |
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Chandrakal Kochar |
|
100 |
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Jyoti Jodhani |
|
100 |
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Deepak Jodhani |
|
100 |
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Arjoo Garg |
|
100 |
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Jiwanidevi Kochar |
|
100 |
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Anil Kumar Manpuria - HUF |
|
500 |
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Anita Bhagat |
|
20000 |
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Ritu Bhagat |
|
10100 |
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Binod B. Bhagat (HUF) |
|
100 |
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Krish Bhagat |
|
3250 |
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Neelam Goyal |
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30000 |
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Amit Goyal HUF |
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20000 |
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Rajkumar Goyal HUF |
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40000 |
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Total |
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213550 |
(AS ON 30.09.2010)
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Trading in Stainless Steel Coils, Sheets and Plates. |
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Terms : |
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Selling : |
Cash and Credit (30-40 days) |
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Purchasing : |
Cash and Credit (30-40 days) |
GENERAL INFORMATION
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Customers : |
Dealer, Distributor, End Users and OEM’s |
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No. of Employees : |
5 (Approximately) |
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Bankers : |
·
Bank of Gulalwadi Branch, Mumbai – 400004, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
K.K. Khadaria and Company Chartered Accountants |
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Address : |
Office 401-A, Pearl Arcade, Opposite P. K. Jewellers, Off |
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Tel. No.: |
91-22-26778155/ 26797750/ 26783178 |
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Telefax No.: |
91-22-26781187 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares (Class A) |
Rs.10/- each |
Rs.2.500 millions |
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45000 |
Equity Shares (Class B) |
Rs.100/- each |
Rs.4.500 millions |
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Total |
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Rs.7.000
millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
213550 |
Equity Shares (Class A) |
Rs.10/- each
|
Rs.2.136
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
2.136 |
2.136 |
2.136 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
5.275 |
4.358 |
3.049 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
7.411 |
6.494 |
5.185 |
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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 |
1.976 |
4.160 |
3.568 |
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TOTAL BORROWING |
1.976 |
4.160 |
3.568 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.006 |
0.000 |
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TOTAL |
9.387 |
10.660 |
8.753 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.347 |
0.365 |
0.019 |
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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 |
0.002 |
0.000 |
0.002 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.949
|
0.000
|
0.048
|
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Sundry Debtors |
1.014
|
1.643
|
12.319
|
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Cash & Bank Balances |
0.063
|
0.150
|
1.983
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Other Current Assets |
0.000
|
0.000
|
0.000
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Loans & Advances |
7.465
|
11.715
|
1.341
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Total
Current Assets |
9.491
|
13.508
|
15.691
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditor |
0.198
|
0.205
|
1.128
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Other Current Liabilities |
0.128
|
2.839
|
5.447
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Provisions |
0.127
|
0.169
|
0.384
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Total
Current Liabilities |
0.453
|
3.213
|
6.959
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Net Current Assets |
9.038
|
10.295
|
8.732
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
9.387 |
10.660 |
8.753 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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TOTAL INCOME |
28.875 |
72.684 |
90.626 |
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Less |
EXPENSES |
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TOTAL EXPENSES |
27.543 |
70.750 |
88.654 |
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PROFIT BEFORE
TAX |
1.332 |
1.934 |
1.972 |
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Less |
TAX |
0.416 |
0.625 |
0.496 |
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PROFIT AFTER TAX
|
0.916 |
1.309 |
1.476 |
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Earnings Per
Share (Rs.) |
4.29 |
6.13 |
6.91 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.17
|
1.80
|
1.63
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Return on Total Assets (PBT/Total Assets} |
(%) |
13.54
|
13.94
|
12.55
|
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Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.30
|
0.38
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Debt Equity Ratio (Total Liability/Networth) |
|
0.33
|
1.14
|
2.03
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Current Ratio (Current Asset/Current Liability) |
|
20.95
|
4.20
|
2.25
|
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS:
|
Particulars |
31.03.2010 (Rs. In Millions) |
31.03.2009 (Rs. In Millions) |
31.03.2008 (Rs. in Millions) |
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Sundry Creditors |
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|
- Due to Micro, small and medium enterprises |
Nil |
Nil |
Nil |
|
- Other |
0.198 |
0.205 |
1.128 |
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Total |
0.198 |
0.205 |
1.128 |
TRADE REFERENCES:
· S R Infra Projects Private Limited
· SSS Technical Services Limited
FORM 8:
|
Name of the
company |
ANJANI STEELS PRIVATE LIMITED |
|
Presented By |
Bank of |
|
1) Date and description of instrument creating the change |
Instrument of
Hypothecation of Goods dated 21st September, 1992. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.2.500 millions
|
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All stock of
Stainless Steel and Industrial Raw Materials. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest – 22.25%
p.a. or 10.25% OBR whichever is higher with quarterly rest. Minimum Rs.25/- Margin – 40% |
|
5) Name and Address and description of the person entitled to the charge. |
Bank of Gulalwadi Branch, Mumbai – 400004, |
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6) Date and brief description of instrument modifying the charge |
Letter of
Extension of Charge on Goods dated 21st September, 1992. |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The Charge is
increased by Rs.2.400 millions to cover following facilities: 1. Bills Discounting Rs.0.500 million.
2. Bills
Discounting (under Letter of credit) Rs.1.000 million. 3. Performance Guarantee Rs.0.400 million.
4. Drawing against uncleared effect Rs.0.500
million. i.e. the charge
is increased from Rs.2.500 to Rs.4.900 millions. |
FIXED ASSETS:
·
Computer
·
Air Conditioner
·
Furniture and Fixtures
·
Fax Machine
·
Mobile Phone, Cordless
and Pager
COMPANY PROFILE:
Company is a Stockist and Dealer of Stainless Steel Material.
Since its inception, the company has established a reputation for itself as a supplier
of quality products.
They focus on quality and aim to
achieve total customer satisfaction, both in the products they offer and in the
service that follows.
They are committed to provide what
their customer wants and they provide quality and consistency at the best
value.
The objectives and goals have been
to attain the highest technical products and service at the most competitive
prices.
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.44.84 |
|
|
1 |
Rs.69.32 |
|
Euro |
1 |
Rs.59.79 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
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.